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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.
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Ching said young brokers were “out of their depth” and did not know where to find capacity at the 1 January renewal.
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Alun Thomas will report to Bermuda CEO Chris Bonard.
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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.
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The Bermudian reported $15mn in catastrophe losses for the quarter, down from $125mn in the same period last year.
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The CEO said the reinsurer expects to post $35mn of fee income a quarter after raising more capital.
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The firm elevated Justin O'Keefe, Cathal Carr, Fiona Walden and Bryan Dalton to US and Bermuda, Europe, casualty & specialty, and property CUOs, respectively.
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The Bermuda Monetary Authority expects carriers on the island to take a 25% share of the total industry loss.
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Arch’s estimate is commensurate with a range of expected insured losses across the global P&C industry of $50bn to $60bn.
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Major questions confront the industry after Hurricane Ian, but no matter the answers, certain outcomes are inevitable.
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Neches will also join the board of directors of the Bermuda-based company, effective immediately.
