The Wrap: archive
Every The Wrap story in Insurance, newest first. 82 stories
1 story
AM Best affirms A rating on Aramco captive Stellar
Balance-sheet strength is assessed as very strong, with three-quarters of assets in a parent promissory note.
2 stories
DOXA Re launches property quota-share MGU with James Femia as president
The managing general underwriter has not disclosed capacity providers, property lines or premium targets.
Chubb CEO says 'naive capacity' entering casualty lines
He cites sidecars, broker facilities and investor-backed managing general agents as property pricing pressure spreads.
1 story
Bermuda registrations rise 18.6%; W.R. Berkley casualty reinsurance net premiums written fall 25%
BMA figures show Class E long-term registrations climbing to nine from three, and Berkley guided to roughly 10% to 20% further shrinkage.
1 story
Bermuda insurance-related registrations rise 18.6% as intermediaries and Class E grow
Class E long-term registrations rose to nine from three while restricted special purpose insurers fell to 13 from 16, BMA figures show.
2 stories
Nuveen Private Capital reached $100bn AUM; Stewart Foley set insurers' direct-lending test
InsuranceAUM.com host Stewart Foley said insurers should test allocations on diversification and relative value, not growth alone.
Moody's: three modelers put Isaias insured losses at $1bn-$3bn
Karen Clark & Co's $3 billion figure sits at the top of that range, while AM Best calls the storm an earnings event.
2 stories
Sumitomo Life earmarks up to ¥1 trillion for US and Southeast Asia investments
President Yukinori Takada told Bloomberg News that Symetra Financial will lead the US search and named Singapore's Income Insurance as a possible Asian target.
Lloyd's approved capital rose to £36.2bn as 13 syndicates launched
The same 2025 report says cyber reinsurer Envelop has in-principle approval to convert its special purpose arrangement into a syndicate.
3 stories
Fitch assigned Constellation Re an A; Morningstar DBRS assigned Verdant Rock an A
Constellation Re was formed in December 2024 with $250 million in common equity from AuguStar Life; Verdant Rock was founded in 2025.
Carrier Management viewpoint says AI splits insurance value chain
Conning figures cited in the piece put MGAs at about $128 billion of U.S. premium in 2025; 78% use a fronting carrier to reach capital.
Hurricane Isaias losses estimated at up to $4 billion; Fitch sees earnings event
Gallagher Re says Isaias is unlikely to materially influence January 1 renewals because reinsurance capital is abundant; Cambridge Associates and New Holland said scrutiny has moved to manager modeling and staffing.
1 story
NOAA revises hurricane records; Karen Clark warns catastrophe models can go stale
Moody's says Florida-only homeowners writers are most exposed to Hurricane Isaias, while Gallagher Re says the storm is unlikely to meaningfully influence January 1 renewals because reinsurance capital is abundant.
1 story
NAIC reviews rated note feeder treatment as insurer fund finance allocation reaches 1.9%
A Moody's survey of rated US life insurers puts the allocation at 1.9% of cash and invested assets in 2025, up from 1.3%.
2 stories
Tokio Marine, Schroders, IFC and BlueOrchard in $2bn fund launch
The Oct. 12 log entry gives a fund-level size but no individual commitments or strategy.
SageSure takes stake in Bermuda ILS manager Pillar Capital, funded by Ares debt expansion
Pillar keeps its Bermuda team, its strategy and a substantial management ownership stake; the price and the size of the SageSure stake were not disclosed.
2 stories
NOAA puts 81% probability on very strong El Niño
Moody's says season counts say little about annual losses; WTW reports record Bermuda property capacity and slowing rate cuts.
Tokio Marine commits $300 million to IFC-BlueOrchard credit fund
Tokio Marine HCC seeds the fund with $100 million; Tokio Marine & Nichido Fire adds $200 million at first close.
2 stories
Eiopa sets pre-authorisation expectations for private-equity-backed EU insurers
The supervisory statement covers portfolio transfers, stake acquisitions and mergers and follows a February consultation on the draft.
Fitch raises Beazley Insurance financial strength rating to AA after Zurich deal
The agency also lifted Beazley plc and its Dublin unit to AA- and expects combined specialty volumes around $15 billion.
