-
Existing taxes could be lowered under a potential new structure.
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During the quarter, it booked $137mn in cat losses versus $34mn a year ago.
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All parties interested in the case have agreed to participate in the process.
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The executive joined the legacy carrier as CIO in 2020.
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The ratings agency said underwriting profitability is likely peaking at current levels, as price increases moderate and loss-cost inflation persists.
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As this publication previously reported, the IPO pricing came in under book value but has still narrowed the gap on predecessor Fidelis, listing at 0.9x book value vs Fidelis’ 0.8x.
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The reinsurance segment reported a 39.7-point improvement in its CoR to 80% in Q3 2023, along with 30.4% top-line growth to $2.1bn.
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Carlton Maner is stepping down after having served at AXIS for almost 22 years.
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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.
-
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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Moves to push down London broker commissions highlights the options open to write reinsurance platforms in other markets.
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The Canadian holding company increased its ownership in the Bermudian carrier to 82.9% from 70.9%.
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In a Q3 earnings call today, Arch CEO Marc Grandisson also told investors that events like Hurricane Ian “almost always result in opportunities”.
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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.
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The executive will report directly to SiriusPoint CEO Scott Egan, who joined SiriusPoint from RSA in early September.
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The full-year results for 2021 also show the Bermudian start-up held $333mn of net premiums written, as at December last year.
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The incoming CUO joins from InsurTech MGA Kettle, where he was also CUO.
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The shares expected to be bought back in the tender offer represent around 11.5% of White Mountains' shares outstanding as of 19 August.
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The Bermudian will also collaborate with Insurate in developing and underwriting products in the medium- to high-hazard workers’ compensation segment.
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Inver Re said the launch was part of its growing inter-disciplinary approach to reinsurance broking.
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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.
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ABIR reported that Bermudians posted a total loss ratio of 69.9% and a combined ratio of 100.1% last year.
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Nat cat losses added 11.8 points to the combined ratio at 101.5% over five years on average, S&P has found.
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Research from this publication exposed a dearth of female leadership in the Lloyd’s market.
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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.
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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.
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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.
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The former Chubb exec will remain on the board as an independent director, along with president and CEO Jacques Bonneau.
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Peter Kiernan replaces Simon Penney, who is moving to an analytics role.
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David Rocke becomes group head of M&A, Jamie Saunders CUO and David Alexander strategy director.
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The Bermuda-based InsurTech will deploy a combination of its own and rated paper capital.
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Openly completed its first significant catastrophe excess of loss placement, with a diverse panel of reinsurers across London, Bermuda and the US.
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A BDA report found that more than 30% of Bermudian carriers have integrated ESG into underwriting.
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The (re)insurer revealed it has “limited exposure” to the Ukraine-Russia conflict and did not make a loss provision due to the degree of uncertainty.
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ABIR is pushing back on behalf of the Bermuda cohort of companies, whose debt is significantly impacted.
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The agency also affirmed the long-term issuer credit ratings of A- (excellent) on Hamilton Re and Hamilton Insurance Designated Activity Company.
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Shanna Lespere joined the BMA in 2004 and has held various roles at the authority including COO for the past seven years.
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The regulatory body also underlined the need to manage risks and uncertainties relating to the war.
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A report from the Bermuda Monetary Authority shows how the island’s carriers have raised their worst-case estimate of cyber losses in recent years.
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Argo Re kept its A- (excellent) financial strength rating.
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In addition to Malloy’s departure, Mark Parkin notified the reinsurer of his intent to resign from the board of directors for personal reasons.
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Fontana investors will face a short lock-up period in the sidecar’s ramp-up phase, but thereafter there will be some “embedded liquidity.”
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The new platform extends RenRe’s suite of ILS and reinsurance strategies.
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The executive will oversee management liability, healthcare and casualty/specialty reinsurance.
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NDAs have been sent out to global insurance groups and heavyweight PE firms, it is understood.
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Carr was previously SVP, global head of property catastrophe at the reinsurer.
