The firm’s leadership said a pattern of strong results is needed before triggering an IPO process.

Jonathan Zisaruk will be based in London and report to group CEO Will Bridger.

ABIR reported that Bermudians posted a total loss ratio of 69.9% and a combined ratio of 100.1% last year.

Nat cat losses added 11.8 points to the combined ratio at 101.5% over five years on average, S&P has found.

The combined ratio improvement was driven by an increase in net premiums earned, favorable development of net loss reserves from prior accident years and current devaluation.

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The carrier said increased demand should maintain upward rate pressure at January 1.

The company’s property segment booked a combined ratio of 57.6%, 13.8 points higher compared to Q2 2021 due to a higher attritional loss ratio.

The former Chubb exec will remain on the board as an independent director, along with president and CEO Jacques Bonneau.

Peter Kiernan replaces Simon Penney, who is moving to an analytics role.

Bill Wharton has also been installed as chair of the diversity committee.

The Bermuda-based InsurTech will deploy a combination of its own and rated paper capital.