1 story
Pacific Life Re enters US longevity with $3bn American National deal
The reinsurer's first US longevity trade through its Savings and Retirement business assumes pension risk transfer liabilities.
1 story
Aon and AM Best place September nor'easter loss in the hundreds of millions
AM Best has attached Polo to the same range, with both figures still estimates rather than results.
4 stories
AM Best cuts SanlamAllianz Re to B++ as Enact Re keeps its A-
The cut lands in a half-year when AM Best counted U.S. property/casualty downgrades at nearly half the prior-year level and life/health upgrades at twice the number of downgrades.
AM Best flags $30 billion of fronting premium backed by unrated reinsurance
Conning's August 2026 study found fronting programs' initial loss ratios developed adversely in each of the past seven accident years.
Bermuda regulator flags outsourced private-credit risk; Talcott closes $6.3bn Lincoln deal
Lincoln keeps administration and expects the July-announced deal to lift medium-term annual subsidiary remittances by $30m to $40m.
Talcott Resolution completes $6.3bn Lincoln guaranteed universal life reinsurance
Lincoln will keep administering the policies and expects the July-announced deal to lift medium-term annual subsidiary remittances by $30m to $40m.
3 stories
AM Best affirms Enact Re's A- rating, flagging its limited business profile
The Class 3A Bermuda reinsurer takes quota share from a North Carolina mortgage insurer inside Enact Holdings and has increased net income each year since 2023.
Zurich completes $10.7 billion Beazley acquisition and names Terryn specialty CEO
Beazley shares delist from the London Stock Exchange on 2 October, holders on the 30 September register are due 1,310 pence a share on 15 October, and the specialty CEO appointment is subject to regulatory approval.
Zurich completes $10.8bn Beazley acquisition, adding a Bermuda cyber ILS platform
The acquired platform carries a Class 4 licence, $500 million earmarked, and a $400 million cyber ILS premium target for 2030.
2 stories
The Hartford names Mo Tooker to succeed Christopher Swift as CEO
Tooker, a former General Re president who joined The Hartford in 2015 as chief underwriting officer, becomes CEO in March 2027 while Swift moves to executive chair.
Banyan Risk launches Red Fox as Washington puts Spokane losses at $772 million
The Bermuda MGA's new unit writes non-admitted primary cover up to $10 million, backed by Argenta Syndicate 2121 at Lloyd's.
3 stories
VIG Re names Catrina Gemmerich chief business officer, effective March 2027
She succeeds Stephan Wirz on the board of management, subject to regulatory approval, five months after the announcement.
Barings-backed Pinion hires casualty ILS veteran Gary Maier as US chief executive
The Bermuda carrier has delayed underwriting while it seeks excess and surplus licenses across the United States.
Ascot reorganizes into two divisions and hires AIG's Chris Flatt to run consumer lines
Elizabeth Johnson and Mark Pepper take new roles October 1; Chris Flatt arrives from AIG in early November to lead consumer solutions.
1 story
FGH Parent buys Dayforward's platform and leaves its insurance liabilities behind
The Fortitude Re parent acquired the insurtech's platform, distribution agreements, and licensed agency while Dayforward's insurance entities and legacy liabilities stayed outside the transaction.
3 stories
NAIC's $1.2 trillion private credit review prices Bermuda's $1.52 trillion ceded book
Ratings and valuation reviews set what private credit costs to hold on ceded books where US insurers supply 82 per cent of business and Japan 11 per cent.
Fidelis Partnership files for NYSE listing; Pelagos stake accounts for first-half profit gain
The Bermuda-incorporated MGA leaves price range, share count and ownership blank in its Form F-1, and a $56.5 million swing on the carrier created beside it in the 2023 split accounts for almost all of the first-half earnings gain.
NAIC's $1.2 trillion private credit letter reaches Bermuda's $1.52 trillion reinsurance book
The letter's ratings and valuation reviews set what private credit costs to hold on ceded books where the US supplies 82 per cent of business and Japan 11 per cent.
2 stories
$785 billion is bidding against itself at the top of the tower
Record capital has made the top of the reinsurance tower cheap while 84% of US earthquake exposure sits uncovered, and January is when the industry finds out whether the new money writes terms or just rates.
Rowan draws the line, and Bermuda is the destination
Two years before the NAIC charge, offshore reinsurance is already re-sorting toward Bermuda.