Bermuda
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The reinsurer’s combined ratio improved to 78.5% from 81.3% in the prior year quarter.
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The company reported operating income of $0.84 per share, compared with analysts’ consensus of $0.35. -
The ratings agency has lowered the carrier’s rating by a notch because of capital adequacy concerns.
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The figure brings the reinsurer’s pandemic loss total to $310mn.
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The ratings agency said the carrier will be “challenged to improve its underwriting performance in the short term”.
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The Irish entity created for Brexit seeks authorisation on the island.
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The deal sets an exit plan for Stone Point from the Bermuda group’s North Bay entity if that business isn’t reorganised by year-end.
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This week the team looks at the underperformance of Bermudian syndicates at Lloyd’s.
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Bermudians with Lloyd’s syndicates stand at a crossroads following years of collective underperformance.
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The (re)insurer said Covid-19 losses would account for about $170mn-$180mn of the claims tally.
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The ratings agency predicts traditional insurance products will be the preferred focus of most start-ups, with some skewing to technology.
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The total return player trades at only around 40 percent of book value when marked-to-market.
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