Bermuda

The carrier has renewed and extended its capacity arrangement with the MGA.

Improved performance and growing investment returns played a role in the upgrade.

The Bermuda-based executive joined the Ardonagh Group’s reinsurance broking arm in March 2023.

Winds have strengthened to 80 mph, and the hurricane is expected to intensify further over the next 48 hours.

The company will continue its capacity partnership with the MGA until 2030.

Marlon Williams will focus on the placement of reinsurance and retro business.

The hire comes as Guy Carpenter fills the void created by the Willis Re raid earlier this year.

The move comes as the broker rebuilds its Bermuda team.

The Bermuda reinsurer has been active in ILS since launching in 2007.

Alessa Quane will report to Sompo P&C CEO James Shea.

The deal marks the latest step in Catalina’s shift from P&C to life run-off.

Vantage Group Holdings received a BBB- long-term issuer credit rating.

The business said it was experiencing strong momentum on the Island.

The affirmations reflect Everest’s strong underwriting diversification.

The tech firm is building a joint stock company with insurers and investors.

Bill Bouvier has spent more than three years at the legacy firm in this role.

The syndicate will be targeting approximately $50mn of GWP in its first year.

The broker’s joint venture with Bain Capital still lacks a CEO.

The private ILS segment took losses from LA wildfires and Mid-West severe convective storms in H1 2025.

Fleming’s attempt follows those of other legacy carriers that have had recent successes raising capital.

The company, however, sets a high bar on making a move.

The post-disaster reinsurance start-up model is changing.

Tim Barber joins from QBE Re, where he was head of North America.

Skyward’s acquisition of Apollo will provide access to the London Bridge framework.

The executive most recently served as head of North American treaty reinsurance.

The action follows Sompo’s $3.5bn all-cash acquisition of Aspen Insurance.

Signs of discipline indicate a “break” from past boom/bust market cycles.

The Japanese carrier faces integration challenges to make a success of the deal.

Ratings agency said the Sompo deal could have positive financial and operational benefits for the Bermudian.

James River said the court was right to dismiss the fraud case.

Group CEO Mikio Okumura cited “solutions that have not been fulfilled”.

Sources see Aspen as the right fit for Sompo, with Apollo getting a full cash exit.

Angus Hampton, meanwhile, has been promoted to head of casualty in place of Mario Binetti.

The lawsuit has been filed as sales talks with Sompo yielded a deal.

The Japanese company announced the $3.5bn deal today, three months after the Bermudian completed its IPO.

The Japanese carrier has agreed to buy Aspen for a realization of $3.5bn.

The all-cash deal values the Bermudian’s stock at a 36% premium.

This publication first reported deal talks last week.

The ILS play will make the business more capital efficient under new owner Sixth Street.

Hagood will stay on as sole CEO of Nephila Holdings, with Taylor continuing as president.

The broker spent almost 20 years at Marsh.

The Bermudian reiterated its pledge to improve performance.

Aspen would give Sompo more reinsurance scale, more US premium and a Lloyd’s presence.

This publication revealed yesterday that the two were in detailed takeover talks.

Sources said that detailed discussions have taken place, with a clear path to a deal.

Besides Russia-Ukraine losses, the Air India crash losses totaled $26mn.

Peter Vogt will act as a strategic advisor at Axis until the end of 2026.

The lawsuit is the latest development in the multi-billion dollar reinsurance scandal.

Net adverse development for the quarter increased 30% year on year to $89.2mn.

Company alum David Murie will lead the new business unit.

Property MGA Arden Insurance Services specialises in multi-family habitations.

The announcement comes a week after the institutional investor said it would accelerate its pivot to an insurance-led strategy.

The company bolstered casualty reserves by $18mn, mostly from discontinued lines.

The carrier reported an increase of 82% in pre-tax income.

The move will impact around $50mn of gross written premiums in total.

Cat losses of $1.5mn, net of reinsurance, were primarily due to severe convective storms.

CEO Alex Maloney said Lancashire’s growth was “more measured” amid softening.

The loss was driven by nat cats and reserve adjustments in US casualty.

The carrier said most lines remained well priced despite increased competition.

