Bermuda

Chubb shares rise over 7% as Greenberg downplays loss trends

Chubb chairman and CEO Evan Greenberg has dismissed D&O loss trends as “an old story”, while providing detailed feedback on the price increases the insurance giant is obtaining.

Several Floridians close to exhausting Irma cat covers: RenRe

A number of Florida domestic carriers are now close to exhausting their 2017 private market cat covers after further significant creep on Hurricane Irma losses, according to RenaissanceRe CEO Kevin O’Donnell.

Chasing tail

Casualty has for a long time been identified as the next frontier for the ILS market.

RenRe reveals $925mn third party capital raise but misses in Hagibis-hit Q4 results

RenaissanceRe reported operating earnings per share that fell short of Wall Street forecasts in a fourth quarter that included a $193.3mn hit from Typhoon Hagibis and aggregate loss contracts written by the Bermudian reinsurer.

Fidelis names Burrows group MD and Burford UK CEO

Bermudian Fidelis has promoted founder member Daniel Burrows to group managing director and named Ian Burford CEO for the carrier’s UK operations, Fidelis Underwriting Limited (FUL).

IGI gets Bermuda green light for Tiberius deal

Dubai-based International Group Insurance Holdings (IGI) has been approved by the Bermuda Monetary Authority for its previously announced merger with special purpose acquisition company Tiberius Acquisition (TIBR).

Aspen adds former Validus exec Kudera as new chief actuary

Aspen has brought in industry veteran Andy Kudera as its new group chief actuary with the former Validus and Endurance executive set to join the Bermudian (re)insurer in early February.

Arch promotes Rajendra to chief strategy and innovation role

Arch Capital Group has promoted chief analytics officer Jay Rajendra to chief strategy and innovation officer, The Insurer has learned.

Axis won’t be alone in pointing to messy Q4

There have been several earnings preannouncements in recent weeks, but Axis Capital’s revelation that it is expecting “modest operating income” because of cat and other Q4 losses felt like the first profits warning of the season.

Gemini launches crypto captive with Aon and Marsh support

Gemini has launched a Bermudian captive insurer to cover its cryptocurrency exchange platform up to a limit of $200mn, with Aon acting as the captive manager and Marsh placing the captive’s excess reinsurance into the commercial market.

Ascot grows retro book at 1.1 with new sidecar

Ascot significantly expanded its traditional ultimate net loss (UNL) retro book in an attractive pricing environment at 1.1 as it utilized excess capital at group level as well as its new third-party capital quota share vehicle, The Insurer can reveal.

Sompo International’s Kelley to lead Ed Bermuda liability launch

Ed Broking’s recently established Bermuda unit has appointed Colin Kelley as head of liability on the island, with a mandate to lead the broker’s professional lines, casualty and healthcare teams.

Tysers takes minority stake in Bermudian MGA Helix

Integro-owned broker Tysers has invested in Bermudian MGA start-up Helix Underwriting Partners.

AkinovA-Hiscox trade looks to bring new capacity to cyber risks

The placement by Guy Carpenter of a Hiscox-structured and underwritten parametric cyber risk transfer on the AkinovA platform is aimed at opening the door to attract new capacity that can address the huge exposures arising from the peril.

MGA start-up Helix secures QBE capacity for property launch

Bermudian start-up multiline MGA Helix Underwriting Partners is set to begin underwriting after securing QBE capacity to support its debut offering in US property insurance, The Insurer can reveal.

Catalina strengthens UK corporate governance after FCA scrutiny

Bermudian-headquartered legacy firm Catalina Holdings has added Walter Gontarek and Bob Howe to the board of its UK subsidiaries as independent non-executive directors (INEDs) after the firm fell victim to a Section 166 review by the UK’s Financial Conduct Authority (FCA) last year.

BMA appoints Swan deputy CEO as part of Cox succession plan

The Bermuda Monetary Authority (BMA) board has appointed Craig Swan as deputy CEO, a role the BMA said was created to fulfil the strategic objective of succession planning ahead of the departure of executive chairman Jeremy Cox in 2021.

Allied World veteran D’Orazio leaves after 16 years

Allied World corporate COO and chief of staff Frank D’Orazio has stepped down from the role at the Fairfax Financial-owned carrier, The Insurer can reveal.

Bermuda sees cyber claims double

Bermudian commercial insurers have seen insurance cyber claims effectively double from year to year, according to the Bermuda Monetary Authority (BMA).

Retro market begins to clear after late activity

A surge of firm order terms (FOTs) in the last few days indicates that the 1.1 retro market has finally begun to clear, with sources suggesting pricing is up in the 10-20 percent range for loss-free occurrence deals and up 20-30 percent for aggregate covers, The Insurer can reveal.

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