Bermuda

Activist shareholder Bobman seeks place on Argo board

Activist shareholder Capital Returns is calling on Argo shareholders to support a proxy demand to elect two independent directors including its own president Ron Bobman and former National Interstate CEO David Michelson as it ratchets up the pressure on the US-listed specialty insurance group.

Argo: a thawing in the resistance to a sale?

Recent developments including the temporary absence of CEO Kevin Rehnberg look to be a setback to the turnaround progress made by the Bermudian. Its repositioning as a US specialty insurer means it has a scarcity value that could be realised if its board and temporary management shift their stance

Former QBE chief reinsurance officer Fiore joins Aon capital advisory

Former QBE executive Jim Fiore has taken up a new post as chief strategy officer for capital advisory at Aon.

IGI beats consensus as operating income triples and CR drops

International General Insurance Holdings (IGI) tripled its core operating income to $13.6mn while its combined ratio fell 13 points to 83.8 percent for 2021’s fourth quarter as the company posted results that were better than analysts’ consensus forecasts.

Fitch: Arch outperforming RenRe and SiriusPoint

Arch Capital Group is outperforming its Bermudian competitors RenaissanceRe and SiriusPoint according to a newly published peer analysis from Fitch Ratings, with the Marc Grandisson-led carrier’s positive earnings trend reflecting improvements in both its reported and underlying underwriting results in 2021.

BDA highlights Bermuda tax transparency after return to EU grey list

The Bermuda Business Development Agency (BDA) has reiterated that the domicile remains committed to cooperation and compliance on global tax standards and expects the island will revert back to the EU’s “white list” in October.

Horseshoe founder Perez departs ILS specialist

Horseshoe Insurance Services executive chairman Andre Perez has left the business 17 years after launching the Bermudian insurance manager and ILS fund administrator.

BDA’s Weinstein reminds Floridians of strong Bermuda bonds ahead of 1.6 renewals

As Florida’s insurance market readies itself for yet another challenging mid-year reinsurance renewal given the tightening of capacity and ongoing legal uncertainty, the Sunshine State’s carriers have been reminded of the strong bonds that exist between them and Bermuda’s (re)insurance industry.

SiriusPoint swings to underwriting income of $34.7mn in Q4

Bermudian (re)insurer SiriusPoint has reported a swing to underwriting income of $34.7mn for the fourth quarter with its combined ratio improving 34.6 points to 93.6 percent, but its CEO noted underwriting results for the year were “not in line with our expectations”.

Lodgepine leaders Barnard and Slade depart Markel

The former heads of Lodgepine Capital Management Ltd Andrew Barnard and Brent Slade have left the short-lived retro platform’s parent Markel.

AIG names Sompo’s Haldeman as head of BDA financial lines

AIG has hired Jesse Haldeman as head of financial lines Bermuda, with the executive moving over from Sompo International on the island.

Bermuda Risk Summit announces Aon’s Andersen as keynote speaker

Bermuda’s Business Development Agency (BDA) has added Aon president Eric Andersen as a keynote speaker at the upcoming Bermuda Risk Summit.

Aon joins Association of Bermuda Insurers and Reinsurers

The Association of Bermuda Insurers and Reinsurers (ABIR) has announced that Aon has become a member of the trade body.

Markel CatCo run-off scheme returns to Bermuda Court

Markel CatCo Investment Management (MCIM) is returning to court this week to provide investors with an update on the proposed buyout transaction for the Bermudian retro fund manager’s funds in run-off.

Bermuda finance minister Dickinson resigns

Curtis Dickinson has resigned from his role as Bermuda’s minister of finance, with the news coming days before the island’s budget is to be released.

Bermuda Risk Summit announces more speakers

Bermuda’s Business Development Agency (BDA) has added speakers from EY, the Association of Bermuda Insurers & Reinsurers (ABIR), SiriusPoint, Marsh, KPMG and more as the agenda for the upcoming Bermuda Risk Summit is finalised.

Property cat 1.1 rate rises not enough for Arch Re to grow in peak zones

Property catastrophe rate increases at 1 January were not enough for Arch Capital Group to deploy more capital into its peak zones, chairman and CEO Marc Grandisson told analysts on Thursday.

Arch views best possible returns in mortgage but P&C (re)insurance close behind

The best possible returns available to Arch Capital Group are currently coming from its mortgage business, although its P&C reinsurance and insurance operations are close behind given the continued hardening conditions, according to chairman and CEO Marc Grandisson.

Arch Q4 operating income soars in comfortable earnings beat

Arch Capital Group’s after-tax operating income more than doubled to $493.3mn in Q4 2021 as underwriting income surged on the back of greatly reduced catastrophe activity across both its insurance and reinsurance operations, with the results comfortably ahead of Wall Street’s predictions.