News relating to the Bermuda and international insurance and reinsurance industry.
Some of the industry’s most influential companies including Lloyd’s, Allianz, Aon Benfield and Guy Carpenter have joined forces on a project that could revolutionise the way risk models are used by the industry.
ACE Group has released strong annual results, reporting a P&C combined ratio of 88 percent and underwriting income of $1.8 billion, up over 110 percent from 2012.
ABIR extends its support to the IAIS’s international solvency capital standards, but cautions that it must build on existing regulatory investment and reflect the capital needs of the P&C sector.
The latest Terrorism and Political Violence Map released by Aon has found that the retail and transport sectors face the highest risk of attack, accounting for a little over half of global attacks.
Catastrophe bonds could be useful tools in developing markets, EY partner Craig Redcliffe tells Bermuda:Re, but reliable data and accurate models must be developed first.
ACE Group appoints Stuart Elliot as terrorism and political violence underwriter as the company continues to invest in specialist insurance capabilities.
The strengths of the Bermuda market attracted Phoenix CRetro to the Island, with speed to market and its fast-growing ILS market proving decisive factors.
XL Group offers operational risk insurance to its financial institutions clients through its newly created operational risk team.
Kane has completed its second $50 million transaction on its independent private cat bond platform, Kane SAC, with the series listed on the BSX.
In their drive to develop business in diverse geographies, re/insurers may be unwittingly exposing themselves to legal challenges relating to contract wordings and clauses developed for one system of law and/or jurisdiction that may not be understood or even recognised in other jurisdictions.