The company has also expanded its relationships with US and UK MGAs.

The carrier also benefitted from favourable reserve development in property and A&H.

Cat portfolios generally grew, but casualty approaches varied.

Nadia Beckert was promoted to Bermuda CUO in March.

Aviation reinsurance reserving issues will also be a broader focus for the market.

Specialty casualty now accounts for around 22.2% of its insurance business mix.

The vehicle will support Ascot’s casualty business in the US and Bermuda.

Everest booked $98mn of aviation losses related to the war, which contributed 2.5 points to the consolidated CoR.

The Bermudian said its pursuit of SMEs through M&A will provide sustainable improvements to its bottom line.

Pricing was “virtually flat” in the second quarter.

The CEO said business remains adequately priced in most classes.

The carrier is reducing its exposure to quota shares and shifting to XoL.

The carrier said market dynamics were shifting due to increased capacity.

The loss ratio rose 1.9 points to 53.1%, while the expense ratio ticked up 0.6 points to 28.1%.

The carrier had $20mn in reserve releases in the quarter, compared to nil in Q2 2024.

The legacy player is working to secure its first deal, and could look to expand to US E&S.

The broker has recruited from its rival as it looks to launch Willis Re 2.0.

Wind season remains an important variable, but also might not change current dynamics significantly.

Jill Beggs was most recently COO for reinsurance.

The property segment reported a CoR of 27.4% for the quarter, down 26.5 points year on year.

Welch has been with the firm since 2023.

Last year, the firm obtained a Class 4 license in Bermuda.

Andrew Creed has been promoted to group president in addition to his role as group CFO.

Luke Tanzer is set to retire after 16 years at the helm of the run-off carrier.

The claims specialist spent 30 years at Amlin before joining TFP.

The former Hiscox Re & ILS specialty underwriter starts on 7 July.

The take-private deal was announced in July 2024.

The changes affect operations in Switzerland, Bermuda and the US.

Andrew Pryde succeeds Andreas Kull, who will stay on until September.

Willis’ continued reinsurance build-out has targeted London and Bermuda marine and retro specialists.

The appointments are pending regulatory approval.

The company has also promoted Alex Baker and Tim Duffin.

The carrier has scaled up its international insurance offering in recent years.

The executive brings nearly 30 years of liability experience to the role.

Rachel Bardon will also join the board of Compre's Bermuda-based reinsurer Pallas Re.

The former Volante chief is in initial talks with several parties.

The Bermuda-based team is led by John Fletcher. 

Argo shelved the sale of its Bermudian insurance business in mid-2024.

The reinsurer has also appointed Mehdi Benleulmi as global head of credit.

The broker has been building out its Bermuda reinsurance presence.

William Soares moves from casualty and specialty CUO to president.

The reinsurer confirmed Andrew Phelan’s exit, as of 15 May.

Eckert said the reinsurance market is still at historically well priced levels.

The executive replaces Mike Warwicker, who left the firm earlier this year.

A 20% increase in FHCF retention levels sent cedants to the private market.

Bredahl has been appointed CEO and Bonneau as chairman.

This will allow Ark to write business on surplus line paper and Lloyd’s business.

The Peak Re subsidiary mainly writes US motor and casualty reinsurance.

The change reflects the company’s growing profile within the MS&AD group.

She will continue to work with the executive team on key projects and initiatives.

The company has settled, or is in the settlement stage, for 80% of the exposure.

The Bermudian's first quarter cat losses totalled $333.3mn, compared to $103mn a year ago.

The new CEO said recent purchases were designed to protect earnings volatility.

The CEO said Ascot would deploy capital where it sees opportunities.

New CEO Eckert said Conduit had taken “decisive action” after the LA wildfires.

Neil Eckert has been chair since the carrier was founded.

The company’s upsized public offering priced at $30 per ordinary share.

Hamilton also expects rising demand and stable supply for 1 June renewals.

The team will focus on building out Miller’s property treaty, retro and ILS capabilities, it’s understood.

The IPO was announced at the end of April, targeting ~$2.6bn-$2.9bn.

