Bermuda
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The rise comes as competition has increased for ILS between jurisdictions.
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The carrier is designing an investable portfolio of long-tail risk.
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All parties interested in the case have agreed to participate in the process.
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The conflict between US and Bermuda legal systems offers no easy route for counterparties to fraud-impacted transactions.
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The ILS cedants will receive “substantially decreased” S&P capital relief following the criteria changes, Arch said.
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Mortgage ILS issuance has totalled $787.2mn so far this year.
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The fund had taken major losses on cat-related investments, including through Southeast primary carriers Weston and Southern Fidelity.
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BCCL will be rebranded to Nascent Advisory Services Ltd as part of the transaction.
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The two associations will work together on six matters, including climate change, cyber risks and taxation.
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A total of $386mn has been issued in private cat bond deals this year.
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Total cat bond lite issuance this year has reached $370mn, according to Trading Risk’s tracker
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The group structure would constitute a Bermuda-based rated carrier, and an associated fund structure.
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The company's Ebitda for 2022 was estimated at $60mn compared to $20mn in 2021.
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Both organizations have agreed for the appointment of a liquidator for Vesttoo transaction structures at the Supreme Court of Bermuda.
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The Inside P&C Research Team has examined the impact on 2025 earnings for Bermudians of a proposed corporate tax rate of 15% for large multinational firms in Bermuda.
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Also formally joining the board are Carlyle’s managing directors James Burr and Jitij Dwivedi, and Adam Halpern-Leistner, director at Hellman & Friedman.
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The deal includes AIG's AlphaCat platform.
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The Bermuda-based platform primarily fronts property catastrophe treaty reinsurance for LGT's ILS funds.
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Spectra has in-principle approval for a Bermuda broker license but believes cyber ILS solutions will be a game of “slow progress”.
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The BMA also expects Bermudian insurers to consider double materiality in their reporting, as well as their own external climate-change impact.
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Reinsurers congregating in Bermuda flagged a lack of interest in helping under-capitalised Floridian insurers and under-priced diversifiers, with positive implications for ILS participation.
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Ching said young brokers were “out of their depth” and did not know where to find capacity at the 1 January renewal.
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Alun Thomas will report to Bermuda CEO Chris Bonard.
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The cat XoL rate increase in Europe was over 40%, while the average attachment point of the global property cat business increased “meaningfully,” he added.
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The Bermudian reported $15mn in catastrophe losses for the quarter, down from $125mn in the same period last year.
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The CEO said the reinsurer expects to post $35mn of fee income a quarter after raising more capital.
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The firm elevated Justin O'Keefe, Cathal Carr, Fiona Walden and Bryan Dalton to US and Bermuda, Europe, casualty & specialty, and property CUOs, respectively.
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The Bermuda Monetary Authority expects carriers on the island to take a 25% share of the total industry loss.
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Arch’s estimate is commensurate with a range of expected insured losses across the global P&C industry of $50bn to $60bn.
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Major questions confront the industry after Hurricane Ian, but no matter the answers, certain outcomes are inevitable.
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Neches will also join the board of directors of the Bermuda-based company, effective immediately.
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The incoming CUO joins from InsurTech MGA Kettle, where he was also CUO.
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Inver Re said the launch was part of its growing inter-disciplinary approach to reinsurance broking.
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The specialty cyber underwriter has appointed David Ross to head up the new outfit.
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The new deputy CIO will have a focus on reinsurance debt investing.
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Hurricane Earl is forecast to pass southeast of Bermuda, but tropical-storm-strength winds are predicted to hit the Island on Thursday.
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ABIR reported that Bermudians posted a total loss ratio of 69.9% and a combined ratio of 100.1% last year.
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Nat cat losses added 11.8 points to the combined ratio at 101.5% over five years on average, S&P has found.
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In 2021, the US-Bermudian reinsurance composite’s combined ratio improved six points YoY.
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The Sompo International company was placed into run-off in June 2019.
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The Bermuda sidecar took losses of $21.1mn from the reinsurer during the quarter.
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The carrier booked $45mn Q2 cat losses net of retrocession that included $41mn from Natal Floods and $4mn associated with the Australian floods.
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The office will be led by chief actuary Faisal Haddad.
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The company’s property segment booked a combined ratio of 57.6%, 13.8 points higher compared to Q2 2021 due to a higher attritional loss ratio.