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The reinsurance deal will require James River to write off $6.8mn in Q1 2022.
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The ratings agency said it could revisit the ratings if James River’s loss portfolio transfer agreement with Fortitude Re does not go through.
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The stock hit new lows after James River booked a $115mn reserve charge and posted a Q4 combined ratio of 140.6%.
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CEO John Boylan expects "material" increase in premium in 2022.
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The start-up Bermudian reinsurer has focused initially more on quota share.
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Since joining the company in 2003, Orla Gregory has held increasingly senior roles, rising to acting CFO in September.
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The broker will also sit with Marsh McLennan/Guy Carpenter, WTW and Lockton Re on ABIR’s broker advisory cabinet.
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S&P’s proposal to disallow senior debt as a form of available capital is thought to be among the most impactful of a slew of detailed changes by the rating agency.
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The CEO also said that price increases in property cat were insufficient for the company to allocate more capital to the line.
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Rates across Axis’s insurance book rose by 14% in 2021, roughly matching the 14% rate increases Axis said it achieved across its insurance portfolio in 2020.
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The executive also said that in many cases, the increases in ceding commissions that buyers were looking for were “too much”.
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The company lowered its full-year core loss ratio 2.6 points to 55.1% and posted a $266mn full-year underwriting gain.
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The UN’s Principles for Sustainable Insurance is helping to ensure ESG practices are embedded across all aspects of the insurance industry.
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Casualty premiums grew 48% and the company raised $663mn in new capital for its alternative capital vehicles.
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Martello Re will initially provide MassMutual with reinsurance capacity before opening up to other parties.
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In addition, Fortitude Re’s subsidiary Fortitude Reinsurance Company has obtained approval to operate as a reciprocal jurisdiction reinsurer in the US.
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Inflationary pressure and climate change meant the market effectively gave ground to cedants despite nominal price rises.
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Former Navigators CEO Vince Tizzio has joined as a senior adviser and will transition into the CEO role on June 1.
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Both gross and net exposures increased in the pandemic year, but net PMLs rose faster, a modelling report from the BMA shows.
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Juan Andrade’s employment agreement has been extended through the end of 2023, with automatic annual extensions following this term.
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The hire reunites Rene Lamer with fellow Sompo alumnus Stephen Young.
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Based in Zurich, Jörg Bruniecki will take up his new role in 2022, reporting to MS Amlin AG CUO Charles Goldie.
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Liz Cunningham, Watford’s chief risk officer, has been named its new CEO, as the company said that ratings agency AM Best had affirmed the outlook on its A- FSR to "stable".
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Brid Reynolds will be responsible for the oversight and development of risk functions globally.
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The broking group has hired Sussex Capital’s Adam Champion and investment banker Niall Baird for the new venture.
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The underwriter’s exit comes after the reinsurer added Jill Beggs from Munich Re last week, and promoted Peter Bell to be its new CEO in Bermuda in July.
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However, the deal is low-to-mid ranking in terms of book multiple.
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Underwriting profits soared by 66% to $174mn, with a $234mn underwriting gain in mortgage outweighing losses in insurance and reinsurance.
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The hire comes after the intermediary agreed to buy Bermudian business Foram.
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The two parties had previously negotiated a $9bn deal for the reinsurer last year, which was later scrapped.
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The ratings agency said the island would continue to provide a beneficial environment for carriers overall.
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Axis estimates Hurricane Ida will be a $35bn industry loss event while the European floods – from which Axis expects a $55mn bill – are projected to cost the industry $13bn.
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The figure was lower as a proportion of shareholders’ equity compared to RenRe’s Q3 loss.
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The (re)insurer pegged industry losses from Ida at $30bn and increased its share buyback program to $1.5bn.
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The carrier also estimated its European flooding burden will be $520mn.
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Kate Vacher has taken on the role of CEO for the reinsurance broker’s Bermuda entity and will report to Angus Milgate, head of international treaty reinsurance.
