For a small island some 800 miles off the Carolinas, Bermuda has punched above its weight to carve out a position as a key (re)insurance center over the last 35 years.
Tony Ursano’s return to the market as Hamilton Insurance Group CFO after his recent TigerRisk exit may from the outside look a little left field. But the appointment of a deal maker suggests the Bermudian may not be done with M&A after its transformative Pembroke and Ironshore Europe transaction.
Although the second quarter P&C earnings season that got underway in the US today will include the impact of weather losses and positive marks on investment portfolios, the focus of investors is likely to be on pricing momentum.
London-listed legacy and programme specialist R&Q has issued loss portfolio transfer reinsurance for a US-based airline via its wholly owned A- admitted carrier, Accredited Surety and Casualty Company.
Everest Insurance has hired former JLT executive Kyle Adams to head up its new Bermuda insurance platform.
Maiden Holdings has reported a second quarter loss, while revealing further details of its strategic actions.
London market wholesale broker Tysers has launched a hub in Bermuda – Tyser (Bermuda) Ltd – with Richard Tomkins to lead the operation on the island as managing director.
A Bermuda-based team of Allied World excess liability underwriters led by Patrick Kenahan that recently left the carrier is set to join Ascot on the island, The Insurer can reveal.
Argo shareholders will get to vote on proposals next year to begin the declassification of the Bermudian’s board of directors and reduce its maximum size from 13 to 11.
London-listed legacy and programme specialist R&Q has issued loss portfolio transfer reinsurance via its wholly owned A- admitted carrier, Accredited Surety and Casualty Company.
Sirius International Insurance Group fell to a second quarter operating loss of $19mn as the Bermudian’s underwriting results were hit by loss creep on its property reinsurance book.
Legacy specialist SOBC Darag has launched a hub in Bermuda with four hires from rival R&Q as it looks to expand operations in the US and Bermuda.
Arch Capital’s CEO compared property casualty market conditions to a holiday with children on the Bermudian (re)insurer’s earnings call.
Bermudian carrier Axis beat the expectations of 11 analysts surveyed by MarketWatch to deliver an operating income of $137mn in the second quarter – or $1.62 per diluted common share – outstripping Wall Street estimates of $1.34 a share.
PartnerRe has reported 15 percent growth in non-life net premiums in the second quarter to $1.45bn, driven by a 24 percent increase in the P&C segment to $849mn.
Bermudian (re)insurer Argo Group International Holdings has warned its upcoming earnings will be impacted by $22.5mn of adverse development from prior year accident year losses primarily in its Bermuda casualty business and $10mn of net losses from Q2 2019 catastrophes.
RenaissanceRe delivered a strong Q2 earnings beat in its first full quarter of reporting to include Tokio Millennium Re (TMR) results following the close of the deal to buy its smaller rival in March this year.
Hiscox has appointed Andrew Hughes to the role of managing principal, Hiscox ILS.
Richard Lowther, managing principal at Hiscox Re Insurance Linked Strategies, is to leave the company.
The Association of Bermuda Insurers and Reinsurers (ABIR) has elected Hamilton Insurance CEO Pina Albo as deputy chair, filling the unexpired term of Validus Re CEO Kean Driscoll, while Convex has been added a member company.