News relating to the Bermuda and international insurance and reinsurance industry.
Ratings agency Standard & Poor’s (S&P) has affirmed Bermuda’s A+ long-term sovereign credit and senior unsecured debt ratings as well as its A-1 short-term rating and its AA+ transfer and convertibility assessment on Bermuda.
Third Point Re CEO Robert Bredahl has resigned from his position with immediate effect, with Daniel Malloy, current CEO of the company’s main operating subsidiary, succeeding him on an interim basis.
Bermuda reinsurer Third Point Re started 2019 with a record first quarter income of $132.9 million, driven by strong investment returns, although the company is still paying out more money in claims than it is receiving in premiums.
The Bermuda Stock Exchange (BSX) has introduced an environmental, social and governance (ESG) initiative to promote sustainable and responsible growth for its member companies and listings, with insurance-linked securities (ILS) recognised as a sustainable development investment.
Aon has appointed Jay Demeusy as US vice chairman of its Reinsurance Solutions business.
The Government of Jamaica is on course to developing its first ever catastrophe bond through a partnership with the World Bank.
Bermuda-based reinsurer RenaissanceRe had a strong start to 2019 this quarter, having over tripled its profits and posting a combined ratio of 72 percent.
Bermuda re/insurer Everest Re Group had a profitable first quarter this year, and expanded both its insurance and reinsurance businesses.
Athene Holding, a provider of retirement saving products based in Bermuda, has formed a strategic capital solution expected to provide it with up to $4 billion of on-demand, third-party equity capital, to help it pursue various growth initiatives.
While the growth in the insurance-linked securities market continues to slow down in the first quarter of 2019, it does not reflect any long term change in appetite, according to Willis Re's ILS Market Update.