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The ratings agency affirmed its rating on Resolute Global Partners’ Bermuda platform, noting its exposure to aviation war risks.
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The former Chubb exec will remain on the board as an independent director, along with president and CEO Jacques Bonneau.
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The portfolio covers distressed Florida, Louisiana and US nationwide deals.
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Peter Kiernan replaces Simon Penney, who is moving to an analytics role.
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Pricing has settled at the top end of the reinsurer’s original guidance.
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The Bermuda-based InsurTech will deploy a combination of its own and rated paper capital.
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The firm has developed a capability to hedge commodity price risk and was originally backed by Ascot Underwriting.
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The firm aims to build on the origination capability of Fleming Re and Accelerant.
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A BDA report found that more than 30% of Bermudian carriers have integrated ESG into underwriting.
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TransRe is still hoping to raise $175mn from its Bowline Re cat bond for coverage against named storms and earthquakes as it has significantly lifted projected spreads on the transaction, Trading Risk understands.
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The firm reserved $40mn for Ukraine, citing ‘small net losses’ in Re & ILS.
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The carrier posted 6% growth in reinsurance, with primary insurance premiums rising 15%.
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Jefferies has been awarded the mandate to seek a buyer for the segment.
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ABIR is pushing back on behalf of the Bermuda cohort of companies, whose debt is significantly impacted.
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The agency also affirmed the long-term issuer credit ratings of A- (excellent) on Hamilton Re and Hamilton Insurance Designated Activity Company.
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Shanna Lespere joined the BMA in 2004 and has held various roles at the authority including COO for the past seven years.
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The regulatory body also underlined the need to manage risks and uncertainties relating to the war.
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The issuance is Vantage Risk’s second in the cat bond market.
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The strength of the relationship between the government, the regulator and the industry is key to the island’s position.
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The committee is the most senior management team at the Bermuda company, responsible for governance and strategy of the firm.
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Fontana investors will face a short lock-up period in the sidecar’s ramp-up phase, but thereafter there will be some “embedded liquidity.”
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The new platform extends RenRe’s suite of ILS and reinsurance strategies.
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The executive will oversee management liability, healthcare and casualty/specialty reinsurance.
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Part of the loan will be used to pay a $120mn dividend to HG Global equity holders.
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ILS funds were showing pockets of positivity as market dynamics shift.
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Carr was previously SVP, global head of property catastrophe at the reinsurer.
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The industry has moved on from an initial focus on the nat-cat element of ESG.
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Completion of the buyout remains subject to US bankruptcy courts recognising the agreement.
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The ceded premiums were up more than sixfold after it set up a new sidecar.
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Duda will be the latest exit from Markel after Lodgepine’s closure.
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The move suggests the Markel Cato funds buyout could now finally be concluded.
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The start-up Bermudian reinsurer has focused initially more on quota share.
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The buyout of the Markel Catco investors is inching toward a resolution.
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The bond provides annual aggregate industry loss cover for named storm and earthquake.
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CEO Albert Benchimol pledged to grow the company’s specialty business as the catastrophe portion of its 1.1 book shrank by 10 percentage points.
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The company lowered its full-year core loss ratio 2.6 points to 55.1% and posted a $266mn full-year underwriting gain.
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The third-party capital raise came in 24% lower than January 2021, as the DaVinci sidecar took most inflows.
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Inflationary pressure and climate change meant the market effectively gave ground to cedants despite nominal price rises.
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The private ILS deal follows on from a lively year of issuance in 2021
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The reinsurer typically renews the deal in two parts each year.
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Both gross and net exposures increased in the pandemic year, but net PMLs rose faster, a modelling report from the BMA shows.
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Juan Andrade’s employment agreement has been extended through the end of 2023, with automatic annual extensions following this term.
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The British investor had previously challenged what it described at attempts to ‘cramdown’ investors.
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The recruit was formerly a portfolio manager at Nephila Capital.
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This year, instead of talk about running late, people were highlighting how the starting gun has barely been fired.
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The broking group has hired Sussex Capital’s Adam Champion and investment banker Niall Baird for the new venture.
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The UK government’s policy paper provides for use of secondary legislation to make changes.
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However, the deal is low-to-mid ranking in terms of book multiple.
