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Limited impact on reinsurance rates raises questions around pricing adequacy

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. 14 January 2019

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Arch issues Q4 2018 loss estimate

Arch Capital Group has estimated pre-tax losses of $110 million to $130 million related to 2018 fourth quarter catastrophic events. 11 January 2019

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Premia acquires PSIC assets

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. 11 January 2019

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Climate change impacting reinsurers' bottom lines

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. 10 January 2019

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Everest Re Group CEO to retire in 2019

Dominic Addesso, the president and CEO of Everest Re Group, is set to retire at the end of 2019. 8 January 2019

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ABIR appoints AXIS Capital CEO as chair

The Association of Bermuda Insurers & Reinsurers (ABIR) has appointed Albert Benchimol, president and CEO of AXIS Capital, as its chair for 2019-20. 8 January 2019

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Maiden Re loses AmTrust quota share deal to Swiss Re America

Bermuda re/insurer Maiden Re has terminated its existing quota share agreement with AmTrust covering small commercial business in favour of a new deal with Swiss Reinsurance America. 3 January 2019

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BMA cybersecurity report highlights concerns

The Bermuda Monetary Authority has issued a new report looking at the state of cybersecurity in the market at the moment. 21 December 2018

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Hamilton Re opens door for 2019 interns

Hamilton Re is inviting applications from students entering their junior year of college who are interested in participating in Hamilton Re’s intern programme during the summer of 2019. 21 December 2018

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Markel ratings affirmed by AM Best

AM Best has affirmed the Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb+” of Markel Corporation and all of its Long-Term Issue Credit Ratings (Long-Term IRs) and indicative Long-Term IRs (see below for a detailed list of Long-Term IRs and indicative Long-Term IRs). 21 December 2018

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