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The two associations will work together on six matters, including climate change, cyber risks and taxation.
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The group structure would constitute a Bermuda-based rated carrier, and an associated fund structure.
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The executive has over 20 years of specialty insurance experience and most recently served as Everest’s head of financial and professional lines.
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Vesttoo has filed documents at the Bankruptcy Court for the District of Delaware that seek an automatic stay against White Rock and its putative liquidators.
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The company's Ebitda for 2022 was estimated at $60mn compared to $20mn in 2021.
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Both organizations have agreed for the appointment of a liquidator for Vesttoo transaction structures at the Supreme Court of Bermuda.
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The Inside P&C Research Team has examined the impact on 2025 earnings for Bermudians of a proposed corporate tax rate of 15% for large multinational firms in Bermuda.
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The Bermuda-based specialist said the capital injection will boost its talent acquisition and product development plans.
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If you only read a handful of articles this week, make it the selection below.
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The deal represents RenRe’s third Bermuda consolidation deal following Platinum and TMR.
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The portfolio comprises of large deductible and guaranteed-cost workers’ compensation policies.
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Most of the losses were sustained by the reinsurance segment, which reported $108mn in pre-tax cat losses, compared with $110mn in the prior year period.
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The affirmation follows an SEC filing by activist investor and Third Point Re founder Dan Loeb last week, in which he disclosed intentions to take the company private.
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The BMA also expects Bermudian insurers to consider double materiality in their reporting, as well as their own external climate-change impact.
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Ching said young brokers were “out of their depth” and did not know where to find capacity at the 1 January renewal.
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Argo’s first bids included an implied firm value of $49.71 per Argo common share and $40 per share in cash, among others.
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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.
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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.
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The Bermudian reported $15mn in catastrophe losses for the quarter, down from $125mn in the same period last year.
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The January 1 renewal for 2023 was “one of the most profound” the company has ever had, the CEO said.
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The R&Q founder had been linked to 777 since its attempted acquisition of the listed firm.
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Based in Bermuda, the executive will oversee the firm’s investments in technology and support its growth initiatives.
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The Bermuda Monetary Authority expects carriers on the island to take a 25% share of the total industry loss.
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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.
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