The CatCo crunch…
*1.1 Retro quotes being re-priced ** Ajit’s phone “already ringing” *** Late renewal just got a lot tougher
Markel CatCo shares fall to all-time low following regulatory investigation revelation
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.
Sanford leads trio of PartnerRe exits
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 under investigation by US/Bermuda authorities
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.
Enstar completes $200mn AmTrust investment
Bermudian legacy-to-live carrier Enstar has completed its $200mn investment in Evergreen.
Ariel Re: Retro driving 1.1 property cat rate rises
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.
Culture shift driving a world of ‘fewer, lighter and leaner’ carriers
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.
Blockchain needs to be adopted by all to be of use
Senior executives from the Bermuda market have debated the benefits blockchain technology can bring to the (re)insurance market.
Duperreault encourages more Bermuda InsurTechs
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.
Citadel Re loses AM Best A- rating
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 names Sturgess international insurance CEO
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 Re & ILS swoops on Ariel Re for international chair
Hiscox has named former Ariel Re underwriter Daniel Vestergren as chair of international of its reinsurance and alternative capital arm - Hiscox Re & ILS.
Burrows to become next BDA CEO
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.
Maiden’s $2.7bn LPT throws down gauntlet to Catalina
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.
Analysis: RenRe’s $1.5bn TMR move cements strategic play
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).
RenRe underwriting remains in the red but beats estimates
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.
RenRe acquires $1.5bn Tokio Millennium Re
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.
Arch posts Q3 combined ratio of 82 percent despite $58.2mn cat losses
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.
Axis returns to profit in third quarter
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.
QIC returns 102 percent COR as nat cats take a toll
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.