News relating to the Bermuda and international insurance and reinsurance industry.

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BMA chairman to step down; successor revealed


Bermuda Monetary Authority (BMA) chairman Gerald Simons has now retired following nine years on the board, including six as chair.

Argo estimates $44m loss impact in Q4


Bermuda-based specialty re/insurer Argo Group has made a  preliminary pre-tax catastrophe loss estimate for the three-month period ended December 31, 2018 of $32 million, primarily relating to Hurricane Michael and the California wildfires.

AIG's AlphaCat strikes ILS deal with insurtech startup


AlphaCat Managers, the insurance-linked securities (ILS) fund manager subsidiary of AIG, has completed an ILS transaction with Ledger Capital Markets, the MGA entity of insurtech and ILS startup Ledger Investing.

Maiden sells European auto subsidiary to Allianz


Bermuda-based Maiden Holdings sold its European automotive group to Allianz Partners, as part of its strategic review announced in 2018.

Blue Capital revises Q4 cat loss estimates to $30m


Blue Capital Reinsurance Holdings, a Bermuda-based collateralised reinsurance provider and subsidiary of Sompo International, has updated its fourth quarter catastrophe loss impact to $30 million, net of reinsurance and reinstatement premiums.

Chubb exec joins AXIS Capital as chief information officer


AXIS Capital Holdings has appointed Keith Schlosser as chief information officer (CIO).

Rational Funds launches ILS fund with mutual focus

North America16-01-2019

New York-based mutual fund firm Rational Funds aims to bring the benefits of insurance-linked securities (ILS) to the mutual fund market with the launch of Context Insurance Linked Income Fund (ILSIX).

Hiscox Re and MS&AD invest in re/insurance trading insurtech


Hiscox Re, along with Japanese re/insurance group MS&AD, have invested in AkinovA, an electronic marketplace for the transfer and trading of re/insurance risk.

Argo Group subsidiary partners with insurtech to offer pay-as-you-go insurance


Argo Group's European subsidiary ArgoGlobal Assicurazioni has partnered with Italian insurance broker Axieme to provide on-demand insurance for temporary and short-term workers in Italy.

Investors seek damages from Markel over CATCo loss reserves in lawsuit

Bermuda, North America15-01-2019

Investors that purchased Markel Corporation securities between July 26, 2017 and December 6, 2018, have filed a class action lawsuit against the re/insurance holding company, alleging they were misled regarding the company's financial condition.

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