News relating to the Bermuda and international insurance and reinsurance industry.
Argo is the latest re/insurer to enter the sidecar space, announcing on Monday the establishment of the group’s first sidecar, Harambee Re 2013-1.
Validus is the latest Bermuda player to announce that it is increasing its ILS and collateralised capacity.
Speaking at the World Economic Forum, John Drzik, CEO of the Oliver Wyman Group, argued growing debt levels resulting from the financial crisis, are weakening the ability of governments to respond to catastrophic events.
In its annual renewals review—this year entitled The route of profitable growth—Guy Carpenter highlighted capital management as one of the key means to drive growth in the re/insurance market.
Despite troubling global economic conditions, AM Best’s latest Global Reinsurance Outlook paints a stable picture for the reinsurance sector in 2013 and argues that it is well-positioned to ride out the ongoing crisis.
Arch Capital Group announced on Monday that the domestication of its Canadian insurance and reinsurance operations had been completed.
After 14 years in power, Bermuda’s Progressive Labour Party (PLP) was defeated in this week’s election by the One Bermuda Alliance (OBA), which will form the new government under its leader Craig Cannonier.
Bermuda-based re/insurer, Alterra has announced that is to be acquired by US-based specialty insurer, Markel in a deal that will create a company that is expected to write $4.4 billion of premium annually.
Global insurance rate increases have slowed despite the impact of Superstorm Sandy, according to Marsh’s latest quarterly briefing, but there may yet be impetus to reduce primary retentions.
Allied World Assurance Company (AWAC) announced on Wednesday that it has acquired a minority stake in Aeolus Capital Management as it expands its Allied World Financial Services.