Bermuda

The Inside P&C Research Team has examined the impact on 2025 earnings for Bermudians of a proposed corporate tax rate of 15% for large multinational firms in Bermuda.

Also formally joining the board are Carlyle’s managing directors James Burr and Jitij Dwivedi, and Adam Halpern-Leistner, director at Hellman & Friedman.

The deal includes AIG's AlphaCat platform.

The Bermuda-based platform primarily fronts property catastrophe treaty reinsurance for LGT's ILS funds.

Spectra has in-principle approval for a Bermuda broker license but believes cyber ILS solutions will be a game of “slow progress”.

The BMA also expects Bermudian insurers to consider double materiality in their reporting, as well as their own external climate-change impact.

Reinsurers congregating in Bermuda flagged a lack of interest in helping under-capitalised Floridian insurers and under-priced diversifiers, with positive implications for ILS participation.

Ching said young brokers were “out of their depth” and did not know where to find capacity at the 1 January renewal.

Alun Thomas will report to Bermuda CEO Chris Bonard.

The cat XoL rate increase in Europe was over 40%, while the average attachment point of the global property cat business increased “meaningfully,” he added.

The Bermudian reported $15mn in catastrophe losses for the quarter, down from $125mn in the same period last year.

The CEO said the reinsurer expects to post $35mn of fee income a quarter after raising more capital.