The insurer says it is continuing to evaluate the remaining Italian business to maximise shareholder value.
The Australian insurer has recognised a A$865m hit following the business interruption test case ruling.
The company is consolidating two of its managing underwriting manager businesses in the US.
It is the first indemnity excess mortality bond that models the cedants’ portfolio on a loss ratio basis.
Specialty re/insurer Inigo is set to commence underwriting on January 1, 2021; Howard Davies named chairman.
The follow-only syndicate will write its first risk incepting in January 2021.
The new programme increases its total authorisation to $6.1 billion.
The new hire has over 33 years' experience in both the London and Australian markets.
Zurich subsidiary Farmers Group is proposing to acquire the unit to expand its US business.
The insurance industry is expected to adapt by utilising analytics and data-driven tools, says broker.