Fidelis upgraded by AM Best to “A”Rating agency AM Best has upgraded the financial strength rating of Richard Brindle’s Bermudian (re)insurer Fidelis to A (Excellent) from A- (Excellent).
Carlyle and T&D complete $2.2bn Fortitude Re stake purchase from AIGPrivate equity house Carlyle Group and Japanese carrier T&D Holdings have completed their acquisition of a 76.6 percent interest in Bermudian run-off vehicle Fortitude Group Holdings from AIG.
RenRe equity raise shows company on “offense” says KBWRenaissanceRe shares were trading up 4.4 percent as investors reacted to plans for a circa $900mn equity raise that shows the reinsurer is on the “offense”, according to analysts from Keefe, Bruyette & Woods (KBW).
Industry veteran Becker takes seat on Axis boardMarty Becker has joined the Axis Capital’s board of directors just two months after stepping down as chairman of Australian insurance giant QBE.
HSCM launches Bermudian transformerILS fund manager Hudson Structured Capital Management (HSCM) has received approval from the Bermuda Monetary Authority to launch a newly-formed special purpose insurer on the island, BumbleBee Re.
Ratings agencies praise Everest’s outperformanceAM Best and S&P Global Ratings have both affirmed Everest Re’s ratings, highlighting its outperformance of peers and noting Covid-19 losses are manageable.
PartnerRe names Meyenhofer specialty CEO as Haft heads new global cat unitPartnerRe has appointed Philippe Meyenhofer CEO of its specialty lines unit while Greg Haft has been named CEO of the reinsurer’s newly formed global catastrophe operation.
Hannover Re Bermuda CEO Rentrup retiresLongstanding Hannover Re Bermuda CEO Konrad Rentrup is to retire after more than 30 years with the German reinsurance giant, handing over the reins to Chantal Cardinez.
AM Best warns of “significant” Covid-19 mortgage losses for some reinsurersThe recent growth of the reinsurance market covering government sponsored enterprises (GSEs) Freddie Mac and Fannie Mae as well as the private mortgage insurers (PMIs) means that reinsurers are bracing for a spate of pandemic-driven losses, according to AM Best.
Capital raises, downgrades and de-risking …so, what about the start-ups?We’ve experienced the downgrades (Axis, Generali), and we’ve had the equity raises (QBE, R&Q, Hiscox and earlier this week, Beazley).
BMS continues build out of energy team with trio of hiresWholesale broker BMS has made three senior hires from Marsh JLT Specialty and Price Forbes as it continues to build out its energy division in Bermuda and London.
Aspen president Ritz exits after 9 months in roleApollo-owned Aspen has parted ways with its group president Jonathan Ritz, with the former Validus executive having only taken on the newly created role in September last year.
Apollo-Catalina interest in Sirius shows P&C appetite still strongNews linking Apollo Global Management with involvement in the Sirius sales process along with its Bermuda legacy specialist Catalina indicates that the investment giant’s appetite for the P&C sector is unsated despite a leaning towards life in recent years*.
Market tightening to drive Everest Re outperformance: KBWRising (re)insurance rates will partially offset Everest Re’s Covid-19 underwriting and investment losses, according to equity analyst Keefe, Bruyette & Woods, which has maintained an “outperform” rating on the Bermudian.
Ed rolls-out e-trading platform TradEd in BermudaAt a time when Covid-19 lockdowns is putting even greater pressure on the industry to digitalise risk placements, BGC Insurance’s wholesaler subsidiary Ed has rolled out its electronic trading platform TradEd to Bermuda.
Apollo’s Catalina involved in Sirius sales processApollo and its legacy specialist Catalina are involoved in the next stage of the sales process for Sirius International, indicating that potential live and run-off buyers are under consideration as the Bermudian seeks to resolve its future, The Insurer can reveal.
Karl Wall’s legacy start-up to launch Bermudian reinsurer Carrick ReCarrick Specialty Holdings, the legacy start-up led by former Enstar US president and CEO Karl Wall has registered a new Class 3A Bermudian reinsurer called Carrick Re, The Insurer can reveal.
IGI operating profit more than doubles despite Q1 Covid-19 chargeInternational General Insurance Holdings (IGI) ended a busy first quarter by more than doubling its operating income to $13.4mn despite taking a $2mn hit from net claims and claims expenses related to the Covid-19 outbreak.
Sirius takes $140mn Covid-19 hit and slumps to Q1 lossUp-for-sale Sirius International has reported a $100mn first quarter operating loss that included a $140mn charge for pandemic claims heavily concentrated in its reinsurance operations that the Bermudian said represents its current view of the ultimate losses associated with Covid-19.
Darag launches Class 3A Bermudian reinsurerRun-off specialist Darag has received approval from the Bermuda Monetary Authority (BMA) to launch a Class 3A reinsurer on the island, The Insurer can reveal.