reinsurer News

AXIS’ A.M. Best Ratings Revised to Negative; Insurance Arm Blamed

AXIS Capital Holdings’ money-losing insurance segment has drawn the attention of A.M. Best, which revised its outlooks for the Bermuda-based carrier to negative from stable, based largely on its performance. “The revised outlooks are based on unfavorable trends in the …

Peak Re to Get Capital Boost After Prudential Financial Buys 13.1% Stake: A.M. Best

A wholly owned subsidiary of Prudential Financial Inc. (PFI) has signed definitive agreements to purchase a 13.1 percent stake in Peak Reinsurance Holdings Ltd., the sole shareholder of Hong Kong-based Peak Reinsurance Co. Ltd. Prior to the transaction, Fosun International …

Billionaire Chief of SoftBank Bets on Autonomously Driven World: Opinion

It has almost become a refrain: just what is Masayoshi Son up to? After plowing money into companies as diverse as Uber Technologies Inc., office rental specialist WeWork Cos Inc. and fintech lender SoFi, the billionaire chief of SoftBank Group …

ArgoGlobal Launches Lloyd’s Market Motor Treaty Consortium, Supported by Barbican

ArgoGlobal, the Lloyd’s insurer and member of Argo Group, announced the launch of the first Lloyd’s market consortium for motor treaty business. The consortium, led by ArgoGlobal and supported by Barbican Insurance Group, was established in time for Jan. 1 …

AIG to Buy Bermuda Reinsurer Validus for $5.6B in Cash, Reversing Retrenchment

Eight months after Chief Executive Officer Brian Duperreault took over and began to undo his predecessor’s retrenchment strategy, the company announced a $5.56 billion, all-cash deal to purchase Bermuda reinsurer Validus Holdings Ltd., its largest standalone acquisition in 17 years. …

Argo Group Renews Harambee Re Sidecar Reinsurer for 2018

Argo Group International Holdings Ltd., the international underwriter of specialty insurance and reinsurance products, announced the renewal of Harambee Re Ltd. as Argo Group’s sidecar reinsurer for 2018. Launched in 2013, the sidecar continues with the company’s “successful track record …

MS Amlin Creates Bermuda-Based Reinsurance Sidecar, Viribus Re

MS Amlin, the London-based specialist re/insurer, announced that a Bermuda-domiciled special purpose reinsurer, Viribus Re Ltd., has been created to provide collateralized capacity support for MS Amlin Syndicate 2001’s global reinsurance portfolio in 2018. Viribus Re Ltd has entered into …

Armour Raises $500 Million to Create Bermuda Reinsurer, Armour Group Ltd.

Armour, a Bermuda-based P/C run-off insurance business, announced it has raised up to $500 million to form a reinsurance group called Armour Group Ltd. The equity commitments were made in partnership with an investor group led by Aquiline Capital Partners, …

The Fine Art of Underwriting Through Soft & Slightly Harder Market Cycles

Twenty or so years ago, a London market marine underwriter declared he was going golfing one afternoon because he had reached his annual capacity level. That was an underwriting model commonly used in the Lloyd’s and London markets. Underwriters sat …

Neon Launches First ILS Vehicle in UK, NCM Re

Neon announced it has launched the first ILS vehicle in the UK, NCM Re (UK PCC) Ltd., and raised third party capital to support the UK’s first ILS transaction. NCM Re is the first UK-domiciled protected cell company, which utilizes …