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Tiny Bermuda has been hit hard by coronavirus in September, with more than half the island’s pandemic’s deaths coming in last month
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Markel reported that investigations by the DoJ and SEC have concluded with no penalties or action taken against the company.
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Ariel Re hires its first cyber head as the Bermudian seeks a deeper role in the evolving sector.
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Plus the details on CFC’s sale process, the latest on Ida and all the top news of the week.
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The executive joined Vantage on Monday, after spending the last 10 years at Axa XL.
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Ark raised $70mn in a debt offering last week, after raising €39.1mn and $47mn in July and August, respectively.
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“If we hit ’21, as I expect, based on most recent forecasts, and in ‘22 we get close to our plan, I think a possibility for this business would be a potential IPO in early ’23,” Cloutier told this publication on Tuesday.
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The cat market has a problem with sustained underperformance which, particularly following the ESG Awakening, could attract negative boardroom attention.
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Neville Weston, who will be based in Bermuda, will also become a member of Sompo’s reinsurance leadership team.
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Across London, the US and Bermuda, Ascot Re will provide P&C, PI and specialty lines cover via its new aligned division.
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The moves comes after the hedge fund reinsurer said on Wednesday it generated a roughly $5mn underwriting profit in Q2.
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The insurer cut average annual loss exposure by 40% more than a year ahead of schedule after shedding property limit and restructuring reinsurance purchases.
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The hire previously worked for BMS and Price Forbes.
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The former Alterra Global Reinsurance CEO will be responsible for establishing the new hub for the reinsurance broker.
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He suggested that the company might be willing to allow higher commissions.
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The reinsurer grew its casualty pro rata reinsurance book by 64%, adding $218mn in GWP.
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The insurance division added almost $300mn in premium in the quarter, while volumes in reinsurance were higher by $360mn.
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Aspen said Mike Cain will still remain with the company through Q1 2022.
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The carrier has restructured its cyber business with stringent underwriting conditions.
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The company reported $139mn in Q2 cat losses that it said mostly came from Winter Storm Uri.
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The company grew P&C net written premiums by 47%, while the non-life combined ratio improved 32 points to 89% during the second quarter.
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RenRe beats estimates with $329mn underwriting income driven by a surge of profits in its property segment.
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The broker has undertaken a major expansion since rebranding from SSL Endeavour last year.
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ERS’ recently rebranded (re)insurer IQUW has confirmed the appointment of Stephen Young as CEO for a new Bermudan division, as first revealed by this publication.
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After their appointments, Ari Moskowitz and Peter Bell will report to Jim Williamson, Everest Re group COO and head of reinsurance.
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The government supports efforts to create a minimum corporate tax and broaden taxing rights, but it warns of the impact on financial services and insurers.
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The plan to invest an extra $200mn was laid out in the original deal between White Mountains and Ark announced on 1 October and completed on 1 January.
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CEO Juan Andrade laid out the new targets in an investor day presentation in which he said the carrier will become a “digital first” (re)insurer.
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The Bermudian start-up carrier adds professional lines to its growing list of product lines.
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The exit follows news earlier this year that founding CEO Chris Fagan was stepping down to be replaced by Bruce Hemphill.
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Davies most recently served as head of global Re specialty Bermuda for the firm’s reinsurance division.
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Senior executives on the island saw the coordinated initiative as a clear long-term threat, but one that is mitigated by various other attractions of operating in Bermuda.
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Axis Miami wrote direct and facultative property, political violence, energy, aviation and cyber risks, typically on a following market basis.
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The carrier also promotes chief claims officer Kirsten Valder to chief administrative officer, effective 30 June.
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Outside the US, two Indian cyclones are expected to have caused more than $4.5bn of economic losses.
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The industry veteran is credited with having built Arch’s well-respected mortgage credit business.
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The move comes amid a reassessment of ESG by (re)insurers.
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The diversification benefits and complementary capabilities Validus affords AIG, along with the parent’s move to split its life and P&C operations, factored into the upgrade.
