Hints and tips:
...Lloyd’s of London hopes a new investment structure it has agreed with UK financial regulators will attract billions of dollars in alternative capital and boost its competitiveness with other hubs such as Bermuda...
...Brokers and underwriters gathered this week in Lloyd’s of London’s historic underwriting room to celebrate the Queen’s platinum jubilee, twice ringing the Lutine bell — a symbol of the insurance market’s...
...But London’s insurers — which manage about $90bn of business a year, according to a 2017 report from the London Market Group, ahead of other big centres such as Bermuda (about $40bn) and Switzerland ($31bn...
...Those two waves helped to build a critical mass of insurers in Bermuda. “The physical presence of companies, underwriters and brokers is a key feature,” says Arthur Wightman, territory leader at PwC....
...Its brokers and underwriters, including the wealthy individuals known as Names who once personified the market, have lost business to Switzerland and Bermuda....
...specialist underwriting, it may well be cheaper for insurers to route more business to their standard insurance entities, or for clients to go to providers in less harshly regulated locations, such as Bermuda...
...Rival non-life insurer Sompo Holdings also paid $6.3bn for Bermuda-based Endurance in 2016....
...Mr Childs is chairman of Hiscox, the insurance company, where he first started as an underwriter in 1986. He has been on the council of Lloyd’s, one of the market’s governing bodies, since 2012....
...Bermuda-based Axis Capital’s £468m bid for Lloyd’s insurer Novae has reignited M&A activity in the specialist insurance world, reducing once again the pool of independent competitors in the market....
...There have been complaints that Lloyd’s is an inefficient place to do business and that it risks losing market share to other insurance centres such as Bermuda....
...Last year XL bought Catlin for about £2.8bn, the largest-ever takeover of a Lloyd’s underwriter, while Fairfax Financial, also based in Toronto, agreed to buy Brit....
...Brian Duperreault, chief executive of Bermuda-based underwriter Hamilton Insurance Group, which operates in both its home market and London, says costs as a proportion of premiums are 5 per cent higher at...
...But hey, maybe the price of platinum will improve in the meantime…...
...XL has agreed to buy smaller UK-listed rival Catlin for £2.8bn and RenaissanceRe struck a deal in November to purchase Bermuda-based rival Platinum Underwriters for $2bn....
...Other recent deals include XL’s purchase of UK-listed Catlin for £2.8bn, Endurance’s acquisition of Montpelier Re for $1.8bn, and RenaissanceRe’s deal to buy Platinum Underwriters for $2bn....
...Recent tie-ups include XL and Catlin Group; RenaissanceRe and Platinum Underwriters; and Partner Re and Axis Capital. There are worse places to conduct due diligence than Bermuda....
...It follows XL’s agreement this month to buy smaller UK-listed rival Catlin for £2.8bn and RenaissanceRe’s deal in November to purchase Bermuda-based rival Platinum Underwriters for $2bn....
...Examples include XL’s purchase of UK-listed Catlin for £2.8bn, Endurance’s acquisition of Montpelier Re for $1.8bn and RenaissanceRe’s deal to buy Platinum Underwriters for $2bn....
...Last month RenaissanceRe agreed to acquire fellow Bermuda-based reinsurer Platinum Underwriters for about $1.9bn....
...Intense competition has pushed premiums in important areas of reinsurance to their lowest levels in years, encouraging underwriters to consolidate....
...Smaller reinsurers of natural catastrophes that operate in Bermuda, and at the Lloyd’s of London market, are under particular strain....
...The deal has increased expectations that rivals to XL and Catlin, particularly under-pressure syndicates at Lloyd’s and specialist Bermuda-based reinsurers, will respond by similarly bulking up....
...Catlin was formed 30 years ago as a Lloyd’s underwriter and until 2003 it wrote all its policies through the historic London market, whose members club together through syndicates to insure big and complex...
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