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.

Inflationary pressure and climate change meant the market effectively gave ground to cedants despite nominal price rises.

The private ILS deal follows on from a lively year of issuance in 2021

The reinsurer typically renews the deal in two parts each year.

Both gross and net exposures increased in the pandemic year, but net PMLs rose faster, a modelling report from the BMA shows.

Juan Andrade’s employment agreement has been extended through the end of 2023, with automatic annual extensions following this term.

The British investor had previously challenged what it described at attempts to ‘cramdown’ investors.

The recruit was formerly a portfolio manager at Nephila Capital.

This year, instead of talk about running late, people were highlighting how the starting gun has barely been fired.

The broking group has hired Sussex Capital’s Adam Champion and investment banker Niall Baird for the new venture.

The UK government’s policy paper provides for use of secondary legislation to make changes.

However, the deal is low-to-mid ranking in terms of book multiple.

Underwriting profits soared by 66% to $174mn, with a $234mn underwriting gain in mortgage outweighing losses in insurance and reinsurance.

Performance declined at the reinsurer’s third-party ventures owing to Q3’s big cat events.

The hire comes after the intermediary agreed to buy Bermudian business Foram.

The two parties had previously negotiated a $9bn deal for the reinsurer last year, which was later scrapped.

The ratings agency said the island would continue to provide a beneficial environment for carriers overall.

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.

The figure was lower as a proportion of shareholders’ equity compared to RenRe’s Q3 loss.

The issuance is the platform’s second this year.

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.

Markel reported that investigations by the DoJ and SEC have concluded with no penalties or action taken against the company.

Neville Weston, who will be based in Bermuda, will also become a member of Sompo’s reinsurance leadership team.

The ILS expert spearheaded modelling of catastrophe bond issuances during his time at AIR Worldwide.

Across London, the US and Bermuda, Ascot Re will provide P&C, PI and specialty lines cover via its new aligned division.

It will now take just three business days for such insurers to become registered on The Island.

The deal takes year-to-date private cat bond volumes up to $601.7mn, according to Trading Risk data.

The new retro fund launched with $98.9mn after an extended development phase.

The former Alterra Global Reinsurance CEO will be responsible for establishing the new hub for the reinsurance broker.

Fee income – an area of patchy disclosure by reinsurers – was generally stable amongst early reporters.

The insurer grew its top line by 41% in the first half of 2021.

The reinsurer stepped off five Florida domestic insurance programmes but has taken more E&S risk in the southeast US.

Craig Swan will become CEO of the monetary authority, after working as deputy CEO for 21 months.

It took year to date private cat bond volumes up to $580mn, according to Trading Risk data.

After their appointments, Ari Moskowitz and Peter Bell will report to Jim Williamson, Everest Re group COO and head of reinsurance.

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.

The underwriter had worked with the ILS firm since 2018.

Davies most recently served as head of global Re specialty Bermuda for the firm’s reinsurance division.

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.

The platform will be managed by Horseshoe with Leadenhall’s head of non-life, Ben Adolph, acting as head of underwriting.

The Bermudian booked a $4.6mn loss from Winter Storm Uri.

Many carriers agreed on the growing attraction of primary markets but differed on reinsurance-expansion tactics.

Markel’s overall ILS revenues dropped by 27% year on year as it lifted fronted premium written for the Bermudian firm.

The insurer remained in underwriting profit despite the winter storm losses.

Could investors – and ILS managers – be ready for another attempt at developing the retail ILS market?

The insurance group says the Texas winter storms will likely cost the industry about $15bn in total.

The latest deal covers a pool of mortgages with an aggregate value of $38bn, insured by Arch in H2 2020.

Sompo also finalised pricing on its new deal.

The Indiana Public Retirement System (INPRS) added $75mn of capital to an existing mandate with Aeolus's Keystone funds in January, according to reports.

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.

Dailey was vice president of model development at RMS.

The merged entity will also look to focus on higher margin lines and invest in InsurTech.

The (re)insurance services company recently hired a COO for its ILS operations.

The CEO says the carrier deployed most of the $340mn raised in June at the 1 January renewals.

The combined ratio deteriorates by 26.9 points to 107.8%, though comes in ahead of forecasts.

This came as Everest Re fell to a $44mn underwriting loss on a pre-reported prior-year reserve charge.

Third Point Re also confirmed Tim Mardon as global property head and named Rachael Dugan as general counsel.

The reinsurer was chasing a high 15% net return target but said lower demand and capital trapping made this unachievable

The executive had been president of Bermuda for Chubb’s reinsurance arm since 2011.

The executive will join the reinsurer ahead of the close of its merger with Sirius International later this month.

Following his departure Axis’ third-party capital unit will become a standalone division.

