Bermuda

Harrington Re fields interest from potential buyers including legacy platforms

Axis Capital and Blackstone-sponsored total return reinsurer Harrington Re has been the subject of interest from potential acquirers thought to include live-to-legacy platforms, The Insurer can reveal.

Everest hires Allied World’s Hoffmann as risk and ceded reinsurance head

Mike Hoffmann has joined Everest Insurance from Allied World in the newly-created role of head of risk and ceded reinsurance.

Darag makes senior NA hires as launches in Atlanta

Darag has continued its build out in North America as it launches an Atlanta-based operation making senior hires to lead the unit.

White Mountains’ operating income soars in second quarter

White Mountains has posted $132.7mn of operating income for the second quarter of 2020, with its specialty insurance distribution division enjoying a 15.1 percent increase in revenues compared with the prior year period.

Third Point Re points to business mix shift for Q2 CR improvement

Third Point Re has reported a combined ratio that improved by 2.8 points year on year and an underwriting profit of $2.4mn in the second quarter, with the reinsurer continuing to see the benefits from its drive to shift its business mix.

AJG’s Artex builds out Bermuda operation with Wood hire

Arthur J Gallagher’s captive and alternative risk transfer subsidiary Artex Risk Solutions has continued its Bermuda build-out with the hire of William Wood.

Arch share price rises on MI outperformance

Arch Capital management have provided a rosier outlook for its mortgage insurance (MI) business than in the previous quarter, with investors responding favourably to the Bermudian (re)insurer’s Q2 results.

Axis buys more low-down protection after non-renewing Northshore Re cat bond

Axis Capital decided to buy more limit low down after non-renewing the $350mn Northshore Re II Series 2017-1 cat bond that matured this year as it also moved to reduce its PMLs at the lower end of the curve.

Reinsurance pricing momentum will continue even in light storm season: RenRe

RenaissanceRe further trimmed its Florida book at 1 June and reduced its Southeast US exposure as it aims its bulked up balance sheet at the key 1 January renewals, with CEO Kevin O’Donnell expecting reinsurance pricing momentum to continue even if landfalling storm activity is quiet.

Excess casualty rates up by more than 30% and public D&O up 60%: Axis

Rate increases in Axis Capital’s insurance book accelerated to 15 percent in the second quarter, while pricing was up 12 percent in reinsurance as momentum built across the Bermudian’s portfolio, according to CEO Albert Benchimol.

Lancashire to enter Bermuda casualty market in 2021

Lancashire will begin writing casualty business from Bermuda in early 2021 as part of a build out of its product lines on the island, The Insurer can reveal.

PartnerRe reports u/w loss as Clarke to be replaced by Bonneau

Exor-owned PartnerRe yesterday revealed a $260mn non-life underwriting loss in the second quarter and a Covid-19 hit of $305mn, as CEO Emmanuel Clarke announced plans to leave the group.

RenRe reveals further third-party capital raise in strong earnings beat

RenaissanceRe said it raised over $250mn in gross capital in Q2 through its JVs and third party capital vehicles as it reported second quarter operating earnings of $190.1mn that was just down on the $198.8mn reported in the prior-year period but well ahead of Wall Street forecasts.

Axis leaves Covid-19 claims provision unchanged in earnings beat

Axis Capital said it left its $235mn loss pick for Covid-19 unchanged from the net claims provision it set in the first quarter, as it reported Q2 operating profits that came in well ahead of Wall Street forecasts.

PartnerRe names Bonneau CEO as Clarke leaves

PartnerRe has appointed board member and industry veteran Jacques Bonneau as president and CEO to take over from Emmanuel Clarke, who is leaving the Bermudian by “mutual agreement” to pursue other opportunities outside the group.

Aspen’s diminished earnings power leads to Moody’s downgrade

Moody’s has cited Aspen’s diminished earnings power and difficulty in rebuilding balance sheet strength as reasons for downgrading the Bermudian (re)insurer’s financial strength rating to A3.

Davies Group expands captive offering with Citadel Risk acquisition

Davies Group has acquired Citadel Management Bermuda Limited and Cedar Consulting (Citadel Risk) in a move the specialist professional services firm said would add “significant scale and reach” to its captive management segment.

Fleming Re talking to additional capital providers to gear up for run-off opportunity

Private equity-backed Bermudian legacy start-up Fleming Re is closing on two further transactions and talking to potential capital providers to scale up for what it expects to be increasing opportunities in the segment this year and beyond, The Insurer can reveal.

Everest Re names Karmilowicz insurance CEO

Everest Re has made the internal appointment of Michael Karmilowicz as the new CEO of its insurance division filling the position left vacant when Jonathan Zaffino quit the carrier to join Ascot back in April.

HSCM partner Fascione to leave

Hudson Structured Capital Management (HSCM) partner Simon Fascione is leaving the business just over two years after he first joined the platform from Aeolus.

Region

Topics

Events & Conferences

Content Types