Brit
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The partnership will add more capacity on the platform from April.
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The carrier closed its Sussex Diversified Fund in October last year.
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The underwriter will report to Kristina Maffit.
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The Bermuda-based collateralised reinsurance platform Sussex Capital was set up in December 2017 and had more than $400mn of assets at its peak.
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The company said Ki is the first algorithmic underwriter to offer capacity from multiple syndicates.
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Reinsurer-owned ILS platforms were challenged to grow fee income in a tough year for nat cat losses and as cat market economics shifted.
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The company’s Syndicate 2988 exited direct property business.
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The carrier’s Ki syndicate made an underwriting profit.
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The ILS manager’s half-year report showed significantly lower holdings with Everest Re, as much of its portfolio has gone private.
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The former Peak Capital and AlphaCat exec will take on a general investor relations role, while Kitade will focus on business development in Asia.
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Fairfax-owned carriers Brit and Odyssey Group generated Q3 combined ratios of 118.0% and 109.5% respectively as cat losses took their toll on the businesses.
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Before joining Fairfax, Martin Thompson served as president and CEO at RSA Canada, where he worked for over two decades.
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The executive has worked for the company for two decades.
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The algorithm uses ultra-high-resolution aerial images and data that pinpoints, color-codes and displays properties by damage classification.
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The insurer more than doubled fee income to $25.2mn on increased MGA business and after launching the Ki syndicate.
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Fairfax has sold a 14% stake in the carrier to Canadian pension fund Omers for $375mn.
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The deal was the first time a UK multi-arrangement ILS vehicle was used to issue a cat bond.
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RSA’s Scandinavia finance chief will replace Mark Allan, who is moving to run new syndicate Ki.
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Spread guidance has dropped to the bottom of the carrier’s target range.
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The bond is being issued through the company's third-party capital vehicle Sussex.
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The New York PE firm says the data-powered business offered a “unique opportunity in Lloyd’s to revolutionise the market”.
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Sussex and Versutus investors narrowed their loss from H1 2019.
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The London market veteran holds several advisory positions and assists the UK government.
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Fairfax is understood to have provided cornerstone capacity for Ki, and Brit is aiming to raise third-party capital its launch.
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The carrier will raise third-party funds for the vehicle after setting up a new Lloyd’s fund late last year.
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The Brit subsidiary becomes the seventh specialist ILS member of the industry group.
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Third-party investors recorded a $2.6mn underwriting profit for the year.
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The vehicle was set up as a Bermuda fund funnelling capital through a Lloyd's corporate member.
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The reinsurer’s balance sheet strength and parental support were among the factors cited by the ratings agency in its decision.
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The insurer reported $17.7mn of income from sidecar investors and MGAs.
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He will replace Reinhard Seitz who is retiring before the end of the year.
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Former Elementum staffer Kristina Maffit becomes vice president of property reinsurance for Brit Global Specialty Bermuda.
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The total is 10 percent more than the $400mn figure Brit disclosed for 2018.
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The insurer passed on $17.7mn of major losses to third party investors in 2018.
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