Culture shift driving a world of ‘fewer, lighter and leaner’ carriersThe number of carriers in the (re)insurance market will shrink as (re)insurers adapt to evolving market conditions, Michael Millette, managing partner of Hudson Structured Capital Management has said.
Blockchain needs to be adopted by all to be of useSenior executives from the Bermuda market have debated the benefits blockchain technology can bring to the (re)insurance market.
Duperreault encourages more Bermuda InsurTechsStart-ups must continue to present new innovative ideas to shake-up the (re)insurance industry in Bermuda, AIG’s chief executive Brian Duperreault has said.
Citadel Re loses AM Best A- ratingNiche Bermudian reinsurer Citadel Reinsurance Company Ltd (Citadel Re) has been downgraded below the critical A- financial strength rating (FSR) by AM Best, the minimum typically required to write international specialty business.
Arch names Sturgess international insurance CEOArch has named Hugh Sturgess as CEO of Arch Insurance International, effective 1 January 2019, succeeding Matt Shulman, who was recently named CEO of Arch Insurance North America.
Hiscox Re & ILS swoops on Ariel Re for international chairHiscox has named former Ariel Re underwriter Daniel Vestergren as chair of international of its reinsurance and alternative capital arm - Hiscox Re & ILS.
Burrows to become next BDA CEOThe Bermuda Business Development Agency (BDA) has named Roland (Andy) Burrows as its next CEO following the sudden resignation of his predecessor Ross Webber early this year.
Maiden’s $2.7bn LPT throws down gauntlet to CatalinaThe battle for the ownership of NASDAQ-listed Maiden Holdings Ltd took an intriguing twist late on Friday evening when the up-for-sale Bermudian firm agreed to transfer £2.675bn of loss reserves out of the company.
RenRe’s $1.5bn TMR move cements strategic playShares in RenaissanceRe were trading off around 5 percent this morning in New York as some investors reacted negatively to news of the Bermudian’s $1.5bn deal to buy Tokio Millennium Re (TMR).
RenRe underwriting remains in the red but beats estimatesBermudian (re)insurer RenaissanceRe managed to exceeded the expectations of analysts to deliver an operating profit of $20.6mn in the third quarter of 2018 despite making an underwriting loss.
Arch posts Q3 combined ratio of 82 percent despite $58.2mn cat lossesBermudian blue chip Arch Capital Group Ltd estimated today it will take a $40mn-$60mn net hit from Hurricane Michael in its fourth quarter results, which it expects to cost (re)insurers $7bn-$10bn overall.
RenRe acquires $1.5bn Tokio Millennium ReThe carousel of M&A activity in 2018 has continued with RenaissanceRe acquiring fellow Bermudian reinsurer Tokio Millennium Re from its parent Tokio Marine Holdings for circa $1.5bn.
Axis returns to profit in third quarterBermuda-based Axis Capital Holdings has returned to profit with a combined ratio of 97.9 percent after the firm experienced lower catastrophe losses in the third quarter of 2018.
QIC returns 102 percent COR as nat cats take a tollQatar Insurance Group (QIC) has reported a 102 percent combined ratio for the first nine months of the year after taking a string of successive hits from third quarter catastrophes.
RenRe forecasts $155mn hit from third quarter nat catsBlue-chip Bermudian reinsurer RenaissanceRe has said it expects its third quarter 2018 results to be hit by a $155mn natural catastrophe bill.
Hiscox appoints Breeze Re & ILS CFOHiscox has named Liz Breeze as its chief financial officer of its reinsurance and alternative capital arm - Hiscox Re & ILS.
Maiden share price leaps on bid war speculationShares in Bermudian carrier Maiden Holdings leapt almost 15 percent on Friday as investors contemplated the prospect of a potential bid-war between two heavyweight investors, Apollo Global Management and Stone Point Capital.
First quarter ILS issuance up 54 percentFirst quarter ILS issuance activity rose 54 percent in year-on-year as alternative capital markets bounce back after the impact of Hurricanes Harvey, Irma, Maria, according to the Bermuda Monetary Authority.
RenRe investors TimesSquare push for saleBlue-chip Bermudian reinsurer Renaissance Re has seen its share price jump today following a call from a long-term shareholder to initiate a sales process.
Maiden shares up 13% after Catalina continued stake-buildingCatalina Holdings has continued to build its stake in embattled carrier Maiden despite being recently trumped by fellow Bermuda run-off firm Enstar Group to acquire $1.3bn of reserves relating to the reinsurer’s North American arm.