IM-Aspen-Enstar-Bermuda

Aspen completes giant $3.57bn LPT with Enstar

2022-05-21T00:30:58.38+01:00

Aspen’s mammoth $3.57bn ground-up loss portfolio transfer (LPT) deal with Enstar has completed with the legacy specialist assuming $3.12bn of the Bermudian (re)insurer’s net loss reserves relating to 2019 and prior years.

JACQUES BONNEAU – Partner Re

PartnerRe sees top and bottom line growth in Q1 as CR falls 12 points

2022-05-19T21:30:00+01:00

PartnerRe posted big increases in both its top and bottom line in Q1 2022 while its non-life combined ratio improved 12 points year on year as the company faced a lower level of large losses during the period.

IM-SiriusPoint-SidSankaran-DanielMalloy

SiriusPoint CEO Sankaran resigns with Malloy succeeding him on interim basis

2022-05-17T20:42:00+01:00

SiriusPoint chairman and CEO Sid Sankaran has resigned from the company “to pursue other opportunities” with former Third Point Re head Dan Malloy succeeding him as chief executive on an interim basis.

Envelop Bermuda

Envelop Risk launches Class 3A Bermuda vehicle Augmented Re

2022-05-17T07:09:00+01:00

Cyber reinsurance and analytics firm Envelop Risk has received regulatory approval to establish Augmented Re, a Class 3A reinsurer in Bermuda.

Susan Pateras – Apollo

Apollo Bermuda platform gets regulatory green light

2022-05-17T07:02:00+01:00

Lloyd’s insurer Apollo has received approval from the Bermuda Monetary Authority (BMA) for its recently established Bermudian subsidiary, Apollo Bermuda Limited.

IM-BobCooney-JohnDoucette-Bermuda

Doucette set to team up with Cooney for potential reinsurance start-up

2022-05-11T20:17:00+01:00

Former Everest Re reinsurance CEO John Doucette is set to reunite with industry veteran and Max Re founder Bob Cooney as they explore plans to re-emerge with a reinsurance start-up that is expected to target a circa $1bn capital raise, The Insurer can reveal.

BF&M

BF&M names Walker group CFO

2022-05-11T15:30:00+01:00

Bermuda-based BF&M Limited has announced the appointment of Bruce Walker as group chief financial officer.

IM-IM-Axis-Jefferies-Arora-Benchimol

Benchimol tells staff “no plans” to sell Axis Re

2022-05-09T19:31:00+01:00

Axis Capital has told employees that it has no plans to sell its reinsurance business, after it is understood to have ended a short process to explore a potential divestment that showed limited appetite for a stand-alone reinsurance division at a price the Bermudian would find acceptable, The Insurer can ...

Sid Sankaran  – Sirius Point

SiriusPoint Q1 combined ratio improves despite 4 pt Russia-Ukraine hit

2022-05-04T21:27:00+01:00

SiriusPoint improved its consolidated combined ratio by 2.8 points to 93.7 percent in the first quarter, despite 1 point of catastrophe losses and 4 points of Russia-Ukraine losses, while management highlighted a more even split between insurance and reinsurance on execution of a strategic shift towards its insurance and services ...

Argo Q1 earnings

Argo beats as Q1 operating income jumps to $43.4mn and CR falls 8.8 points

2022-05-02T22:06:00+01:00

Argo Group International Holdings ended Q1 2022 with a comfortable earnings beat as its operating income increased 180 percent and its combined ratio improved 8.8 points, while the carrier revealed it has agreed a loss portfolio transfer (LPT) for Syndicate 1200’s reserves for the 2018 and 2019 Years of Account.

ABIR

ABIR joins international terrorism risk conference

2022-04-29T06:33:00+01:00

The Association of Bermuda Insurers and Reinsurers (ABIR) will participate in the International Forum of Terrorism Risk Pools (IFTRIP) annual conference next month.

IM-Axis-AxisRe-Jefferies-Bermuda

Bids on Axis reinsurance unit due Friday

2022-04-28T22:26:00+01:00

Bids in the two-week sales process for Axis Capital’s reinsurance division are due on Friday, for a possible deal that will lay bare investor appetite for a standalone, pure-play reinsurance outfit, The Insurer can reveal.

Everest Q1 results

Everest Re Q1 operating income soars 56% in comfortable earnings beat

2022-04-27T21:44:00+01:00

Everest Re ended 2022’s first quarter with net operating income that increased 56 percent year on year to $405.8mn and a combined ratio that fell 6.5 points to 91.6 percent in part due to lower catastrophe losses in results that were comfortably ahead of analysts’ consensus estimate.

Arch Q1 earnings

Arch Q1 CR improves 12 pts on lower cat losses and mortgage reserve releases

2022-04-27T21:20:00+01:00

Arch reported a narrow earnings beat for the first quarter, in results that included a 12 point improvement in the combined ratio despite $85.8mn of current accident year catastrophic losses including amounts associated with Russia’s invasion of Ukraine.

ABIR and S&P

ABIR accuses S&P of “overuse of market power” over proposed debt treatment

2022-04-25T07:04:00+01:00

The Association of Bermuda Insurers and Reinsurers (ABIR) has said it strongly opposes a proposal by S&P Global Ratings to disallow senior debt as a form of available capital, calling the rating agency’s draft plan “disruptive” and an “overuse of market power”.

SHANNA LESPERE – BMA

BMA promotes Lespere to deputy CEO

2022-04-21T08:26:00+01:00

The Bermuda Monetary Authority (BMA) has appointed Shanna Lespere as its new permanent deputy CEO, effective immediately.

BMA

BMA calls on firms to disclose Russia-Ukraine exposure

2022-04-20T07:20:00+01:00

The Bermuda Monetary Authority (BMA) has called for all Bermuda-registered (re)insurers to disclose their exposure to the ongoing conflict in Ukraine and the economic sanctions being levied on Russia.

Dan Vestergren - Hiscox Re & ILS

Hiscox Re & ILS international chair Vestergren to depart

2022-04-19T18:20:00+01:00

There has been another senior management change at Hiscox Re & ILS with international chair Daniel Vestergren set to leave the business, The Insurer understands.

Catalina

Catalina targets 2022 Lloyd’s entry as records net income of $177mn in 2021

2022-04-14T12:20:00+01:00

Legacy specialist Catalina reported consolidated net income of $177mn for the year ended 31 December 2021, with the Bermuda-headquartered firm confirming that it hopes to secure a Lloyd’s platform in 2022.

IM-BER-Resolute

ILS Capital rebrands to Resolute Global Partners

2022-04-12T21:24:00+01:00

Bermuda-based (re)insurance investment advisor ILS Capital Management has changed its name to Resolute Global Partners, which it said reflects the growth of strategic partners and new business lines in the past few years.