News relating to the Bermuda and international insurance and reinsurance industry.
Athene Holding has announced that its net income for the second quarter of 2019 was $720 million, more than double the $257 million it reported for the same period of 2018.
Enstar Group has announced that one of its subsidiaries has completed an adverse development cover reinsurance transaction with Maiden Reinsurance. Enstar did not name the subsidiary in its announcement.
SOBC DARAG has announced the launch of its new office in Bermuda in what it described as a significant expansion of its US and Bermudian operations.
AXIS Re, the reinsurance business segment of Bermuda-based AXIS Capital Holdings has appointed Jason Busti as president of North America.
Willis Towers Watson (WTW), the global advisory and broking company, has launched a disruption action plan to deal with drone technology.
Chubb has appointed Juan Luis Ortega as executive vice president of Chubb Group and president of overseas general insurance. He succeeds Juan Andrade, who is leaving the company.
Markel International, the specialist insurer, has appointed Mark Nunn as energy underwriter, based in Singapore.
Mergers and acquisitions (M&A) in the global insurance industry rose in H1 2019 with 222 completed deals worldwide, up from 196 in H2 2018, according to Clyde and Co’s Insurance Growth Report mid-year update.
AXIS Capital saw gross written premiums remain flat year on year in Q2 and its combined ratio edge up, but net income increased significantly.
Bermuda-based Arch Capital Group will acquire Barbican Group Holdings from funds managed by US alternative asset management firm Carlson Capital in a transaction expected to close in late Q3 or early Q4.