Aspen
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Aspen said reduced reinsurance appetite made it a good time to seek alternative capacity.
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The bond will cover named storms, North American earthquakes and European windstorms.
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Fee income was up by 30% year-over-year to $136mn in 2023.
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The sidecars segment has been attracting inflows after returns hit a high note in 2023.
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AuM stood at $1.5bn as of 30 September, up from $1.2bn as of January 2023.
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Tim Mardon will become CUO at Aspen Bermuda Limited and a member of Aspen Re’s leadership team.
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The company said Ki is the first algorithmic underwriter to offer capacity from multiple syndicates.
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The ILS business ‘continues to be an important differentiator’, says Aspen CEO Mark Cloutier
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John Welch left his role as CEO of domestic markets at Axa XL Re last year in a leadership reshuffle.
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The company said the result was "encouraging given the challenges of ILS capital raising".
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The managing director had spent eight years at Aspen before joining the ESG start-up.
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The move follows Sal Tucci’s departure from the firm to set up Jireh Risk Advisors.
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The new firm has registered Jireh Re (SAC), an unrestricted special purpose insurer, with the Bermuda Monetary Authority.
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Fee income rocketed by 88% as capital surpassed $900mn.
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The deal expanded scope of Aspen’s delegated underwriting operations across both US and European operations run by Ryan Specialty.
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The deal is the largest in Enstar’s history and sets Aspen up either for a sale to a strategic buyer or a return to the public markets.
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In a raft of promotions, Andrew Rippert will become reinsurance CUO and Beatrice Morley head of international reinsurance.
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The (re)insurer reported $30.5mn of fee income for the half-year.
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Aspen’s outwards reinsurance team now also joins the carrier’s capital markets unit.
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The bond will provide industry loss cover against any named storm event, North American earthquake or European windstorm.
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The reinsurer joins Everest Re in seeking industry loss-based ILS cover ahead of mid-year renewals.
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The move caps 18 months of turnaround efforts at the Bermuda reinsurer.
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Pandemic claims contributed to a 670% year-on-year increase in cat losses.
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The carrier said it had added new ILS structures, as it took $187mn in Covid losses.
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Theresa Froelich takes up the role following a restructure of senior leadership at the company.
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Kreuzer previously served as Axis Re head of casualty for North America and London.
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The three ILS-backed syndicates at Lloyd’s narrowed their losses in 2019.
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Cat losses almost halved last year compared with 2018, which the carrier said was evidence of its ongoing reduction of cat risk exposure.
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Jonathan Ritz will help lead the executive team and take on a range of day-to-day responsibilities from Mark Cloutier.
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The loss was the result of non-operating costs relating to its takeover by Apollo and its ongoing efficiency drive.
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The executive will work alongside head of international catastrophe Andrew Mellor at the Bermuda reinsurer.
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Departing CUO Emil Issavi will be reunited with former Aspen Re chairman Brian Boornazian at Ryan Specialty Group.
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Among other promotions, chief risk officer Tim Aman will take responsibility for outwards reinsurance.
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The private equity firm has brought in Mark Cloutier as CEO.
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Hurricane Michael and the California wildfires have trapped a significant portion of retro capacity, the analysts said.
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