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.

The Canadian holding company increased its ownership in the Bermudian carrier to 82.9% from 70.9%.

In a Q3 earnings call today, Arch CEO Marc Grandisson also told investors that events like Hurricane Ian “almost always result in opportunities”.

Arch Capital has pegged its estimated Q3 pre-tax net catastrophe losses at $530mn-$560mn, impacted by Hurricane Ian, as well as other events like US convective storms, Typhoon Nanmadol and hailstorms in France.

The executive will report directly to SiriusPoint CEO Scott Egan, who joined SiriusPoint from RSA in early September.

The full-year results for 2021 also show the Bermudian start-up held $333mn of net premiums written, as at December last year.

The incoming CUO joins from InsurTech MGA Kettle, where he was also CUO.

The shares expected to be bought back in the tender offer represent around 11.5% of White Mountains' shares outstanding as of 19 August.

The Bermudian will also collaborate with Insurate in developing and underwriting products in the medium- to high-hazard workers’ compensation segment.

Inver Re said the launch was part of its growing inter-disciplinary approach to reinsurance broking.

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The firm’s leadership said a pattern of strong results is needed before triggering an IPO process.

Hurricane Earl is forecast to pass southeast of Bermuda, but tropical-storm-strength winds are predicted to hit the Island on Thursday.