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Ascot Group named Matthew Lillegard to its newly created post of group chief actuary on Wednesday, the latest in a flurry of hires.
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The new logo and slogan follow a year of progress in the carrier’s turnaround plan.
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The platform will be managed by Horseshoe with Leadenhall’s head of non-life, Ben Adolph, acting as head of underwriting.
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The carrier recorded average rate rises of 9% for P&C accounts renewing at 1 April.
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SiriusPoint posted higher underwriting income in the first quarter than a year ago and lowered its combined ratio to 96.6% from 98.6% in what was a heavy cat quarter for the industry.
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The executive’s responsibilities will be taken on by chief operating officer Jim Williamson.
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The Bermudian booked a $4.6mn loss from Winter Storm Uri.
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Kevin Rehnberg says the carrier is disappointed with the level of catastrophe losses but expects less volatility going forward.
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The former Willis executive is to work with Corant Bermuda CEO Chris Bonard and Ed Broking’s Bermuda chairman John Turner.
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The ratings agency also affirms the carrier’s financial strength rating of A.
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Rates for Japanese wind treaties increased between 5% and 10% at the April renewal, while quake pricing was up 5%.
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The CEO said the carrier was turning aside more business than it wrote, yet had “sufficient headroom” to grow.
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Arch CEO Marc Grandisson has said he is “not losing sleep” over the prospect of new (re)insurance startups snuffing out the hard market.
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The reinsurer grew premiums by 31% in the quarter overall, led by a 33% pickup in property premiums and 29% growth in casualty and specialty.
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Tom Gregory, Cameron Maffit, Mark Robinson and Patrick Reardon have now started in their new roles.
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The ratings agency has also affirmed the A- FSR of Convex’s UK and Bermudian entities.
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Claims from Winter Storm Uri will cost the carrier about $43mn, before tax.
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The carrier says it expects winter storms Uri and Viola to account for between $80mn and $90mn of claims absorbed during the period.
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The legacy company chief will also receive a $20,000 monthly housing allowance as he relocates to Bermuda from the UK.
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The Nuclear Electric Insurance Limited subsidiary is targeting US E&S and looking to write business from April.
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Richard Coulson, Richard Holden and Philip Vandoninck will all take on more senior roles.
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A survey from the Bermuda Monetary Authority found almost 60% of P&C insurers have not changed their business strategy in response to climate change.
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The division had been led by group CEO Kevin O’Donnell on an interim basis following Aditya Dutt’s departure.
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The former global energy CUO takes on the newly created role effective immediately.
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Former senior Verizon executive Michael Millegan has also become a director.
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The merged entity will also look to focus on higher margin lines and invest in InsurTech.
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The company added 18 programs to its roster, taking the total of active programs to 48.
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Argo is looking to redeploy capital from reinsurance and into high growth US E&S.
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The company benefited from improved underlying results, premium growth at its US operations, and a much smaller reserve hit.
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The Bermudian expects pricing momentum to continue this year.
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The CEO said his company would be going on offense to accelerate book value growth while strong market conditions lasted.
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The CEO says the carrier deployed most of the $340mn raised in June at the 1 January renewals.
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The combined ratio deteriorates by 26.9 points to 107.8%, though comes in ahead of forecasts.
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Third Point Re also confirmed Tim Mardon as global property head and named Rachael Dugan as general counsel.
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The (re)insurer had previously disclosed the $400mn reserve charge, largely connected to casualty reinsurance business from accident years 2015 to 2018.
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The executive replaces Jay Bullock, who announced his departure last summer.
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The reinsurer was chasing a high 15% net return target and said lower demand and capital trapping made this unachievable.
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Following his departure Axis’ third-party capital unit will become a standalone division.
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The newcomer joins as independent director.
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Former Securis' executive Neil Strong joins arrivals including Lancashire’s Chris Wilkinson as a second head of specialty and Talbot PV specialist Dan Callow.
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The carrier has set aside $13mn to pay coronavirus claims at its international unit.
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The outgoing chief executive founded the company in 2005, building it into the second--largest legacy-focused business.
