OTT Risk mulls H2 2021 BI tech Bermuda (re)insurer launch
Ambitious Bermuda start-up OTT Risk is in advanced talks to create a technology-enabled (re)insurer that would provide $500mn+ collateralised non-physical damage business interruption (BI) capacity on either a direct or reinsurance basis, The Insurer can reveal.
Fortitude Re eyes P&C expansion as builds out US and BDA platforms
Run-off carrier Fortitude Re is gearing up to meaningfully expand its platform by adding staff in the US and Bermuda, as the AIG spin-off looks to scale up its P&C operations, The Insurer understands.
Elementum promotes Pirilla Walter and hires GC from RenRe
Elementum Advisors has promoted Lynette Pirilla Walter to chief legal officer while the ILS fund manager has also brought in John Drnek from RenaissanceRe as general counsel in Bermuda.
Axa XL reorganises reinsurance operations under new Bermuda platform
Axa XL has reorganised its reinsurance operations and formed a new Bermuda-based platform that will serve as the lead reinsurance company in its corporate structure.
Maine-based agency Varney forms Bermudian reinsurer
Varney Insurance Agency has formed a Bermuda-based reinsurance company, with MEMIC executive Tod Austin hired to drive the business forward.
Nuclear mutual gets AM Best A rating for new Bermudian E&S carrier
Nuclear Electric Insurance Limited (NEIL) has secured an A financial strength and “a+” credit rating for Cedar Hamilton Limited, a new Bermuda-based insurer that will provide specialty lines capacity on an E&S basis in the US to the mutual’s members.
ABIR hits record membership as Conduit, Canopius and Mosaic join
The Association of Bermuda Insurers and Reinsurers (ABIR) has announced Conduit Re, Canopius Re and Mosaic Insurance as its newest members, with executives from the new market entrants joining the ABIR board.
Bermuda returns to stricter lockdown measures as Covid cases near triple digits
The island of Bermuda implemented stricter lockdown measures over the weekend in response to rising cases of Covid-19.
Corant Global confirms Stratton hire to lead Bermuda reinsurance operations
Corant Global has officially appointed RFIB’s former specialty CEO Kevin Stratton to lead the reinsurance unit at its newly launched operations in Bermuda.
Bermuda: sun shines on the reinsurance island once again…
Premier E. David Burt on a Bermuda renaissance, $19bn capital wave, new entrants, “re-setting” relationships, climate risk finance, visas and the pandemic.
Fidelis to name Socium head Philip Vandoninck as Bermuda CEO
The fast-expanding Fidelis is poised to promote Philip Vandoninck, the head of its third-party capital unit Socium, to head of its Bermuda operations as part of a broader strategy to simplify its group structure as the Richard Brindle-led firm accelerates growth into the hardening markets conditions.
Climate change both a risk and opportunity for Bermuda P&C carriers: BMA survey
The vast majority of Bermudian P&C (re)insurers view climate change as both a risk and an opportunity but the bulk of companies on the island have as yet failed to implement or even plan changes to business strategy in response to the shift in weather patterns, according to a new ...
Miller takes Aon’s Simpson to lead new Bermuda platform
London wholesaler Miller has become the latest intermediary to expand to Bermuda, appointing Charlie Simpson to lead its unit on the island.
Bermuda market’s 2020 aggregate adverse development first since 2003: Fitch
Bermuda (re)insurers recorded a deterioration in their aggregate combined ratio to 103.1 in 2020, which included 7.4 points of catastrophe losses, 6.8 points of pandemic losses and 0.5 points of adverse reserve development, according to Fitch Ratings.
Convex takes top billing as Bermuda blooms in 2021 with ~$19bn impetus
Serendipitously timed 2019 start-up Convex is making a statement about the importance of the Bermuda (re)insurance market by relocating its headquarters to what will soon become one of the island’s largest office blocks, Point House.
Abry leads $350mn capital raise as Aquiline-owned ERS launches Bermuda platform
Fast-expanding Lloyd’s insurer ERS has secured $350mn in a capital raise led by private equity firm Abry Partners as the carrier gears up to launch two Bermuda-based vehicles.
PartnerRe looks to raise additional $200mn with preferred issue
Bermudian reinsurer PartnerRe is looking to raise another $200mn through the issuance of fixed rate non-cumulative perpetual preferred shares.
Darag confirms takeover of SunPoint from Fosun
Legacy specialist Darag has confirmed the acquisition of Bermuda run-off vehicle SunPoint, a move revealed by this publication in October 2020.
PartnerRe promotes Bishop to head of specialty cat
PartnerRe has appointed the long-serving Olivia Bishop as head of specialty catastrophe, weeks after the platform launched a new retro and specialty platform.
AM Best removes SiriusPoint’s ratings from under review
AM Best has affirmed the A- financial strength rating and “a-” long-term issuer credit rating (ICR) of newly launched Bermudian (re)insurer SiriusPoint, citing the firm’s capital strength and diversified book of business.