“If we hit ’21, as I expect, based on most recent forecasts, and in ‘22 we get close to our plan, I think a possibility for this business would be a potential IPO in early ’23,” Cloutier told this publication on Tuesday.

The cat market has a problem with sustained underperformance which, particularly following the ESG Awakening, could attract negative boardroom attention.

The reinsurer has also appointed Greg van der Made as treaty underwriter and David Cary as underwriting manager.

Neville Weston, who will be based in Bermuda, will also become a member of Sompo’s reinsurance leadership team.

The Greg Hendrick-led firm added Richard Wall from Axa XL, Bhuma Patel from CNA, and Leona Lik from Aon for the buildout.

Sources suggested the business was unable to secure its reserve price from bidders.

Two Sigma has delivered stellar returns, but its major role at the firm makes it a total return (re)insurer, with all the baggage that carries.

The ratings agency has lifted the negative outlook it gave the total return reinsurer in May 2019.

The moves comes after the hedge fund reinsurer said on Wednesday it generated a roughly $5mn underwriting profit in Q2.

The insurer cut average annual loss exposure by 40% more than a year ahead of schedule after shedding property limit and restructuring reinsurance purchases.

The hire previously worked for BMS and Price Forbes.

The underwriting profits within the carrier’s US operations narrowed to $25mn, after higher economic activity and attritional claims caused margins to tighten.