The Bermuda Monetary Authority expects carriers on the island to take a 25% share of the total industry loss.

Management are now likely to focus on growing the business given the turn in market conditions, rather than rebooting the process immediately, sources said.

Q3 reserve releases were driven by an improvement in claims developments in most lines of its long-tail unit, as well as in its energy and property lines in the short-tail book.

The Canadian holding company increased its ownership in the Bermudian carrier to 82.9% from 70.9%.

Axis’ pivot away from property reinsurance comes just as the sector reaches one of the biggest inflection points.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

Inside P&C’s news team runs you through the key highlights of the week.

In a Q3 earnings call today, Arch CEO Marc Grandisson also told investors that events like Hurricane Ian “almost always result in opportunities”.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

The two Lloyd’s players are the first to bring sidecars to market as they seek to capitalize on surging projected returns.

The average impact of Ian on shareholder equity was higher for Floridians (25.5%) than European reinsurers (7.4%) and Bermudians (6.5%).

Arch’s estimate is commensurate with a range of expected insured losses across the global P&C industry of $50bn to $60bn.