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The company’s results come less than two months after announcing its Lloyd’s syndicate.
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These cedants could offer the firm access to support their casualty and specialty lines as well.
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The bridge collapse added 9.8 points to the consolidated quarterly CoR.
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The firm booked $85mn of pre-tax cat losses, primarily driven by the Baltimore Bridge collapse.
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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.
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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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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.
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The firm’s leadership said a pattern of strong results is needed before triggering an IPO process.
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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.