News relating to the Bermuda and international insurance and reinsurance industry.
The Bermuda Monetary Authority (BMA) licensed 19 new captive insurance companies in 2018, bringing the total to 711.
Brit has increased its commitment to the capital markets through growing various third party capital-backed initiatives in 2018, however the specialty re/insurer had a challenging year from natural catastrophes which ultimately led to a net loss.
Only seven of the 33 tracked ILS funds representing the Eurekahedge ILS Advisers Index reported a positive return in December, and the average fund was down by 0.97 percent that month.
Although sustaining heavy losses in the fourth quarter, Bermuda-based Lancashire Holdings returned to profit in 2018 and improved its combined ratio.
Japanese insurance holdings company Sompo Holdings’ net income slumped in the nine-month period ending December 31 - but the company has improved the profitability of its overseas insurance subsidiary Sompo International.
Catastrophic events set the tone of Arch Capital Group's fourth quarter results, with the Bermuda re/insurer sustaining substantial losses and posting a lower net income year-on-year.
Investors who purchased or acquired securities in Bermuda reinsurer Maiden Holdings in a certain time period are seeking to recover damages in a class action lawsuit. It alleges they were misled by the company and some of its former officers on the nature of Maiden's underwriting and risk management practices relating to reinsurance agreements with AmTrust.
Bermuda-based Argo Group had a particularly strong set of 2018 results, increasing its net income, amount of premiums written and achieving a combined ratio below 100.
The profitability of Everest Re Group's Bermuda reinsurance segment increased in 2018, however a challenging fourth quarter caused the company's wider profits to dip and combined ratio worsen year-on-year.
AXIS Capital has appointed Robert "Bob" Quane as head of underwriting and portfolio optimisation.