Bermuda

Aspen secures $1.02bn ADC from Enstar

Aspen has entered into a multi-line adverse development cover (ADC) agreement with Enstar that will provide a total of $1.02bn of protection for a premium of $770mn to reinsure losses incurred prior to the start of this year.

PartnerRe falls to Q4 non-life UW loss on Japan typhoons and agri hit

PartnerRe reported underwriting losses of $188mn in its non-life operations as Typhoon Hagibis losses and creep on Faxai combined with higher attritional agricultural claims and lower reserve releases to push its combined ratio up to 113.8 percent.

Watford CEO Rathgeber to depart at end of Q1

Watford Holdings CEO John Rathgeber will retire from the position at the end of March and will be replaced by the company’s president Jonathan Levy.

Third Point Re narrows underwriting loss and gains on investments

Third Point Re reported narrowing underwriting losses for the fourth quarter and a big swing in investment income that helped turn a prior-period net loss of $298.0mn to a net profit of $29.7mn.

Argo downgraded by AM Best

AM Best has downgraded the financial strength ratings of a raft of Argo operating subsidiaries from A to A- with their long-term issuer credit ratings also cut from “a” to “a-” and the long-term ICRs of the Bermudian parent lowered from bbb to bbb-, among other actions.

Axis co-founder and chairman Butt to step down

Axis’ chairman and co-founder Michael Butt is to retire from the Bermudian carrier in September, to be succeeded by Henry Smith.

Argo aiming for profitable US growth alongside exits and cost cutting

Argo’s push to purge itself of unprofitable business and unnecessary costs is well underway with more actions to come in 2020, according to CEO Kevin Rehnberg.

Argo falls to operating loss as new CEO insists future is bright

Argo Group ended a challenging 2019 with an adjusted operating loss of $30.8mn but the Bermudian’s newly installed permanent chief executive Kevin Rehnberg has insisted the result is not indicative of its future direction.

Third Point’s Loeb calls for further Prudential splits

Third Point Re’s hedge fund sponsor has made an activist move on Prudential plc and sent a letter to the UK-based life insurance giant’s board urging the company to consider splitting its Asian and US operations.

EU upgrades Bermuda to tax ‘whitelist’; adds four to ‘blacklist’

The Council of the EU has removed Bermuda entirely from its list of non-cooperative tax jurisdictions after placing it on an intermediary ‘grey list’ last year, while adding Cayman Islands, Palau, Panama and the Seychelles to a now 12-strong list of blacklisted jurisdictions.

Speculate to accumulate?

Enstar’s stake in Watford Holdings looks like a value play rather than anything that would signal the total return reinsurer joining other offshore M&A candidates.

QIC brings leadership of Antares and Qatar Re under Van der Straaten

QIC Global – the parent company of Lloyd’s carrier Antares and Bermuda-based Qatar Re – has appointed Mike van der Straaten chief executive of both entities, The Insurer can reveal.

Argo and Voce agree on two board nominees

Argo has announced two board nominations jointly agreed with Voce Capital Management under the truce revealed last month as the activist investor also praised the Bermudian’s chairman elect Tom Bradley and new CEO Kevin Rehnberg for their role in the process.

Lancashire shares climb after strong FY results

Shares in Lancashire Holdings were up 3.4 percent in early trading – having earlier climbed by 6 percent – as investors reacted to an impressive set of FY results, with profit before tax of $120mn “substantially stronger” than the consensus of $76mn, according to Nick Johnson of Numis.

Axis slashes PMLs and increases use of third party capital

Axis Capital has significantly cut its probable maximum loss (PML) for peak cat exposures and made increasing use of its growing third party capital platform as part of a wider repositioning of its portfolio to deliver stronger and more stable underwriting results.

Arch expected to trade up as Q4 results beat

Shares in Arch Capital Group are expected to trade up on Wednesday after the Bermudian carrier reported a consensus beating fourth quarter net operating income per share of $0.74, significantly lower catastrophe losses in its P&C operations and a circa 25 percent jump in insurance GWP.

Arch operating profits up 63% in Q4

Arch Capital Group has reported a 63 percent increase in fourth quarter operating profits to $308.4mn, aided by significantly lower cats in its P&C operations and a solid contribution from its mortgage insurance business.

ILS executive Scherer to leave Aon Bermuda

Aon’s Bermuda-based insurance linked securities (ILS) expert Chuck Scherer is leaving the company and heading back to the US, The Insurer has learned.

Argo confirms McFate as Watson’s replacement on board

Argo Group International Holdings has confirmed Carol McFate to its board following a truce agreed with activist investor Voce Capital Management last month.

ILS Capital’s Prospero Re restructures to write traditional reinsurance

Bermudian reinsurer Prospero Re has secured a financial strength rating from Kroll Bond Rating Agency as the ILS Capital Management subsidiary shifts its operating model to include traditional reinsurance.

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