Bermuda

Pelican Ventures and JC Ventures complete Ariel Re acquisition from Argo

Private equity investors Pelican Ventures and JC Flowers & Co have completed the acquisition of Ariel Re from Argo Group.

Captive specialist Strategic Risk Solutions hires Charleson for ILS role

Captive management specialist Strategic Risk Solutions (SRS) has hired Matthew Charleson as chief operating officer of fund services and insurance linked securities (ILS).

Hamilton launches collateralised retro platform Ada Capital Management

Hamilton Insurance Group has launched Ada Capital Management, a Bermuda-regulated and retro-focused third-party capital manager that will underwrite on behalf of Ada Re, its newly formed special purpose insurer.

AM Best keeps Watford’s A- rating under review despite Arch deal benefits

AM Best has maintained its under review with negative implications status on Watford Re’s A- (Excellent) financial strength rating and “a-” long-term issuer credit ratings, but acknowledged the potential benefits of the Bermudian reinsurer’s proposed acquisition by Arch Capital.

Vantage Bermuda reinsurance platform gets A- AM Best rating

The newly formed Bermudian reinsurer that is the initial platform for Dinos Iordanou and Greg Hendrick’s Vantage start-up has been assigned an A- financial strength rating and an “a-” long-term issuer credit rating by AM Best.

ABIR partners with Bermuda College and St John’s University to develop Bermudian talent

The Association of Bermuda Insurers and Reinsurers (ABIR) has announced a strategic partnership with Bermuda College and New York’s St John’s University to develop diversity, equity and inclusion initiatives to recruit the next generation of (re)insurance leaders in Bermuda.

IGI looks to seize on opportunities and highlights stock price disconnect

International General Insurance Holdings (IGI) is confident it can maintain its high levels of premium growth, with president Waleed Jabsheh telling The Insurer he anticipates pricing momentum lasting into 2022, while the company believes there is a disconnect between its fundamentals and its stock price.

Chaucer confirms Bermuda reinsurer launch

Chaucer has confirmed the launch of a reinsurance branch in Bermuda, as revealed by The Insurer in September.

Maiden ends Q3 with operating loss; unveils share repurchase programme

Maiden Holdings has reported a third quarter operating loss of $0.03 per share while the company has also announced a new $100mn share buyback programme.

Conduit proceeds with $1.1bn IPO

Conduit, the Class 4 Bermuda reinsurance start-up launched by industry entrepreneur Neil Eckert and underwriter Trevor Carvey, has confirmed it is proceeding with its planned $1.1bn London Stock Exchange IPO.

Eckert to IPO $1.1bn Bermuda start-up Conduit

Conduit Holdings Ltd – a Class 4 Bermuda reinsurance start-up launched by industry entrepreneur Neil Eckert and underwriter Trevor Carvey – will list on the London Stock Exchange in an accelerated IPO with a target of $1.1bn.

Lowther and Zeng start-up Integral ILS gets PSP cornerstone investment

Richard Lowther and Lixin Zeng’s new Integral ILS platform has secured a cornerstone investment from Canada’s Public Sector Pension Investment Board (PSP Investments).

Arch increases Watford offer to $35 a share with Enstar support

Arch has agreed a revised deal with Watford Holdings to buy the total return reinsurer for $35.00 a share with backing from private equity firms Warburg Pincus and Kelso & Co, in a move that has gained the support of rival bidder and shareholder Enstar, as well as activist investor Ron Bobman.

Arch in strong earnings beat despite insurance UW loss

Arch Capital Group generated third quarter operating profits of $120.3mn, or $0.29 a share, that were less than half the $261.0mn ($0.63 a share) reported in the prior-year period but well ahead of Wall Street consensus of $0.16 a share.

R&Q restructures Bermuda legacy business under SAC

Randall & Quilter Investment Holdings (R&Q) has announced its wholly owned subsidiary R&Q Re (Bermuda) has been registered under the Segregated Accounts Companies Act 2000.

D’Orazio named new James River Group CEO

Former Allied World executive Frank D’Orazio has been named CEO of James River Group Holdings, with the specialty (re)insurer’s founder J Adam Abram retiring from the position but continuing as non-executive chairman.

Collateralized demand to dip as cedants favour rated “certainty”: RenRe’s O’Donnell

Demand for collateralized reinsurance is expected to reduce at the upcoming 1 January renewals as buyers favour the certainty offered by rated balance sheets, RenaissanceRe CEO Kevin O’Donnell predicted as he also suggested the Bermudian’s Upsilon vehicle could shrink.

RenRe falls to cat-driven $131.7mn Q3 operating loss

RenaissanceRe reported a $131.7mn third quarter operating loss as its CEO Kevin O’Donnell highlighted climate-change driven frequency of cat events impacting the world and said the reinsurer is confident it will be able to profitably deploy “significant capital” at the January renewal.

Aspen fuels up for growth opportunities after $500mn bond issue

Aspen’s underwriting operations will benefit from a capital injection to target growth opportunities in the hardening market from a portion of proceeds raised in a $500mn public bond issuance in partnership with its backer private equity giant Apollo.

Eklund shelves retro ILS start-up plans again

Former RenaissanceRe and Aeolus executive Dave Eklund has once again postponed plans to proceed with a new retro-focused ILS fund to target 1.1 hard market opportunities, despite discussions with private equity investors, The Insurer can reveal.

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