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The executive, based in Chicago, is a former broker and joined Argo’s ceded re team from Allied World in 2020.
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The executive takes over from Megan Thomas, who left to become the CEO at Hamilton Re in September.
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The (re)insurer cut exposure to reinsurance during Q4, with GWP falling by 20%.
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O’Donnell noted that the Bermudian has enjoyed the fruits of a “materially improving market” during January 1 renewals.
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The additional $730mn in capital for its Upsilon RFO, DaVinci and Medici funds include $130mn of the company’s own money.
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The impending deal follows recent Lloyd’s legacy transactions with Neon and ArgoGlobal by RiverStone.
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The charge comes at the end of Everest’s CEO Juan Andrade’s first year leading the (re)insurer.
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The appointments comes after launches in Hong Kong and Singapore.
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The total would give the Bermudian a higher yearly cat loss total than it recorded in 2017.
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The retro and specialty vehicle launch comes as PartnerRe expands in retro and ILS.
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The Bermuda Monetary Authority had granted the InsurTech start-up a “sandbox” licence in 2019.
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The step is the latest in a flurry of initiatives companies in the insurance sector are taking to combat climate change.
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Cat losses will cost up to $80mn, down from last year’s $140mn, as the carrier indicated underlying results continued to improve in Q4.
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Ascot will provide the reinsurance support for the index-based crop products.
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The reinsurer anticipates a $175mn hit from Covid-19 claims during the quarter.
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The move comes as environmental policies move up the list of investor priorities.
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The retro specialist joins the firm as it prepares to expand its reinsurance interests after spinning out of Willis.
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The Bermuda (re)insurance trade body elects officers for 2021-2022.
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The new Bermuda venture launched at the beginning of the year as part of the business’s scale-up.
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An unnamed investment manager posited a Watford bid worth about $21/share around four months before Arch’s eventual $35-per-share takeover agreement.
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The retirements follow the appointment of five new directors since 2018 amid a revamp of the carrier’s board.
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The ratings agency said supply-demand dynamics had improved, but thinning reserve cushions could prove a headwind to companies.
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Ex-Ariel CFO Angus Ayliffe becomes the latest member to join the team, which Jeff Clements will lead.
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He is replaced in the role by Shannon Lowry Bender, who starts work on 1 January next year.
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CEO Greg Hendrick said the composition of the new carrier would eventually be more heavily weighted to insurance business.
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Reardon, Dudek and Roberts are all set to be reunited with former colleagues including Jeff Clements.
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The former head of AmTrust Re and ex-MS Amlin property underwriter will help establish the start-up's Bermuda office.
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As part of the deal Pelican Ventures and JC Flowers will provide capital for 2021 onwards, with Argo maintaining responsibility for years prior.
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Sirius shareholders favour the deal but dissent on compensation proposal.
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Ada Capital will underwrite on behalf of new special purpose insurer Ada Re.
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The carrier said its new EUR750mn funds from Covea would help to reduce financing costs.
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The Bermuda reinsurer's net income per share fell 5% to $206mn during the period.
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The Bermudian start-up carrier has identified a team that includes Tristan McDonald as well as another Hamilton alumni Stuart Quinlan.
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The start-up, which is targeting a Day 1 IPO, will target a 5%-6% dividend yield and a mid-teen ROE.
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The carrier leaves its Covid-19 loss estimate unchanged at $42mn.
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The reinsurer's combined ratio deteriorated by 2.4 points in Q3 to 100.4%.
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The disposal plans are the latest of a string of restructuring measures under the leadership of CEO Kevin Rehnberg.
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The international segment’s underlying loss ratio improved by 15 points to 50%.
-
Former CEO Ryan Mather returns to helm Ariel, and will also oversee underwriting for SPA 6133 under a pact between the acquirers and Apollo.
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Sources said AIG is offering some staff guaranteed bonuses and stay packages.
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Gross written premiums grew 16% in Q3 across both insurance and reinsurance segments.
