However, the deal is low-to-mid ranking in terms of book multiple.

Underwriting profits soared by 66% to $174mn, with a $234mn underwriting gain in mortgage outweighing losses in insurance and reinsurance.

The carrier expects losses of $5mn from Hurricane Ida net of reinsurance recoveries, and adverse development of $15.1mn in casualty reinsurance.

The business has seen an exodus of senior staff members in the past two years, including founding CEO Chris Fagan.

The intermediary’s latest acquisition targets US Fortune 1,000 clients.

The ratings agency said the island would continue to provide a beneficial environment for carriers overall.

Axis estimates Hurricane Ida will be a $35bn industry loss event while the European floods – from which Axis expects a $55mn bill – are projected to cost the industry $13bn.

The figure was lower as a proportion of shareholders’ equity compared to RenRe’s Q3 loss.

The (re)insurer pegged industry losses from Ida at $30bn and increased its share buyback program to $1.5bn.

Kate Vacher has taken on the role of CEO for the reinsurance broker’s Bermuda entity and will report to Angus Milgate, head of international treaty reinsurance.

Tiny Bermuda has been hit hard by coronavirus in September, with more than half the island’s pandemic’s deaths coming in last month

Investors pile into James River stock after the Bermudian sells off its loss-riddled legacy portfolio of Uber policies.