Munich Re
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Insured losses produced the second highest first-half tally since records began in 1980. -
The executive has been with the company for roughly one year.
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The executive was previously president of insurance programs.
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It is understood that Marsh brokered the tower, which is exposed to claims from a 2024 breach.
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There is a long waiting list of carriers looking to pull the IPO trigger, but market conditions remain tough.
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It makes sense for Next to secure a sale as an exit strategy in an increasingly challenging funding environment.
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The executive has managed both casualty and personal lines reinsurance books.
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Ahead of the deal, Ergo owned a 29% stake in Next, which generated top line of $548mn last year.
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Delegated underwriters are seeing an opportunity to write in the PVT market as an add-on to property coverage.
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The carrier will look to expand business outside North America.
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Hurricane Milton resulted in the largest insured loss of the year at $25bn.
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Maria Long joins the cyber insurer from Munich Re as the company's deputy CUO.
