News relating to the Bermuda and international insurance and reinsurance industry.
In a development that could push Bermuda reinsurers into losses greater than they anticipated in the first half of the year, total economic losses from the Queensland floods in Australia are estimated at A$1.7 billion ($1.2 billion), according to Aon.
Insurtech company ChainThat is planning to launch a blockchain-powered risk and capital exchange to connect re/insurance companies and brokers to the capital markets.
Mergers and acquisitions (M&A) in the Bermuda insurance sector is expected to slow down in 2019 following several years of significant deal activity - particularly in 2018 - and a pool that is getting smaller and smaller, according to report from law firm Clyde & Co.
Against backdrop of poor investment performance and substantial catastrophe losses, the fourth quarter of 2018 proved challenging for Bermuda reinsurer Third Point Re, which posted a net loss for both the period and the full year.
Arch Capital Group has appointed Janice Englesbe as senior vice president, chief risk officer (CRO).
In a development relevant to Bermuda re/insurers with wildfire exposure, RMS has created a catastrophe model to better manage wildfire risk in the US, against backdrop of over $30 billion in claims since 2014.
An erosion in Bermuda-based Allied World Assurance Company's commercial casualty profitability has lead to a ratings downgrade from AM Best.
The Bermuda Monetary Authority (BMA) licensed 19 new captive insurance companies in 2018, bringing the total to 711.
Although sustaining heavy losses in the fourth quarter, Bermuda-based Lancashire Holdings returned to profit in 2018 and improved its combined ratio.
Japanese insurance holdings company Sompo Holdings’ net income slumped in the nine-month period ending December 31 - but the company has improved the profitability of its overseas insurance subsidiary Sompo International.