Insurers
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Third Point purchased 50,000 shares of the E&S insurer, which represents roughly 0.1% of its shares outstanding. -
Commercial lines rate increases continued to increase, except from workers’ comp.
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Net adverse development for the quarter increased 30% year on year to $89.2mn.
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The executive has previously served on VCIA’s board of directors.
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The insurer said it expects to begin writing business by the end of the month.
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The executive joins from Coalition and brings more than 30 years of experience.
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Property MGA Arden Insurance Services specialises in multi-family habitations.
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The company plans to launch in New York and New Jersey next year.
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The firm’s subsidiary in India paid $1.47mn in bribes to officials at state-owned banks and raised revenue of $9.2mn.
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The announcement comes a week after the institutional investor said it would accelerate its pivot to an insurance-led strategy.
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