Bermuda

S&P goes negative on Axis ratings as Covid-19 delays turnaround

Axis Capital has seen its ratings outlook revised from stable to negative by S&P Global Ratings after the (re)insurer posted a net loss of $185mn for 2020’s first quarter.

Third Point Re eyes opportunities in Lloyd’s reserves covers

Third Point Re CEO Dan Malloy believes there are opportunities for the Bermudian reinsurer to provide structured reserve covers for Lloyd’s syndicates as a result of Covid-19, but has revealed premiums may take a hit in other areas as a result of the pandemic.

Everest and RenRe highlight Covid-19 trapped collateral effect

Potential trapped collateral at ILS funds related to Covid-19 uncertainty is compounding a capacity shortage in the reinsurance and retro market, according to Bermudians Everest Re and RenaissanceRe.

White Mountains swings to net loss on investment marks

White Mountains reported a $166.0mn operating loss for the first quarter that included solid revenue growth in its specialty insurance distribution platform but heavy net realised and unrealised investment losses amid the financial markets turmoil from Covid-19.

Argo swings to UW loss on Covid-19 cat hit

A modest increase in investment income helped Argo offset an underwriting deficit of $13.9mn to post operating profit of $12.6mn in the first quarter of 2020, as chief executive Kevin Rehnberg said the company was not satisfied with the Bermudian’s performance.

Everest’s Q1 operating income falls as Covid-19 and cat bite bottom line

Everest Re’s first quarter 2020 after-tax operating profit dipped by 41.8 percent year on year to $164.4mn after pre-announced Covid-19-related IBNR losses of $150mn and a further $30mn of catastrophe claims took their toll on its bottom line.

RenRe takes $103.8mn Covid-19 charge in casualty and specialty unit

RenaissanceRe reported a 78 percent drop in first quarter operating profits to $33.4mn that included the impact of a $103.8mn hit from Covid-19 in casualty and specialty that added 21.1 points to the segment’s combined ratio.

Watford Re confident of preserving A- rating, says CEO

Watford Re is confident the company can shake the under review with negative implications status recently imposed upon it by AM Best by year end, with the reinsurer’s newly installed CEO Jon Levy insisting the company is “thoroughly designed” to persevere through the challenges it currently faces.

Executive search firm Eliot Partnership opens in Bermuda with Reiss hire

Expansive insurance-focused executive search firm Eliot Partnership has launched a Bermuda office led by Britt Reiss.

Arch targeting P&C growth as pricing and T&C continue improvement

Arch is targeting further property and casualty growth during the rest of the year as it looks to deploy additional capital to the segment to take advantage of improving pricing and terms and conditions.

Arch says Covid-19 is not a capital event for its mortgage business

The Covid-19-led recession will lead to Arch’s mortgage business posting “minimal” underwriting income for the rest of 2020, but the Bermuda-based carrier has insisted its mortgage unit’s exposure to the pandemic is an earnings event and not a capital one.

Arch operating profits down 31% after Covid-19 hit

Arch Capital Group reported operating income per share of $0.46 that was ahead of the $0.41 mean of analyst estimates compiled by S&P that were adjusted to reflect the Bermudian’s preannounced Covid-19 charge earlier this month.

Argo facing $26mn pre-tax Covid-19 hit in Q1

Argo’s first quarter 2020 results will include an estimated $29mn of pre-tax net catastrophe losses, some $26mn of which relates to the Covid-19 outbreak.

Everest Re’s Jonathan Zaffino to join Ascot as president

Jonathan Zaffino is set to join expansive CPPIB-backed (re)insurer Ascot as group president, The Insurer can reveal.

Everest Insurance CEO Zaffino resigns

Everest Insurance’s president and chief executive Jonathan Zaffino is leaving the company after resigning his position.

RenRe puts mandatory pandemic exclusion on most reinsurance business

RenaissanceRe is attaching a mandatory pandemic exclusion to quotes across the vast majority of its reinsurance portfolio on renewal and new business, The Insurer can reveal.

Acquisitions, restructuring and ADC edge Hamilton closer to illusive u/w profit

Hamilton Insurance Group’s poor underwriting results could “improve significantly” following its acquisitions last year of businesses with better underwriting pedigree while its casualty portfolio has secured some extra protection via a new adverse development cover, according to AM Best.

Arch estimates up to $145mn Q1 P&C and mortgage Covid-19 losses

Arch Capital has estimated first quarter pre-tax net losses of $85mn to $95mn across its property casualty insurance and reinsurance segments, for exposure to Covid-19 global pandemic claims.

Sirius loses property executives Cartmell and Smith

Bermudian reinsurer Sirius has seen two of its senior property underwriting executives exit in the last few weeks amid ongoing uncertainty over its future with the company being officially put up for sale this month, The Insurer can reveal.