Bermuda

Markel reported that investigations by the DoJ and SEC have concluded with no penalties or action taken against the company.

Ariel Re hires its first cyber head as the Bermudian seeks a deeper role in the evolving sector.

Plus the details on CFC’s sale process, the latest on Ida and all the top news of the week.

The planned disposal of the syndicate underlines the challenges the cohort of Bermudian entries has faced.

The executive joined Vantage on Monday, after spending the last 10 years at Axa XL.

Ark raised $70mn in a debt offering last week, after raising €39.1mn and $47mn in July and August, respectively.

“If we hit ’21, as I expect, based on most recent forecasts, and in ‘22 we get close to our plan, I think a possibility for this business would be a potential IPO in early ’23,” Cloutier told this publication on Tuesday.

The cat market has a problem with sustained underperformance which, particularly following the ESG Awakening, could attract negative boardroom attention.

Neville Weston, who will be based in Bermuda, will also become a member of Sompo’s reinsurance leadership team.

Across London, the US and Bermuda, Ascot Re will provide P&C, PI and specialty lines cover via its new aligned division.

The moves comes after the hedge fund reinsurer said on Wednesday it generated a roughly $5mn underwriting profit in Q2.

The insurer cut average annual loss exposure by 40% more than a year ahead of schedule after shedding property limit and restructuring reinsurance purchases.