News relating to the Bermuda and international insurance and reinsurance industry.
AXIS has received formal approval for the launch its own Lloyd’s syndicate in 2014, AXIS Syndicate 1686, which will deliver £119 million to the Lloyd’s market.
The restructuring is part of an overarching Group strategy for delivering service excellence, according to Michael East.
A new Bermuda class is likely to comprise life reinsurers and/or hedge-fund backed reinsurers, looking to take advantage of the Island’s beneficial regulatory and tax regime.
Attracting jobs to the Island will be a key metric of the success of the newly-formed Bermuda BDA, but a “lead indicator” will be its ability to access and influence key decision-makers in re/insurance, funds and asset management.
Cedants are increasingly retaining and bundling their risks, requiring reinsurers to change their approach to underwriting.
The BMA welcomed a further three special purpose insurers (SPIs) in October, bringing the total number of SPIs formed this year to 32.
The quality of underwriting talent is set to become increasingly important in the face of rising levels of convergence capital, as teams are deployed across traditional and alternative reinsurance structures.
Bermuda has outpaced Cayman in the ILS space for the first time in 2013, by both the value of ILS issuance and the number of bonds issued, according to a new report released by the BMA.
Re/insurance software specialists Sequel’s new insurance aggregation software, Sequel Impact promises to bring aggregation monitoring and analysis into the front office.
Scott Hurlburt worked previously as vice president, specialty lines at Partner Re.