News relating to the Bermuda and international insurance and reinsurance industry.
Bermuda licensed 11 new life re/insurers by November 2018, with more expected in statistics for December and Q1 2019, according to statistics from the Bermuda Business Development Agency (BDA).
Re/insurer Chubb, which retains substantial operations on Bermuda, has estimated that catastrophe losses will cost the company $585 million pre-tax in the fourth quarter of 2018.
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.
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.
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.
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.
2018 was the fourth highest annual catastrophe loss year on record, however its overall impact on property rates was limited, raising questions over pricing adequacy, underwriting strategy and available capital, according to Guy Carpenter's annual renewal report.
Arch Capital Group has estimated pre-tax losses of $110 million to $130 million related to 2018 fourth quarter catastrophic events.
Premia Holdings has acquired Public Service Insurance Company (PSIC) and its wholly-owned subsidiary Western Select Insurance Company (WSIC) from the Director of the Illinois Department of Insurance, acting in her capacity as statutory and court affirmed Rehabilitator for PSIC.
The Camp Fire wildfire in northern California was the costliest natural catastrophe event in 2018, with overall losses of $16.5 billion and insured losses of $12.5 billion, according to Munich Re's Natural Catastrophe Review 2018.