Bermuda

Both gross and net exposures increased in the pandemic year, but net PMLs rose faster, a modelling report from the BMA shows.

Juan Andrade’s employment agreement has been extended through the end of 2023, with automatic annual extensions following this term.

The hire reunites Rene Lamer with fellow Sompo alumnus Stephen Young.

Based in Zurich, Jörg Bruniecki will take up his new role in 2022, reporting to MS Amlin AG CUO Charles Goldie.

Liz Cunningham, Watford’s chief risk officer, has been named its new CEO, as the company said that ratings agency AM Best had affirmed the outlook on its A- FSR to "stable".

Brid Reynolds will be responsible for the oversight and development of risk functions globally.

The broking group has hired Sussex Capital’s Adam Champion and investment banker Niall Baird for the new venture.

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.