Fosun-owned Peak Re has continued to bolster its ILS capabilities with the acquisition of Bermuda-based ILS asset manager Lutece Holdings and its subsidiary Lutece Investment Management.
Ambitious boutique insurance industry advisory firm Stonybrook Capital & Risk Management has appointed Bermuda-based former Platinum Underwriters Holdings CEO Greg Morrison to its board of directors, The Insurer can reveal.
Despite the Bermuda Monetary Authority (BMA) last November taking a stand against insurers writing cannabis business, new insurer Relm – which has an initial focus on digital asset enterprises and cannabis companies – has been granted a licence by the island’s regulator.
Aspen Insurance Holdings has had the outlook on its A financial strength (FSR) and “a” long-term issuer credit ratings (ICR) changed to negative by AM Best after three years of net losses eroded its capital base.
Rating agency Fitch has revised the rating watch status of Sirius International Group from negative to evolving, citing uncertainty over any potential new owner after existing parent China Minsheng Investment Group (CMIG) launched a formal sales process last week.
Equity analysts suggest US-listed insurance stocks could already be near trough valuations and the recovery will be quicker than during the financial crisis, with defensive stocks such as brokers among the companies tipped as presenting the best opportunities.
Sirius International Insurance Group has engaged Barclays Capital to launch a formal sale process with Sirius’ ultimate owner, China Minsheng Investment Group (CMIG), looking to exit its stake.
Bermuda’s (re)insurance industry paid out $9.2bn in gross California wildfire losses in the last three years and $9.6bn in gross Japanese typhoon losses over the past two years, new data from the island’s financial regulator shows.
The March market bloodbath means RenaissanceRe is the only US-listed carrier with a significant reinsurance book that is trading at a premium to its year-end book value.
Former-Axis Re Bermuda president Peter Kiernan has joined Allianz Risk Transfer as its head of North American reinsurance, The Insurer has learned.
Maiden Holdings, which has undergone a drastic restructuring in the past two years as it battled large losses related to its reinsurance of AmTrust, has reported a $3.5mn operating loss for the fourth quarter.
Aspen Insurance Holdings fell to a 2019 after tax operating loss of $48.4mn (2018: $31.8mn profit) as its bottom line was impacted by deal related costs, restructuring charges and reserve strengthening in what it described as a transitional year under new owner Apollo.
Everest Re has promoted Don Mango to Everest Group chief risk officer (CRO) and chief actuary, succeeding Tom Passante, who will take on a role as a senior leader of the Bermudian’s global enterprise risk management (ERM) function.
Dubai insurer International General Insurance Holdings (IGI) has been given the green light to begin writing US excess and surplus lines (E&S) business on 1 April from its Bermuda subsidiary, subject to the execution of a trust agreement for the platform.
Corporate flights and tickets to New York society get-together The Met Gala are just some of the perquisites valued at $3.3mn that Argo has identified as not having been disclosed or fully disclosed by former chief executive Mark Watson between 2017 and 2019.
AM Best has placed under review with developing implications the ratings of Covéa as a result of its proposed $9bn cash acquisition of Bermudian reinsurer PartnerRe.
Sirius has warned that it faces the possibility of a downgrade or withdrawal of its ratings after a move by its ultimate owner China Minsheng Investment Group that could block a proposed capital raise under consideration by the Bermudian’s board.
Exor has agreed a deal to sell PartnerRe to French mutual Covéa for $9bn cash with the Italian investment firm also taking out a $50mn dividend to be paid before closing.
Everest Re is reshuffling some of its senior management with Sanjoy Mukherjee handing over his responsibilities as managing director and chief executive of the company’s Bermudian reinsurance business to Chris Downey.