Bermuda

Aspen grows Q3 operating income 10% to $86.5mn and reports 91.5% adj CR

Aspen Insurance Holdings reported Q3 operating income that grew 10 percent to $86.5mn and a 20 basis point (bps) improvement in its adjusted combined ratio to 91.5 percent, as it also estimated Hurricane Milton will generate $40mn to $60mn of claims, net of reinsurance and reinstatement premiums.

Fidelis UW gain up 7% to $80mn in Q3 as CR worsens 200 bps on higher cats, lower PPD

Fidelis Insurance Group’s third quarter underwriting gain grew by 7 percent to $80mn, powered by a 24 percent surge in net earned premiums, as higher catastrophe losses and lower favourable reserve development pushed its combined ratio up 200 basis points to 87.4 percent.

Egan: SiriusPoint starting to build record of sustained strong performance

SiriusPoint is beginning to build a record of sustained strong performance after delivering its eighth straight quarter of underwriting profits, with CEO Scott Egan optimistic that shareholders will ultimately reward the firm with a higher stock price.

Arch promotes Gansberg and Rajeh and unveils $1.9bn special dividend

Arch Capital Group has announced a special cash dividend that will return $1.9bn of capital to shareholders along with the promotion of David Gansberg and Maamoun Rajeh to the roles of president of the Bermudian (re)insurer.

Argo centralizing underwriting management for ~$40mn ArgoPro BDA biz to US

Argo is consolidating the underwriting management of its roughly $40mn Bermuda financial and professional lines portfolio into its US operations, with plans to continue leveraging its Bermuda entity, but with a smaller staffing footprint, The Insurer can reveal.

Everest Q3 UW gain falls 10% as cat losses jump and core LR improves 50bps

Everest Group’s Q3 underwriting gain fell by 10 percent to $272mn from $301mn, driven by cat losses that jumped by 77 percent to $310m from $175mn, overshadowing a 50 basis point (bps) improvement in the firm’s consolidated attritional loss ratio to 58.5 percent.

Price Forbes Bermuda names Kelley CEO

Price Forbes Bermuda has promoted Carrie Kelley to the role of chief executive officer.

Juniper Re launches into Bermuda wholesale D&F with Price Forbes’ Lucking

Baldwin Group-backed start-up reinsurance broker Juniper Re has hired former Price Forbes broker Rebecca Lucking for the launch of a new Bermuda wholesale broking operation that will initially start out focused on property business, The Insurer can reveal.

Axa XL appoints Flanagan as Bermuda P&C head

Axa XL has promoted Mark Flanagan to the new role of head of property and casualty, Bermuda.

ABIC names Aspen’s Dunleavy chairperson, succeeding Tannock

The Association of Bermuda International Companies has appointed Christian Dunleavy, group president of Aspen, as its new chairperson, succeeding Patrick Tannock.

Premier Burt reinforces Bermuda as “the world’s insurance capital”

During a recent trip to London, Premier David Burt reinforced the island’s commitment to innovation, transparency, and cooperation with European policymakers, in order to maintain Bermuda’s reputation as a global leader in (re)insurance.

ABIR members grew GWP 18% to $171bn in 2023

Members of the Association of Bermuda Insurers and Reinsurers reported an 18 percent year-over-year increase in gross written premiums in 2023 to more than $171bn.

Brit readies for Bermuda reinsurance expansion with GC’s Stephenson

Fairfax Financial-owned Brit has continued its planned Brit Re Bermuda expansion with the appointment of Guy Carpenter’s Jonathan Stephenson as head of office, Bermuda.

Bermuda roundtable: Reinsurers’ discipline holds in strong trading environment with challenges

Leading executives suggested during a roundtable discussion held by The Insurer in association with Lloyds Bank that the discipline shown by reinsurers at mid-year renewals will be sustained heading into the next year, although the disconnect between insurance and reinsurance in property will become a larger issue and reserve increases in casualty are also causing concern.

Bermuda roundtable: (Re)insurers now taking a more coordinated approach to financing and underwriting

A panel of Bermuda leaders and Lloyds Bank executives discussed the fundraising environment – including a contrast between the strong debt issuance environment and a buyer’s market attitude for IPOs – as well as the incoming tax regime in Bermuda during a roundtable held by The Insurer.

Fidelis Q2 GPW up 25% but UW income drops on higher cat and large losses

Fidelis Insurance Group (FIG) reported a second quarter earnings miss despite strong top line growth, as underwriting income more than halved from $77.5mn to $36.7mn with catastrophe and large losses more than doubling from $85.2mn to $181.2mn.

Aspen grows Q2 adj UW gain 10.5% to $94mn and boosts GWP 16.7% to $1.25bn

Aspen grew its adjusted underwriting income by 10.5 percent in the Q2 to $93.9mn from $85mn, driven by a 23 percent increase in its reinsurance adjusted underwriting gain to $58.3mn, while the same figure for insurance fell by 5 percent to $35.6mn.

Everest trades down after execs confirm insurance CR target will not be met until 2025

Everest Group’s share price was down by more than 7.5 percent during Thursday morning trading as investors responded to the (re)insurer’s Q2 earnings which, alongside bullish reinsurance commentary, also included confirmation that its insurance division will now not achieve its targeted 90 to 92 percent combined ratio until 2025.

Arch Q2 UW gain up 26% to $762mn driven by jump in reinsurance and mortgage

Arch Capital’s Q2 underwriting profits increased by 26 percent to $762mn driven by a nearly 50 percent jump in its reinsurance gain to $366mn and a 13 percent upturn in mortgage, while the insurance unit’s underwriting gain rose by 1 percent to $109mn.

Axis UW gain grows to $161mn in Q2 after reinsurance underwriting profits surge

Axis Capital’s consolidated second quarter underwriting gain grew by 9 percent to $161mn, driven by a 35 percent increase in reinsurance underwriting profits to $46mn, while the insurance unit’s gain ticked up by about 1 percent to $116mn.

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