AGP Executive Report
Last update: an hour agoReinsurance: RenaissanceRe expects property catastrophe rate declines to ease at January renewals, with capital providers more disciplined than in past cycles. The outlook follows a $161 million third-quarter loss, driven largely by falling bond values. Banking: Butterfield reported third-quarter net income of $61 million, broadly level with a year earlier, and said its planned CIBC Caribbean acquisition is expected to close in the first half of 2027. Insurance: Arch Capital’s third-quarter profit fell to $1.03 billion as catastrophe losses rose and underwriting income declined; insurance premiums grew while reinsurance exposure shrank. Aviation: BermudAir is expanding its premium leisure model into Turks and Caicos and Belize, targeting island routes with limited nonstop service. Economy: Bermuda’s real GDP grew 1 per cent in 2025, but economists warn growth is slowing and economic gains are uneven. New business: TIAA is backing Mariner Re, a new Bermuda life reinsurer, with a $750 million investment to support annuity growth.
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