News relating to the Bermuda and international insurance and reinsurance industry.
Two key themes in the Bermuda market at present are a burgeoning life reinsurance market and an expected upward trajectory for insurance-linked securities (ILS), Arthur Wightman, PwC’s territory leader for PwC Bermuda, told Monte Carlo Today.
Industry veteran Dirk Lohmann, who now heads the insurance-linked securities (ILS) business of global asset management group Schroders, is exploring the possibility of launching a new reinsurer on Bermuda with a minimum of $500 million in capital.
A subsidiary of Bermuda-based Enstar Group has signed an agreement with subsidiaries of Munich Re to acquire certain portfolios from their Australian branches of Great Lakes Insurance and HSB Engineering Insurance, primarily of long tail insurance business.
Sirius Group has appointed Florian Boecker to the newly created role of head of life reinsurance, an extension of the company's existing global accident & health (A&H) business.
Greg Wojciechowski, chief executive of the Bermuda Stock Exchange, is bullish about the state of the ILS market in 2019—and believes Bermuda remains the natural location for this asset class to continue to evolve and develop.
The market is moving in the right direction on rates but the landscape is becoming increasingly complex. Whatever the shape of the future Bermuda remains well positioned as a global risk hub, said panellists at the annual Bermuda:Re+ILS Monte Carlo Roundtable, in association with Markel Re.
Re/insurer AXA XL is combining its Bermuda and London reinsurance platforms to create a global markets business focused on catastrophe, casualty and specialty lines led by Rob Littlemore, chief executive officer of its London reinsurance business.
Aspen Insurance Holdings has appointed Mary Kotch as chief information officer with immediate effect.
Bermuda continues to be a leader in nat cat coverage, and is becoming the leader in some specialty lines including cyber, according to John Huff, president of the Association of Bermuda Insurers and Reinsurers (ABIR).
Convex, Stephen Catlin’s new venture has now recruited 90 people including 20 product leaders and is opportunistically writing business—but it plans to really hit the ground running from the start of 2020, Catlin told Monte Carlo Today.