Bermuda
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The carrier has renewed and extended its capacity arrangement with the MGA. -
Improved performance and growing investment returns played a role in the upgrade.
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The Bermuda-based executive joined the Ardonagh Group’s reinsurance broking arm in March 2023.
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Winds have strengthened to 80 mph, and the hurricane is expected to intensify further over the next 48 hours.
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The company will continue its capacity partnership with the MGA until 2030.
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Marlon Williams will focus on the placement of reinsurance and retro business.
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The hire comes as Guy Carpenter fills the void created by the Willis Re raid earlier this year.
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The move comes as the broker rebuilds its Bermuda team.
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The Bermuda reinsurer has been active in ILS since launching in 2007.
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Alessa Quane will report to Sompo P&C CEO James Shea.
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The deal marks the latest step in Catalina’s shift from P&C to life run-off.
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Vantage Group Holdings received a BBB- long-term issuer credit rating.
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The business said it was experiencing strong momentum on the Island.
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The affirmations reflect Everest’s strong underwriting diversification.
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The tech firm is building a joint stock company with insurers and investors.
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Bill Bouvier has spent more than three years at the legacy firm in this role.
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The syndicate will be targeting approximately $50mn of GWP in its first year.
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The broker’s joint venture with Bain Capital still lacks a CEO.
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The private ILS segment took losses from LA wildfires and Mid-West severe convective storms in H1 2025.
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Fleming’s attempt follows those of other legacy carriers that have had recent successes raising capital.
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The company, however, sets a high bar on making a move.
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The post-disaster reinsurance start-up model is changing.
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Tim Barber joins from QBE Re, where he was head of North America.
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Skyward’s acquisition of Apollo will provide access to the London Bridge framework.
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The executive most recently served as head of North American treaty reinsurance.
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The action follows Sompo’s $3.5bn all-cash acquisition of Aspen Insurance.
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Signs of discipline indicate a “break” from past boom/bust market cycles.
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The Japanese carrier faces integration challenges to make a success of the deal.
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Ratings agency said the Sompo deal could have positive financial and operational benefits for the Bermudian.
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James River said the court was right to dismiss the fraud case.
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Group CEO Mikio Okumura cited “solutions that have not been fulfilled”.
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Sources see Aspen as the right fit for Sompo, with Apollo getting a full cash exit.
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Angus Hampton, meanwhile, has been promoted to head of casualty in place of Mario Binetti.
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The lawsuit has been filed as sales talks with Sompo yielded a deal.
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The Japanese company announced the $3.5bn deal today, three months after the Bermudian completed its IPO.
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The Japanese carrier has agreed to buy Aspen for a realization of $3.5bn.
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The all-cash deal values the Bermudian’s stock at a 36% premium.
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This publication first reported deal talks last week.
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The ILS play will make the business more capital efficient under new owner Sixth Street.
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Hagood will stay on as sole CEO of Nephila Holdings, with Taylor continuing as president.
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The Bermudian reiterated its pledge to improve performance.
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Aspen would give Sompo more reinsurance scale, more US premium and a Lloyd’s presence.
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This publication revealed yesterday that the two were in detailed takeover talks.
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Sources said that detailed discussions have taken place, with a clear path to a deal.
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Besides Russia-Ukraine losses, the Air India crash losses totaled $26mn.
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Peter Vogt will act as a strategic advisor at Axis until the end of 2026.
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The lawsuit is the latest development in the multi-billion dollar reinsurance scandal.
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Net adverse development for the quarter increased 30% year on year to $89.2mn.
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Company alum David Murie will lead the new business unit.
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Property MGA Arden Insurance Services specialises in multi-family habitations.
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The announcement comes a week after the institutional investor said it would accelerate its pivot to an insurance-led strategy.
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The company bolstered casualty reserves by $18mn, mostly from discontinued lines.
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The carrier reported an increase of 82% in pre-tax income.
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The move will impact around $50mn of gross written premiums in total.
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Cat losses of $1.5mn, net of reinsurance, were primarily due to severe convective storms.
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CEO Alex Maloney said Lancashire’s growth was “more measured” amid softening.
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The loss was driven by nat cats and reserve adjustments in US casualty.
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The carrier said most lines remained well priced despite increased competition.
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The company has also expanded its relationships with US and UK MGAs.
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The carrier also benefitted from favourable reserve development in property and A&H.
