News relating to the Bermuda and international insurance and reinsurance industry.
Bermuda-based Qatar Re saw profits for full year 2016 grow by more than fifty percent, after it withdrew from underpriced business to focus on more lucrative areas of the market.
Third Point Re’s chairman and CEO John Berger has stepped down from the position of CEO. The announcement came on the same day that the company stated its full year 2016 results, which saw a profit of $27.6 million.
Third Point Re recorded a profit of $27.6 million for its 2016 full year results, a recovery from the loss of $87.4 million it posted in 2015, but saw a number of unfavourable developments in other areas.
XL Group has announced that chief financial officer (CFO) Peter Porrino is set to retire in May 2017. He will be succeeded by current global corporate controller Stephen Robb, who will report to CEO Mike McGavick.
A new team of US-based cyber underwriters has joined Validus Specialty, a subsidiary of Bermuda-based Validus Holdings.
A rise in global unrest has prompted Bermuda-based Ironshore International to increase the capacity for its terrorism and sabotage offerings to $400 million from the current limit of $375 million.
PartnerRe’s profits rose by more than 800 percent in 2016, largely due to net realised and unrealised gains on investments over the year.
Applications for cat bond vehicles are to be streamlined by the Cayman Islands Monetary Authority (CIMA).
Chubb, which has a significant presence on Bermuda, has appointed Adrian Matthews to the position of chief operating officer (COO) for Continental Europe, based in Paris.
Ernst & Young (E&Y) has carried out what it claims to be the first survey of insurance chief risk officers (CROs) in Bermuda, as their positions become increasingly important.