News relating to the Bermuda and international insurance and reinsurance industry.
Arch Insurance has announced Hugh Sturgess is the new chief executive officer (CEO) of Arch Insurance International, as from the beginning of 2019, subject to regulatory approvals.
According to AM Best the US insurance industry has only limited exposure to PG&E Corporation, the California utility whose equipment is being investigated as having a potential role in the deadly Camp Fire, which has ravaged northern California.
RMS has estimated that insured losses from The Camp and Woolsey Wildfires in California are expected to reach between $9 billion and $13 billion.
DARAG Guernsey has acquired the entire share capital of SOBC Services via its wholly owned subsidiary, SOBC DARAG Holdings.
AXA XL's reinsurance operation has announced that it has bought up all of the third party ownership interests in its majority-owned asset management affiliate, New Ocean Capital Management.
Bermuda-based Sirius International Insurance Group has posted a net loss of $28 million for the third quarter of 2018, up from the net loss of $179 million it made in the same period of 2017.
Brit has launched Sussex Capital UK PCC, a new multi-arrangement Insurance Special Purpose Vehicle (mISPV).
PartnerRe has announced that its third quarter results were impacted by losses from Typhoons Jebi and Trami and Hurricane Florence as well as losses from its investment portfolio.
Hamilton Insurance Group has unveiled the lineup of insurtech startups that will pitch their new digital tools at the GR Innovation & Insurtech conference on November 19 at Rosewood Bermuda.
Reinsurers have looked for strategic growth through new products and coverage, as well as possible mergers and acquisitions (M&A), according to panellists at the annual 2018 S&P Global Ratings Bermuda Reinsurance Conference, which took place at The Hamilton Princess Hotel on Nov. 6 and 7.