Bermuda

Radian closes $562mn mortgage ILS deal, reports “strong” demand

2019-04-12T18:10:00+01:00

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.

Watson v Plant

Argo rejects Voce criticism as war of words intensifies

2019-04-12T14:54:00+01:00

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 Insurance Holdings

Universal cat cover FOTs price up 30%

2019-04-12T14:09:00+01:00

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.

Tracey Gibbons – Third Point Re

Third Point Re appoints Gibbons to lead specialty treaty portfolio

2019-04-09T10:14:00+01:00

Third Point Re has named Allied World’s former head of specialty reinsurance Tracey Gibbons to lead its specialty treaty portfolio.

Ariel Re – Bermuda

Ariel Re hires TMR exec to head marine & energy reinsurance

2019-04-08T09:00:00+01:00

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.

Albert Benchimol – Axis

Moody’s goes negative on Axis outlook

2019-04-04T07:12:00+01:00

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.

Jennifer Minors – AXA XL

Axa XL makes senior Bermuda professional lines promotion

2019-04-03T22:17:00+01:00

Axa XL has announced Jennifer Minors as senior vice president and product line leader in its Bermuda professional lines insurance unit.

Bermuda 1

Brit builds out Bermuda property reinsurance team

2019-04-01T09:27:00+01:00

Brit has appointed Kristina Maffit as vice president of property reinsurance for Brit Global Specialty Bermuda (BGSB).

Butch Agnew and David McComas – Arch

TMR’s McComas and Agnew land at Arch Re

2019-03-29T09:44:00+00:00

Former Tokio Millennium Re executives Dave McComas and Butch Agnew have officially landed at Arch Re in Bermuda as ILS portfolio managers.

Watford Re

Watford Re shares list at 36% discount

2019-03-28T21:12:00+00:00

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.

Waypoint

Casualty head McFadden to leave Sirius

2019-03-28T18:51:00+00:00

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.

J. Daniel Plants

Argo urges shareholders to vote against Voce nominations at AGM

2019-03-26T22:26:00+00:00

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 magnify glass

CatCo shareholders approve listed fund run-off

2019-03-26T15:07:00+00:00

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 Re

Watford Holdings confirms Nasdaq direct listing set for 28 March

2019-03-26T14:34:00+00:00

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.

Black list

Bermuda officials head to Europe with de-blacklisting timeline unclear

2019-03-25T21:17:00+00:00

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.

Renaissance and Tokio Marine i

RenRe deal close brings cull of TMR executives

2019-03-22T22:02:00+00:00

Almost all of Tokio Millennium Re’s executive management team have exited the reinsurer with the close of its acquisition by RenaissanceRe today.

E. David Burt

Bermuda premier vows to get island off EU blacklist

2019-03-21T16:53:00+00:00

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”.

Maiden's share price i

The risks that could stop Maiden conquering its troubles

2019-03-19T13:52:00+00:00

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”.

E. David Burt

It may be a temporary setback but Bermuda could do without more self-inflicted wounds...

2019-03-18T18:12:00+00:00

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.

Thomas Gayner and Richard Whitt – Markel

Markel: “We will learn” to make ILS a key results contributor

2019-03-18T08:40:00+00:00

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.