Bermuda

The underwriter’s exit comes after the reinsurer added Jill Beggs from Munich Re last week, and promoted Peter Bell to be its new CEO in Bermuda in July.

However, the deal is low-to-mid ranking in terms of book multiple.

Underwriting profits soared by 66% to $174mn, with a $234mn underwriting gain in mortgage outweighing losses in insurance and reinsurance.

The hire comes after the intermediary agreed to buy Bermudian business Foram.

The two parties had previously negotiated a $9bn deal for the reinsurer last year, which was later scrapped.

The ratings agency said the island would continue to provide a beneficial environment for carriers overall.

Axis estimates Hurricane Ida will be a $35bn industry loss event while the European floods – from which Axis expects a $55mn bill – are projected to cost the industry $13bn.

The figure was lower as a proportion of shareholders’ equity compared to RenRe’s Q3 loss.

The (re)insurer pegged industry losses from Ida at $30bn and increased its share buyback program to $1.5bn.

The carrier also estimated its European flooding burden will be $520mn.

Kate Vacher has taken on the role of CEO for the reinsurance broker’s Bermuda entity and will report to Angus Milgate, head of international treaty reinsurance.

Tiny Bermuda has been hit hard by coronavirus in September, with more than half the island’s pandemic’s deaths coming in last month