Movers and shakers
Bermuda’s re/insurance world is a fluid one, with notable names on the move and companies launching, merging, going public and sometimes going out of business. Here are some notable events of the past few months.
On the move
Arch Capital CEO Marc Grandisson surprised the market when he stepped down after six years in the role. Nicolas Papadopoulo, the company’s chief underwriting officer, succeeded him.
Everest CEO Juan Andrade left the re/insurer to take over USAA in January. He was succeeded by veteran executive Jim Williamson, who had been group chief operating officer. Shortly after Andrade’s departure, it revealed a $1.5 billion unfavourable development in prior-year loss reserves which caused a net loss of $593 million in the fourth quarter.
Conduit Re saw founding CEO Trevor Carvey depart, followed by chief underwriting officer Greg Roberts. Carvey was replaced by executive chairman Neil Eckert and the company is now searching for a new non-executive chair and a CUO. While both executives left for personal reasons, Conduit suffered $140 million in claims in January.
Argo, which has substantial operations in Bermuda, accepted Jessica Buss’s resignation as CEO in March. She became CEO in 2023 when the company was acquired by Brookfield Wealth Solutions. She was succeeded by chief financial officer Chris Donahue.
AXA XL Bermuda appointed Noel Pearman as chief underwriting officer, replacing pioneering executive Patrick Tannock. In May, he was promoted to president of AXA XL Bermuda.
Amanda Lyons became CEO of Aon Reinsurance Solutions. She reports to Aon Bermuda CEO Nick Moore, who replaced industry stalwart Joe Rego who has embarked on a well-deserved retirement.
Lyons succeeded Roman Romeo, who moved from Aon to Acrisure Re, where he became president and head of the company in Bermuda. He reports to industry veteran Paul Scope, who joined Acrisure in September 2024 as CEO and chairman of Acrisure Bermuda.
The Bermuda Corporate Income Tax Agency was launched earlier this year, and appointed Cheryl Ann Lister as chairwoman. Ms Lister, a former Bermuda Monetary Authority CEO and acting financial secretary for the Bermuda government, will oversee former XL Capital head of tax Mervyn Skeet, who became CEO.
M&A and IPOs
Aspen launched its long-awaited initial public offering this in May, raising almost $400 million for owner Apollo Global in an offering that valued the company at $3 billion.
IQUW launched its Bermuda reinsurance platform for its Class 3 reinsurer.
Domestic insurer BF&M merged with the Argus Group in December. The company has since announced a rebranding and will be known as Allshores.
Struggling re/insurer Maiden’s shareholders agreed to a merger with Texas-based programme manager Kestrel. The merged company will be based in Bermuda and will list on the Nasdaq as Kestrel Group.
Two insurance linked securities companies with Bermuda operations merged. The combined Twelve Capital and Securis will have $8.5 billion under management.
Third time lucky
David Burt’s Progressive Labour Party won its third consecutive general election in February although it lost five seats to the One Bermuda Alliance compared to the 2020 vote. The election was notable for the large number of third-party and independent candidates, with nine successfullywinning a seat.
New beginnings
Industry legend Brian Duperreault’s start-up Mereo Insurance launched in January, some 15 months after it was reported to be raising capital. The multi-line re/insurer also has an ILS arm.
Radix ILS was launched in February to act as a multi-line reinsurance partner to third-party capital. It is headed by former Hamilton executive Hanni Ali. Big captive player SRS joined forces with Jireh to form Bermuda SPI Strata to manage ILS transformer transactions.
Ten Class E life re/insurers were formed in 2024, with some notable names being InEvoRe, Fed Re, Sconset Re and Prismic Life Reinsurance International.
By comparison, just one Class 4 re/insurer – AXIS Specialty Insurance – was registered by the BMA. A total of 75 insurance entities were licensed by the BMA in the year compared to 67 in 2023.
End of the road
R&Q Holdings creditors approved a scheme of arrangement in February for the company, which entered liquidation after selling its programme management business Accredited to Onex.
For more news on Bermuda Risk Review 2025, click here.
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