Bermuda

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

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.