News relating to the Bermuda and international insurance and reinsurance industry.
Improved underwriting results and lower levels of international cat losses helped paint a healthier picture for 2012, although a flat investment environment and US losses took the gloss off what would otherwise have been a good year.
Cheryl Packwood, chief executive officer and deputy chairman of Business Bermuda, announced has her retirement from the organisation.
AIR Worldwide announced the availability of Public Risk Services, a new consulting service available to public sector institutions and stakeholders charged with managing catastrophe risk.
Torus has announced that it has received approval from the UK Financial Services Authority and Lloyd’s to launch a managing agency, Torus Underwriting Management Limited - TUML.
AXIS Capital has appointed Peter Wilson as its president of US insurance division.
The Turkish Catastrophe Insurance Pool (TCIP) has opted to establish a Bermuda-domiciled SPI to host its latest ILS bond, which will provide multi-year coverage for Turkish earthquake risk.
A report by Willis Re has found that $35 billion of additional capital is currently flowing into the reinsurance space, with the trend set to accelerate.
Re/insurance disputes are increasingly being settled through arbitration, but the costs associated with such an approach are not necessarily any less significant than litigation for the companies involved.
Robert Hiscox was awarded the Gold Medal for Services to Lloyd’s at a ceremony in London this week. Hiscox is only the 17th person to receive the honour since its inception in 1919.
Statistics from the Bermuda Monetary Authority reveal that alternative reinsurance formations account for half of all formations since the start of 2013.