Q1 adverse reserve development went down to $4.2mn from $5.4mn a year ago.

Hamilton reported $150.5mn of net cat losses, partially offset by $9.2mn favourable prior year development.

IGI saw opportunities in energy, ports and terminals and marine cargo but remains cautious in long-tail lines.

Ark's combined ratio included 25 points of catastrophe losses in Q1.

The specialty carrier is braving volatile macroeconomic conditions in a second effort to list.

Cat losses included $17.5mn from the CA wildfires and other events.

The executive was previously a top US casualty broker.

Space pricing experienced double-digit increases after the 2023 capacity retreat.

Jonathan Mesagaes will report to John Hyland, head of underwriting and marine.

The appointment follows the recent exits of CUO Chatterjee and SVP Dharma-Wardana.

Meanwhile, gross written premiums grew 8.6% year on year to $985mn.

We assess the Bermudian’s standing amid waning investor sentiment and economic uncertainty.

The reduction was due to impacts from investments and less favourable PYD.

Primary and excess casualty in the US saw double-digit rate growth and remained above loss trends in Q1.

The remediation process is on track for completion in the fourth quarter.

The quarter’s performance was also affected by the Washington, DC aviation disaster.

The Bermudian reported net pre-tax cat losses of $49mn, with $32mn attributable to the California wildfires.

The days of 30%+ growth are probably behind the firm, he said.

PartnerRe’s non-life division reported a Q4 underwriting result of $21mn, recovering from a loss of $188mn in the prior-year period.

Overall, the company’s underwriting income fell 43% to $417mn in the first quarter.

The carrier is targeting an IPO valuation between $2.6bn and $2.9bn.

The carrier is offering shares priced at $29-$31.

The agency cited SiriusPoint’s recent management moves including lower cat exposure as a driver of the change.

The firm said supply and demand was becoming more in balance than at 1 January renewals.

Combating depressed trading on the LSE and a delayed hard market shift has held back the firm.

The property segment experienced a 113.5-point impact from the California wildfires.

The business, which has ~EUR300mn of book value, is expected to launch a process.

The Kelso and Arch-backed run-off player has retained Evercore to advise.

The business will divide into US wholesale and specialty, and programmes and solutions.

The legacy carrier reported an operating loss of $45.3mn for the year.

The CUO’s turnover closely follows that of the CEO.

Alongside Chatterjee, SVP Dharma-Wardana has also exited the team.

Why have reinsurance start-ups remained so rare in recent years, even as underwriting conditions have improved?

Being the “new kid” has created interest in the market, Mereo CEO Croom-Johnson added.

The broker has also hired fellow Aon broker Barry Gordon in a role trading ILWs.

The business will still look at large non-life deals in particular in-the-money ADCs.

Erik Manning is joining the business from BMS as head of ceded reinsurance.

Growth was driven by Lloyd’s Syndicate 1274 and Antares Re.

The executive was named group CEO in January.

Conduit Holdings announced CEO Trevor Carvey’s retirement today.

Analysts see Conduit’s extra reinsurance buying as a positive development.

Executive chair Neil Eckert will step in as interim CEO.

PartnerRe's $5mn commitment will enable the MGA to expand its D&O line size.

Nadia Beckert joined the carrier as an underwriter in 2021.

The executive, Everest CEO from 1994 to 2013, has served as board chair since 1994.

Former CEO Buss had been appointed in November 2023.

The rating allows IQUW to access $1bn in group capital.

What are the potential consequences for businesses amid escalating loss costs in the US casualty market?

Cyber, marine and aviation are recent areas of focus.

Plus, the latest people moves and all the top news of the week.

He also joined Everest’s board last week as an independent director.

Island appetite remains stable, but early 2025 loss activity has injected fresh uncertainty.

Sinead Cormican has served as deputy underwriter for the past four years.

Last year, the firm consolidated financial and excess liability lines under the leadership of Richard Porter.

Aviation reserve strengthening added 10.1 points to the combined ratio.

“They've been focused on this for more than 10 years,” said Bermuda’s CIT Agency CEO Mervyn Skeet.

John Howard was appointed as an independent, non-executive member.

