News relating to the Bermuda and international insurance and reinsurance industry.
California Wildfire Fund secures reinsurance advisor
Guy Carpenter and Company has been named as the sole reinsurance intermediary for the newly formed California Wildfire Fund (CWF) to provide strategic reinsurance and advisory services and develop its risk transfer and reinsurance strategy.
Aon names chairman of UK reinsurance business
Aon has appointed Don Magee as UK chairman of its reinsurance business.
BMA treatment of tier 3 capital different to other jurisdictions: Fitch
Conflicting language between the debt offering documents and the Bermuda Monetary Authority's Tier 3 regulatory requirements raises questions about Bermuda’s regulatory treatment of assignment of capital credit for certain securities, according to Fitch.
California wildfires outside market understanding of risk: S&P
The losses from California wildfires in 2017-2018 surprised re/insurers as the losses were outside of the market understanding of the risk, according to a report by S&P.
Former TMR executive Hoshina joins AkinovA advisory board
Insurtech AkinovA, an electronic marketplace for the transfer and trading of re/insurance risks, has announced that former TMR executive Tatsuhiko Hoshina has joined its advisory board.
Syncora sells SGI for $392.5m
Syncora Holdings has announced the signing of an agreement to sell Syncora Guarantee (SGI), its wholly owned, New York financial guarantee insurance subsidiary, to Star Insurance Holdings, an entity organised by GoldenTree Asset Management on behalf of GoldenTree’s managed funds and accounts, for $392.5 million in cash, subject to adjustment.
Aspen reports first half 2019 loss
Aspen Insurance Holdings has reported a net loss of $37.3 million for the first half of 2019, down from the net income of $16.1 million for same period of 2018.
Everest Insurance adds executives to excess casualty team
Everest Insurance has added two new members to its excess casualty team.
Arch subsidiary buys MGU Ventus
Arch Insurance North America, a subsidiary of Bermuda-based Arch Capital, has announced it has entered into a definitive agreement to acquire Ventus Risk Management, a technology and analytics-driven managing general underwriter that specialises in providing coastal commercial property insurance solutions to small and mid-sized enterprises.
AXA XL Re executive to head up AXIS Re EMEA LatAm property team
AXIS Re has announced that Gino Smith has been named head of property for EMEA LatAm, starting in November 2019.
