Bermuda

Pre-tax income at the vehicle was $30mn in the first nine months of 2025.

The firm said this was due to planned returns of capital to ongoing investors.

Brant Loucks is one of four promotions across the Capital Partnerships and reinsurance units.

Operating revenues were also up on the $29.1mn reported over Q2.

O’Donnell believes RenRe is well positioned to produce longer-tail risk to third-party investors.

Third-party investors made a net income of $415mn in the quarter.

The sidecar was launched today by the Bermudian reinsurer and investment firm Carlyle.

The capital will provide retro cover for life-focused reinsurer Fortitude Re.

Investor interest is warming up following a colder spell over the past several years.

ILS has been a driver of innovation in reinsurance, Convergence 2025 attendees heard Wednesday.

The carrier will continue to write assumed retro in Bermuda.

Key topics include private ILS growth prospects and the longevity of longtail interest.

A cat-focused vehicle is “the missing piece” of Hannover Re’s ILS offerings, said Silke Sehm.

Founder and CEO of Nascent Andre Perez will join Sephira’s board of directors.

Improved performance and growing investment returns played a role in the upgrade.

Winds have strengthened to 80 mph, and the hurricane is expected to intensify further over the next 48 hours.

Bellal Rahman joins from Catalina Life Re, where he was head of finance for two years.

Marlon Williams will focus on the placement of reinsurance and retro business.

The new Verisk SCS model is increasing expected losses on aggregate bonds.

The hire comes as Guy Carpenter fills the void created by the Willis Re raid earlier this year.

In the new role, Edward Johnson will be rejoining former Aon Securities colleague Chris Parry.

The Bermuda firm said HS Sawmill reflected its continued focus on life insurance.

The ILS services specialist has worked in the ILS market in Bermuda for 10 years.

The resource was developed by leading ILS managers and investors.

The Bermuda reinsurer has been active in ILS since launching in 2007.

Vantage Group Holdings received a BBB- long-term issuer credit rating.

ILS executives talked pricing, capacity and opportunities in casualty at an ILS roundtable in Monte Carlo.

The market has learned lessons from earlier soft market phases that it will apply now.

The tech firm is building a joint stock company with insurers and investors.

Scott Cobon's most recent title was MD, insurance management services.

Fleming’s attempt follows those of other legacy carriers that have had recent successes raising capital.

The vehicle will be capitalised by an asset manager with more than $100bn in AuM.

The trend for private credit in alternative asset management is “set to continue”.

The agency noted inflows to cat bond funds and investor interest in private ILS.

Dedicated reinsurance capital is on track to increase by 8% in 2025, the broker said.

The Japanese carrier faces integration challenges to make a success of the deal.

The global specialty player is also exploring ILS offerings across specialty and cat bonds.

Aspen Capital Markets earned $169mn in fee income in 2024 alone.

The purchase brings Sompo an established ILS platform as part of the deal.

The ILS play will make the business more capital efficient under new owner Sixth Street.

Hagood will stay on as sole CEO of Nephila Holdings, with Taylor continuing as president.

The reinsurer’s capacity is hugely important to ILS firms, with few alternative providers.

This is the latest in a string of appointments made by the firm’s ILS unit.

The Bermudian firm has an active ILS division, unlike the Japanese conglomerate’s insurance divisions.

Aaron Garcia will hold a senior role at the operation, sources have confirmed.

Reinsurers are confident on cat rates and ready to deploy ILS capital.

The lawsuit is the latest development in the multi-billion dollar reinsurance scandal.

Property MGA Arden Insurance Services specialises in multi-family habitations.

The ILS manager revised down slightly its forecast for the syndicate’s 2023 YOA.

Aspen’s gross premium cession ratio grew 7.1 percentage points to 42.2%.

The sidecar took $19mn of cat losses relating to the California wildfires.

Around 95% of the Hiscox Re & ILS portfolio is rated rate “adequate” or better.

The unit said capital in the ILS market remains more than adequate to meet rising demand.

In Q2 last year, Everest ceded $26mn in losses to Mt Logan.

Investors are drawing lessons from life deals to find new routes into insurance markets.

The vehicle will support Ascot’s casualty business in the US and Bermuda.

The firm attributed a 9% drop in reinsurance NWP partly to higher cession rates.

The legacy player is working to secure its first deal, and could look to expand to US E&S.

The Bermuda SPI will write a quota share of SageSure’s captive Anchor Re.

The merged business of Twelve Securis ranked third among ILS managers for AuM, behind Fermat and RenRe.

