Treaty Reinsurance
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The move follows Third Point’s $788mn takeover agreement for the (re)insurer. -
The carrier did not give a gross loss estimate, but has added $39.2mn of reinsurance cover for a second event.
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Piccolomini and South pick up Advisory, while Clarke will head up global placement.
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Sources said a final decision on whether to proceed with the venture is still pending.
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The move by the founding shareholder follows activist investor pressure on the reinsurer.
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Sources also identified Arch and Hampden as participants in the accelerated auction.
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Sources with good visibility of the loss are talking up an event that could approach some of the more modest Laura estimates.
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The market value for grounded planes in the US is around $70bn, presenting increased natural catastrophe risk.
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Transaction marks the company’s second mortgage ILS deal of the year.
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The deal covers subject premium of around $2bn and will run for 18 months.
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Equinox is a Lloyd’s coverholder, established in 1994 by underwriters Suzanne Whalen and Kevin Leys.
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Chris Schaper is to step in as CEO of the unit, as Jeff Clements and Chris Silvester depart.
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