Bermuda

Voce says Argo board “cannot be trusted” to choose leadership or direction

Activist investor Voce Capital has responded to Mark Watson standing down as Argo CEO by saying the move does not allay concerns about governance and oversight at the Bermudian (re)insurer.

Alternative capital market fatigued: Duperreault

The alternative capital market is in a state of flux, with investors in the sector “fatigued” by consecutive years of trapped capital, AIG’s Brian Duperreault has said.

Argo: Just a coincidence?

The timing of the Watson and Noonan departures may not have any significance but the Argo vacancy could be attractive for a seasoned executive looking for a platform in a fast-improving market dynamic…

Hamilton to leverage technology across underwriting platform

Two Sigma-backed Hamilton Insurance Group is looking to apply greater technology and data science to underwriting across its platform, according to recently appointed CFO Tony Ursano.

Argo shares climb 7% on Watson exit

Shares in Argo Group climbed over 7 percent in early trading in New York on Wednesday as investors reacted to yesterday’s announcement that long-serving CEO Mark Watson III is stepping down.

Argo warns of $42mn Q3 reserve charge

Bermudian carrier Argo has preannounced it expects to suffer prior accident year losses of approximately $42mn – or 9.3 points – on its consolidated loss ratio in its upcoming third quarter results.

Flexible friends

Apollo’s recent news and RenRe’s continued pre-eminence are reminders that the provision of capital and originating and underwriting risk are flexible partnerships. They work best when there is a strong alignment of interest…

Ascot confirms AWAC excess casualty hires in Bermuda

Ascot has appointed Patrick Kenahan as head of excess casualty in Bermuda, who will be joined by Jason Pugi, Kimberley Pursell and Michael Watkins as senior vice presidents on the island, in a move first revealed by The Insurer.

Ascot in third-party capital talks ahead of bigger retro play at 1.1

Ascot is in discussions with potential third-party capital providers to come in behind its A rated paper as it looks to grow its traditional ultimate net loss (UNL) retro book in an increasingly attractive pricing environment, The Insurer can reveal.

Davies launches Bermuda consulting business

Private equity-backed Davies Group has launched an insurance compliance and regulatory consulting business in Bermuda.

CatCo’s Montgomerie & Vaughan launch Markel-backed Chard Re

Markel CatCo portfolio managers Rick Montgomerie and Charlie Vaughan are to depart from the retro fund manager and set up a new specialist ILS investment manager and fund with backing from Markel – Chard Re Investment Management (Chard Re).

OCIL’s Kirk departs

Long serving energy underwriter Graham Kirk has left Bermudian carrier Oil Casualty Insurance Limited (OCIL) after the best part of two decades with the carrier, The Insurer can reveal.

Leadership is key to achieving diversity

As the industry digests the revelations from last week’s international Dive In festival – insurance’s biggest event promoting D&I to date – Argo’s head of insurance in Bermuda, William Wharton, shares the benefits leaders can affect by fostering a diverse and inclusive workforce…

Tullett Prebon completes first ILN transaction on new cat trading platform

Global interdealer broker Tullett Prebon has finally completed its first Insurance-Linked Notes (ILN) transaction following the formation of the platform late last year with the ILS arm of asset manager LGT one of the counter-parties.

Aon seeks standardised commission rates on US commercial risk

Broking giant Aon is talking to insurers about fixing standard commission levels by line of business and placement geography for US commercial risk, The Insurer can reveal.

Brit to grow US casualty XOL book after getting A rating for BDA platform

Brit has secured an A financial strength rating from AM Best for the Bermudian platform it will use to expand its reinsurance portfolio in 2020 with a focus on US casualty excess-of-loss (XOL) business.

Brit looks to significantly increase AUM at Sussex Capital

Specialty (re)insurer Brit is meeting with ILS investors as it looks to raise funds to upsize its third-party capital platform, including collateralized reinsurance fund Sussex Capital and sidecar Versutus, The Insurer can reveal.

Bermuda braces for blow from Cat 3 Humberto

Bermuda schools and businesses – including the offices of (re)insurers, brokers and ILS funds – were closed today as the island bunkers down for a glancing blow from Category 3 Hurricane Humberto.