News relating to the Bermuda and international insurance and reinsurance industry.
Qatar Re's Gunther Saacke will step down from his role as CEO and executive director of the Bermuda reinsurer at the company's next board meeting, scheduled for March.
Sizeable increases in retrocession rates driven by a decreased demand in the insurance-linked securities (ILS) market could indicate that reinsurance pricing in Bermuda may regain momentum in mid-219 when accounts that had a greater catastrophe loss impact are up for renewal.
2018 saw the insurance-linked securities (ILS) market hit new heights in terms of issuance and interest, and no-where was this more obvious in the success of ILS Bermuda’s Convergence 2018 event.
Everest Insurance, part of Bermuda-based Everest Re Group, has expanded its life sciences product to include property, commercial auto, and workers compensation.
Bermuda-based insurance company Lancashire Holdings has appointed Emily Woolley as CEO of Cathedral Underwriting (CUL), its Lloyd's managing agent for Syndicates 2010 and 3010.
GC Securities, the ILS unit of Guy Carpenter, has appointed Brendan Roche as senior vice president.
ArgoGlobal, the Lloyd's syndicate and subsidiary of Argo Group, plans to expand the company's footprint in North America through an agreement with Waypoint Underwriting Management that has now received approval from Lloyd's.
Ratings agency AM Best has assigned a financial strength rating of B++ (Good) to Bermuda-based life reinsurer Athora Re.
Conyers Dill & Pearman director David Doyle has resigned from his position on the board of Bermuda-based special purpose insurer Sanders Re.
Bermuda licensed 11 new life re/insurers by November 2018, with more expected in statistics for December and Q1 2019, according to statistics from the Bermuda Business Development Agency (BDA).