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Cat portfolios generally grew, but casualty approaches varied.
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Nadia Beckert was promoted to Bermuda CUO in March.
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Aviation reinsurance reserving issues will also be a broader focus for the market.
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Specialty casualty now accounts for around 22.2% of its insurance business mix.
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The vehicle will support Ascot’s casualty business in the US and Bermuda.
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Everest booked $98mn of aviation losses related to the war, which contributed 2.5 points to the consolidated CoR.
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The Bermudian said its pursuit of SMEs through M&A will provide sustainable improvements to its bottom line.
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Pricing was “virtually flat” in the second quarter.
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The CEO said business remains adequately priced in most classes.
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The carrier is reducing its exposure to quota shares and shifting to XoL.
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The carrier said market dynamics were shifting due to increased capacity.
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The loss ratio rose 1.9 points to 53.1%, while the expense ratio ticked up 0.6 points to 28.1%.
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The carrier had $20mn in reserve releases in the quarter, compared to nil in Q2 2024.
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The legacy player is working to secure its first deal, and could look to expand to US E&S.
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The broker has recruited from its rival as it looks to launch Willis Re 2.0.
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Wind season remains an important variable, but also might not change current dynamics significantly.
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Jill Beggs was most recently COO for reinsurance.
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The property segment reported a CoR of 27.4% for the quarter, down 26.5 points year on year.
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Last year, the firm obtained a Class 4 license in Bermuda.
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Andrew Creed has been promoted to group president in addition to his role as group CFO.
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Luke Tanzer is set to retire after 16 years at the helm of the run-off carrier.
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The claims specialist spent 30 years at Amlin before joining TFP.
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The former Hiscox Re & ILS specialty underwriter starts on 7 July.
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The take-private deal was announced in July 2024.
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The changes affect operations in Switzerland, Bermuda and the US.
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Andrew Pryde succeeds Andreas Kull, who will stay on until September.
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Willis’ continued reinsurance build-out has targeted London and Bermuda marine and retro specialists.
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The appointments are pending regulatory approval.
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The company has also promoted Alex Baker and Tim Duffin.
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The carrier has scaled up its international insurance offering in recent years.
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The executive brings nearly 30 years of liability experience to the role.
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Rachel Bardon will also join the board of Compre's Bermuda-based reinsurer Pallas Re.
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The former Volante chief is in initial talks with several parties.
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The Bermuda-based team is led by John Fletcher.
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Argo shelved the sale of its Bermudian insurance business in mid-2024.
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The reinsurer has also appointed Mehdi Benleulmi as global head of credit.
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The broker has been building out its Bermuda reinsurance presence.
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William Soares moves from casualty and specialty CUO to president.
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The reinsurer confirmed Andrew Phelan’s exit, as of 15 May.
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Eckert said the reinsurance market is still at historically well priced levels.
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The executive replaces Mike Warwicker, who left the firm earlier this year.
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A 20% increase in FHCF retention levels sent cedants to the private market.
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Bredahl has been appointed CEO and Bonneau as chairman.
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This will allow Ark to write business on surplus line paper and Lloyd’s business.
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The Peak Re subsidiary mainly writes US motor and casualty reinsurance.
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The change reflects the company’s growing profile within the MS&AD group.
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She will continue to work with the executive team on key projects and initiatives.
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The company has settled, or is in the settlement stage, for 80% of the exposure.
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The Bermudian's first quarter cat losses totalled $333.3mn, compared to $103mn a year ago.
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The new CEO said recent purchases were designed to protect earnings volatility.
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The CEO said Ascot would deploy capital where it sees opportunities.
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New CEO Eckert said Conduit had taken “decisive action” after the LA wildfires.
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Neil Eckert has been chair since the carrier was founded.
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The company’s upsized public offering priced at $30 per ordinary share.
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Hamilton also expects rising demand and stable supply for 1 June renewals.
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The team will focus on building out Miller’s property treaty, retro and ILS capabilities, it’s understood.
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The IPO was announced at the end of April, targeting ~$2.6bn-$2.9bn.
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Q1 adverse reserve development went down to $4.2mn from $5.4mn a year ago.
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Hamilton reported $150.5mn of net cat losses, partially offset by $9.2mn favourable prior year development.
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IGI saw opportunities in energy, ports and terminals and marine cargo but remains cautious in long-tail lines.