Markel’s ILS revenues were impacted by the Markel Catco run-off and Lodgepine start-up costs.

The Aquiline-backed carrier will offer multiple strategies including a high-risk and cat bond fund.

The carrier has set aside $13mn to pay coronavirus claims at its international unit.

Year-end returns diverged widely with a dozen funds falling to a loss.

The executive, based in Chicago, is a former broker and joined Argo’s ceded re team from Allied World in 2020.

The executive takes over from Megan Thomas, who left to become the CEO at Hamilton Re in September.

The carrier set up a "modest" retro vehicle but has plans to expand into other lines of business.

The additional $730mn in capital for its Upsilon RFO, DaVinci and Medici funds include $130mn of the company’s own money.

The charge comes at the end of Everest’s CEO Juan Andrade’s first year leading the (re)insurer.

The total would give the Bermudian a higher yearly cat loss total than it recorded in 2017.

The retro and specialty vehicle launch comes as PartnerRe expands in retro and ILS.

The Bermuda Monetary Authority had granted the InsurTech start-up a “sandbox” licence in 2019.

Cat losses will cost up to $80mn, down from last year’s $140mn, as the carrier indicated underlying results continued to improve in Q4.

Ascot will provide the reinsurance support for the index-based crop products.

The reinsurer raised $16mn from a new sidecar issuance.

A new mandate from an institutional investor has seeded the strategy.

The total value of Eden Re has fallen 17% compared with 2020.

The reinsurer anticipates a $175mn hit from Covid-19 claims during the quarter.

The move comes as environmental policies move up the list of investor priorities.

The retro specialist joins the firm as it prepares to expand its reinsurance interests after spinning out of Willis.

The new Bermuda venture launched at the beginning of the year as part of the business’s scale-up.

New capacity and fewer problems with trapping contributed to a smoother renewal than some had expected.

The Bermuda body details options for insurance providers in hybrid fund/transformer vehicles.

The carrier will largely avoid ILS and focus on differentiating through ESG.

This is the carrier’s first public cat bond after a private deal done through Guy Carp’s Cerulean platform in 2019.

The Q4 figures represent an increase of 24% since July 2020.

Reardon, Dudek and Roberts are all set to be reunited with former colleagues including Jeff Clements.

The former head of AmTrust Re and ex-MS Amlin property underwriter will help establish the start-up's Bermuda office.

As part of the deal Pelican Ventures and JC Flowers will provide capital for 2021 onwards, with Argo maintaining responsibility for years prior.

Ada Capital will underwrite on behalf of new special purpose insurer Ada Re.

Retro deals make up a third of this year's volumes, versus a quarter in 2019.

The carrier said its new EUR750mn funds from Covea would help to reduce financing costs.

The move comes days after Artex announced the hire of his brother Adrian.

Lavant is seeking at least $600m ahead of a proposed launch in January.

The Bermudian start-up carrier has identified a team that includes Tristan McDonald as well as another Hamilton alumni Stuart Quinlan.

The start-up, which is targeting a Day 1 IPO, will target a 5%-6% dividend yield and a mid-teen ROE.

The carrier leaves its Covid-19 loss estimate unchanged at $42mn.

Former CEO Ryan Mather returns to helm Ariel, and will also oversee underwriting for SPA 6133 under a pact between the acquirers and Apollo.

The company’s gross written premiums were up 16% in the period year on year.

HSCM’s Michael Millette urged industry participants to prepare for growing cat risk on the back of climate change.

The move caps 18 months of turnaround efforts at the Bermuda reinsurer.

The former Aon retro broker joined the firm several years ago.

The ratings agency has carried out an initial assessment of the reinsurance subsidiary's business plan.

The ex-Validus Re CEO will head up the pending Class 4 reinsurer after the White Mountains buy-in.

The final limit raised was nearly 60% above the company’s initial target, as pricing dropped to the lower end of forecasts.

The carrier expects “significant” operating income and “positive” net operating income for Q3.

The new chief joins from Hiscox ILS with a mandate to expand the reinsurer’s third-party capital platform.

The executive has begun sounding out investors about a retro offering.

The Bermudian is expecting to pay $17mn in third quarter Covid-19 claims.

Backing comes from industrial investor Ajay Kumar through his family office.

Sources said the deal remained enticing despite spreads dropping

The Bermudian is adding $10mn-$15mn to its Covid loss estimate as claims climb.

The reinsurer also cited West Coast wildfires, the August derecho, Hurricane Isaias and Typhoon Maysak as contributing to the total.

The carrier also says its Q1 Covid-19 loss estimate remains at $235mn.

The reinsurer dubbed "Vantage" also secures Aurora Swithenbank as CFO.