The estimate is based on industry losses in the range of $35bn-$45bn.

Cat losses in the quarter totalled $49.1mn, net of reinsurance, of which $37.8mn was from Milton.

The firm projects losses from the fires at between $160mn-$190mn.

The group's reinsurance book was also hit with cat losses during the quarter.

The carrier reported $2.8mn of favourable development compared to a $3.3mn charge a year ago.

The chairman said the recent events were akin to Andrew, Katrina and the WTC.

SiriusPoint’s property book grew 25% in full year 2024.

Good ESG practices are part of good risk management, the company said.

The carrier expects to book $100mn-$140mn from the California wildfires.

The firm’s core CoR improved 3.2 points to 90.2%.

Deteriorating CoRs, GWP growth and fears over wildfire impacts were common themes.

The company, meanwhile, is bullish on E&S US casualty.

The firm pegged industry losses at $35bn-$45bn.

The start-up has achieved an A- credit rating from AM Best.

Over 2024, four hurricanes added 13 points of cat-loss impact to the combined ratio.

The restructuring arrangement is designed to protect creditors.

At 1 January renewals, prices dropped 5%-15% for loss-free programmes.

The Bermudian’s wildfire loss estimate was based on an industry loss range of $35bn-$45bn.

The MGA and 49% owner SiriusPoint could bring in a new investor.

Claims related to California wildfires are "fairly insubstantial" to date, executives said.

The capital partners unit was launched via London Bridge 2 in Lloyd’s last year.

The carrier’s Q4 CoR decreased 34.8 pts YoY to 94.2% as it reported favorable prior-year reserve development.

The reinsurer is ready to deploy additional capacity following the event, but only if prices are commensurate with risk.

CEO Jim Williamson said social inflation was a “growing barrier” to a vibrant economy.

The (re)insurer recorded a reserve charge of nearly $1.3bn within its casualty insurance book.

Somers Re is valued at ~$1.3bn, according to disclosures made in Arch’s Q3 2024 SEC filings.

He was appointed acting CEO earlier this month, after Andrade’s departure.

The carrier tapped the run-off market in Q4 for a US casualty insurance-focused portfolio.

Andrade is taking up a CEO role at another “prominent financial services firm”, Everest said.

Christa Schwimmer has joined the leadership team alongside Stefan Golling.

The reinsurer is buying out China Minsheng affiliate at year-end.

The firm has commenced writing collateralised retro and reinsurance but its rated launch is still pending.

Everest is in the process of transforming its ILS offering.

CEO Trevor Carvey said the revision reflected Conduit’s “favourable reception”.

In October, this publication revealed that the carrier had resumed IPO preparations.

Everest Group’s regulatory filing did not give a reason for the resignation.

The start-up has secured BMA approval as it looks to a 1 January kick-off.

The new offerings will be part of the specialty reinsurance portfolio.

Callum Roberts, Professor of Marine Conservation at the University of Exeter, explains ocean carbon storage and its role in climate change.

Bill Cooper, Managing Director with Howden Capital Markets & Advisory, discusses insurance market trends, M&A projections, MGA expansion and ILS insights.

Nadia Beckert, Group Head of Property Reinsurance for The Fidelis Partnership, shares insights on market outlooks, AI integration and the challenge of attracting new talent in the evolving reinsurance industry.

Robert Wiest, CEO of MS Reinsurance, discusses trends in the casualty market, social inflation and renewal expectations at the PwC Insurance Summit in Bermuda.

Kirsten Beasley, Head of the Bermuda Office for WTW, discusses talent, diversity, and mentorship at the PwC Insurance Summit.

Neil Eckert, Chairman and Co-Founder of Conduit Re, discusses climate change mitigation, new insurance products, and closing the coverage gap.

Will Bridger, Group CEO with Compre Group, discusses the evolving legacy insurance market at the PwC Insurance Summit.

Rachel Turk, CUO for Lloyd’s, shares first-year insights and explores AI, market outlook, and data flow innovations.

AXA XL’s CUO for Bermuda, Noel Pearman, shares how AI is transforming insurance operations, enhancing client offerings, and opening doors to new business opportunities.