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Ark's combined ratio included 25 points of catastrophe losses in Q1.
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The specialty carrier is braving volatile macroeconomic conditions in a second effort to list.
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Cat losses included $17.5mn from the CA wildfires and other events.
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The executive was previously a top US casualty broker.
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Space pricing experienced double-digit increases after the 2023 capacity retreat.
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Jonathan Mesagaes will report to John Hyland, head of underwriting and marine.
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The appointment follows the recent exits of CUO Chatterjee and SVP Dharma-Wardana.
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Meanwhile, gross written premiums grew 8.6% year on year to $985mn.
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We assess the Bermudian’s standing amid waning investor sentiment and economic uncertainty.
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The reduction was due to impacts from investments and less favourable PYD.
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Primary and excess casualty in the US saw double-digit rate growth and remained above loss trends in Q1.
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The remediation process is on track for completion in the fourth quarter.
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The quarter’s performance was also affected by the Washington, DC aviation disaster.
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The Bermudian reported net pre-tax cat losses of $49mn, with $32mn attributable to the California wildfires.
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The days of 30%+ growth are probably behind the firm, he said.
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PartnerRe’s non-life division reported a Q4 underwriting result of $21mn, recovering from a loss of $188mn in the prior-year period.
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Overall, the company’s underwriting income fell 43% to $417mn in the first quarter.
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The carrier is targeting an IPO valuation between $2.6bn and $2.9bn.
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The carrier is offering shares priced at $29-$31.
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The agency cited SiriusPoint’s recent management moves including lower cat exposure as a driver of the change.
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The firm said supply and demand was becoming more in balance than at 1 January renewals.
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Combating depressed trading on the LSE and a delayed hard market shift has held back the firm.
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The property segment experienced a 113.5-point impact from the California wildfires.
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The business, which has ~EUR300mn of book value, is expected to launch a process.
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The Kelso and Arch-backed run-off player has retained Evercore to advise.
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The business will divide into US wholesale and specialty, and programmes and solutions.
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The legacy carrier reported an operating loss of $45.3mn for the year.
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The CUO’s turnover closely follows that of the CEO.
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Alongside Chatterjee, SVP Dharma-Wardana has also exited the team.
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Why have reinsurance start-ups remained so rare in recent years, even as underwriting conditions have improved?
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Being the “new kid” has created interest in the market, Mereo CEO Croom-Johnson added.
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The broker has also hired fellow Aon broker Barry Gordon in a role trading ILWs.
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The business will still look at large non-life deals in particular in-the-money ADCs.
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Erik Manning is joining the business from BMS as head of ceded reinsurance.
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Growth was driven by Lloyd’s Syndicate 1274 and Antares Re.
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The executive was named group CEO in January.
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Conduit Holdings announced CEO Trevor Carvey’s retirement today.
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Analysts see Conduit’s extra reinsurance buying as a positive development.
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Executive chair Neil Eckert will step in as interim CEO.
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PartnerRe's $5mn commitment will enable the MGA to expand its D&O line size.
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Nadia Beckert joined the carrier as an underwriter in 2021.
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The executive, Everest CEO from 1994 to 2013, has served as board chair since 1994.
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Former CEO Buss had been appointed in November 2023.
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The rating allows IQUW to access $1bn in group capital.
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What are the potential consequences for businesses amid escalating loss costs in the US casualty market?
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Cyber, marine and aviation are recent areas of focus.
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Plus, the latest people moves and all the top news of the week.
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He also joined Everest’s board last week as an independent director.
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Island appetite remains stable, but early 2025 loss activity has injected fresh uncertainty.
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Sinead Cormican has served as deputy underwriter for the past four years.
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Last year, the firm consolidated financial and excess liability lines under the leadership of Richard Porter.
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Aviation reserve strengthening added 10.1 points to the combined ratio.
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“They've been focused on this for more than 10 years,” said Bermuda’s CIT Agency CEO Mervyn Skeet.
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John Howard was appointed as an independent, non-executive member.
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The estimate is based on industry losses in the range of $35bn-$45bn.
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Cat losses in the quarter totalled $49.1mn, net of reinsurance, of which $37.8mn was from Milton.
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The firm projects losses from the fires at between $160mn-$190mn.
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The group's reinsurance book was also hit with cat losses during the quarter.
