News relating to the Bermuda and international insurance and reinsurance industry.
The Bermuda International Long Term Insurers and Reinsurers (BILTIR), an association of 59 re/insurers and service providers, is aiming to further grow the long-term re/insurance industry in Bermuda and encourage the employment of more local Bermudians within the sector.
Essent has reported net income for the quarter ended December 31, 2018 of $128.5 million, a fall of 21 percent from the $162.6 million it made in the same quarter of 2017.
The global insurance sector saw mergers and acquisitions (M&A) grow by 9 percent in 2018 as insurers looked to increase their access to customers and innovation, and benefit from greater scale, according to a new Clyde & Co report.
Against a backdrop of trapped capital, issues with Markel CATCo, and two consecutive years of heavy cat losses, there is a period of uncertainty now in the ILS market in 2019, Brad Adderley, partner at Appleby's Bermuda office, told Bermuda Re+ILS.
Bermuda-based re/insurer RenaissanceRe has appointed Cynthia Trudell as an independent director on the company's board.
White Mountains Insurance Group had a challenging 2018, having made an overall loss across its portfolio of businesses.
Aspen Insurance Holdings had a challenging fourth quarter in 2018, which the CEO Chris O’Kane attributes to significant natural catastrophe activity, and overall posted a net loss for the year.
AXIS Capital's reinsurance segment AXIS Re has expanded its strategic partners business with the appointment of Daniel Osterrieder as strategic account executive for North America.
The insurance sector will remain attractive to investors in the first half of 2019, and there are "clear signs of momentum" in how natural catastrophe risk is priced in the equity and ILS markets in the wake of two recent heavy loss years, according to insurance investment manager Twelve Capital.
Against a backdrop of US and Bermuda government inquiries, senior executives being dropped and certain redemption rights being offered to ILS funds managed by the company, Markel CATCo's ability to maintain or raise capital has been adversely impacted, parent Markel Corporation has confirmed.