News relating to the Bermuda and international insurance and reinsurance industry.
In a move sure to catch the attention of the Bermuda insurance-linked securities (ILS) market, the world’s first ever catastrophe bond exclusively covering terrorism risk has been issued in the UK.
Specialty re/insurer Brit's total managed ILS capacity has expanded to $440 million for 2019, following the completion of its fifth annual renewal of Bermuda sidecar Versutus 2019 Series.
Hiscox Re & ILS, has increased its total assets under management in its insurance-linked securities platform Kiskadee Investment Managers to $1.5 billion, and launched a new fund to allow investors to access primary insurance lines.
Skuld Mutual Protection and Indemnity Association (Bermuda), a specialist in marine insurance products has appointed Tawana Tannock as managing director.
Specialty re/insurer Argo Group has expanded its board with the appointment of two new independent directors, Samuel Liss and Tony Latham.
Bermuda-based Sirius Group had a particularly challenging end to the year with substantial cat losses, in particular carried over from Typhoon Jebi, which it expects has created a market-wide loss in excess of $10 billion - double the size of previous estimates.
Former Markel CATCo CEO Anthony Belisle and Bermuda CEO Alissa Fredricks have both filed court cases against Markel for wrongful termination, accusing them of invading their privacy and formulating a plan to create an excuse for their dismissals.
New Ocean Capital Management, the ILS fund manager of AXA XL, has increased its assets under management (AUM) to just over $1 billion at year-end 2018, following the the share buyout from AXA XL.
Arch Capital Group has appointed Janice Englesbe as senior vice president, chief risk officer (CRO).
Bermuda-based re/insurer PartnerRe has appointed Jacques Bonneau to its board of directors.