Gaglio the latest exec to leave Argo’s Ariel Re
Ariel Re’s head of US property reinsurance Reed Gaglio has followed his senior colleagues Ryan Mather and Matthew Wilken in leaving the Argo platform in Bermuda, The Insurer can reveal.
Dutt leaves RenaissanceRe Ventures
Aditya Dutt is leaving his position as senior vice president of Ventures at RenaissanceRe to “pursue a new opportunity” with the Bermudian reinsurer’s CEO Kevin O’Donnell assuming responsibility for the ILS and third party capital management unit on an interim basis.
Bermuda alternative capital UW losses hit $3bn in 2018: BMA
Analysis of statutory filings by the Bermuda Monetary Authority (BMA) shows that underwriting losses from alternative capital on the island widened from $2.7bn in 2017 to $3.0bn in 2018.
Lowther and Zeng ILS manager to target “entire insurance value-chain”
Richard Lowther and Lixin Zeng’s proposed property-focused start-up Integral ILS will target E&S business through a tie-up with wholesale giant AmWINS, and reinsurance and retro by working with TransRe as it looks to access the “entire insurance value-chain”.
Fleming Re adds legacy workers comp deal
Bermudian legacy reinsurer Fleming Re has completed the novation of the workers compensation deductible layer of US crops specialist Duarte Nursery.
MGA Bluefire assumes risk with AXA XL collateralized reinsurance deal
Specialist non-standard auto MGA Bluefire Insurance has completed an alternative capital transaction that sees it assume risk in its personal auto business through a collateralized reinsurance agreement with AXA XL, The Insurer can reveal.
Arch targets capital raise via $1bn debt issuance
Bermuda-based Arch Capital Group has priced $1bn of 3.635 percent senior notes as it becomes the latest carrier to raise capital since in the wake of the coronavirus pandemic.
Compre to launch Class 3A Bermudian reinsurer
Compre has become the latest run-off specialist to be given the greenlight by the Bermuda Monetary Authority (BMA) to establish a Class 3A reinsurer on the island.
Watford shareholders exhibit director frustration with increased AGM vote withholding
Support for Watford Re’s director nominees is seemingly on the wane as the average number of dissenting voters for the Bermuda-based carrier’s director nominees at last week’s annual general meeting (AGM) increased to 27 percent.
Bermuda carriers maintain “healthy” capital levels in worst case stress test: BMA
All Bermudian insurers participating in an industry stress test would be able to meet their regulatory obligations and show “healthy capitalisation levels” under a worst case material loss scenario, according to the Bermuda Monetary Authority (BMA).
New start-ups markedly different Class of 2001: Appleby’s Adderley
The hardening of the (re)insurance market may share some similarities to that which arose in the wake of the September 11 terrorist attacks but the spate of new start-ups set to make their presence felt in the coming months are markedly different from those that formed almost two decades ago.
Aeolus names Bernstein CEO with Grasso and Jones appointed co-chairs
ILS fund Aeolus Capital Management has appointed Andrew Bernstein as its new CEO with Chris Grasso and Trevor Jones promoted to co-chairmen of the Bermuda-based platform’s board.
Bermuda Global ReSpecialty head Davies leaves Aon
Aon Bermuda’s head of Global ReSpecialty Jonty Davies has left the firm and has been linked with a move to Lockton Global Re’s expansive platform, The Insurer can reveal.
Aspen confirms Eisler promotion and adds former Lloyd’s exec to full board
Aspen has confirmed the promotion of Bruce Eisler to CUO of its insurance platform and CEO of its US platform and added former Lloyd’s and Swiss Re executive Theresa Froehlich to its group board.
Fidelis raises a further $500mn
Bermudian Fidelis has raised a further $500mn from its existing investors as it becomes the latest carrier to raise capital since the Covid-19 lock down to take advantage of accelerated market hardening.
Noonan actively seeking “scale-up” E&S opportunity
Former Validus CEO Ed Noonan is in the process of identifying a suitable platform for an E&S play after receiving multiple approaches from potential private equity investors looking to access the fast-hardening market segment, The Insurer can reveal.
Argo to pay $900K penalty in SEC settlement
Argo has reached a $900,000 settlement with the Securities and Exchange Commission after the Bermuda-based (re)insurer faced charges of failing to fully disclose perquisites and benefits provided to former president and CEO Mark Watson (pictured).
Cohen, Vaughn and Kania out of Aspen
Apollo-owned Aspen has parted company with David Cohen, Dan Vaughn and Tim Kania from its insurance operations as it continues to restructure, The Insurer can reveal.
Fidelis upgraded by AM Best to “A”
Rating agency AM Best has upgraded the financial strength rating of Richard Brindle’s Bermudian (re)insurer Fidelis to A (Excellent) from A- (Excellent).
Carlyle and T&D complete $2.2bn Fortitude Re stake purchase from AIG
Private equity house Carlyle Group and Japanese carrier T&D Holdings have completed their acquisition of a 76.6 percent interest in Bermudian run-off vehicle Fortitude Group Holdings from AIG.