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Fitch: ‘Renewals Suggest Flattened Cycle’

Fitch: ‘Renewals Suggest Flattened Cycle’

The reinsurance underwriting cycle may finally have turned, but price rises look modest, suggesting that the cycle may have become flatter, Fitch Ratings says. The ratings agency said, “As we forecast in 4Q17, rates for property catastrophe reinsurance increased at 1 January 2018, according to recent reports from brokers – the first rise since... Read more of this article

Successful Speed Networking For Students

Successful Speed Networking For Students

University students home for Christmas were given the opportunity to participate in the BFIS Annual Christmas Speed Networking Lunch on December 28th at O’Hara House [courtesy of XL Catlin]. Approximately 35 insurance professionals and 40+ college students enjoyed an hour of fast but extremely useful one-on-one ‘interviews’ with numerous insurance... Read more of this article

RGA & RenaissanceRe Launch Langhorne Re

RGA & RenaissanceRe Launch Langhorne Re

Reinsurance Group of America and RenaissanceRe Holdings announced the launch of Langhorne Re, a global reinsurer targeting large in-force life and annuity blocks. To date, Langhorne Re has secured $780 million of equity capital commitments including investments from RGA and RenaissanceRe. Langhorne Re will combine a strong long-term capital base with... Read more of this article

Arch Capital Update Catastrophe Loss

Arch Capital Update Catastrophe Loss

During the fourth quarter of 2017, a series of wildfires burned across many areas of California and a series of smaller catastrophe events occurred around the globe, and Arch Capital Group Ltd. has established a range of pre-tax losses of $60 million to $75 million, net of reinsurance recoveries and reinstatement premiums, for these 2017 fourth quarter... Read more of this article

$500M Equity Commitments For New Reinsurer

$500M Equity Commitments For New Reinsurer

Armour, a Bermuda headquartered P&C run-off insurance business founded in 2007 by Brad Huntington and John Williams, has raised up to $500 million in equity commitments in partnership with an investor group led by Aquiline Capital Partners, a New York-based private equity firm investing in financial services and financial technology. “Investment... Read more of this article

UVM To Relocate Captive Insurance Company

UVM To Relocate Captive Insurance Company

The University of Vermont Health Network will be moving its captive insurance company to Vermont from Bermuda. The UVM Health Network website said, “The action comes as the result of a unanimous decision by the Board of Directors of VMC Indemnity Company, Ltd., the health network subsidiary that provides medical malpractice insurance coverage for... Read more of this article

RenRe Estimates Impact Of U.S. Tax Bill

RenRe Estimates Impact Of U.S. Tax Bill

RenaissanceRe Holdings Ltd. announced that it has conducted a preliminary assessment of the Tax Cuts and Jobs Act of 2017, which was passed by both houses of the United States Congress as of December 20, 2017. The Tax Bill amends a range of U.S. federal tax rules applicable to individuals, businesses and international taxation, including, among other... Read more of this article

Chaucer Establishes Reinsurance Sidecar

Chaucer Establishes Reinsurance Sidecar

Chaucer, the international specialty insurance group, announced the creation of a reinsurance sidecar to provide collateralized capacity for Chaucer Syndicate 1084’s global reinsurance portfolio in 2018. Bermuda-based Thopas Re Ltd., a newly formed segregated account company, will lead the transaction, which includes $95m of third-party investor... Read more of this article

Fitch On US Tax Reforms & Bermuda Re/insurers

Fitch On US Tax Reforms & Bermuda Re/insurers

“U.S tax reforms set to take effect in 2018 are credit negative for the Bermuda [re]insurance market,” according to Fitch Ratings, who added they ”expect Bermuda will largely maintain its strong position in the global reinsurance market.” “The cut in the U.S. corporate tax rate to 21% from 35% and a new tax on premiums... Read more of this article

Kuvare Announces Reinsurance Transaction

Kuvare Announces Reinsurance Transaction

Kuvare Holdings announce the signing of a commercial agreement to assume approximately $850 million of fixed annuity reserves in a reinsurance transaction through its Bermuda subsidiary, Kuvare Life Re Ltd. [KLR]. “We’re incredibly proud of our track record of rapidly establishing a premier life and annuity insurance platform that delivers valuable... Read more of this article

‘Legislation Impacts Reinsurers Around World’

‘Legislation Impacts Reinsurers Around World’

“This pending legislation is not Bermuda-specific, but it impacts reinsurers around the world, including those in our market who make a critical contribution to US clients after catastrophes,” Premier and Minister of Finance David Burt said. This weekend, the Wall Street Journal reported that, “Big U.S. property-casualty insurers succeeded... Read more of this article

Brit Launches Collateralized Reinsurer Sussex

Brit Launches Collateralized Reinsurer Sussex

Specialty insurer and reinsurer Brit Ltd  announced the launch of a new Bermuda-domiciled collateralised reinsurance platform, Sussex Capital. Sussex Capital, through Sussex Re, a newly established Bermuda-domiciled special purpose insurer will write direct collateralised reinsurance while also providing collateralised reinsurance to Brit’s reinsurance... Read more of this article

Fitch: Global Reinsurance Outlook For 2018

Fitch: Global Reinsurance Outlook For 2018

Fitch Ratings has updated their Global Reinsurance 2018 Outlook to incorporate the significant catastrophe losses incurred from Hurricanes Harvey, Irma and Maria, coupled with the sizeable losses from the earthquakes in Mexico and wildfires in California. “The recent catastrophe losses represent a significant percentage of capital for some reinsurers,... Read more of this article