Former Axa XL Dublin excess casualty head Elaine Scully is to relocate to Bermuda to lead Hamilton Re’s casualty insurance operations on the island.
Lloyd’s insurer Canopius has been given the green light to scale up its Bermuda operations to a Class 4 reinsurer.
RenaissanceRe is the latest industry heavyweight to unveil a specific ESG strategy with CEO Kevin O’Donnell committing the reinsurer to be “a positive force for change” while supporting an agenda focused on climate resilience, promoting diversity, equity and inclusion and closing the protection gap.
The Bermuda Stock Exchange (BSX) had 253 ILS listings in 2020, up 63 percent from the 155 in 2019, with a combined nominal value of $15.77bn.
The Association of Bermuda Insurers and Reinsurers (ABIR) has welcomed Arch Capital Group’s CEO Marc Grandisson as its new chair, with Hamilton Insurance Group’s CEO Pina Albo appointed deputy chair and AIG Re CEO Christopher Schaper as second deputy chair.
Ark’s scaled-up White Mountains-backed Class 4 Bermudian platform has today officially received its A (Excellent) financial strength-rating from rating agency AM Best.
Prospero Re’s revised business plan, which will see the ILS Capital subsidiary begin writing traditional rated reinsurance, will not lead to any amendments to the platform’s insurance financial strength rating of A, Kroll Bond Rating Agency (KBRA) has confirmed.
Oil Casualty Insurance (OCIL) has secured an A- financial strength rating and “a-” long-term issuer credit rating for the new Bermudian specialty carrier it is launching to write excess liability business in a move first revealed by The Insurer.
Miami International Holdings (MIH) has acquired 100 percent ownership of the Bermuda Stock Exchange (BSX).
Axis Insurance has hired Angus Lynn as vice president and professional lines underwriter in its Bermuda office, with the new addition joining from XL Bermuda.
Sirius Group’s casualty and professional liability-focused underwriting executive Erik Soria has resigned from the Bermudian and has been linked with a move to start-up reinsurer Conduit Re, The Insurer can reveal.
Bermuda-based reinsurer 777 Re has completed two reinsurance transactions with US-based insurance companies.
Former Hannover Re chief Willie Zeller and former XL Capital and OIL Insurance executive Chris Greetham will both stand down from the board of Bermudian (re)insurer Axis Capital at year-end.
Conduit Re has had it’s A- financial strength rating (FSR) confirmed by AM Best, with the agency citing the newly launched reinsurer’s “very strong” balance sheet strength and its “well-defined business plans” for its decision.
Bermuda’s attractiveness as a global reinsurance hub has been underscored by the initial location choices among Class of 2020 start-ups, with the likes of Conduit Re and Vantage Risk selecting the mid-Atlantic island as home for their core reinsurance platforms.
Vantage has already received submissions and begun authorising participation on 1 January reinsurance renewals via its A- rated Bermuda platform, but will take a patient approach to its insurance build-out as it addresses what it believes to be a sustainable hard market opportunity.
RenaissanceRe’s group general counsel, corporate secretary and chief compliance officer Steve Weinstein will leave the company at the end of this year in a departure which will bring to an end his close-to 20-year association with the company.
Conduit Re expects to underwrite between 50 and 80 reinsurance policies ahead of 1 January related to risks incepting at the renewal, the Neil Eckert and Trevor Carvey-led $1.1bn start-up has revealed in the investor prospectus for its IPO earlier this week.
ILS Capital has received sign-off from the Bermuda Monetary Authority (BMA) for its Prospero Re platform to begin writing both traditional and collateralised reinsurance business.