Steve Horton, President of Liberty Mutual Bermuda, on AI's transformative role, challenges, and potential in reshaping the insurance industry.

Tim Usher Jones, Co-CEO and Founder of Banyan Risk, shares insights on their new excess casualty venture, AI integration, and growth strategies in an evolving market.

Rob Bredahl, Vice Chairman of Howden Re and Executive Chairman of Howden Capital Markets & Advisory, discusses cat events, market capital and the 2025 outlook.

Stephen Catlin, Executive Chairman for Convex, shares insights on leadership, climate initiatives and how insurance must evolve at the PwC Insurance Summit in Bermuda.

Cat losses in reinsurance rose 11.1% year over year to $45.1mn, driven by Hurricane Helene.

After one good year, giving back margin now will be “inexcusable”, the executive said.

Cat losses increased 14.6% to $91.6mn, driven by Hurricane Helene and Storm Boris.

The carrier’s shares declined over 17% this morning following Q3 earnings and strategic actions.

Envelop Underwriting will bring all the firm’s underwriting into one framework.

The firm announced Q3 results alongside strategic actions that included an ADC deal with Enstar.

In other property, Helene and Milton will assure rates remain attractive, he added.

D&O and D&F are also facing increased competition, but property remains price adequate.

Kevin Stokes has been with Pillar for nearly four years.

Hamilton reported a $30mn-$70mn net estimate for Hurricane Milton losses.

Hurricane Milton is estimated to have a net negative impact of $275mn on Q4 results.

The company has written over $100mn in gross premium in the US this year.

The combined ratio included 17 points of catastrophe losses in the third quarter.

Losses were attributed to the Taiwan earthquake and flooding in Middle East and Europe.

The firm is still operating within its catastrophe budget for the year, CEO Scott Egan said.

The carrier booked $30.6mn of favourable development in the quarter.

Arch is assuming an industry loss related to Helene in the $12bn-$14bn range.

RiverStone is assuming $1.2bn of a $1.6bn legacy deal.

Andrade flagged expected 5% to 10% increases in the US and Europe.

The company’s reshaping of the book will be substantially completed by year end.

The executive joined the company in 2019 from Barbican.

Roman Romeo was named CEO of Reinsurance Solutions in Bermuda in April this year.

Neil Strong, Richard Holden and Jonathan Reiss have also joined as the leadership team is built out.

The GWP total marked an 18% year-over-year increase from $145bn in 2022.

Moore will oversee Aon Bermuda’s commercial risk solutions broking operations, leading a team of 85 executives.

Markel executive Alan Rodrigues will lead the unit.

The appointment is part of a reorganization of the Americas business.

The company’s results come less than two months after announcing its Lloyd’s syndicate.

These cedants could offer the firm access to support their casualty and specialty lines as well.

The bridge collapse added 9.8 points to the consolidated quarterly CoR.

The firm booked $85mn of pre-tax cat losses, primarily driven by the Baltimore Bridge collapse.

The market has advanced in sophistication but must tackle talent, tax and diversification issues.

Long-term confidence in the market depends on the details of the new tax rule.

The narrative of competition between the two hubs can hold space for benefits.

Existing taxes could be lowered under a potential new structure.

During the quarter, it booked $137mn in cat losses versus $34mn a year ago.

All parties interested in the case have agreed to participate in the process.

The executive joined the legacy carrier as CIO in 2020.

The ratings agency said underwriting profitability is likely peaking at current levels, as price increases moderate and loss-cost inflation persists.

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.

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.

Carlton Maner is stepping down after having served at AXIS for almost 22 years.

The two associations will work together on six matters, including climate change, cyber risks and taxation.

The group structure would constitute a Bermuda-based rated carrier, and an associated fund structure.

The executive has over 20 years of specialty insurance experience and most recently served as Everest’s head of financial and professional lines.

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.

The company's Ebitda for 2022 was estimated at $60mn compared to $20mn in 2021.

Both organizations have agreed for the appointment of a liquidator for Vesttoo transaction structures at the Supreme Court of Bermuda.

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.

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.

The deal represents RenRe’s third Bermuda consolidation deal following Platinum and TMR.

