News relating to the Bermuda and international insurance and reinsurance industry.
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 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 has added two new members to its excess casualty team.
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.
AXIS Re has announced that Gino Smith has been named head of property for EMEA LatAm, starting in November 2019.
Global reinsurers could see more consolidation, according to a new report from Standard & Poor’s (S&P).
London-based wholesale broker Tysers has launched a Bermuda-based affiliate, named Tysers Bermuda.
Maiden Holdings has reported a second quarter 2019 net loss of $15.4 million, up on the net loss of $5.9 million it reported for the second quarter of 2018.
Aon has announced that it advised HSBC in Bermuda on a £7 billion longevity swap, involving the HSBC Bank (UK) Pension Scheme and Prudential Insurance Company of America (PICA), in what Aon claims was the second-largest ever deal of its type.
The Bermuda Monetary Authority (BMA) and National Association of Insurance Commissioners (NAIC) have announced that they discussed issues of mutual regulatory interest in New York last week.