News relating to the Bermuda and international insurance and reinsurance industry.
Argo Group's European subsidiary ArgoGlobal Assicurazioni has partnered with Italian insurance broker Axieme to provide on-demand insurance for temporary and short-term workers in Italy.
Investors that purchased Markel Corporation securities between July 26, 2017 and December 6, 2018, have filed a class action lawsuit against the re/insurance holding company, alleging they were misled regarding the company's financial condition.
2018 was the fourth highest annual catastrophe loss year on record, however its overall impact on property rates was limited, raising questions over pricing adequacy, underwriting strategy and available capital, according to Guy Carpenter's annual renewal report.
Hong Kong's Securities and Futures Commission (SFC) has reprimanded and fined FWD Life Insurance (Bermuda) HK$2.4 million ($306,142) for non-compliance with investment experience requirements.
Arch Capital Group has estimated pre-tax losses of $110 million to $130 million related to 2018 fourth quarter catastrophic events.
Premia Holdings has acquired Public Service Insurance Company (PSIC) and its wholly-owned subsidiary Western Select Insurance Company (WSIC) from the Director of the Illinois Department of Insurance, acting in her capacity as statutory and court affirmed Rehabilitator for PSIC.
Against a backdrop of Californian wildfires and other 2018 catastrophe losses, along with trapped capital from 2017 events has contributed to November being the worst performing month for ILS funds, according to the December ILS market report by ILS Advisers based on the Eurekahedge ILS Advisers Index by Stefan Kräuchi and David Yao.
Lumen Re, the specialist Bermuda-based collateralised reinsurer formerly known as Collateralised Re, and vehicle for LGT ILS Partners, has had its financial strength rating of A (Excellent) affirmed by AM Best for a second year.
The Camp Fire wildfire in northern California was the costliest natural catastrophe event in 2018, with overall losses of $16.5 billion and insured losses of $12.5 billion, according to Munich Re's Natural Catastrophe Review 2018.
Liberty Mutual has completed a $150 million reinsurance sidecar transaction through its Bermuda-domiciled segregated account company Limestone Re.