Reserve releases helped to recapture deferred fees.

George Cantlay will also assume the additional position of president of the Bermuda business.

The reinsurer returned $216.7mn to investors in Q2.

He replaces Andrew Hughes, who held the role since 2021.

We discuss progress in collateral management with our Outstanding Contributor winner.

The fund’s ILS portfolio is split between 70% property cat and 30% cyber risk.

The third-party capital manager is a new entrant to the retro space.

Nikki-Lynn Marshall has worked at Markel since 2022.

A group of Bermuda staff also left the broker.

Michael Hamer recognised for his work with investors and on reporting frameworks.

Rachel Bardon will also join the board of Compre's Bermuda-based reinsurer Pallas Re.

The Bermuda-based team is led by John Fletcher. 

The sidecar renewed at $230mn for 2025.

William Soares moves from casualty and specialty CUO to president.

The bond protects against losses in the US, Canada, Europe and Australia.

Bredahl has been appointed CEO and Bonneau as chairman.

The Peak Re subsidiary mainly writes US motor and casualty reinsurance.

The carrier previously redeemed from a Herbie Re cat bond for California wildfire claims.

Some assets in the Medici Fund were transferred to a new UCITS strategy.

The ILS manager’s total AuM increased to $2.2bn in 2024 from $1.7bn the year prior.

Fales will focus on creating investment opportunities for the carrier’s specialty reinsurance portfolios.

The platform is based in Bermuda and will focus on strategic capital partnerships.

The team will focus on building out Miller’s property treaty, retro and ILS capabilities, it’s understood.

Ark's combined ratio included 25 points of catastrophe losses in Q1.

The ILS manager also swung to an operating profit after posting a loss in Q1 2024.

There’s not much supply in that marketplace, Papadopoulo said.

The carrier is offering shares priced at $29-$31.

The firm’s assets under management were down $300mn in Q1 as performance fee income was hit.

This year’s ceremony will include the inaugural Women in ILS Award presentation.

January’s California wildfires meant third-party investors suffered a loss of $195.3mn.

The carrier increased its cession by around 13% year over year.

The broker has also hired fellow Aon broker Barry Gordon in a role trading ILWs.

He joined Nephila in 2023 from Lancashire as a senior underwriter.

Gokul Sudarsana has been with the company since 2020, having joined from Deloitte.

Suzanne Wells is also joining the company from Arch as COO.

Rachel Barnes Binnie joins as portfolio manager.

The firm announced CEO Trevor Carvey will retire and is returning to the UK from Bermuda.

The rating allows IQUW to access $1bn in group capital.

Industry sources estimate the market to be around $3bn.

Founding partners DeCaro and Rettino will continue to provide oversight and investment advice.

Premiums ceded to the ILS vehicle increased by 76% to $433mn.

Island appetite remains stable, but early 2025 loss activity has injected fresh uncertainty.

The fund is open to European and other global investors.

The third-party capital platform is looking to enhance its tailored strategy offerings.

ILS is delivering “a growing contribution” to the group, according to CEO Cloutier.

The firm has rotated capital in sidecar Voussoir toward direct investor relationships.

DaVinci equity plus debt stood at $3.25bn as of 31 December.

There was a slight increase in DaVinci and Fontana from 31 December 2024 to 1 January 2025.

The firm reported record fee income of $128.2mn in 2024, up 26%.

Scrocca will be based in Bermuda on focus on underwriting and risk sourcing, among other things.

The firm said the appointment would support its ambitious growth strategy.

The start-up has achieved an A- credit rating from AM Best.

Over 2024, four hurricanes added 13 points of cat-loss impact to the combined ratio.

The restructuring arrangement is designed to protect creditors.

Shreeve’s role will encompass the Aon Captive & Insurance Managers’ ILS business.

The Bermudian’s wildfire loss estimate was based on an industry loss range of $35bn-$45bn.

The capital partners unit was launched via London Bridge 2 in Lloyd’s last year.

The reinsurer reported total fee income of $77.1mn.

The platform will transform ILS transactions on behalf of Jireh and SRS clients.

CEO Jim Williamson said social inflation was a “growing barrier” to a vibrant economy.

The firm will advise and support third-party risk capital providers.

The (re)insurer recorded a reserve charge of nearly $1.3bn within its casualty insurance book.

The platform will match partner capital to provide capacity for reinsurance placements.

He joins from Pillar Capital and will be based in Bermuda and New York.

He was appointed acting CEO earlier this month, after Andrade’s departure.

The vehicle is smaller by 8% as White Mountains’ participation grew.

