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The appointments are aimed at offering a clearer team structure. -
Sources said that the executive will join the reinsurance brokerage next year, after his garden leave expires.
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The reinsurer also hired Martin Bages as Latin America and Caribbean head.
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Early Q3 earnings reports point to worsening market conditions.
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The portfolio encompasses $5bn+ of subject premium across ~75 programs.
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The protection covers the US insurance book for the 2024 and prior accident years.
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Nine-month insured losses still exceeded $100bn due to California wildfires.
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The decision impacts 5% of the reinsurer’s North America P&C facultative premiums.
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The carrier has been exploring launching into P&C organically or via acquisition.
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Guy Carpenter will rebrand as Marsh Re, as a new central tech/operations unit is created.
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Clear Blue originally filed the suit in late 2023, alleging reckless conduct and misrepresentation.
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Lighter cat losses a plus, while top-line, organic growth and reserving concerns persist.
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The mood in Orlando was sunny among cedants and reinsurers alike, but there are clouds on the horizon.
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The insurer of last resort currently has $2.15bn of cat bond protection on risk.
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The move marks Acrisure Re’s first investment in Latin America.
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The unit’s co-heads, Braithwaite and Apostolides, left the firm in the summer.
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As both carriers and reinsurers deal with softening markets, all eyes are on hurricane-prone areas.
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Expansion into adjacent markets, capital return and M&A among top means of capital deployment.
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The new unit will be led by former Emerald Bay exec George Dragonetti.
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The executive has worked for Aon for almost two decades.
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Industry stocks were firmly behind the S&P 500 in Q3.
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The Bermuda-based executive joined the Ardonagh Group’s reinsurance broking arm in March 2023.
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The vehicle will now cover an E&S program jointly launched with Accredited.
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The hire comes as Guy Carpenter fills the void created by the Willis Re raid earlier this year.
