Bermuda

Conduit Re gives bullish outlook as 9M GWP jumps 50.3%

London-listed pure-play reinsurer Conduit Re has reported gross written premium up 50.3 percent to $764.4mn in the first nine months of 2023, no major cat loss experience, and average risk-adjusted renewal increase of 15 percent.

RenRe’s O’Donnell: Validus could add more than estimated $2.7bn premium as deal deepens AIG ties

RenaissanceRe CEO Kevin O’Donnell has told investors that the Bermudian sees potential upside to its initial estimate of $2.7bn of incremental premium from the $3.6bn acquisition of Validus from AIG, which closed this week.

Aspen hires Mardon as global head of property cat re and Bermuda CUO

Aspen Insurance Holdings has appointed Tim Mardon as global head of property cat reinsurance, as well as chief underwriting officer of Aspen Bermuda.

RenRe completes $3.6bn acquisition of Validus Re from AIG

RenaissanceRe has completed its acquisition of Validus Re, with AIG receiving total consideration of $3.3bn in cash and an additional $275mn in stock in the Bermudian reinsurer, in a deal which Kevin O’Donnell said combines “two of the best reinsurance underwriters”.

SiriusPoint divests of Parameter Climate stake

Risk advisory, underwriting, distribution and analytics firm Parameter Climate has completed a management buyout from seed investor SiriusPoint, as the Bermudian carrier continues to divest of some of its non-core investments.

Arch’s Grandisson: Hard market enters third act with reserving issues to address

The CEO of Arch Capital has suggested the industry is in the third act of a prolonged hard market, with reserve issues to address and rate increases needed in casualty, while the executive expects to also take advantage of a “reinsurance-driven GL hard market”.

SiriusPoint transfers Banyan ownership to founders and extends partnership

SiriusPoint and Bermuda-based Banyan Risk Ltd have extended their partnership, beginning a three-year extension of their commercial relationship and concluding the 100 percent transfer of ownership back to the founding organisation.

Alleghany’s Daly to launch White Mountains Partners

White Mountains Insurance Group has launched a new business unit to invest in family-, founder- and entrepreneur-owned businesses in the essential services, light industrial and specialty consumer sectors, led by former Alleghany private equity principal John Daly.

White Mountains agrees $285mn deal for majority stake in CA homeowners MGA Bamboo

White Mountains has agreed to acquire a majority stake in California homeowners-focused Bamboo Ide8 Insurance Services, with the Bermudian-based business expected to invest around $285mn of cash into the insurtech MGA.

QBE Re’s Killourhy: Attachment point is “more important” than rate

Speaking exclusively with The Insurer TV, QBE Re managing director Chris Killourhy said recent renewals had seen a “change in philosophy” for reinsurers, noting that attachment points and avoiding secondary perils have been more important than rate, with much of the same expected at 1.1.2024.

Bermuda-based Aon PSP chief broking officer Calder-Smith latest to depart

The Bermuda-based chief broking officer for Aon’s Professional Services Practice Anthony Calder-Smith has resigned from his post after 31 years with the firm, marking the latest departure within the unit this year, The Insurer can reveal.

Shoreline launches seafarers’ cover for marine pollution investigations

Bermuda-based insurance manager Shoreline Ltd has launched a specialised marine insurance product to narrow the gaps in existing shipowners’ P&I insurance during investigations and potential prosecutions in the US under the International Convention for the Prevention of Pollution from Ships (MARPOL).

Axis and Stone Point launch casualty-focused collateralised reinsurer Monarch Point Re

Axis Capital has partnered with Stone Point Credit Adviser to launch a new collateralised reinsurer called Monarch Point Re, which will underwrite a book of casualty business retroceded by subsidiaries of the Bermudian business, and which will be led by former Montpelier Re CEO Christopher Harris.

BMA requests commercial insurer feedback on climate change risk disclosure

The Bermuda Monetary Authority (BMA) has launched a discussion paper relating to the disclosure of climate change risks for commercial insurers, including exposure, mitigation and monitoring.

Nascent Group to acquire Bermuda Compliance Consultants Ltd

Ariel Re unveils rebranded clean energy division Ariel Green

Bermuda-Lloyd’s carrier Ariel Re has relaunched its clean energy division under the brand of Ariel Green, designed to highlight the increasingly important role of technology performance insurance in accelerating solar, hydrogen, bioenergy, and energy storage projects.

Arch Insurance names Smith as new Bermuda head

Arch Insurance International has appointed Matthew Smith as managing director of its Bermuda insurance operations.

Aon hires Aeolus’ Nichols as global reinsurance clients leader in Bermuda

Aon has named Jake Nichols as senior managing director, global clients leader, Bermuda, within its Reinsurance Solutions business, with the executive joining from Aeolus Capital Management.

UK’s ABI and Bermuda’s ABIR sign cooperation pact

The Association of British Insurers and the Association of Bermuda Insurers and Reinsurers have penned an agreement to collaborate and work together to tackle six mutual challenges facing the industry, including climate change and cyber risks.

Arch Insurance announces year-end retirement of Bermuda president and CUO Hay

Arch Insurance International has announced that Tony Hay, president and chief underwriting officer of its Bermuda insurance operation, will retire at the end of the year after more than 20 years with the firm.