Shabnam Ahmed will build out the manager’s portfolio and train other underwriters.

The firm’s fourth annual issuance brings the total volume of cat bond lite deals this year to $250.54mn.

Chris Schaper becomes Validus Re CEO, Pat Regan suddenly departs QBE and more.

As solutions for trapped capital emerge, either ILS managers or investors should take the lead.

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.

The per-share price is a 35% premium to yesterday’s close.

The Bermuda carrier will be an initial investor in Griffin Highline.

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.

The move follows a complaint and an investigation showing the firm had breached Bermudian law.

The carrier's Ada Re vehicle will join its Turing Re sidecar, but its capacity is not known.

The appointment follows a number of senior departures from Aon’s reinsurance ranks.

Still some way off Category 1 intensity, Paulette is expected to reach the Leeward Islands on Thursday night.

The Bermudian manager is looking to broaden its platform.

The $59.1bn pension’s ILS allocation stands at 1.6% of the fund.

Total equity and debt raised this year if the $300mn target is reached would approach $1.5bn.

The ILS manager expects investments will have low correlation with the financial markets.

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.

The executive joins after 15 years at the Fairfax-owned carrier.

The business will be known as SiriusPoint and led by ex-AIG CFO Sid Sankaran, who will become chairman and CEO.

Reinsurance chairman will take on the CEO role until a successor is announced

The move comes amid a planned wind-down that began last August.

Arch was anticipating delinquencies to reach 10% by the end of 2020, a figure it has now revised down by a fifth.

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.

The $50.25mn Randolph Re Series 2020-1 private cat bond will mature after one year.

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.

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.

The execs are set to leave the firm after a combined 26 years at Argo and its predecessor companies.

The deal could be expanded by up to 50 percent at the top end of pricing guidance.

The Bermudian ILS manager closed some months ago.

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.

It is understood the new syndicate would write following lines via quota shares or consortia.

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.

The launch will bring collateralised reinsurance transforming in-house.

The Bermudian ILS fund was one of the supporting investors in a $123mn fundraise.

The statements come after an outline agreement, signed by Covea 10 weeks ago, collapsed this week.

Even as Florida rates improve, the reinsurer said it expects to hold back capacity for net growth and potential new demand.

Plummeting global markets have reduced the value of the carrier’s investments, results show.

The insurer said it was two thirds of the way to attaching a UK reinsurance treaty.

The fund manager reported stable fee income.

This came as the carrier sank to a $1.4bn Q1 loss on huge investment losses.

The initial "first-party" losses will be largely reinsurance claims, falling below the impact of 2019 Typhoon Hagibis.

The companies warn that the pandemic will likely cause losses and devalue their books and investments.

The Veraton Re vehicle is linked to Brad Chance, a North Carolina-based investor.

People moves in the ILS marketplace.

Company shareholders voted to wind down the beleaguered fund last March, and the run-off is expected to take a few years.

The platform transacted the most cat bond lite deals of 2019, with $300mn raised from such listings.

French insurer is reportedly confident despite stock prices having plummeted since the takeover was agreed.

After 13 years at Axis, Kiernan has completed gardening leave and taken up a new role.

The promotion comes as the reinsurer’s new CEO Juan Andrade shapes his senior team.

Isosceles Re will run alongside Cerulean Re, which was set up in 2017 to manage private ILS deals.

Legacy and bank financing offers have yet to take off as competitive concerns hold some deals back.

But ILS market exposure to contingency covers is limited, CUO von Herberstein said.

Michael Butt said the company is in “good hands”.

The fund intends to pay 90 percent of its current cash to investors with much of its portfolio held in side pockets.

Chris Conway joins TigerRisk from Neon Underwriting Bermuda, where he was senior vice president.

It is understood that CFO John Parry, who joined the firm last year after holding the same role at Lloyd’s, will become interim CEO.

Interim CEO Kevin Rehnberg was confirmed as CEO following Mark Watson’s resignation in November last year.

Using Kroll to rate Prospero Re allowed the firm to add customised ILS features to the rated structure, by having its fund investors own the platform.

The carrier "dusted off" its Purple pillared product and said renewing its cat bonds at lower attachment points helped shape its risk appetite.

Private ILS strategies fell to a loss of 0.8 percent for 2019 on the Eurekahedge ILS Advisers index, as this segment delivered its third year of losses in a row.

The Don Kramer-backed fund's Bermuda reinsurer Prospero Re has been given an A rating.

The carrier contributed more than $100mn of the January intakes for its retro-focused Upsilon fund and the Medici cat bond fund.

The deal covered Turkish earthquake risk.

The (re)insurer has cut its peak risk exposures by more than a third in some cases.

