News relating to the Bermuda and international insurance and reinsurance industry.
In a development that could push Bermuda reinsurers into losses greater than they anticipated in the first half of the year, total economic losses from the Queensland floods in Australia are estimated at A$1.7 billion ($1.2 billion), according to Aon.
Pacific Investment Management Company (PIMCO), the asset management company owned by Allianz, has expanded its ILS business with two senior hires both based in Bermuda.
Aon has given a statement that it will not acquire Willis Towers Watson, just a day after it had confirmed reports that a takeover was under consideration.
Aon, which has a substantial presence on Bermuda, has confirmed that a takeover of rival fellow insurance broker Willis Towers Watson (WTW) is under consideration.
Everest Insurance, subsidiary of Bermuda-based Everest Re Group, has appointed Ayesha West as vice president in its cyber insurance group, based in New York.
Specialty re/insurer Argo has joined insurance distribution network GBN Worldwide, a platform that allows members to transact international business in over 140 countries.
Twelve Capital, an investment firm specialising in insurance investments and insurance-linked securities (ILS), has appointed Raffaele Dell'Amore to its Zurich office.
Insurtech company ChainThat is planning to launch a blockchain-powered risk and capital exchange to connect re/insurance companies and brokers to the capital markets.
Essent Guaranty, a private mortgage insurer and subsidiary Bermuda-based Essent Group, has obtained $473.2 million of fully collateralised excess of loss reinsurance coverage on mortgage insurance policies written by Essent in 2018 from Radnor Re 2019-1.
Bermuda-based White Mountains Insurance Group has appointed Peter Carlson to its board as a director.