Andrade is taking up a CEO role at another “prominent financial services firm”, Everest said.

The vehicle is yet to recover to 2021 levels of $235mn.

Nicole Chase was central to the build-out of Mt Logan while at Everest.

The firm has commenced writing collateralised retro and reinsurance but its rated launch is still pending.

Everest is in the process of transforming its ILS offering.

The ILS manager’s existing Medici cat bond strategy stood at $1.68bn in assets under management (AuM) as of 30 September.

CEO Jonathan Zaffino said he saw opportunities for expansion in casualty.

Management track record has been a factor in capital raising for 2025.

The start-up has secured BMA approval as it looks to a 1 January kick-off.

The headline figure of $7.72bn includes $3.11bn of DaVinci equity plus debt.

Shareholders are voting to approve being wound up on 18 December.

Strong growth in fee income builds on the favourable rating environment.

The latest issuance is the second cat bond RenaissanceRe has issued this year.

The ILS unit’s AuM was higher by $100mn compared to $1.9bn as of 30 June.

The fund will be denominated in US dollars and digital currencies.

Bob Forness, CEO of MultiStrat, will take over Robinson’s responsibilities.

In other property, Helene and Milton will assure rates remain attractive, he added.

Stokes has been with Pillar for nearly four years.

The firm sees a "robust" pipeline of potential investors ahead of the renewals.

Ceded losses grew by 69.2% in Q3 from the prior year quarter to $44mn.

The combined ratio included 17 points of catastrophe losses in the third quarter.

In its first deal, Enstar received $350mn in premium for certain 2019 and 2020 business in AlphaCat’s portfolio.

Andrade flagged expected 5% to 10% increases in the US and Europe.

The executive joined the company in 2019 from Barbican.

Roman Romeo was named CEO of Reinsurance Solutions in Bermuda in April this year.

The Brian Duperreault-led reinsurer start-up has secured a cornerstone investor and aims to have an ILS fund running from day one.

The number of sponsors has risen from 46 about a year ago to 66 over the last 12 months.

The Bermuda regulator is consulting on a refresh of its rules that will be in force as of 1 January 2025.

The deal announced in its Q2 results came as the carrier agreed a take-private deal.

The firm said the move would let it build a multi-vehicle capital management platform.

The Sussex Capital ILS platform managed $440mn at its 2019 peak.

The firm, one of three major reinsurance fronts, said it would manage run-off in an orderly way.

Charles Craigs will oversee Ascot’s sidecar and other third-party capital vehicles.

The rise comes as competition has increased for ILS between jurisdictions.

The carrier is designing an investable portfolio of long-tail risk.

All parties interested in the case have agreed to participate in the process.

The conflict between US and Bermuda legal systems offers no easy route for counterparties to fraud-impacted transactions.

The ILS cedants will receive “substantially decreased” S&P capital relief following the criteria changes, Arch said.

Mortgage ILS issuance has totalled $787.2mn so far this year.

The fund had taken major losses on cat-related investments, including through Southeast primary carriers Weston and Southern Fidelity.

BCCL will be rebranded to Nascent Advisory Services Ltd as part of the transaction.

The two associations will work together on six matters, including climate change, cyber risks and taxation.

A total of $386mn has been issued in private cat bond deals this year.

Total cat bond lite issuance this year has reached $370mn, according to Trading Risk’s tracker

The group structure would constitute a Bermuda-based rated carrier, and an associated fund structure.

The company's Ebitda for 2022 was estimated at $60mn compared to $20mn in 2021.

Both organizations have agreed for the appointment of a liquidator for Vesttoo transaction structures at the Supreme Court of Bermuda.

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.

Also formally joining the board are Carlyle’s managing directors James Burr and Jitij Dwivedi, and Adam Halpern-Leistner, director at Hellman & Friedman.

The deal includes AIG's AlphaCat platform.

The Bermuda-based platform primarily fronts property catastrophe treaty reinsurance for LGT's ILS funds.

Spectra has in-principle approval for a Bermuda broker license but believes cyber ILS solutions will be a game of “slow progress”.

The BMA also expects Bermudian insurers to consider double materiality in their reporting, as well as their own external climate-change impact.

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.

Ching said young brokers were “out of their depth” and did not know where to find capacity at the 1 January renewal.

Alun Thomas will report to Bermuda CEO Chris Bonard.

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.

The Bermudian reported $15mn in catastrophe losses for the quarter, down from $125mn in the same period last year.

The CEO said the reinsurer expects to post $35mn of fee income a quarter after raising more capital.

