*1.1 Retro quotes being re-priced ** Ajit’s phone “already ringing” *** Late renewal just got a lot tougher
Shares in the listed fund of retro investment specialist Markel CatCo fell 25 percent in London trading today (06 December) as the firm revealed US and Bermuda authorities are looking into loss reserves recorded in late 2017 and early 2018 at CatCo and its subsidiaries.
PartnerRe is set to see the departure of a trio of senior underwriting executives led by Head of North America P&C Richard (Dick) Sanford, The Insurer can reveal.
Markel CatCo - a leading provider of collateralised retro capacity - confirmed last night it is under investigation by “US and Bermuda authorities” over its loss reserves.
Bermudian legacy-to-live carrier Enstar has completed its $200mn investment in Evergreen.
Property cat rates will rise in 2019 fuelled in part by a decline in confidence among some ILS investors which is having a notable impact in the retro markets, a leading Bermudian cat reinsurer predicted today.
The number of carriers in the (re)insurance market will shrink as (re)insurers adapt to evolving market conditions, Michael Millette, managing partner of Hudson Structured Capital Management has said.
Senior executives from the Bermuda market have debated the benefits blockchain technology can bring to the (re)insurance market.
Start-ups must continue to present new innovative ideas to shake-up the (re)insurance industry in Bermuda, AIG’s chief executive Brian Duperreault has said.
Niche Bermudian reinsurer Citadel Reinsurance Company Ltd (Citadel Re) has been downgraded below the critical A- financial strength rating (FSR) by AM Best, the minimum typically required to write international specialty business.
Arch has named Hugh Sturgess as CEO of Arch Insurance International, effective 1 January 2019, succeeding Matt Shulman, who was recently named CEO of Arch Insurance North America.
Hiscox has named former Ariel Re underwriter Daniel Vestergren as chair of international of its reinsurance and alternative capital arm - Hiscox Re & ILS.
The Bermuda Business Development Agency (BDA) has named Roland (Andy) Burrows as its next CEO following the sudden resignation of his predecessor Ross Webber early this year.
The battle for the ownership of NASDAQ-listed Maiden Holdings Ltd took an intriguing twist late on Friday evening when the up-for-sale Bermudian firm agreed to transfer £2.675bn of loss reserves out of the company.
Shares in RenaissanceRe were trading off around 5 percent this morning in New York as some investors reacted negatively to news of the Bermudian’s $1.5bn deal to buy Tokio Millennium Re (TMR).
Bermudian (re)insurer RenaissanceRe managed to exceeded the expectations of analysts to deliver an operating profit of $20.6mn in the third quarter of 2018 despite making an underwriting loss.
The carousel of M&A activity in 2018 has continued with RenaissanceRe acquiring fellow Bermudian reinsurer Tokio Millennium Re from its parent Tokio Marine Holdings for circa $1.5bn.
Bermudian blue chip Arch Capital Group Ltd estimated today it will take a $40mn-$60mn net hit from Hurricane Michael in its fourth quarter results, which it expects to cost (re)insurers $7bn-$10bn overall.
Bermuda-based Axis Capital Holdings has returned to profit with a combined ratio of 97.9 percent after the firm experienced lower catastrophe losses in the third quarter of 2018.
Qatar Insurance Group (QIC) has reported a 102 percent combined ratio for the first nine months of the year after taking a string of successive hits from third quarter catastrophes.