Bermuda

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.

Plus the full Insider Honours winners list, people moves and all the top news from the week.

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.

ABIR reported that Bermudians posted a total loss ratio of 69.9% and a combined ratio of 100.1% last year.

Nat cat losses added 11.8 points to the combined ratio at 101.5% over five years on average, S&P has found.

Research from this publication exposed a dearth of female leadership in the Lloyd’s market.

The combined ratio improvement was driven by an increase in net premiums earned, favorable development of net loss reserves from prior accident years and current devaluation.

The carrier said its ultimate net losses in Ukraine since the start of the conflict were towards the lower end of its initial range, at $22mn.

The company’s property segment booked a combined ratio of 57.6%, 13.8 points higher compared to Q2 2021 due to a higher attritional loss ratio.

The former Chubb exec will remain on the board as an independent director, along with president and CEO Jacques Bonneau.

Peter Kiernan replaces Simon Penney, who is moving to an analytics role.

David Rocke becomes group head of M&A, Jamie Saunders CUO and David Alexander strategy director.