Radian closes $562mn mortgage ILS deal, reports “strong” demand
Radian Guaranty has obtained $562mn of credit risk reinsurance protection from Eagle Re 2019-1’s issuance of mortgage insurance-linked notes (ILNs) – its second such deal in five months.
Argo rejects Voce criticism as war of words intensifies
Argo has written to shareholders to dispel allegations made against it by activist investor Voce Capital Management ahead of its annual general meeting. This included the Bermudian carrier defending its CEO’s use of the company plane.
Universal cat cover FOTs price up 30%
Firm order terms (FOTs) for the renewal of Floridian carrier Universal Insurance Holdings’ catastrophe reinsurance programme have priced up 30 percent on a risk-adjusted basis after significant Irma creep, The Insurer can reveal.
Third Point Re appoints Gibbons to lead specialty treaty portfolio
Third Point Re has named Allied World’s former head of specialty reinsurance Tracey Gibbons to lead its specialty treaty portfolio.
Ariel Re hires TMR exec to head marine & energy reinsurance
Ariel Re has become the latest firm to hire from the former ranks of Bermudian reinsurer Tokio Millennium Re with the appointment of David Martin as head of marine & energy reinsurance.
Moody’s goes negative on Axis outlook
Moody’s has revised its ratings outlook of Axis Capital Holdings to negative from stable reflecting the Bermudians lower capitalization and higher operating and financial leverage relative to peers.
Axa XL makes senior Bermuda professional lines promotion
Axa XL has announced Jennifer Minors as senior vice president and product line leader in its Bermuda professional lines insurance unit.
Brit builds out Bermuda property reinsurance team
Brit has appointed Kristina Maffit as vice president of property reinsurance for Brit Global Specialty Bermuda (BGSB).
TMR’s McComas and Agnew land at Arch Re
Former Tokio Millennium Re executives Dave McComas and Butch Agnew have officially landed at Arch Re in Bermuda as ILS portfolio managers.
Watford Re shares list at 36% discount
Watford Holdings shares were trading at a 36 percent discount to year-end 2018 book value as the Bermudian total return (re)insurer listed on Nasdaq today.
Casualty head McFadden to leave Sirius
Bob McFadden is leaving his position as head of casualty at Sirius Group and has been linked with a potential move to join Waypoint Underwriting Group (WUG), The Insurer can reveal.
Argo urges shareholders to vote against Voce nominations at AGM
The scene is set for a dramatic showdown over Argo’s board at its annual general meeting, after it was revealed that Voce Capital declined an invitation for an independent committee to meet the activist investor’s nominees.
CatCo shareholders approve listed fund run-off
Markel CatCo’s London-listed retro investment fund CatCo Reinsurance Opportunities Fund is set to be placed into run-off following a shareholder meeting where investors almost unanimously approved the proposal.
Watford Holdings confirms Nasdaq direct listing set for 28 March
Watford Holdings, the Bermudian total return (re)insurer for which Arch Capital acts as reinsurance manager, plans to complete its direct listing on Nasdaq on 28 March.
Bermuda officials head to Europe with de-blacklisting timeline unclear
A delegation from Bermuda is in Europe this week to meet EU officials and make the case for why the island should be removed from a tax haven blacklist.
RenRe deal close brings cull of TMR executives
Almost all of Tokio Millennium Re’s executive management team have exited the reinsurer with the close of its acquisition by RenaissanceRe today.
Bermuda premier vows to get island off EU blacklist
Premier David Burt has acknowledged concerns in Bermuda about being placed on the European Union’s tax haven blacklist but says the island will be removed from it “at the earliest opportunity”.
The risks that could stop Maiden conquering its troubles
Maiden Holdings’ delayed 10-K reveals the embattled Bermudian company believes it can continue as a going concern but warns further significant declines in shareholders’ equity could cause it to “re-evaluate that assessment”.
It may be a temporary setback but Bermuda could do without more self-inflicted wounds...
If the adage ‘bad news travels fast’ is to believed, then word of Bermuda’s addition to the European Union’s tax haven blacklist last week must have been reverberating around the island in next-to-no time.
Markel: “We will learn” to make ILS a key results contributor
In their annual letter to shareholders, Markel’s co-CEOs have underlined their commitment to the ILS sector, despite the continuing problems at subsidiary CatCo, and said they are looking to expand third-party capital management capabilities to more risk areas than property cat.