Treaty Reinsurance

The transaction will free up around $1.7bn in deployable capital.

The state-backed carrier has instructed broker Guy Carpenter to renew a slightly smaller initial programme than the $2.1bn it placed last year, but will consider options for additional cover.

The reinsurance chief sees no role for the ILS market, as pandemics are "badly defined", with no clear end point.

The Swiss Bank said that the broker did not disclose issues around the supply chain financier’s insurance coverage.

The legacy specialist is balancing its portfolio with select MGA investments.

Claims from winter storms have exceeded the carrier’s $80mn retention for its property XoL treaty.

Co-CEO Patrick Haveron warns longer tail investments will require further “seasoning”.

Written comments should be submitted by email by 3 May and the draft methodology is available online.

$600mn round values Stripe at $95bn making the company one of the world’s most valuable private companies.

Brian Boornazian will take on the role of executive chairman, with Emil Issavi as CEO.

The hedge fund reinsurer reports an underwriting loss of $1.1mn for the quarter, a fraction of the typhoon-driven deficit of a year earlier.

Moody’s has assigned a Baa2 rating to the securities.