Bermuda news

Bermuda’s insurance and reinsurance market is readily taking steps to embrace ESG within their business models, but there is a lot to do and the work can become very technical, according to Marisa Savage at PwC Bermuda.

Neville Ching, the former retrocession managing partner at brokerage Capsicum Re, has formally launched ReFlex Solutions Ltd, an independent reinsurance brokerage headquartered in Bermuda with a mission to bring distribution efficiencies and efficient capital to market.

The Bermuda insurance and reinsurance market has weathered recent global volatility and elevated levels of catastrophe events extremely well, demonstrating its resilience, according to Matt Britten at PwC Bermuda.

Reinsurance broker Gallagher Re has appointed industry-loss warranty (ILW) and retrocession broker Alex McManus to lead its index-based capabilities in Bermuda.

The Bermuda Monetary Authority (BMA) is to continue a focus on responsible solutions in insurance, reinsurance and investment funds in 2023, with products that address climate change and protection gaps a particular priority.

As the market navigated a very late and prolonged reinsurance renewal season, the usual flurry of start-ups and capital raises were nowhere to be seen.

Bermuda saw another strong year of new company registrations for catastrophe bond, insurance-linked securities (ILS) and collateralised reinsurance related vehicles in 2022, with cat bond formations leading the way.

Insurance and reinsurance companies based in Bermuda could end up taking as much as one-quarter of the industry losses from hurricane Ian’s impacts in Florida.

Appleby, the specialist offshore law firm and fiduciary services provider, has announced the return of one of its insurance team, as Gary Harris returns as Partner after a spell with a reinsurance company on the island.

Long-standing Bermuda-based employee Mark Twite has been promoted to become the Chief Executive Officer (CEO), Bermuda of AXA XL Reinsurance, the reinsurance underwriting arm of AXA XL.