BMA: Bermuda (re)insurers to take up to 25% of Ian industry losses
Bermuda (re)insurers will incur gross losses of more than $13bn from Hurricane Ian representing as much as 25 percent of industry losses, according to the Bermuda Monetary Authority (BMA), with this figure lower than the 30 percent share from hurricanes Harvey, Irma and Maria in 2017.
BMA: Insurers use a combination of in-house and external vendor models for cat risk
Almost 90 percent of the catastrophe risk exposure underwritten in Bermuda is modellable using vendor cat models, according to the Bermuda Monetary Authority’s (BMA) latest Catastrophe Risk Modelling Report.
Tiernan praises Bermuda and Lloyd’s ties as market “back on the front foot again”
Lloyd’s chief of markets Patrick Tiernan has praised the Bermuda (re)insurance market while celebrating the strong ties between the island and Lloyd’s.
Convex Re Bermuda names Axa XL’s Simons deputy CEO
London-Bermuda specialty carrier Convex has named Paul Simons as deputy CEO and Richard Slater as chief underwriting officer for Convex Re Bermuda.
Axa XL promotes Richardson to Bermuda healthcare head
Axa XL has promoted Kareen Richardson to head of healthcare in its Bermuda insurance excess casualty business.
BMA: Captive interest growing for climate and cyber risks
Bermuda’s captive industry has seen an uptick in demand for solutions for cyber and environmental risks with new formations increasing from companies outside financial services, including the energy and power and shipping and transport sectors, according to the Bermuda Monetary Authority (BMA).
Lancashire expands teams in London and Bermuda
Specialty (re)insurer Lancashire has bolstered its underwriting and claims teams in both London and Bermuda with a quartet of new hires.
Industry on alert over potential FTX losses amid crypto fallout
FTX has Relm-led D&O, general liability and E&O cover in place as well as a modest crime policy, but attention is also turning to a reported $250mn crime limit in place at BitGo, which is the custodian of assets stored in so-called cold wallets for the bankrupt cryptocurrency exchange, according ...
MS Reinsurance adds Axis’ Ramlal to Bermuda team
MS Reinsurance has appointed Marlin Ramlal as senior underwriter, property to further strengthen its Bermuda property offering.
Markel strengthens Bermuda presence as names Cardoso head of office
Markel has appointed Jessica Cardoso as head of office for its Bermuda operations.
White Mountains made SiriusPoint and Hamilton approaches before $300mn Outrigger Re
Ark’s parent White Mountains made unsolicited approaches to SiriusPoint and Hamilton this summer as it looked at options to deploy proceeds from its $1.8bn sale of NSM, before returning $500mn to shareholders and committing funds to sidecar Outrigger Re in the aftermath of Ian, The Insurer can reveal.
Antares Bermuda receives green light to write Lloyd’s business
Antares’ Bermuda-based platform, Antares Global Management Bermuda (AGML Bermuda), has received approval to operate as a Lloyd’s in-house coverholder.
Ascot: Valuation offered by bidders “does not reflect true value” of the business
Ascot Group CEO Andrew Brooks told staff Monday that after undertaking a “thorough process” and being “encouraged” by investor interest in buying the business, the offers received “did not accurately reflect” the firm’s value and that current owner CPPIB will remain a “committed investor”.
Ascot-Blackstone finally off as Ian lands final blow to faltering $2bn+ deal
The proposed sale of Ascot Group to Blackstone has been called off almost a full year after an Evercore-run process launched by owner CPPIB was initiated, as a darkening macroeconomic outlook and continued cat loss volatility cast a shadow over the deal, The Insurer can reveal.
Vantage recruits Hamilton’s Skerlj as chief risk officer
Vantage Group has added to its senior management team with the hire of Peter Skerlj as chief risk officer, with the recruit set to join the Greg Hendrick-led (re)insurer in February after more than a decade at Hamilton Insurance.
Argo’s UW loss widens to $5mn in Q3 following $16mn US ops reserve charge
Argo’s underwriting loss widened in the third quarter to $5mn - hurt by a $16mn reserve charge in the firm’s US operations - and gross written premiums across the company fell 10 percent to $751mn.
Ark UW income nearly doubles to $49mn in Q3 despite $51mn Ian loss
White Mountains-owned (re)insurer Ark Insurance Group nearly doubled third quarter underwriting income to just shy of $49mn, and grew gross premiums written (GPW) by 33 percent to $216mn, in addition to improving its combined ratio by 2.7 points to 86.1 percent.
BMS Re hires Conduit’s Soria as co-head of US casualty
BMS Re has hired casualty underwriting and former broking executive Erik Soria from Conduit Re to be the new co-head of US casualty for the intermediary, The Insurer has learned.
Fidelis shifts NA London treaty book to Bermuda
Fidelis is relocating its London-placed North America treaty book to its Bermuda platform in a move designed to create efficiencies around acquisition, operational and fiscal costs.
Ian drives 138.7% Q3 CR at RenRe as CEO eyes “transformative change” at 1.1
RenaissanceRe reported a third quarter underwriting loss of $683.1mn driven by preannounced losses from hurricane Ian as president and CEO Kevin O’Donnell said the company’s market position will allow it to drive “transformative change” at the 1 January renewal.