The firm elevated Justin O'Keefe, Cathal Carr, Fiona Walden and Bryan Dalton to US and Bermuda, Europe, casualty & specialty, and property CUOs, respectively.

The Bermuda Monetary Authority expects carriers on the island to take a 25% share of the total industry loss.

Arch’s estimate is commensurate with a range of expected insured losses across the global P&C industry of $50bn to $60bn.

Major questions confront the industry after Hurricane Ian, but no matter the answers, certain outcomes are inevitable.

Neches will also join the board of directors of the Bermuda-based company, effective immediately.

The incoming CUO joins from InsurTech MGA Kettle, where he was also CUO.

Inver Re said the launch was part of its growing inter-disciplinary approach to reinsurance broking.

The specialty cyber underwriter has appointed David Ross to head up the new outfit.

The new deputy CIO will have a focus on reinsurance debt investing.

Hurricane Earl is forecast to pass southeast of Bermuda, but tropical-storm-strength winds are predicted to hit the Island on Thursday.

ABIR reported that Bermudians posted a total loss ratio of 69.9% and a combined ratio of 100.1% last year.

Nat cat losses added 11.8 points to the combined ratio at 101.5% over five years on average, S&P has found.

In 2021, the US-Bermudian reinsurance composite’s combined ratio improved six points YoY.

The Sompo International company was placed into run-off in June 2019.

The Bermuda sidecar took losses of $21.1mn from the reinsurer during the quarter.

The carrier booked $45mn Q2 cat losses net of retrocession that included $41mn from Natal Floods and $4mn associated with the Australian floods.

The office will be led by chief actuary Faisal Haddad.

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.

The ratings agency affirmed its rating on Resolute Global Partners’ Bermuda platform, noting its exposure to aviation war risks.

The former Chubb exec will remain on the board as an independent director, along with president and CEO Jacques Bonneau.

The portfolio covers distressed Florida, Louisiana and US nationwide deals.

Peter Kiernan replaces Simon Penney, who is moving to an analytics role.

Pricing has settled at the top end of the reinsurer’s original guidance.

The Bermuda-based InsurTech will deploy a combination of its own and rated paper capital.

The firm has developed a capability to hedge commodity price risk and was originally backed by Ascot Underwriting.

The firm aims to build on the origination capability of Fleming Re and Accelerant.

A BDA report found that more than 30% of Bermudian carriers have integrated ESG into underwriting.

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.

The firm reserved $40mn for Ukraine, citing ‘small net losses’ in Re & ILS.

The carrier posted 6% growth in reinsurance, with primary insurance premiums rising 15%.

Jefferies has been awarded the mandate to seek a buyer for the segment.

ABIR is pushing back on behalf of the Bermuda cohort of companies, whose debt is significantly impacted.

The agency also affirmed the long-term issuer credit ratings of A- (excellent) on Hamilton Re and Hamilton Insurance Designated Activity Company.

Shanna Lespere joined the BMA in 2004 and has held various roles at the authority including COO for the past seven years.

The regulatory body also underlined the need to manage risks and uncertainties relating to the war.

The issuance is Vantage Risk’s second in the cat bond market.

The strength of the relationship between the government, the regulator and the industry is key to the island’s position.

The committee is the most senior management team at the Bermuda company, responsible for governance and strategy of the firm.

Fontana investors will face a short lock-up period in the sidecar’s ramp-up phase, but thereafter there will be some “embedded liquidity.”

The new platform extends RenRe’s suite of ILS and reinsurance strategies.

The executive will oversee management liability, healthcare and casualty/specialty reinsurance.

Part of the loan will be used to pay a $120mn dividend to HG Global equity holders.

ILS funds were showing pockets of positivity as market dynamics shift.

Carr was previously SVP, global head of property catastrophe at the reinsurer.

The industry has moved on from an initial focus on the nat-cat element of ESG.

Completion of the buyout remains subject to US bankruptcy courts recognising the agreement.

The ceded premiums were up more than sixfold after it set up a new sidecar.

Duda will be the latest exit from Markel after Lodgepine’s closure.

The move suggests the Markel Cato funds buyout could now finally be concluded.

The start-up Bermudian reinsurer has focused initially more on quota share.

The buyout of the Markel Catco investors is inching toward a resolution.

The bond provides annual aggregate industry loss cover for named storm and earthquake.

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.

The company lowered its full-year core loss ratio 2.6 points to 55.1% and posted a $266mn full-year underwriting gain.

The third-party capital raise came in 24% lower than January 2021, as the DaVinci sidecar took most inflows.