Bermuda

The BMA also expects Bermudian insurers to consider double materiality in their reporting, as well as their own external climate-change impact.

Ching said young brokers were “out of their depth” and did not know where to find capacity at the 1 January renewal.

Argo’s first bids included an implied firm value of $49.71 per Argo common share and $40 per share in cash, among others.

Pre-tax current accident year net cat losses for the insurance and reinsurance segments totaled $34.6mn for the quarter, nearly half of the $72.3mn figure posted in Q4 2021.

The cat XoL rate increase in Europe was over 40%, while the average attachment point of the global property cat business increased “meaningfully,” he added.

The Bermudian reported $15mn in catastrophe losses for the quarter, down from $125mn in the same period last year.

The January 1 renewal for 2023 was “one of the most profound” the company has ever had, the CEO said.

The R&Q founder had been linked to 777 since its attempted acquisition of the listed firm.

Based in Bermuda, the executive will oversee the firm’s investments in technology and support its growth initiatives.

The Bermuda Monetary Authority expects carriers on the island to take a 25% share of the total industry loss.

Q3 reserve releases were driven by an improvement in claims developments in most lines of its long-tail unit, as well as in its energy and property lines in the short-tail book.

Moves to push down London broker commissions highlights the options open to write reinsurance platforms in other markets.