Bermuda news

AXA XL Re, the global reinsurance arm of the AXA insurance group, has announced the hiring of Peter Kiernan from Allianz Risk Transfer (ART) who joins the company as its new Head of US Property, Bermuda Reinsurance.

While the overall Bermudian reinsurance and insurance-linked securities (ILS) market is still in the early stages of its environmental, social and governance (ESG) journey but making steady progress, there is work to do on protection gap related issues, as the Bermuda market lags behind competitors, a new report suggests.

The Bermuda Monetary Authority (BMA), the financial regulator for one of the world’s most important insurance and reinsurance markets, has announced the promotion of its Chief Actuary, Ricardo Garcia, to the role of Managing Director.

AUB Group, an Australian listed financial services group comprised of insurance brokers and underwriting agencies, is to acquire near 200 year old insurance and reinsurance broking group Tysers, gaining wholesale Lloyd’s, reinsurance and some insurance-linked securities (ILS) expertise.

The Bermuda Monetary Authority (BMA), the financial regulator for one of the world’s most important insurance and reinsurance markets, has named Shanna Lespere as its new permanent Deputy Chief Executive Officer (CEO).

The Bermuda Monetary Authority (BMA) has issued a call for insurance-linked securities (ILS) vehicles domiciled on the island to adhere to international sanctions related to the ongoing conflict between Russia and Ukraine and to disclose any relevant information or impact related to it as it continues.

The insurance, reinsurance and insurance-linked securities (ILS) sector has been a “bright light” in Bermuda’s economy, even through the challenging economic environment of the pandemic, according to Arthur Wightman, Territory leader, PwC Bermuda.

The number of new special purpose insurer (SPI) vehicles registered in Bermuda fell slightly in 2021 after a record previous year, but overall new licenses for insurance-linked securities (ILS) related vehicles remained very strong on the island.

The ILS sector has seen an increased focus on the importance of having a suitable board of directors in place for Special Purpose Insurers (SPI), according to Louise Charleson of Ocorian.

Lockton Re’s non-Marine retrocession and property specialty reinsurance broking division has expanded in recent days with the joining of former CATCo CUO Simon Moore and Aon broker James Boon.