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Underwriting profits soared by 66% to $174mn, with a $234mn underwriting gain in mortgage outweighing losses in insurance and reinsurance.
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Performance declined at the reinsurer’s third-party ventures owing to Q3’s big cat events.
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The hire comes after the intermediary agreed to buy Bermudian business Foram.
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The two parties had previously negotiated a $9bn deal for the reinsurer last year, which was later scrapped.
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The ratings agency said the island would continue to provide a beneficial environment for carriers overall.
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Axis estimates Hurricane Ida will be a $35bn industry loss event while the European floods – from which Axis expects a $55mn bill – are projected to cost the industry $13bn.
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The figure was lower as a proportion of shareholders’ equity compared to RenRe’s Q3 loss.
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Kate Vacher has taken on the role of CEO for the reinsurance broker’s Bermuda entity and will report to Angus Milgate, head of international treaty reinsurance.
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Markel reported that investigations by the DoJ and SEC have concluded with no penalties or action taken against the company.
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Neville Weston, who will be based in Bermuda, will also become a member of Sompo’s reinsurance leadership team.
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The ILS expert spearheaded modelling of catastrophe bond issuances during his time at AIR Worldwide.
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Across London, the US and Bermuda, Ascot Re will provide P&C, PI and specialty lines cover via its new aligned division.
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It will now take just three business days for such insurers to become registered on The Island.
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The deal takes year-to-date private cat bond volumes up to $601.7mn, according to Trading Risk data.
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The new retro fund launched with $98.9mn after an extended development phase.
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The former Alterra Global Reinsurance CEO will be responsible for establishing the new hub for the reinsurance broker.
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Fee income – an area of patchy disclosure by reinsurers – was generally stable amongst early reporters.
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The insurer grew its top line by 41% in the first half of 2021.
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The reinsurer stepped off five Florida domestic insurance programmes but has taken more E&S risk in the southeast US.
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Craig Swan will become CEO of the monetary authority, after working as deputy CEO for 21 months.
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It took year to date private cat bond volumes up to $580mn, according to Trading Risk data.
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After their appointments, Ari Moskowitz and Peter Bell will report to Jim Williamson, Everest Re group COO and head of reinsurance.
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The government supports efforts to create a minimum corporate tax and broaden taxing rights, but it warns of the impact on financial services and insurers.
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The underwriter had worked with the ILS firm since 2018.
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Davies most recently served as head of global Re specialty Bermuda for the firm’s reinsurance division.
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Local executives expect the island to weather global reform efforts in light of Bermuda’s other advantages and the time it will take to implement minimum tax levels.
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The platform will be managed by Horseshoe with Leadenhall’s head of non-life, Ben Adolph, acting as head of underwriting.
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The Bermudian booked a $4.6mn loss from Winter Storm Uri.
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Many carriers agreed on the growing attraction of primary markets but differed on reinsurance-expansion tactics.
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Markel’s overall ILS revenues dropped by 27% year on year as it lifted fronted premium written for the Bermudian firm.
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The insurer remained in underwriting profit despite the winter storm losses.
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Could investors – and ILS managers – be ready for another attempt at developing the retail ILS market?
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The insurance group says the Texas winter storms will likely cost the industry about $15bn in total.
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The latest deal covers a pool of mortgages with an aggregate value of $38bn, insured by Arch in H2 2020.
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The Indiana Public Retirement System (INPRS) added $75mn of capital to an existing mandate with Aeolus's Keystone funds in January, according to reports.
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A survey from the Bermuda Monetary Authority found almost 60% of P&C insurers have not changed their business strategy in response to climate change.
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Dailey was vice president of model development at RMS.
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The merged entity will also look to focus on higher margin lines and invest in InsurTech.
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The (re)insurance services company recently hired a COO for its ILS operations.
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The CEO says the carrier deployed most of the $340mn raised in June at the 1 January renewals.
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The combined ratio deteriorates by 26.9 points to 107.8%, though comes in ahead of forecasts.
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This came as Everest Re fell to a $44mn underwriting loss on a pre-reported prior-year reserve charge.
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Third Point Re also confirmed Tim Mardon as global property head and named Rachael Dugan as general counsel.
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The reinsurer was chasing a high 15% net return target but said lower demand and capital trapping made this unachievable
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The executive had been president of Bermuda for Chubb’s reinsurance arm since 2011.
