The Insurer comment: Bermuda bellwether for market again
For a small island some 800 miles off the Carolinas, Bermuda has punched above its weight to carve out a position as a key (re)insurance center over the last 35 years.
Ursano appointment signals more deals at Hamilton
Tony Ursano’s return to the market as Hamilton Insurance Group CFO after his recent TigerRisk exit may from the outside look a little left field. But the appointment of a deal maker suggests the Bermudian may not be done with M&A after its transformative Pembroke and Ironshore Europe transaction.
Analysts mixed on positive US pricing thesis as Q2 earnings begin
Although the second quarter P&C earnings season that got underway in the US today will include the impact of weather losses and positive marks on investment portfolios, the focus of investors is likely to be on pricing momentum.
R&Q provides legacy reinsurance for a Bermuda domiciled captive
London-listed legacy and programme specialist R&Q has issued loss portfolio transfer reinsurance for a US-based airline via its wholly owned A- admitted carrier, Accredited Surety and Casualty Company.
Everest adds JLT’s Adams for new Bermuda insurance operation
Everest Insurance has hired former JLT executive Kyle Adams to head up its new Bermuda insurance platform.
Maiden targets return to operating profitability after $22mn Q2 loss
Maiden Holdings has reported a second quarter loss, while revealing further details of its strategic actions.
Tysers opens Bermuda office
London market wholesale broker Tysers has launched a hub in Bermuda – Tyser (Bermuda) Ltd – with Richard Tomkins to lead the operation on the island as managing director.
AWAC Bermuda excess liability team set to join Ascot
A Bermuda-based team of Allied World excess liability underwriters led by Patrick Kenahan that recently left the carrier is set to join Ascot on the island, The Insurer can reveal.
Argo board backs exec pay and governance changes
Argo shareholders will get to vote on proposals next year to begin the declassification of the Bermudian’s board of directors and reduce its maximum size from 13 to 11.
R&Q provides legacy reinsurance for a Bermuda domiciled captive
London-listed legacy and programme specialist R&Q has issued loss portfolio transfer reinsurance via its wholly owned A- admitted carrier, Accredited Surety and Casualty Company.
Jebi creep hits Sirius results in Q2
Sirius International Insurance Group fell to a second quarter operating loss of $19mn as the Bermudian’s underwriting results were hit by loss creep on its property reinsurance book.
SOBC Darag launches Bermuda hub with four-strong team from rival
Legacy specialist SOBC Darag has launched a hub in Bermuda with four hires from rival R&Q as it looks to expand operations in the US and Bermuda.
Increased E&S property demand has traction: Arch’s Grandisson
Arch Capital’s CEO compared property casualty market conditions to a holiday with children on the Bermudian (re)insurer’s earnings call.
Axis beats in Q2 as reinsurance business balloons
Bermudian carrier Axis beat the expectations of 11 analysts surveyed by MarketWatch to deliver an operating income of $137mn in the second quarter – or $1.62 per diluted common share – outstripping Wall Street estimates of $1.34 a share.
PartnerRe grows non-life net premiums 15% in Q2
PartnerRe has reported 15 percent growth in non-life net premiums in the second quarter to $1.45bn, driven by a 24 percent increase in the P&C segment to $849mn.
Argo reveals $32.5mn hit driven by casualty reserve charge and Q2 cats
Bermudian (re)insurer Argo Group International Holdings has warned its upcoming earnings will be impacted by $22.5mn of adverse development from prior year accident year losses primarily in its Bermuda casualty business and $10mn of net losses from Q2 2019 catastrophes.
RenRe beats big and reveals $700mn+ third party capital raise
RenaissanceRe delivered a strong Q2 earnings beat in its first full quarter of reporting to include Tokio Millennium Re (TMR) results following the close of the deal to buy its smaller rival in March this year.
Hiscox promotes Hughes to lead ILS business as Lowther departs
Hiscox has appointed Andrew Hughes to the role of managing principal, Hiscox ILS.
Lowther to leave Hiscox Re ILS
Richard Lowther, managing principal at Hiscox Re Insurance Linked Strategies, is to leave the company.
ABIR elects Hamilton’s Albo deputy chair
The Association of Bermuda Insurers and Reinsurers (ABIR) has elected Hamilton Insurance CEO Pina Albo as deputy chair, filling the unexpired term of Validus Re CEO Kean Driscoll, while Convex has been added a member company.