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Top Stories / Ad / Most Recent
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The company says it wants to “better align its operations, capital and resources" with its liabilities. -
The regulator has asked the carrier to disclose documents relating to staff compensation.
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The carrier said the claims stemmed largely from hurricane Dorian and typhoon Faxai.
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The transaction has now received regulatory approval and has closed.
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The launch follows the carrier’s decision earlier this year to put CatCo into run-off.
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The executive was responding to questions over $26.4mn of reserve strengthening carried out by the insurer in the second quarter of the year.
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The executive said the carrier is moving towards “balance between underwriting and investment”.
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The company has created a new management committee as it refocuses on disciplined underwriting.
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Kiernan's departure brings to an end his 13 year stint with the company.
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The acquisition will allow the business to expand both its insurance and reinsurance operations, CEO Pina Albo said.
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The former Validus Re CEO joined the reinsurance broker just under two years ago.
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