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The executive will join the reinsurer ahead of the close of its merger with Sirius International later this month.
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Following his departure Axis’ third-party capital unit will become a standalone division.
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Markel’s ILS revenues were impacted by the Markel Catco run-off and Lodgepine start-up costs.
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The Aquiline-backed carrier will offer multiple strategies including a high-risk and cat bond fund.
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The carrier has set aside $13mn to pay coronavirus claims at its international unit.
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Year-end returns diverged widely with a dozen funds falling to a loss.
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The executive, based in Chicago, is a former broker and joined Argo’s ceded re team from Allied World in 2020.
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The executive takes over from Megan Thomas, who left to become the CEO at Hamilton Re in September.
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The carrier set up a "modest" retro vehicle but has plans to expand into other lines of business.
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The additional $730mn in capital for its Upsilon RFO, DaVinci and Medici funds include $130mn of the company’s own money.
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The charge comes at the end of Everest’s CEO Juan Andrade’s first year leading the (re)insurer.
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The total would give the Bermudian a higher yearly cat loss total than it recorded in 2017.
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The retro and specialty vehicle launch comes as PartnerRe expands in retro and ILS.
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The Bermuda Monetary Authority had granted the InsurTech start-up a “sandbox” licence in 2019.
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Cat losses will cost up to $80mn, down from last year’s $140mn, as the carrier indicated underlying results continued to improve in Q4.
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Ascot will provide the reinsurance support for the index-based crop products.
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The reinsurer raised $16mn from a new sidecar issuance.
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A new mandate from an institutional investor has seeded the strategy.
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The total value of Eden Re has fallen 17% compared with 2020.
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The reinsurer anticipates a $175mn hit from Covid-19 claims during the quarter.
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The move comes as environmental policies move up the list of investor priorities.
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The retro specialist joins the firm as it prepares to expand its reinsurance interests after spinning out of Willis.
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The new Bermuda venture launched at the beginning of the year as part of the business’s scale-up.
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New capacity and fewer problems with trapping contributed to a smoother renewal than some had expected.
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The Bermuda body details options for insurance providers in hybrid fund/transformer vehicles.
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The carrier will largely avoid ILS and focus on differentiating through ESG.
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This is the carrier’s first public cat bond after a private deal done through Guy Carp’s Cerulean platform in 2019.
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The Q4 figures represent an increase of 24% since July 2020.
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Reardon, Dudek and Roberts are all set to be reunited with former colleagues including Jeff Clements.
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The former head of AmTrust Re and ex-MS Amlin property underwriter will help establish the start-up's Bermuda office.
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As part of the deal Pelican Ventures and JC Flowers will provide capital for 2021 onwards, with Argo maintaining responsibility for years prior.
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Ada Capital will underwrite on behalf of new special purpose insurer Ada Re.
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Retro deals make up a third of this year's volumes, versus a quarter in 2019.
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The carrier said its new EUR750mn funds from Covea would help to reduce financing costs.
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The move comes days after Artex announced the hire of his brother Adrian.
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Lavant is seeking at least $600m ahead of a proposed launch in January.
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The Bermudian start-up carrier has identified a team that includes Tristan McDonald as well as another Hamilton alumni Stuart Quinlan.
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The start-up, which is targeting a Day 1 IPO, will target a 5%-6% dividend yield and a mid-teen ROE.
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The carrier leaves its Covid-19 loss estimate unchanged at $42mn.
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Former CEO Ryan Mather returns to helm Ariel, and will also oversee underwriting for SPA 6133 under a pact between the acquirers and Apollo.
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The company’s gross written premiums were up 16% in the period year on year.
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HSCM’s Michael Millette urged industry participants to prepare for growing cat risk on the back of climate change.
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The move caps 18 months of turnaround efforts at the Bermuda reinsurer.
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The former Aon retro broker joined the firm several years ago.
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The ratings agency has carried out an initial assessment of the reinsurance subsidiary's business plan.
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The ex-Validus Re CEO will head up the pending Class 4 reinsurer after the White Mountains buy-in.
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The final limit raised was nearly 60% above the company’s initial target, as pricing dropped to the lower end of forecasts.
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The carrier expects “significant” operating income and “positive” net operating income for Q3.
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The new chief joins from Hiscox ILS with a mandate to expand the reinsurer’s third-party capital platform.
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The executive has begun sounding out investors about a retro offering.
