Bermuda’s Class of 2020: The re/insurance startups and new capital report

EDITOR’S NOTE

The Class of 2020

THE HOME OF RISK TRANSFER EXPERTISE

There has been a flight to quality among global investors who are keen to back Bermuda risk transfer experts, says John Huff, chief executive officer of the Association of Bermuda Insurers and Reinsurers.

THE JURISDICTION OF CHOICE

The Class of 2020 were attracted to Bermuda by its unique relationships with both the US and Europe, the strength of its regulation and its spirit of innovation, says Roland Andy Burrows, chief executive officer of the Bermuda Business Development Agency.

AT A GLANCE: THE CLASS OF 2020

We selected some of the most interesting information from each of the companies profiled in this report to simplify comparisons and cross-referencing between them.

PROFILE: ARCADIAN RISK

More premium, more fun: John Boylan, chief executive officer at Arcadian, had retired in 2018, but could not resist the temptation to get back into business.

PROFILE: ARCH CAPITAL GROUP

Seizing opportunities: Marc Grandisson, Arch Capital’s chief executive officer, explains how the group seized the moment in 2020 to raise $1 billion on fresh capital to pursue its growth strategy.

PROFILE: ARIEL RE

New beginnings: Under new ownership and a new partnership with Apollo Syndicate Management, Ariel Re’s capital raise in 2020 will allow it to benefit from the momentum for change it currently sees in the market, says chief executive officer Ryan Mather.

PROFILE: ARK INSURANCE

Insurance, whatever the weather: Ark Insurance in 2020 experienced a rebirth of sorts when it received a hefty investment from White Mountains. Nick Bonnar, chief underwriting officer, talks about the benefits.

PROFILE: CHAUCER

The re/insurer’s tale: This Bermuda platform was able to hit the ground running when it launched in late 2020. James Holliss, head of Bermuda at Chaucer, explains why the time was right.

PROFILE: CONDUIT RE

London-listed, made in Bermuda: Trevor Carvey, chief executive and chief underwriting officer of Conduit Re, explains the importance of technology and why freedom from legacy exposures is such an advantage for a new reinsurer.

PROFILE: CONVEX GROUP

Technologically focused: Convex caused quite a stir in the market when it launched in 2019. Its strategy is based on the intelligent use of the most sophisticated technology available. Stephen Catlin, chairman and chief executive officer at Convex Group, elaborates.

PROFILE: FIDELIS INSURANCE

Be different—and make a difference: Fidelis was convinced that 2020 represented an opportunity to grow the business. It raised substantial fresh capital in a series of issues, as Hinal Patel, group chief financial officer and Bermuda chief executive officer, explains.

PROFILE: HELIX GLOBAL

MGA 2.0: Helix wants to change the image of MGAs, with a new model that Claude Lefebvre, president and co-founder at Helix Global, believes represents a paradigm shift for the industry.

PROFILE: MOSAIC

Diverse and harmonious: Mosaic combines its Lloyd’s syndicate with its wholly-owned syndicated capital management agency to offer a new way to manage complex risks, as Mitch Blaser, chief executive officer at Mosaic, explains.

PROFILE: RENAISSANCERE

On the offensive: In 2020 RenaissanceRe established itself as part of the Class of 2020 in terms of capital raising, with a $1.1bn equity issue. What follows is not a regular Q&A with chief executive officer Kevin O’Donnell, but excerpts from publicly available comments O’Donnell made in a number of calls.

PROFILE: SIRIUSPOINT

Tearing up the rulebook: From the union of two respected re/insurance institutions—Third Point Re and Sirius International—came the birth of SiriusPoint. Sid Sankaran, its chief executive officer and chairman, now wants push the limits of the sector.

PROFILE: VANTAGE GROUP

Fresh perspectives: Vantage Group drew inspiration for its name from the idea of offering a different perspective on the industry. It also has ambitions to grow in the ILS space, says Chris McKeown, chief executive of reinsurance, ILS and innovation.