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Excluding Covid-19 claims, it was the company’s highest cat quarter since 3Q17.
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CEO Kevin O'Donnell said climate change was driving increases in cat loss frequency.
-
The move caps 18 months of turnaround efforts at the Bermuda reinsurer.
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The former Aon retro broker joined the firm several years ago.
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The ratings agency has carried out an initial assessment of the reinsurance subsidiary's business plan.
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The ex-Validus Re CEO will head up the pending Class 4 reinsurer after the White Mountains buy-in.
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Loeb will lose rights including the ability to veto important company decisions and to select a board observer.
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The carrier expects “significant” operating income and “positive” net operating income for Q3.
-
The new chief joins from Hiscox ILS with a mandate to expand the reinsurer’s third-party capital platform.
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The executive has begun sounding out investors about a retro offering.
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The Bermudian is expecting to pay $17mn in third quarter Covid-19 claims.
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Vantage Insurance has also been assigned an initial long-term issuer credit assessment of a-.
-
The hedge fund reinsurer’s board has decided the offer could represent a "superior proposal".
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The hedge fund reinsurer offered to merge with Sirius in May 2018, before the company’s listing on the Nasdaq exchange.
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Backing comes from industrial investor Ajay Kumar through his family office.
-
The thwarted bidder accuses Watford’s board of neglecting their duties and threatens legal action.
-
Valérie Baucher leaves the reinsurer after seven years.
-
The ratings action follows the agreement with Arch Capital to buy the struggling company.
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The expansive broker continues to upsize its team in London following the appointment of Dominic Riley.
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Watford is liable for a $18.6mn fee if the Arch deal is terminated.
-
Anson Aguiar becomes CUO of the just-launched Pallas Reinsurance.
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Axis, RenRe, Arch and Everest Re trade roughly in line with the S&P 500.
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The Bermudian is adding $10mn-$15mn to its Covid loss estimate as claims climb.
-
The reinsurer also cited West Coast wildfires, the August derecho, Hurricane Isaias and Typhoon Maysak as contributing to the total.
-
The carrier also says its Q1 Covid-19 loss estimate remains at $235mn.
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The reinsurer dubbed "Vantage" also secures Aurora Swithenbank as CFO.
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The executive was given the honour for services to the economy of Bermuda.
-
Ron Bobman has reiterated his opposition to Watford Re’s management and fiercely criticised the deal.
-
Both executives will now remain in their posts until December 2023.
-
The would-be buyer presses for a non-disclosure agreement with the hedge fund reinsurer to allow due diligence to start.
-
The appointments will give the new MGA a footprint in three markets.
-
Enstar has tabled a bid of $31 per share to takeover hedge fund (re)insurer Watford Re.
-
The work finalises a restructure spearheaded by former Travelers executive Beth Boucher.
-
The underwriters join from Gallagher, Chubb and Starr as Axis experiences increased product demand.
-
The per-share price is a 35% premium to yesterday’s close.
-
The Bermuda carrier will be an initial investor in Griffin Highline.
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US CEO Paul Brockman will be promoted to group chief claims officer as part of the changes.
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The former Liberty executive’s long-term ambition is to build a tech-enabled, London-based risk carrier to align with the Future at Lloyd’s vision.
-
Marine liability class underwriter Andreas Muller has also been put under consultation as Syndicate 1200 continues a strategic review.
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Watford is reportedly evaluating a bid from Arch amid heightened pressure from shareholders to pursue strategic alternatives.
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The carrier's Ada Re vehicle will join its Turing Re sidecar, but its capacity is not known.
-
The creation of the vehicle reflects the hedge fund reinsurer's respositioning as a specialty carrier.
-
The former Verto CEO is fundraising to begin writing as an MGA in 2021.
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No one business is likely to make a significant impact unless it has $7bn of capital or more, the Everest Re CEO said.
-
The appointment follows a number of senior departures from Aon’s reinsurance ranks.
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The move follows Third Point’s $788mn takeover agreement for the (re)insurer.
