Bermuda:Re+ILS

We're thrilled to announce that Bermuda:Re+ILS has reached 3,000 followers on LinkedIn! We want to thank each and every one of you for your unwavering support, engagement and trust in our content. Whether you've been with us from the beginning or recently joined our community, your presence and participation are what make this journey so rewarding. At Bermuda Re + ILS, our mission has always been to provide insightful, timely, and impactful content about the Bermuda re/insurance industry, highlighting the unique perspectives and developments in Bermuda and beyond. Your feedback and interaction help us to continually improve and stay motivated to bring you the very best information. Thank you once again for being part of our growing community. Here’s to many more milestones together!

Saudi Re has sold its 49.9% stake in Bermuda's PROBITAS HOLDINGS (UK) LIMITED to Aviva for $159 million, as announced on the Tadawul stock exchange. This move is expected to bolster Saudi Re's financial position, with a positive impact on its third-quarter 2024 financial statements, considering the asset's book value of $52 million as of Q1 2024. “This transaction aims to enhance the company’s competitive position and financial position, enabling it to redirect investments to develop growth opportunities in both local and international markets,” said Ahmad Al-Jabr, acting CEO of Saudi Re. Read more on the sale here: https://ow.ly/zTNP50SCeYe

Relm Insurance, a Bermuda-based digital insurer, has partnered with cybersecurity provider CyVers 》Proactive Web3 Security to enhance protections for its digital and fintech clients. CyVers will offer real-time security solutions tailored to combat scams, fraud, and compliance threats specific to Web3 environments. Christian Ogden Davies, global head of distribution and innovation at Relm, said: "Securing access to real-time wallet and smart contract monitoring, among other threats, creates a tangible value add for our partners and ultimately lowers the insured's risk profile." Read more on the partnership here: https://ow.ly/El3j50SCeS2

Fleming Re, based in Bermuda, has sued James River Group in New York, alleging securities fraud. Fleming claims James River misrepresented JRG Re's status and depleted its assets before selling it to Fleming for $277 million. Read more on the lawsuit here: https://ow.ly/5Igf50SCeN9

Two Bermudian students have joined the Association of Bermuda Insurers and Reinsurers (ABIR) Insurers and Reinsurers as interns for the summer, with Malakye Outerbridge and Cree Dunn working with ABIR’s Policy and Regulatory team. John Huff, ABIR CEO, said: “Providing internships to Bermudian students is one of the ways in which ABIR and our member companies strengthen connections with the community and promote awareness, opportunity and relationships with the next generation of Bermudian leaders.” Read more on the story here: https://ow.ly/o6bg50SBpAM

Gateway Re has listed a $60 million catastrophe bond on the Bermuda Stock Exchange to cover named storms in eight US states. The bond, up from an initial $50 million target, is backed by SageSure, Anchor Re, and @SureChoice Underwriters Reciprocal Exchange. Read the full story here: https://ow.ly/1YKk50SBpve

Bermuda-based Fidelis Insurance Group Holdings has had its ratings outlook upgraded from stable to positive by ratings agency S&P Global due to its strong earnings history and improved risk profile. S&P affirmed Fidelis' A- issuer credit and financial strength ratings on its core re/insurance operating entities. Read more on the ratings boost here: https://ow.ly/kKts50SBpqz

Mosaic Insurance has restructured its underwriting and operational teams to focus on its agency business. The changes include the promotion of chief of staff Lisa Fontanetta as chief operating officer and Liam Jones, who was executive vice president for strategic growth, to Agency CEO. “These updates will support the strong allegiances we are building with brokers and agency partners to source profitable underwriting opportunities and bring innovative solutions to the market.” said Co-CEO Mark Wheeler. Krishnan Ethirajan  David White, Heather Oliver, Grant Hopkins, CFA, CPCU, Anna Jay and Charles Mackay Mitch Blaser Read more on the appointments here: https://ow.ly/ObVJ50SBpih

Howden Re has appointed veteran analytics expert, Shireen Gammoh from Gallagher Re, as its legacy and structured reinsurance managing director in Bermuda. Howden Re head of legacy & structured Reinsurance Seth Ruff said: “Her experience in capital modelling and innovative approaches to risk and capital management will be invaluable.” Read more on the appointment here: https://ow.ly/Y0PY50SAmSS

Bermuda-based Essent Group has closed two transactions that give it access to approximately $1 billion in capital. Mark Casale, chairman and chief executive officer, said, “These actions further enhance our already strong capital and liquidity position while adding to our financial flexibility.” Read more on the story here: https://ow.ly/OJVL50SAmGs