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The Bermudian is expecting to pay $17mn in third quarter Covid-19 claims.
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Backing comes from industrial investor Ajay Kumar through his family office.
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Sources said the deal remained enticing despite spreads dropping
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The Bermudian is adding $10mn-$15mn to its Covid loss estimate as claims climb.
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The reinsurer also cited West Coast wildfires, the August derecho, Hurricane Isaias and Typhoon Maysak as contributing to the total.
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The carrier also says its Q1 Covid-19 loss estimate remains at $235mn.
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The reinsurer dubbed "Vantage" also secures Aurora Swithenbank as CFO.
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Shabnam Ahmed will build out the manager’s portfolio and train other underwriters.
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The firm’s fourth annual issuance brings the total volume of cat bond lite deals this year to $250.54mn.
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Chris Schaper becomes Validus Re CEO, Pat Regan suddenly departs QBE and more.
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As solutions for trapped capital emerge, either ILS managers or investors should take the lead.
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The average ILS fund was up 0.69% amid an active hurricane season, the fund reported.
-
More seasoned trapped capital is likely to be suited to such deals.
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The per-share price is a 35% premium to yesterday’s close.
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The Bermuda carrier will be an initial investor in Griffin Highline.
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The former Liberty executive’s long-term ambition is to build a tech-enabled, London-based risk carrier to align with the Future at Lloyd’s vision.
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The move follows a complaint and an investigation showing the firm had breached Bermudian law.
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The carrier's Ada Re vehicle will join its Turing Re sidecar, but its capacity is not known.
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The appointment follows a number of senior departures from Aon’s reinsurance ranks.
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Still some way off Category 1 intensity, Paulette is expected to reach the Leeward Islands on Thursday night.
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The Bermudian manager is looking to broaden its platform.
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The $59.1bn pension’s ILS allocation stands at 1.6% of the fund.
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Total equity and debt raised this year if the $300mn target is reached would approach $1.5bn.
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The ILS manager expects investments will have low correlation with the financial markets.
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LGT ILS Partners, Swiss Re and Pool Re's Baltic Re cat bond were among the winners of the Trading Risk awards 2020.
-
Kristofer Sannemalm joins the growing new platform helmed by Lixin Zeng and Richard Lowther.
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The executive joins after 15 years at the Fairfax-owned carrier.
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The business will be known as SiriusPoint and led by ex-AIG CFO Sid Sankaran, who will become chairman and CEO.
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Reinsurance chairman will take on the CEO role until a successor is announced
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The move comes amid a planned wind-down that began last August.
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Arch was anticipating delinquencies to reach 10% by the end of 2020, a figure it has now revised down by a fifth.
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The new guidance is the first update to Bermuda's SPI framework.
-
The carrier said $130mn of pre-tax Covid-19 losses came from its reinsurance segment.
-
This week the team looks at the underperformance of Bermudian syndicates at Lloyd’s.
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The $50.25mn Randolph Re Series 2020-1 private cat bond will mature after one year.
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The (re)insurer said Covid-19 losses would account for about $170mn-$180mn of the claims tally.
-
The island's ILS capacity grew by $19bn, or 37 percent, the year after Irma.
-
Syndicate 2358 may target lines such as cyber or terrorism.
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Proceeds of the 30-year bond sale are earmarked for “general corporate purposes”.
-
The deal took cat bond lite volumes to $139mn in 2020.
-
Henry Kingham and Daina Casling have joined the partnership of the Elliott-backed Bermudian ILS manager.
-
Counterparties can create and trade digital reinsurance contracts at “very low” costs, the company said.
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The execs are set to leave the firm after a combined 26 years at Argo and its predecessor companies.
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The deal could be expanded by up to 50 percent at the top end of pricing guidance.
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The Bermudian ILS manager closed some months ago.
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The bond will provide second-event US wind and quake cover.
-
RenaissanceRe raised $913mn from a new share issuance last week, with joint venture partner State Farm investing a further $75mn.
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It is understood the new syndicate would write following lines via quota shares or consortia.
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The shares change hands at a 0.6 percent premium to the undisturbed price, though more than 5 percent below Tuesday's close.
-
The sale of about 5.5 million shares would increase the carrier’s outstanding common stock by 12.5 percent.
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The launch will bring collateralised reinsurance transforming in-house.
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