-
Still some way off Category 1 intensity, Paulette is expected to reach the Leeward Islands on Thursday night.
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CEO Simon Burton adds underwriting brief to his current role.
-
Ron Bobman says a deal valuing the carrier at $26/sh, or $500mn, will not win shareholder approval.
-
The Bermudian manager is looking to broaden its platform.
-
Total equity and debt raised this year if the $300mn target is reached would approach $1.5bn.
-
The carrier showed improvement in the underlying profitability of the carrier as the turnaround continues.
-
The reinsurer will still write treaty engineering, where it is still a key player for the market.
-
The PE firm, whose founder sits on the Bermudian’s board, began building the stake in March.
-
The PE firm’s holding in the Bermudian carrier is worth roughly $259mn.
-
The executive joins after 15 years at the Fairfax-owned carrier.
-
Third Point’s current CEO Malloy called the timing of the deal ‘critical’ as the 1 January renewal looms.
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The group’s combined ratio improved by 9.5 points to 95.9%.
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John Lupica steps into the role of president for North America commercial and personal insurance.
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Fitch retained its negative outlook on Sirius, noting the carrier’s “operating performance deterioration in recent years” and exposure to Covid-19 losses.
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The ratings agency says it is concerned about the impact of Covid-19 on the insurer and its future operating performance.
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The share price of majority China Minsheng-owned Sirius also surged 40%.
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“We have plenty of capacity to work with in this market,” said the Everest Re CEO.
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The business will be known as SiriusPoint and led by ex-AIG CFO Sid Sankaran, who will become chairman and CEO.
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The specialty insurer’s underlying loss ratio dropped to 55.9% from 59.3% the year before.
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Reinsurance chairman will take on the CEO role until a successor is announced
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The settlement will be paid in the third quarter.
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Project is in its early stages, with a round of meetings held to stress test it with PE firms.
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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.
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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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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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The ratings agency says earnings will be hit in the second half of 2020 if outbreaks continue.
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The offering will be used to repay the remaining $125mn of a loan and provide working capital for growth.
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CEO Kevin Rehnberg continues to reshape the carrier's management.
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Two ILS leaders are working on a new launch with strategic broker and reinsurer alliances in place, sister title Trading Risk revealed.
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Sources say the carrier’s group head of cyber Paul Miskovich has left his post.
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Proceeds of the 30-year bond sale are earmarked for “general corporate purposes”.
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The vehicle will give the legacy acquirer easier access to growth markets in North America.
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The firm has unveiled a range of measures in support of the Black Lives Matter movement.
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The execs are set to leave the firm after a combined 26 years at Argo and its predecessor companies.
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Sirius’ ownership and governance structure still creates scope for progress to signing to be complicated.
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The underwriter will be responsible for the strategy and underwriting of the business segment.
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The new venture would mark the third follow-only syndicate to come to light this year.
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The spectre of wholesale trapping of capital ahead of 1 January is further dislocating the market.
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The shares change hands at a 0.6 percent premium to the undisturbed price, though more than 5 percent below Tuesday's close.
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Shares in the carrier rise more than 4 percent in the New York morning.
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Property cat and D&F at 1 June, Aon pay cuts and industry pandemic response efforts
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Hannover Life Bermuda chief Cardinez has been promoted to the role.
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The executive was believed to be in line to succeed CEO Mark Cloutier.
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At least one other PE house is understood to remain in the process.
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The mutual’s retreat reduces the prospect of a sale of its Scor stake.
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The move comes after AM Best last week cut the carrier’s FSR to A.
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Britt Reiss joins as Bermuda partner and director.
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The CEO says the carrier is committed to winning back its A+ Superior rating.
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The CEO says the carrier would consider raising equity if potential returns warranted it.
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Group CEO Juan Andrade will assume oversight of the expanding insurance arm.
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The move follows repeated years of underwriting losses for Syndicate 5151.
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The carrier notes that only 10,000 of UK SME clients with BI cover have been hit by the Covid-19 lockdown.
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