Bermuda
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The firm, one of three major reinsurance fronts, said it would manage run-off in an orderly way.
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Charles Craigs will oversee Ascot’s sidecar and other third-party capital vehicles.
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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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