Start-up

Integral ILS reaches $600mn of commitments with New Holland investment

Lixin Zeng and Richard Lowther’s independent ILS fund manager start-up Integral ILS has secured a cornerstone investment from New Holland Capital (NHC) that takes its signed commitments to $600mn.

Barbican founder Reeves launches London MGA platform UMA

David Reeves, the co-founder and former group CEO of Lloyd’s insurer Barbican, is to launch a new London market MGA platform that is committed to putting blockchain and automation technology at the heart of its offering, The Insurer can reveal.

Conduit jigsaw falls into place as Whelan and Hampton arrive

Class of 2020 reinsurer Conduit Re has drawn favourable comparisons to the most successful of the 2005 start-ups, Lancashire Holdings, in recent analyst commentary.

Conduit hires Lancashire’s Whelan as GWP hits $160mn at 1.1

London-listed reinsurance start-up Conduit Re has announced that it wrote $160mn of gross premiums at 1 January and has hired former Lancashire finance chief Elaine Whelan as its CFO.

Arcadian continues platform build-out after early traction at 1.1

John Boylan-led MGA Arcadian Risk Capital will add a property direct and facultative capability to its core casualty and professional liability offerings as it onboards underwriting hires and builds momentum following a strong start, The Insurer can reveal.

Vantage to add Axa XL’s Justin Gress as US build-out continues

Start-up Vantage is bringing in Axa XL’s Americas business transformation leader Justin Gress as it looks to build out its US insurance platform, The Insurer can reveal.

Mosaic continues build-out with senior hires

Mitch Blaser’s Lloyd’s start-up Mosaic has continued to build out its team with former Hamilton Insurance Group and Pembroke executives Charles Mackay and Chris Brown as well as ex-Neon chief risk officer Olly Reeves among those joining the vehicle, The Insurer has learned.

Jefferies says slower Conduit Re premium projections add credibility to margin forecasts

Conduit Re’s relatively conservative margin expectations suggest prudence as the newly launched reinsurer builds out its operations, according to Jefferies analysts, with the start-up to benefit from its lack of legacy systems and reserves in its initial years of trading.

McGill and Partners launches Dublin platform

London-headquartered broker McGill and Partners has established an entity in Dublin – McGill and Partners Ireland Limited – making hires from Axa XL and FBD Insurance to head up the operation.

London start-up Adeptive now targeting 2021 launch

Aspirant London market start-up Adeptive Holdings LLP missed the 1 January renewals but its ex-Tokio Marine Kiln (TMK) founding duo are still progressing with plans to launch in 2021, The Insurer understands.

Scor’s Graves resurfaces as Inigo COO

Start-up Inigo has named Karen Graves, former chief operating officer of Scor’s London hub, as COO.

Conduit Re unveils underwriting heads and adds to exec team

Newly London-listed reinsurance start-up Conduit Re has confirmed four out of its five underwriting divisional heads and named its chief risk officer, chief actuary and head of human resources.

Accelerant’s new EU carrier assigned A- PCA by AM Best

AM Best has assigned a preliminary credit assessment (PCA) to Accelerant Insurance Europe Limited (ACIL) with a financial strength assessment of A- and a long-term issuer credit assessment of “a-“ with a stable outlook, as the MGA-focused platform builds out its carrier footprint in Europe and the US.

Incumbents’ market in reinsurance: AIG Re CEO

Start-ups are not proving to be influential at the 1.1 property cat renewal, with reinsurance more broadly an “incumbents’ market” despite new capital entering the sector, according to AIG Re CEO Chris Schaper.

Carrick acquires Community Re in first legacy deal

Carrick Specialty Holdings, the legacy start-up led by former Enstar US president and CEO Karl Wall, has unveiled a deal to acquire London-based reinsurance company Community Re from Hampden.

Casualty exec Soria linked with Conduit Re after Sirius departure

Sirius Group’s casualty and professional liability-focused underwriting executive Erik Soria has resigned from the Bermudian and has been linked with a move to start-up reinsurer Conduit Re, The Insurer can reveal.

Iordanou: Start-ups have “wind behind their sails” like in 2001

Investors behind the Class of 2020 start-ups are looking to “build something that will last”, according to Vantage chairman Dinos Iordanou, with this year’s new launches having the “wind behind their sails” as was the case in 2001.

Conduit Re outperforms London-listed peers on LSE debut

Shares in newly floated reinsurance start-up Conduit Re closed lower on their London debut but outperformed London-listed peers in a choppy day for European insurance equities.

Conduit Re’s Bermuda-only strategy serves as reminder of island’s start-up appeal

Bermuda’s attractiveness as a global reinsurance hub has been underscored by the initial location choices among Class of 2020 start-ups, with the likes of Conduit Re and Vantage Risk selecting the mid-Atlantic island as home for their core reinsurance platforms.

Eckert: The Midas touch entrepreneur

Even in an industry that attracts entrepreneurs, Eckert stands alone as a serial creator of successful companies. The Insurer takes a look at his career and the companies he has started.

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