Bermuda

AmTrust buys time to terminate $2bn Maiden quota share

US insurer AmTrust has negotiated extra time to cancel its $2bn reinsurance quota share with sister company Maiden.

Maiden’s shares plunge 41% as CEO resigns after bad Q2

Shares in Maiden crashed by more than 41 percent on Thursday after the Bermudian reinsurer announced that its top brass had resigned after another poor second-quarter performance.

Top execs depart as AmTrust charge sends Maiden to an unexpected loss

The CEO and finance boss of Maiden have both stepped down in the wake of a poor second quarter that saw the Bermudian fall to an unexpected loss after taking a reserve charge on a book of business written for its sister company AmTrust.

Aspen share price now marooned below NTA on M&A concerns

Aspen Insurance Holding’s share price has now fallen 18 percent since its year-to-date high in early April as speculators become increasingly pessimistic about the imminent sale of the company as a formal M&A process edges closer to a conclusion.

Aspen appoints new reinsurance head as AIG hires Lillelund

Aspen Re’s CEO Thomas Lillelund is leaving the Bermudian carrier, which is elevating his number two to lead its reinsurance unit.

Argo impresses analysts as its combined ratio improves

Bermudian Argo surpassed the expectations of analysts in the second quarter with a $32.9mn profit driven by an improvement in the combined ratio.

Aspen’s share price falls as investors get jittery over sale talks

Aspen’s share price today fell below its tangible book value for the first since since March after the Bermudian firm’s CEO hinted yesterday that sale talks may not culminate in a successful takeover.

Aspen to slash headcount by up to 20 percent in a year

The chief executive of up-for-sale Bermudian Chris O’Kane has revealed plans to cut its headcount by up to 20 percent over the course of the next year.

Enstar profits climb 27% despite drag from Atrium and StarStone

Enstar’s operating income ballooned by over a quarter in the three-months before the end of June to hit $83mn despite a drag on bottom line from its up-for-sale businesses Atrium and StarStone.

Aspen cedes 50 percent more premium to reinsurers

Up-for-sale Bermudian Aspen reported a small second quarter earnings miss yesterday (1 August) while revealing the impact of a major de-risking of its gross exposures following last year’s heavy losses.

Investment returns dent Third Point profits as underwriting improves

Third Point Re’s net income fell 73 percent to $19.6mn in the second quarter despite improving underwriting results and modest investment gains.

Arch beats with top and bottom line improvement

Arch has trumped analysts’ consensus in the second quarter with a $242.6mn profit that was 43.6 percent higher than this time last year driven by improvement in both its insurance and reinsurance divisions.

XL disappoints analysts as insurance reserve charge dents profits

Soon-to-be Axa-owned XL Group underperformed against the expectations of analysts in the second quarter as a reserve charge in the carrier’s insurance division took its toll on the Bermudian’s bottom line.

Everest’s Q2 reserve charge hits profits as top line swells

Everest Re’s top line ballooned in a second quarter that saw its bottom line severely dented by a $250mn after tax charge to bolster reserves against last year’s catastrophes.

Axis launches insurtech business unit

Bermudian carrier Axis has launched Axis Digital Ventures, a new arm of the business that will focus on adopting new technologies across the group.

Validus swings to loss as AIG takeover completes

Validus has posted a loss of $32.9mn in the second quarter, a week after AIG completed its all-cash $5.56bn acquisition of the Bermudian (re)insurer.

PartnerRe’s top line leaps 13% as combined ratio suffers

PartnerRe saw gross non-life premiums in the second quarter swell by 13 percent to $1.25bn as the group’s combined ratio gained 6.1 points to hit 93.8 percent.

Axis impresses analysts as Novae deal bolsters top line

Axis surpassed the expectations of analysts in the second quarter to deliver a $106mn profit as its acquisition of Novae contributed to a 21 percent increase in the Bermudian’s top line.

RenRe shares edge up after 2017 cat reserve release

Investors welcomed news that RenaissanceRe had delivered a strong second quarter earnings beat, which included a $92mn net contribution from releases against last year’s natural catastrophe reserves.

Apollo closes in on Aspen with final bid expected next month

Apollo Global is in advanced talks with up-for-sale Bermudian (re)insurer Aspen with the firms earmarking agreed deal terms before the Monte Carlo Rendez-Vous, re-Insurance.com understands.

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