He takes over from Jonathan Zaffino, who has begun a new role at Ascot Group as president of its US and Bermuda operations.

The figure brings the reinsurer’s pandemic loss total to $310mn.

The ratings agency said the carrier will be “challenged to improve its underwriting performance in the short term”.

The deal sets an exit plan for Stone Point from the Bermuda group’s North Bay entity if that business isn’t reorganised by year-end.

Last week featured the first new data points on Q2 earnings with Progressive and Truist reporting. But P&C earnings season really kicks off this week with the traditional frontrunners set to report.

This week the team looks at the serial underperformance of Bermudian syndicates at Lloyd’s and dissects the Q2 pre-announcements of Covid-19 losses from US insurers.

Dean DeBlasi has joined the carrier as a vice president and US east region leader for retail property.

The (re)insurer said Covid-19 losses would account for about $170mn-$180mn of the claims tally.

The ratings agency predicts traditional insurance products will be the preferred focus of most start-ups, with some skewing to technology.

With all P&C major target asset classes up in Q2, carriers are set to report substantial book value gains from investments, reversing the balance sheet hit from the previous quarter.

The total return player trades at only around 40% of book value when marked-to-market.

The ratings agency says earnings will be hit in the second half of 2020 if outbreaks continue.