Bermuda

Stonybrook adds Bermuda presence as Greg Morrison joins board

Ambitious boutique insurance industry advisory firm Stonybrook Capital & Risk Management has appointed Bermuda-based former Platinum Underwriters Holdings CEO Greg Morrison to its board of directors, The Insurer can reveal.

Peak Re continues ILS expansion with Lutece acquisition

Fosun-owned Peak Re has continued to bolster its ILS capabilities with the acquisition of Bermuda-based ILS asset manager Lutece Holdings and its subsidiary Lutece Investment Management.

BMA approves digital asset and marijuana insurer Relm

Despite the Bermuda Monetary Authority (BMA) last November taking a stand against insurers writing cannabis business, new insurer Relm – which has an initial focus on digital asset enterprises and cannabis companies – has been granted a licence by the island’s regulator.

AM Best goes negative on Aspen after run of losses

Aspen Insurance Holdings has had the outlook on its A financial strength (FSR) and “a” long-term issuer credit ratings (ICR) changed to negative by AM Best after three years of net losses eroded its capital base.

Fitch revises Sirius rating watch to ‘evolving’

Rating agency Fitch has revised the rating watch status of Sirius International Group from negative to evolving, citing uncertainty over any potential new owner after existing parent China Minsheng Investment Group (CMIG) launched a formal sales process last week.

Value stocks in the P&C sector emerge from equity markets carnage

Equity analysts suggest US-listed insurance stocks could already be near trough valuations and the recovery will be quicker than during the financial crisis, with defensive stocks such as brokers among the companies tipped as presenting the best opportunities.

Sirius shares jump 20% after official sales process launched

Sirius International Insurance Group has engaged Barclays Capital to launch a formal sale process with Sirius’ ultimate owner, China Minsheng Investment Group (CMIG), looking to exit its stake.

Bermuda paid $19bn of wildfire and typhoon losses in last 3 years

Bermuda’s (re)insurance industry paid out $9.2bn in gross California wildfire losses in the last three years and $9.6bn in gross Japanese typhoon losses over the past two years, new data from the island’s financial regulator shows.

RenRe now only US-listed reinsurer trading at premium to book

The March market bloodbath means RenaissanceRe is the only US-listed carrier with a significant reinsurance book that is trading at a premium to its year-end book value.

Ex-Axis Re Bermuda president Kiernan joins Allianz Risk Transfer

Former-Axis Re Bermuda president Peter Kiernan has joined Allianz Risk Transfer as its head of North American reinsurance, The Insurer has learned.

Maiden reports small Q4 operating loss as re-domestication completes

Maiden Holdings, which has undergone a drastic restructuring in the past two years as it battled large losses related to its reinsurance of AmTrust, has reported a $3.5mn operating loss for the fourth quarter.

Aspen turnaround charges drive loss in “transitional” 2019

Aspen Insurance Holdings fell to a 2019 after tax operating loss of $48.4mn (2018: $31.8mn profit) as its bottom line was impacted by deal related costs, restructuring charges and reserve strengthening in what it described as a transitional year under new owner Apollo.

Mango named Everest Re group CRO as Passante takes ERM role

Everest Re has promoted Don Mango to Everest Group chief risk officer (CRO) and chief actuary, succeeding Tom Passante, who will take on a role as a senior leader of the Bermudian’s global enterprise risk management (ERM) function.

IGI Bermuda gets provisional approval to write US E&S business

Dubai insurer International General Insurance Holdings (IGI) has been given the green light to begin writing US excess and surplus lines (E&S) business on 1 April from its Bermuda subsidiary, subject to the execution of a trust agreement for the platform.

Argo reveals details of $3.3mn Watson perquisites after investigation

Corporate flights and tickets to New York society get-together The Met Gala are just some of the perquisites valued at $3.3mn that Argo has identified as not having been disclosed or fully disclosed by former chief executive Mark Watson between 2017 and 2019.

AM Best places Covéa ratings under review

AM Best has placed under review with developing implications the ratings of Covéa as a result of its proposed $9bn cash acquisition of Bermudian reinsurer PartnerRe.

Sadly, you can’t choose your parents…

The contrasting fortunes of two Bermudian reinsurers

Sirius ratings threat as owner intervenes ahead of proposed rights issue

Sirius has warned that it faces the possibility of a downgrade or withdrawal of its ratings after a move by its ultimate owner China Minsheng Investment Group that could block a proposed capital raise under consideration by the Bermudian’s board.

Covéa agrees $9bn acquisition of PartnerRe

Exor has agreed a deal to sell PartnerRe to French mutual Covéa for $9bn cash with the Italian investment firm also taking out a $50mn dividend to be paid before closing.

Everest Re CUO Downey to replace Mukherjee as Bermuda CEO

Everest Re is reshuffling some of its senior management with Sanjoy Mukherjee handing over his responsibilities as managing director and chief executive of the company’s Bermudian reinsurance business to Chris Downey.

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