Bermuda

Everest Q2 operating income up 62% in comfortable earnings beat

Everest Group’s second quarter ended with record operating income that soared 62 percent to $627mn in earnings that were way ahead of analysts’ consensus while its combined ratio improved 4.1 points to 87.7 percent on improved pricing trends and lower catastrophe losses.

RenRe says 30-50% prop cat rises will persist after further leaning in at mid-year

RenaissanceRe “leaned heavily” into the property catastrophe reinsurance market at the mid-year renewals taking advantage of rates for US business that went up by 30 to 50 percent on average, with the reinsurer confident the higher pricing “will persist”.

Conduit Re posts maiden profit as GWP climbs 52.6% in H1

London-listed pure-play reinsurer Conduit Re posted its debut H1 profit with an upbeat assessment of progress this morning with GWP up 52.6 percent to $542.2mn in the first six months of 2023 and cited average risk-adjusted renewal increase of 15 percent.

Miller strengthens US casualty team with Brislane and Thorsteinson

Miller has expanded its US casualty team with the appointments of Galen Brislane and Danielle Thorsteinson as account executives.

Helix gets minority investment from long-term partner Arch

Helix Underwriting Partners Ltd’s relationship with Arch Capital has strengthened after the (re)insurer made an equity investment and became a minority shareholder in the Bermuda-based MGA business.

Canopius adds ex-Axa XL exec Cooper as global head of reinsurance and Bermuda CEO

Speciality (re)insurer Canopius has appointed former Axa XL executive Charles Cooper as both global head of reinsurance and CEO of the carrier’s Bermudian entities.

Inver Re forms Bermuda segregated accounts company offering captive cells

Inver Re, the Ardonagh Group’s dedicated reinsurance broking arm, has formed a Bermuda-based segregated accounts company as part of its newly created captive platform, also based on the island.

MGA Banyan Risk appoints Munro as first CUO

Specialist D&O MGA Banyan Risk has named Ben Munro to the newly created role of chief underwriting officer.

Fidelis raises estimated $89.4mn after closing IPO

Fidelis Insurance Holdings Limited is looking to lean further into the hardening market after generating estimated net proceeds of $89.4mn after closing its IPO on the New York Stock Exchange of an aggregate of 15 million common shares at a public price of $14 per share.

Hamilton reports $29.9mn 2022 loss as investment income plummets

Hamilton Insurance Group has reported a net loss of $29.9mn for 2022 driven by a significant decrease in investment income.

Conduit well-positioned to take advantage of demand supply imbalance: Panmure

Conduit Re remains well-positioned to take advantage of favourable conditions persisting in the reinsurance market, according to Panmure Gordon, which has reiterated a buy rating London-listed pure-play reinsurer’s stock.

Deputy premier Roban: Reinsurance industry deserves credit for Bermuda’s climate solutions progress

Bermuda’s established position as a centre for risk and reinsurance, as well as its status as an island nation with significant responsibility for ocean health and conservation, means it is ideally placed to be a centre of excellence for climate risk solutions and climate risk management opportunity, according to deputy premier Walter Roban.

Citi analysts: Reinsurance opportunity warrants interruption in Everest’s primary shift

The growth opportunity in reinsurance is strong enough to justify interrupting Everest Re’s recent strategy of shifting its portfolio more towards primary business, according to Citi equity analysts as they initiated a buy recommendation on the Bermudian’s stock.

BMS Re continues BDA build-out with O’Brien hire

BMS Re has added Brendan O’Brien as vice president as it looks to build out its secondary cat bond trading initiative in its expansive Bermuda operation led by Chris McDowell.

Vantage Risk appoints Steinhoff property catastrophe lead

Vantage Risk has named Brian Steinhoff as senior vice president, property catastrophe, in a new appointment which gives him oversight of the carrier’s underwriting team for the class.

Crypto marketplace Nayms unveils inaugural program

Blockchain-based insurance marketplace Nayms has launched its first fully capitalised insurance program on the Ethereum network.

McGill confirms Bermuda expansion with Stubbings hire

McGill and Partners has confirmed the expansion of its Bermuda-based team with the hire of former Aon Global ReSpecialty CEO Peter Stubbings, a move first revealed by The Insurer in May last year.

Reuters: Hamilton considering strategic options including IPO and sale

Two Sigma and Blackstone-backed Hamilton Insurance Group could be the latest (re)insurer to see a change of ownership as it considers strategic options that include an IPO or private sale, according to a Reuters report.

SRS names ex-Aon ILS exec Scherer as Bermuda SVP

Independent insurance company manager Strategic Risk Solutions has appointed Charles Scherer as senior vice president for ILS in its Hamilton, Bermuda office.

Fidelis MGU expects 100+ hires in 2023 with headcount to reach 350 as it leans further into hard market

The newly-separated Fidelis MGU will hire an additional 100 underwriters, analysts, finance and technology staff this year taking its global headcount to over 350 as it embarks on a rapid expansion.

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