News relating to the Bermuda and international insurance and reinsurance industry.
Liberty Mutual Re (LM Re), part of Liberty Mutual Insurance Group, has appointed Peter Smith to the newly created role of executive vice president (EVP) and managing director.
Severe convective storms and flooding in March caused an estimated $2 billion of damage in the US, according to Aon’s monthly Global Catastrophe Recap report, leaving public and private insurers with losses likely to be in excess of $1 billion.
Assured Guaranty Municipal Corp (AGM) and Assured Guaranty Corp (AGC) have reached an agreement in principle to settle their insured exposure to Puerto Rico Highway and Transportation Authority and other Puerto Rico clawback credits.
The Bermuda Monetary Authority (BMA) has unveiled a new team specialising in the licensing and supervision of innovative business model proposals to address climate change risk and the associated protection gap.
MS Amlin Underwriting (MS AUL), the Lloyd’s market re/insurer, has appointed Sam Geddes as head of the property and allied lines division.
Kathleen Faries has been appointed as the new chief executive officer (CEO) of Horseshoe, the insurance linked securities specialist and fund administrator.
Capital dedicated to the global reinsurance industry saw year on year growth of 7 percent in 2020, according to the latest Reinsurance Market Report from Willis Re, the reinsurance business of Willis Towers Watson.
Gallagher Re, the global reinsurance broker, has unveiled a new cyber reinsurance team in Bermuda.
Watford Holdings has completed the purchase of Axeria IARD (Axeria), a French property and casualty insurance company with offices in Lyon, Lille and Bordeaux.
Canopius Group, the global specialty re/insurer with operations in Bermuda, has appointed Pat Milner as head of renewable energy.