Retro 1.1 renewals

Retro market begins to clear after late activity

2019-12-18T22:18:00+00:00

A surge of firm order terms (FOTs) in the last few days indicates that the 1.1 retro market has finally begun to clear, with sources suggesting pricing is up in the 10-20 percent range for loss-free occurrence deals and up 20-30 percent for aggregate covers, The Insurer can reveal.

Cyber security

Gemini launches crypto captive with Aon and Marsh support

2020-01-17T16:04:00+00:00

Gemini has launched a Bermudian captive insurer to cover its cryptocurrency exchange platform up to a limit of $200mn, with Aon acting as the captive manager and Marsh placing the captive’s excess reinsurance into the commercial market.

Ascot retro 1.1 renewals

Ascot grows retro book at 1.1 with new sidecar

2020-01-15T12:40:00+00:00

Ascot significantly expanded its traditional ultimate net loss (UNL) retro book in an attractive pricing environment at 1.1 as it utilized excess capital at group level as well as its new third-party capital quota share vehicle, The Insurer can reveal.

Colin Kelley – Ed

Sompo International’s Kelley to lead Ed Bermuda liability launch

2020-01-15T11:59:00+00:00

Ed Broking’s recently established Bermuda unit has appointed Colin Kelley as head of liability on the island, with a mandate to lead the broker’s professional lines, casualty and healthcare teams.

Helix and Tysers

Tysers takes minority stake in Bermudian MGA Helix

2020-01-14T15:55:00+00:00

Integro-owned broker Tysers has invested in Bermudian MGA start-up Helix Underwriting Partners.

Claude Lefebvre, Nik Lucking – QBE and Helix

MGA start-up Helix secures QBE capacity for property launch

2020-01-09T19:10:00+00:00

Bermudian start-up multiline MGA Helix Underwriting Partners is set to begin underwriting after securing QBE capacity to support its debut offering in US property insurance, The Insurer can reveal.

Akinova – Bermuda

AkinovA-Hiscox trade looks to bring new capacity to cyber risks

2020-01-09T23:28:00+00:00

The placement by Guy Carpenter of a Hiscox-structured and underwritten parametric cyber risk transfer on the AkinovA platform is aimed at opening the door to attract new capacity that can address the huge exposures arising from the peril.

Walter Gontarek and Bob Howe – Catalina

Catalina strengthens UK corporate governance after FCA scrutiny

2020-01-09T09:56:00+00:00

Bermudian-headquartered legacy firm Catalina Holdings has added Walter Gontarek and Bob Howe to the board of its UK subsidiaries as independent non-executive directors (INEDs) after the firm fell victim to a Section 166 review by the UK’s Financial Conduct Authority (FCA) last year.

Craig Swan – BMA

BMA appoints Swan deputy CEO as part of Cox succession plan

2020-01-08T17:13:00+00:00

The Bermuda Monetary Authority (BMA) board has appointed Craig Swan as deputy CEO, a role the BMA said was created to fulfil the strategic objective of succession planning ahead of the departure of executive chairman Jeremy Cox in 2021.

Frank D’Orazio – Allied World

Allied World veteran D’Orazio leaves after 16 years

2020-01-03T22:09:00+00:00

Allied World corporate COO and chief of staff Frank D’Orazio has stepped down from the role at the Fairfax Financial-owned carrier, The Insurer can reveal.

Cyberpic 900px

Bermuda sees cyber claims double

2019-12-30T17:32:00+00:00

Bermudian commercial insurers have seen insurance cyber claims effectively double from year to year, according to the Bermuda Monetary Authority (BMA).

Richard-Brindle

S&P rewards Fidelis for strong five years with A- rating

2019-12-18T20:24:00+00:00

Fidelis has been assigned A- financial strength and BBB issuer credit ratings by S&P, with the ratings agency noting the credible position built in five years of operation.

Mark Simons – Ed

Ed bolsters Bermuda office with Marsh Finpro hire

2019-12-17T09:48:00+00:00

London market wholesaler Ed Broking has appointed Mark Simons as head of business development and production in its newly opened Bermuda office.

Daniel Plants and Kevin Rehnberg

Five Argo directors targeted by Voce to retire, including chair Woods

2019-12-12T16:07:00+00:00

Argo shares were trading up 3.7 percent at lunchtime in New York today after the Bermudian’s board announced that five directors targeted for removal by activist investor Voce Capital Management will retire as of the company’s 2020 annual general meeting.

Sirius Group

Fitch drops Sirius’ ratings outlook to negative

2019-12-12T23:21:00+00:00

Sirius International Group has had its ratings outlook changed to negative from stable by Fitch Ratings just three weeks after a similar move by AM Best.

Bermuda, Switzerland and Japan

NAIC grants Bermuda, Japan and Switzerland reciprocal jurisdiction status

2019-12-11T00:00:00+00:00

The National Association of Insurance Commissioners (NAIC) has granted Bermuda, Japan and Switzerland reciprocal jurisdiction status – a new designation that was introduced this year. 

Axis logo

Axis COO Strachan to depart in early 2020

2019-12-10T23:44:00+00:00

Axis Capital’s chief operations officer Richard Strachan will leave the company early in 2020 after almost 18 years with the business.

Michael J. Warwicker – Chubb

Warwicker joins Chubb Bermuda to head excess liability

2019-12-04T16:28:00+00:00

Chubb Bermuda has hired industry veteran Michael Warwicker as senior vice president and head of excess liability.

RenaissanceRe, TigerRisk and Morgan Stanley

RenRe engages TigerRisk and Morgan Stanley to sell UK legacy book

2019-12-03T15:50:00+00:00

RenaissanceRe has appointed TigerRisk and Morgan Stanley to find a buyer for its £396mn ($514.6mn) UK legacy book which the (re)insurer inherited through its $1.5bn acquisition of Bermudian neighbour Tokio Millennium Re.

Tysers

Tysers names Allen Bermuda director

2019-11-27T11:22:00+00:00

Integro-owned broker Tysers has appointed Christina Allen as a director in Bermuda.