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.
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.
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”.
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.
Bermuda’s Maiden has veered off course and appears to be going in a very different direction.
Run-off specialist Armour has appointed Ranbeer Bhatia and Andrea Piatti.
US insurer AmTrust has negotiated extra time to cancel its $2bn reinsurance quota share with sister company Maiden.
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.
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 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.
Aspen Re’s CEO Thomas Lillelund is leaving the Bermudian carrier, which is elevating his number two to lead its reinsurance unit.
Bermudian Argo surpassed the expectations of analysts in the second quarter with a $32.9mn profit driven by an improvement in the combined ratio.
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.
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.
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.
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.
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.
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.
Third Point Re’s net income fell 73 percent to $19.6mn in the second quarter despite improving underwriting results and modest investment gains.
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.