News relating to the Bermuda and international insurance and reinsurance industry.
The Bermuda Monetary Authority (BMA) has granted its first insurance regulatory sandbox license to insurtech AkinovA, an electronic marketplace for the transfer and trading of re/insurance risks.
The Bermuda Stock Exchange (BSX) has introduced an environmental, social and governance (ESG) initiative to promote sustainable and responsible growth for its member companies and listings, with insurance-linked securities (ILS) recognised as a sustainable development investment.
The Government of Jamaica is on course to developing its first ever catastrophe bond through a partnership with the World Bank.
Athene Holding, a provider of retirement saving products based in Bermuda, has formed a strategic capital solution expected to provide it with up to $4 billion of on-demand, third-party equity capital, to help it pursue various growth initiatives.
While the growth in the insurance-linked securities market continues to slow down in the first quarter of 2019, it does not reflect any long term change in appetite, according to Willis Re's ILS Market Update.
Bermuda-based insurance and ILS manager Horseshoe Group has appointed Fred LeMoine as its new head of insurance management, to succeed Nigel Godfrey, the group’s chief financial officer (CFO) and executive vice president of insurance management services.
Total dedicated capital for reinsurance had dropped to $462 billion at year-end, representing a 5 percent drop overall, although this was partially offset by growth in the alternative capital space, according to Willis Re’s Reinsurance Market Report.
The growth in alternative capital has slowed since its surge in late 2017 and early 2018, although it is expected to regain momentum this year as losses are developed and finalised, according to Aon’s Reinsurance Market Outlook for April 2019.
An internal review into Markel's CATCo has suggested there is no evidence of 'bad faith' in how personnel acted in the setting of reserves and making related disclosures during late 2017 and early 2018.
Hamilton Insurance Group's re/insurance platform Hamilton Re has secured $65 million of collateralised capacity through its special purpose sidecar vehicle, Turing Re.