Bermuda

More ILS funds to set up rated reinsurers: S&P

S&P believes convergence capital will continue to flow to ILS funds, despite high losses in the past two years and trapped capital, with the ratings agency also expecting more funds to explore setting up rated carriers.

LSM appoints Garside to lead Bermuda property

Liberty Specialty Markets has promoted Nicholas Garside to the role of head of Bermuda property.

R&Q provides legacy reinsurance for a Bermuda domiciled captive

London-listed legacy and programme specialist R&Q has issued loss portfolio transfer reinsurance for a US-based airline via its wholly owned A- admitted carrier, Accredited Surety and Casualty Company.

Ursano appointment signals more deals at Hamilton

Tony Ursano’s return to the market as Hamilton Insurance Group CFO after his recent TigerRisk exit may from the outside look a little left field. But the appointment of a deal maker suggests the Bermudian may not be done with M&A after its transformative Pembroke and Ironshore Europe transaction.

Bermuda bellwether for market again

For a small island some 800 miles off the Carolinas, Bermuda has punched above its weight to carve out a position as a key (re)insurance center over the last 35 years.

Everest adds JLT’s Adams for new Bermuda insurance operation

Everest Insurance has hired former JLT executive Kyle Adams to head up its new Bermuda insurance platform.

Maiden targets return to operating profitability after $22mn Q2 loss

Maiden Holdings has reported a second quarter loss, while revealing further details of its strategic actions.

Tysers opens Bermuda office

London market wholesale broker Tysers has launched a hub in Bermuda – Tyser (Bermuda) Ltd – with Richard Tomkins to lead the operation on the island as managing director.

AWAC Bermuda excess liability team set to join Ascot

A Bermuda-based team of Allied World excess liability underwriters led by Patrick Kenahan that recently left the carrier is set to join Ascot on the island, The Insurer can reveal.

Argo board backs exec pay and governance changes

Argo shareholders will get to vote on proposals next year to begin the declassification of the Bermudian’s board of directors and reduce its maximum size from 13 to 11.

R&Q provides legacy reinsurance for a Bermuda domiciled captive

London-listed legacy and programme specialist R&Q has issued loss portfolio transfer reinsurance via its wholly owned A- admitted carrier, Accredited Surety and Casualty Company.

Jebi creep hits Sirius results in Q2

Sirius International Insurance Group fell to a second quarter operating loss of $19mn as the Bermudian’s underwriting results were hit by loss creep on its property reinsurance book.

Increased E&S property demand has traction: Arch’s Grandisson

Arch Capital’s CEO compared property casualty market conditions to a holiday with children on the Bermudian (re)insurer’s earnings call.

SOBC Darag launches Bermuda hub with four-strong team from rival

Legacy specialist SOBC Darag has launched a hub in Bermuda with four hires from rival R&Q as it looks to expand operations in the US and Bermuda.

Axis beats in Q2 as reinsurance business balloons

Bermudian carrier Axis beat the expectations of 11 analysts surveyed by MarketWatch to deliver an operating income of $137mn in the second quarter – or $1.62 per diluted common share – outstripping Wall Street estimates of $1.34 a share.

PartnerRe grows non-life net premiums 15% in Q2

PartnerRe has reported 15 percent growth in non-life net premiums in the second quarter to $1.45bn, driven by a 24 percent increase in the P&C segment to $849mn.

Argo reveals $32.5mn hit driven by casualty reserve charge and Q2 cats

Bermudian (re)insurer Argo Group International Holdings has warned its upcoming earnings will be impacted by $22.5mn of adverse development from prior year accident year losses primarily in its Bermuda casualty business and $10mn of net losses from Q2 2019 catastrophes.

RenRe beats big and reveals $700mn+ third party capital raise

RenaissanceRe delivered a strong Q2 earnings beat in its first full quarter of reporting to include Tokio Millennium Re (TMR) results following the close of the deal to buy its smaller rival in March this year.