The reinsurance covers policies written by the insurer in from January to August 2019.

The cat loss figure is 2.4 percent of Everest Re’s total shareholders’ equity of $9bn.

The ILS manager has no current plans to deploy investor capital in cyber underwriting risks.

Fee income from capital partners nearly doubled to $80.2mn in 2019, up from $48.5mn in 2018.

The (re)insurer faced increased losses from Hurricane Irma alongside Typhoon Hagibis and wildfire claims.

The deal may replace a $55mn sidecar listed this time last year, which sources said provided reinsurance for a short-tail property insurance book.

Markel is fronting the deal, which will cover insurance business transacted for Nephila by State National.

Both tranches of the transaction priced at the bottom of the guidance range.

Insurers ceded 52 percent of gross losses in 2018, an increase of 2.4 percent on the 2017 total.

Axa XL has reorganised its reinsurance division with the promotion of four executives.

The vehicle is a PGGM investment with Munich Re, complementing the latter's Eden sidecar.

Insurance coupons on the latest Everest Re cat bond are more than 20 percent higher than a similar issuance in 2017.

A busier cat bond market is expected while a loss of investor confidence is squeezing the collateralised and sidecar markets, said managing director of GC Securities Des Potter.

Neon blamed the move on retro costs outrunning projected increases in its incoming business.

The deal points to a significant price correction in the cat bond market since 2018, with projected spreads up more than 20 percent when compared with past deals.

Andrew Holderness was previously head of global corporate insurance and worked at the law firm for more than two decades.

The firm also added former Aon brokers Robert Johnston and Peter Komposch to the Bermuda office amid the reshuffle.

LGT ILS Partners is now transacting 70 percent of its reinsurance book on a rated basis through its A rated Lumen Re platform, partner and portfolio manager Michael Stahel has confirmed.

Panellists at Trading Risk’s conference in New York said they were adopting a wait-and-see approach to Lloyd’s Blueprint One proposals intended to make it easier for ILS managers to participate in the market.

Wildfire recoveries benefitted DaVinci investors and RenRe's retro partners in Q3.

Sidecar sponsor RenaissanceRe also posted a 40 percent uplift in Q3 fee income.

The former Aon Securities executive is the first big hire for Credit Suisse ILS in the US.

The Reinsurance Opportunities Fund also repurchased $43.4mn of shares in September.

Cerulean Re has now transacted deals totalling $167.9mn this year.

The storm is expected to track approximately 100 miles north of the island with hurricane conditions expected in Bermuda on Wednesday night and Thursday morning, the NHC said.

Markel and Pimco updated the market on their ILS plans.

Graham joins from Lancashire Insurance Company where he was operations and claims manager.

The former MS Amlin executive will lead Credit Suisse ILS’s Bermuda reinsurance vehicle.

The fund has had to set aside more cash in side pockets after its mid-year 2018 portfolio rolled off risk.

The fund has also hired a deputy risk manager to join its London office.

Nick Harrap is set to take over the role of managing director of reinsurance in London.

The reinsurer’s combined ratio was 101.1 percent for Q2, down 2.3 percentage points from the prior-year period.

The insurer said it was looking forward to expanding Barbican’s relationships with third-party capital.

The seventh issuance this year takes the annual total to $134.08mn.

A total of $23.3mn is being held across bonds from 2017 and 2018.

The former partner at Appleby joined the law firm last year.

Carrie Kelley has also worked at Bowring Marsh Bermuda, Guy Carpenter Bermuda and Marsh USA in Chicago.

Edwin Jordan, who will still be based in Bermuda, was previously head of capital solutions at Tokio Millennium Re.

It is more efficient for ILS managers and cedants to be able to give collateral clawbacks, the Credit Suisse ILS head has argued.

The carrier has made refinements to the vehicle’s portfolio mix and the structure mix, Liberty Mutual told Trading Risk.

The creation of AIG Re combines all of the US insurance giant’s assumed reinsurance operations, including Validus Re, AlphaCat and Talbot Treaty.

The reinsurer is pitching its listed fund as a shell acquisition opportunity, according to sources.

The Everest Re group member has been hit by the departure of CEO Rick Pagnani and chief operating officer Michael Beck over the last year.

Mills joins from Hampden Agencies and will report to managing partner Neville Ching.

The jurisdiction had been added to the list on 12 March.

The stake in Catco’s listed fund held by the Boston-based asset management firm crossed the five percent threshold last week.

Timothy Gasaatura was previously the chief risk officer of AIG Bermuda/Fortitude Re.

The sidecar was established in 2017 to provide support for Hamilton Re’s reinsurance portfolio.

New registrations are expected from the ILS market.

Bermuda was included on the EU’s 2015 blacklist.