The portfolio comprises of large deductible and guaranteed-cost workers’ compensation policies.

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.

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.

The BMA also expects Bermudian insurers to consider double materiality in their reporting, as well as their own external climate-change impact.

Large visiting contingents from Florida to the Bermuda Risk Summit highlighted ongoing concerns around cat capacity availability.

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.

More quota share capacity was on offer, but reinsurers were still pushing to manage exposures through loss caps.

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.

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.

The Bermuda-based InsurTech will deploy a combination of its own and rated paper capital.

Openly completed its first significant catastrophe excess of loss placement, with a diverse panel of reinsurers across London, Bermuda and the US.

A BDA report found that more than 30% of Bermudian carriers have integrated ESG into underwriting.

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.

ABIR is pushing back on behalf of the Bermuda cohort of companies, whose debt is significantly impacted.

The agency also affirmed the long-term issuer credit ratings of A- (excellent) on Hamilton Re and Hamilton Insurance Designated Activity Company.

Shanna Lespere joined the BMA in 2004 and has held various roles at the authority including COO for the past seven years.

The regulatory body also underlined the need to manage risks and uncertainties relating to the war.

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.

Argo Re kept its A- (excellent) financial strength rating.

In addition to Malloy’s departure, Mark Parkin notified the reinsurer of his intent to resign from the board of directors for personal reasons.

Fontana investors will face a short lock-up period in the sidecar’s ramp-up phase, but thereafter there will be some “embedded liquidity.”

The new platform extends RenRe’s suite of ILS and reinsurance strategies.

The executive will oversee management liability, healthcare and casualty/specialty reinsurance.

NDAs have been sent out to global insurance groups and heavyweight PE firms, it is understood.

Carr was previously SVP, global head of property catastrophe at the reinsurer.

Around 700 aircraft will be affected by the decision.

The reinsurance deal will require James River to write off $6.8mn in Q1 2022.

The ratings agency said it could revisit the ratings if James River’s loss portfolio transfer agreement with Fortitude Re does not go through.

The stock hit new lows after James River booked a $115mn reserve charge and posted a Q4 combined ratio of 140.6%.

CEO John Boylan expects "material" increase in premium in 2022.

The start-up Bermudian reinsurer has focused initially more on quota share.

Since joining the company in 2003, Orla Gregory has held increasingly senior roles, rising to acting CFO in September.

The broker will also sit with Marsh McLennan/Guy Carpenter, WTW and Lockton Re on ABIR’s broker advisory cabinet.

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.

The CEO also said that price increases in property cat were insufficient for the company to allocate more capital to the line.

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.

The executive also said that in many cases, the increases in ceding commissions that buyers were looking for were “too much”.

The company lowered its full-year core loss ratio 2.6 points to 55.1% and posted a $266mn full-year underwriting gain.

The UN’s Principles for Sustainable Insurance is helping to ensure ESG practices are embedded across all aspects of the insurance industry.

Casualty premiums grew 48% and the company raised $663mn in new capital for its alternative capital vehicles.

Martello Re will initially provide MassMutual with reinsurance capacity before opening up to other parties.

In addition, Fortitude Re’s subsidiary Fortitude Reinsurance Company has obtained approval to operate as a reciprocal jurisdiction reinsurer in the US.

Inflationary pressure and climate change meant the market effectively gave ground to cedants despite nominal price rises.

Former Navigators CEO Vince Tizzio has joined as a senior adviser and will transition into the CEO role on June 1.

Both gross and net exposures increased in the pandemic year, but net PMLs rose faster, a modelling report from the BMA shows.

Juan Andrade’s employment agreement has been extended through the end of 2023, with automatic annual extensions following this term.

The hire reunites Rene Lamer with fellow Sompo alumnus Stephen Young.

Based in Zurich, Jörg Bruniecki will take up his new role in 2022, reporting to MS Amlin AG CUO Charles Goldie.

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".

Brid Reynolds will be responsible for the oversight and development of risk functions globally.

The broking group has hired Sussex Capital’s Adam Champion and investment banker Niall Baird for the new venture.

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.