Bermuda

KBW: Bermuda holds steady on T&Cs as reinsurers maintain gains achieved in 2023

Terms and conditions achieved by reinsurers during 2023 are holding steady as negotiations continue ahead of the 1 January 2024 renewal date, according to KBW’s Meyer Shields.

SiriusPoint provides capacity to PL program administrator ProVerity

SiriusPoint and program administrator ProVerity Underwriters have agreed a strategic partnership under which the Bermudian (re)insurer will provide capacity to and collaborate with ProVerity to develop customised professional liability solutions.

Bermuda Premier highlights climate finance initiatives at COP28 in Dubai

Premier David Burt of Bermuda made a notable appearance at COP28 in Dubai, shedding light on Bermuda's role in climate finance and its commitment to tackling climate change.

Gallagher Re hires MS Reinsurance’s Bermuda-based US casualty head Tadman

Gallagher Re has hired MS Reinsurance’s Bermuda-based head of US casualty reinsurance Pete Tadman, The Insurer can reveal.

Ascot US excess casualty head Vanderbeck resigns for new MGA

Ascot’s US head of excess casualty Brandon Vanderbeck has resigned from the carrier along with deputies Geoff O’Callaghan and Christopher Dacchille, with the trio expected to join a new MGA being set up by former colleague Pat Kenahan, The Insurer can reveal.

AM Best keeps Argo under review with developing implications after takeover

AM Best has maintained the under review with developing implications status for Argo Group International Holdings, with the rating agency expecting to meet with management to complete its assessment of the Bermudian’s post-acquisition rating fundamentals.

Axis Insurance secures $75mn of protection through industry’s first 144A cyber cat bond

Axis Capital has closed the first ever 144A cyber-focused catastrophe bond, with the newly-minted protection providing the firm’s insurance platform with $75mn of fully collateralized indemnity reinsurance protection for systemic events on a per-occurrence basis.

Aspen Q3 CR improves to 92.7% as turnaround continues

Aspen has continued its performance turnaround with a 17.3 percentage point year-on-year improvement in its combined ratio to 92.7 percent for the third quarter, while it continued to shrink its reinsurance business.

BDA-hosted Bermuda Risk Summit returns in March 2024

The Bermuda Risk Summit will return in 2024, with Bermuda’s Business Development Agency set to host the event on 13 to 15 March next year.

IGI CR improves 80bps to 73.2% in Q3

International General Insurance Holdings (IGI) ended Q3 2023 with its combined ratio improving 80 basis points to 73.2 percent as the Bermuda-based (re)insurer’s core operating income increased 29.2 percent to $36.3mn.

Everest sets improved 89-91% FY 2024-26 CR target amid bullish forecast in hard market

Everest Group has lowered its combined ratio targets for 2024 to 2026 as the expansive (re)insurer further leans into the “generational hard market”, with investors sending the Bermudian’s stock up 2 percent on Tuesday morning in response to management’s bullish outlook for the business.

SiriusPoint’s Egan: Ratings outlook change “powerful external vindication” of progress

SiriusPoint CEO Scott Egan has described S&P’s revision of the Bermudian’s ratings outlook to stable as a “powerful external vindication” of its turnaround progress, as the executive also commented on reserve increases and MGA stake sales.

McGill’s Milgate and Coles exit amid treaty restructure; Vacher named head

McGill and Partners’ head of international treaty Angus Milgate and partner Simon Coles have exited the Warburg-Pincus-backed intermediary as part of a wider restructuring of its treaty reinsurance team, The Insurer can reveal.

BRP in talks over potential MultiStrat Group transaction

Publicly-held retailer Baldwin Risk Partners is in advanced talks for a deal to buy in to Bermuda-based ILS-focused reinsurance MGU MultiStrat Group, in the broker’s latest move to round out the breadth of its offering, The Insurer can reveal.

Conduit’s Carvey warns inflation challenge remains “acute” heading into 1.1

Conduit Re CEO Trevor Carvey has warned that inflation remains as much a concern heading into the upcoming 1 January renewal season as it was last year, with the executive also providing an update on the reinsurer’s exposure to losses emanating from the ongoing Israel-Hamas conflict.

777 Re downgraded from A- to B by AM Best on material decline in capital ratio

AM Best has downgraded the financial strength rating of 777 Re from A- to B and its long-term issuer credit rating from “a-“ to “bb” as it highlighted a “material decline” in the company’s risk-adjusted capital ratio because of exposure to investments in various 777 Partners-originated assets.

Sandor steps down from Conduit board

Conduit Holdings Limited (CHL), the parent of a pure-play Bermuda-based reinsurer Conduit Re, has announced that Dr Richard Sandor has stepped down as a non-executive director with immediate effect.

Ardonagh Specialty names Marsh as Bermuda deputy CEO and Inver Re retro head

Ardonagh Specialty has appointed Jonathan Marsh as deputy CEO of Bermuda and global head of retro at Inver Re.

Lancashire set to appoint Broadley as chair at 2024 AGM

Philip Broadley has been appointed as chair designate at Lancashire Holdings and is set to be named chair at the (re)insurer’s 2024 AGM.

Inver Re exits continue with Bermuda CEO Stratton latest to depart

Inver Re’s Bermuda CEO Kevin Stratton is leaving the company, with sources saying that the outgoing executive for the Ardonagh-owned intermediary is still negotiating the terms of his departure, The Insurer can reveal.

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