Bermuda

Convex Group launches with London and Bermuda regulatory approval

Stephen Catlin has formally unveiled his new international specialty (re)insurer with $1.8bn of initial committed capital, an AM Best A- (excellent) rating and regulated platforms in Bermuda and London approved to begin underwriting from 1 May.

Argo’s Q1 earnings increase beats expectations

Argo Group has reported a 12.6 percent increase in adjusted operating income, compared to adjusted operating income of $36.5mn for the first quarter of 2018.

$1.8bn Convex to launch with crucial A- AM Best rating

The underwriting subsidiaries of Stephen Catlin’s start-up (re)insurer Convex Group have been given A- financial strength and a- credit ratings by AM Best.

Aspen Bermuda CFO LeMoine heads for Horseshoe

Bermudian Horseshoe Group has appointed Fred LeMoine as director of its insurance management services.

Argo says Voce trying to “distract shareholders”

Argo Group has hit back at activist investor Voce Capital Management’s latest accusations, with the Bermudian (re)insurer saying Voce has misrepresented income-producing assets as corporate housing.

Axis increases Jebi and Trami losses by $30mn in Q1

Axis Capital has reported first quarter results that missed expectations, while revealing a 13.2 percent drop in reinsurance net premiums and an increase in losses from last year’s Japan typhoons.

Voce urges Argo to “come clean” over corporate spending

[CORRECTS EARLIER VERSION] The war of words has again intensified between Voce Capital Management and Argo, with the activist investor calling on the Mark Watson-led (re)insurer to “come clean” about the alleged misuse of corporate assets and “hair-splitting explanations” for the use of its corporate housing programme and company jet.

Radian closes $562mn mortgage ILS deal, reports “strong” demand

Radian Guaranty has obtained $562mn of credit risk reinsurance protection from Eagle Re 2019-1’s issuance of mortgage insurance-linked notes (ILNs) – its second such deal in five months.

Argo rejects Voce criticism as war of words intensifies

Argo has written to shareholders to dispel allegations made against it by activist investor Voce Capital Management ahead of its annual general meeting. This included the Bermudian carrier defending its CEO’s use of the company plane.

Universal cat cover FOTs price up 30%

Firm order terms (FOTs) for the renewal of Floridian carrier Universal Insurance Holdings’ catastrophe reinsurance programme have priced up 30 percent on a risk-adjusted basis after significant Irma creep, The Insurer can reveal.

Third Point Re appoints Gibbons to lead specialty treaty portfolio

Third Point Re has named Allied World’s former head of specialty reinsurance Tracey Gibbons to lead its specialty treaty portfolio.

Ariel Re hires TMR exec to head marine & energy reinsurance

Ariel Re has become the latest firm to hire from the former ranks of Bermudian reinsurer Tokio Millennium Re with the appointment of David Martin as head of marine & energy reinsurance.

Moody’s goes negative on Axis outlook

Moody’s has revised its ratings outlook of Axis Capital Holdings to negative from stable reflecting the Bermudians lower capitalization and higher operating and financial leverage relative to peers.

Axa XL makes senior Bermuda professional lines promotion

Axa XL has announced Jennifer Minors as senior vice president and product line leader in its Bermuda professional lines insurance unit.

Brit builds out Bermuda property reinsurance team

Brit has appointed Kristina Maffit as vice president of property reinsurance for Brit Global Specialty Bermuda (BGSB).

TMR’s McComas and Agnew land at Arch Re

Former Tokio Millennium Re executives Dave McComas and Butch Agnew have officially landed at Arch Re in Bermuda as ILS portfolio managers.

Watford Re shares list at 36% discount

Watford Holdings shares were trading at a 36 percent discount to year-end 2018 book value as the Bermudian total return (re)insurer listed on Nasdaq today.

Casualty head McFadden to leave Sirius

Bob McFadden is leaving his position as head of casualty at Sirius Group and has been linked with a potential move to join Waypoint Underwriting Group (WUG), The Insurer can reveal.

Argo urges shareholders to vote against Voce nominations at AGM

The scene is set for a dramatic showdown over Argo’s board at its annual general meeting, after it was revealed that Voce Capital declined an invitation for an independent committee to meet the activist investor’s nominees.

CatCo shareholders approve listed fund run-off

Markel CatCo’s London-listed retro investment fund CatCo Reinsurance Opportunities Fund is set to be placed into run-off following a shareholder meeting where investors almost unanimously approved the proposal.

Region

Topics

Events & Conferences

Content Types