Florida stand-off continues as renewal deadline nears
The outcome of a complex and fraught Florida renewal remains uncertain going into its final week as brokers test the resolve of the market and several of the biggest reinsurers hold back authorizations.
Finally some good news for Bermuda…
It’s not been a great year thus far for Bermuda’s (re)insurance industry and, by extension, the island’s economy.
BMA approves Ed Bermuda operation
Global wholesale and specialty broker Ed has received the greenlight from the Bermuda Monetary Authority to begin trading from its new hub in Hamilton, Bermuda.
Hamilton Re secures $60mn cover with Easton cat bond
Hamilton Re has sponsored its debut cat bond with $60mn Easton 2019-1 issued by its Cerulean Re vehicle.
AIG hires Chris Schaper to head new reinsurance platform
AIG has formed a new reinsurance platform that consolidates its assumed reinsurance operations, including Validus Re, AlphaCat and Talbot Treaty into one global business headed by former Montpelier and Victor executive Chris Schaper.
ChainThat first insurtech to join BMA Innovation Hub
(Re)insurance blockchain service provider ChainThat has become the first technology company to receive approval from The Bermuda Monetary Authority (BMA) to join its Innovation Hub.
Artex reshuffles International management team
Artex Risk Solutions, a Bermuda-based alternative risk management solutions provider, has made a series of senior appointments in its international unit, under the leadership of recently re-appointed Group CEO, Peter Mullen.
White Mountains has $1.1bn of undeployed capital
Fresh from its $55mn buy-in to ILS manager Elementum Advisors, acquisitive financial services holding company White Mountains has disclosed that it currently has $1.1bn of undeployed capital, representing 34 percent of its total capital.
White Mountains paid $55mn for 30% Elementum stake
White Mountains paid cash consideration of $55mn to take a 30 percent holding in ILS fund manager Elementum Advisors, according to an investor presentation.
Third Point Re realigns investments to support property cat move
Bermudian hedge fund reinsurer Third Point Re has shifted its investment holdings to match its strategy of building out a short-tail book of property cat business as part of its underwriting portfolio.
Bermuda and Florida insurers remain in pricing “standoff” as Jebi and Michael losses creep
Floridian insurers and Bermuda’s cat reinsurers remain in a “standoff” over renewal pricing despite only days before the 1 June deadline, according to JMP Securities.
Axis swoops on RenRe for CISO
Bermudian Axis Capital has lured Kelly Isikoff from RenaissanceRe to take up the position of chief information security officer (CISO).
Kelly follows TMR’s O’Flynn to Ariel Re
Ariel Re has swooped on Tokio Millennium Re (TMR) for the second time this week as it builds out its financial lines team with the appointment of Sean Kelly as senior vice president and specialty underwriter for credit and financial products.
Former Lloyd’s CFO John Parry joins Armour
John Parry has been announced as group chief financial officer of Bermudian run-off specialist Armour Group, and will start in the role in June.
EU removes Bermuda from blacklist
Bermuda has been removed from the EU’s list of non-cooperative tax jurisdictions during a meeting of the Economic and Financial Affairs Council (Ecofin).
PartnerRe posts 97.7% CR despite specialty underwriting loss
PartnerRe has reported a combined ratio of 97.7 percent for the first quarter – up from 95.2 percent in Q1 2018 – despite mid-size losses and reserve development pushing the specialty combined ratio to 116.0 percent.
Ex-TMR exec Faries appointed ChainThat advisor
(Re)insurance Blockchain solutions provider ChainThat has hired Kathleen Faries, who recently left Tokio Millennium Re, as its Bermuda advisor.
Bermuda proposes new collateralised reinsurer class
The Bermuda Monetary Authority (BMA) has released a proposal to introduce new classes of fully collateralised reinsurer and a new class of intermediary to reflect the growing interest in insurtech.
Bermuda grants first insurance regulatory sandbox licence to Akinova
Akinova has become the first company to be granted an insurance regulatory sandbox licence by the Bermuda Monetary Authority, under a framework that came into effect last July.
Aspen Bermuda CEO, Group COO and head of international exit
Aspen has parted company with several senior executives as recently installed group CEO and executive chairman Mark Cloutier oversees a restructure of the Bermudian under its new Apollo ownership.