Retro market begins to clear after late activity
A surge of firm order terms (FOTs) in the last few days indicates that the 1.1 retro market has finally begun to clear, with sources suggesting pricing is up in the 10-20 percent range for loss-free occurrence deals and up 20-30 percent for aggregate covers, The Insurer can reveal.
Gemini launches crypto captive with Aon and Marsh support
Gemini has launched a Bermudian captive insurer to cover its cryptocurrency exchange platform up to a limit of $200mn, with Aon acting as the captive manager and Marsh placing the captive’s excess reinsurance into the commercial market.
Ascot grows retro book at 1.1 with new sidecar
Ascot significantly expanded its traditional ultimate net loss (UNL) retro book in an attractive pricing environment at 1.1 as it utilized excess capital at group level as well as its new third-party capital quota share vehicle, The Insurer can reveal.
Sompo International’s Kelley to lead Ed Bermuda liability launch
Ed Broking’s recently established Bermuda unit has appointed Colin Kelley as head of liability on the island, with a mandate to lead the broker’s professional lines, casualty and healthcare teams.
Tysers takes minority stake in Bermudian MGA Helix
Integro-owned broker Tysers has invested in Bermudian MGA start-up Helix Underwriting Partners.
MGA start-up Helix secures QBE capacity for property launch
Bermudian start-up multiline MGA Helix Underwriting Partners is set to begin underwriting after securing QBE capacity to support its debut offering in US property insurance, The Insurer can reveal.
AkinovA-Hiscox trade looks to bring new capacity to cyber risks
The placement by Guy Carpenter of a Hiscox-structured and underwritten parametric cyber risk transfer on the AkinovA platform is aimed at opening the door to attract new capacity that can address the huge exposures arising from the peril.
Catalina strengthens UK corporate governance after FCA scrutiny
Bermudian-headquartered legacy firm Catalina Holdings has added Walter Gontarek and Bob Howe to the board of its UK subsidiaries as independent non-executive directors (INEDs) after the firm fell victim to a Section 166 review by the UK’s Financial Conduct Authority (FCA) last year.
BMA appoints Swan deputy CEO as part of Cox succession plan
The Bermuda Monetary Authority (BMA) board has appointed Craig Swan as deputy CEO, a role the BMA said was created to fulfil the strategic objective of succession planning ahead of the departure of executive chairman Jeremy Cox in 2021.
Allied World veteran D’Orazio leaves after 16 years
Allied World corporate COO and chief of staff Frank D’Orazio has stepped down from the role at the Fairfax Financial-owned carrier, The Insurer can reveal.
Bermuda sees cyber claims double
Bermudian commercial insurers have seen insurance cyber claims effectively double from year to year, according to the Bermuda Monetary Authority (BMA).
S&P rewards Fidelis for strong five years with A- rating
Fidelis has been assigned A- financial strength and BBB issuer credit ratings by S&P, with the ratings agency noting the credible position built in five years of operation.
Ed bolsters Bermuda office with Marsh Finpro hire
London market wholesaler Ed Broking has appointed Mark Simons as head of business development and production in its newly opened Bermuda office.
Five Argo directors targeted by Voce to retire, including chair Woods
Argo shares were trading up 3.7 percent at lunchtime in New York today after the Bermudian’s board announced that five directors targeted for removal by activist investor Voce Capital Management will retire as of the company’s 2020 annual general meeting.
Fitch drops Sirius’ ratings outlook to negative
Sirius International Group has had its ratings outlook changed to negative from stable by Fitch Ratings just three weeks after a similar move by AM Best.
NAIC grants Bermuda, Japan and Switzerland reciprocal jurisdiction status
The National Association of Insurance Commissioners (NAIC) has granted Bermuda, Japan and Switzerland reciprocal jurisdiction status – a new designation that was introduced this year.
Axis COO Strachan to depart in early 2020
Axis Capital’s chief operations officer Richard Strachan will leave the company early in 2020 after almost 18 years with the business.
Warwicker joins Chubb Bermuda to head excess liability
Chubb Bermuda has hired industry veteran Michael Warwicker as senior vice president and head of excess liability.
RenRe engages TigerRisk and Morgan Stanley to sell UK legacy book
RenaissanceRe has appointed TigerRisk and Morgan Stanley to find a buyer for its £396mn ($514.6mn) UK legacy book which the (re)insurer inherited through its $1.5bn acquisition of Bermudian neighbour Tokio Millennium Re.
Tysers names Allen Bermuda director
Integro-owned broker Tysers has appointed Christina Allen as a director in Bermuda.