Sailboat in the Hamilton, Bermuda, harbor copy

Apollo launches new Bermuda reinsurer Acra Re

2018-08-14T15:06:00+01:00

Heavyweight investment firm Apollo Global Management has formed a new Bermudian (re)insurer, which is expected to be used as a platform for writing large P&C and life trades, re-Insurance.com can reveal.

London, city, Aspen and QBE, Plantation Place

Up-for-sale Aspen awards CFO Kirk $2mn retention bonus

2018-08-14T21:55:00+01:00

Aspen’s group CFO Scott Kirk has been awarded a long-term retention bonus of $2mn only months after his “change of control” golden parachute payment entitlement was increased.

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AM Best warns that Maiden’s reserve charge has been ‘noted’

2018-08-10T15:42:00+01:00

Ratings agency AM Best has said it would not be taking any action against Bermudian reinsurer Maiden in the wake of its disappointing second quarter results, but warned that “changes in equity and reserves through the first six months of 2018 have been noted”.

Aspen clock noon

Aspen’s high noon fast approaches

2018-08-10T14:50:00+01:00

The six months of uncertainty for up-for-sale Bermudian carrier Aspen will end soon - and perhaps even as early as this time next week, sources close to the company suggest.

AmTrust-champagne-bottle

Maiden’s voyage

2018-08-10T13:12:00+01:00

Bermuda’s Maiden has veered off course and appears to be going in a very different direction.

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Legacy acquirer Armour builds out M&A team with two hires

2018-08-10T10:48:00+01:00

Run-off specialist Armour has appointed Ranbeer Bhatia and Andrea Piatti.

AmTrust

AmTrust buys time to terminate $2bn Maiden quota share

2018-08-09T16:26:00+01:00

US insurer AmTrust has negotiated extra time to cancel its $2bn reinsurance quota share with sister company Maiden.

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Maiden’s shares plunge 41% as CEO resigns after bad Q2

2018-08-09T14:09:00+01:00

Shares in Maiden crashed by more than 41 percent on Thursday after the Bermudian reinsurer announced that its top brass had resigned after another poor second-quarter performance.

Bermuda

Top execs depart as AmTrust charge sends Maiden to an unexpected loss

2018-08-09T12:53:00+01:00

The CEO and finance boss of Maiden have both stepped down in the wake of a poor second quarter that saw the Bermudian fall to an unexpected loss after taking a reserve charge on a book of business written for its sister company AmTrust.

Aspen-share-price

Aspen share price now marooned below NTA on M&A concerns

2018-08-08T12:25:00+01:00

Aspen Insurance Holding’s share price has now fallen 18 percent since its year-to-date high in early April as speculators become increasingly pessimistic about the imminent sale of the company as a formal M&A process edges closer to a conclusion.

London, city, Aspen and QBE, Plantation Place

Aspen appoints new reinsurance head as AIG hires Lillelund

2018-08-07T20:30:00+01:00

Aspen Re’s CEO Thomas Lillelund is leaving the Bermudian carrier, which is elevating his number two to lead its reinsurance unit.

Argo

Argo impresses analysts as its combined ratio improves

2018-08-07T07:16:00+01:00

Bermudian Argo surpassed the expectations of analysts in the second quarter with a $32.9mn profit driven by an improvement in the combined ratio.

Bermuda 0311

Aspen’s share price falls as investors get jittery over sale talks

2018-08-03T18:03:00+01:00

Aspen’s share price today fell below its tangible book value for the first since since March after the Bermudian firm’s CEO hinted yesterday that sale talks may not culminate in a successful takeover.

Chris o'kane aspen

Aspen to slash headcount by up to 20 percent in a year

2018-08-02T15:46:00+01:00

The chief executive of up-for-sale Bermudian Chris O’Kane has revealed plans to cut its headcount by up to 20 percent over the course of the next year. 

Bemuda skyline, Hamilton

Enstar profits climb 27% despite drag from Atrium and StarStone

2018-08-02T12:20:00+01:00

Enstar’s operating income ballooned by over a quarter in the three-months before the end of June to hit $83mn despite a drag on bottom line from its up-for-sale businesses Atrium and StarStone.

Bermuda, Hamilton

Aspen cedes 50 percent more premium to reinsurers

2018-08-02T12:18:00+01:00

Up-for-sale Bermudian Aspen reported a small second quarter earnings miss yesterday (1 August) while revealing the impact of a major de-risking of its gross exposures following last year’s heavy losses.

xlbuilding bermuda

XL disappoints analysts as insurance reserve charge dents profits

2018-07-31T21:36:00+01:00

Soon-to-be Axa-owned XL Group underperformed against the expectations of analysts in the second quarter as a reserve charge in the carrier’s insurance division took its toll on the Bermudian’s bottom line.

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Arch beats with top and bottom line improvement

2018-07-31T22:35:00+01:00

Arch has trumped analysts’ consensus in the second quarter with a $242.6mn profit that was 43.6 percent higher than this time last year driven by improvement in both its insurance and reinsurance divisions.

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Investment returns dent Third Point profits as underwriting improves

2018-07-31T23:08:00+01:00

Third Point Re’s net income fell 73 percent to $19.6mn in the second quarter despite improving underwriting results and modest investment gains.

217 everest-sign

Everest’s Q2 reserve charge hits profits as top line swells

2018-07-31T07:34:46.303+01:00

Everest Re’s top line ballooned in a second quarter that saw its bottom line severely dented by a $250mn after tax charge to bolster reserves against last year’s catastrophes.