News relating to the Bermuda and international insurance and reinsurance industry.
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Queensland flood losses pegged at $1.2 billion
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.
ChainThat to launch blockchain-powered Bermuda Insurance Exchange in July
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.
M&A in Bermuda expected to slow down in 2019: Clyde & Co
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.
Third Point Re posts Q4 and full year loss in 2018 results
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 reveals new chief risk officer
Arch Capital Group has appointed Janice Englesbe as senior vice president, chief risk officer (CRO).
RMS introduces high resolution cat model to tackle US wildfires
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.
Challenging casualty market leads to ratings downgrade at Allied World Bermuda
An erosion in Bermuda-based Allied World Assurance Company's commercial casualty profitability has lead to a ratings downgrade from AM Best.
Bermuda adds 19 captives in 2018, writes $40bn in premiums
The Bermuda Monetary Authority (BMA) licensed 19 new captive insurance companies in 2018, bringing the total to 711.
Lancashire returns to profit in 2018
Although sustaining heavy losses in the fourth quarter, Bermuda-based Lancashire Holdings returned to profit in 2018 and improved its combined ratio.
Sompo International enjoys solid growth; combined ratio sees big improvement
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.
