E&S/Specialty

Directors and officers exposure to increased regulatory oversight and cyber-risk issues translates into heightened concerns for executives who must pay greater attention risk management and compliance issues, say executives.

Results were not good for Bermuda-based insurance companies reporting third-quarter results late Thursday.

The E&S markets greater freedoms are needed in this time of volatility, and there are significant business opportunities for wholesale brokers and E&S carriers that step up and assume this vital role.

Two Bermuda-based insurers say catastrophes hurt their third-quarter earnings, with Everest Re reporting a 64 percent drop in net income and Montpelier Re posting a net loss.

ACE Ltd. Chief Executive Officer Evan Greenberg says September was the best month for pricing this year, and a statement by Fitch says it is seeing positive rate increases, but as Greenberg says, whether the trend continues remains to be seen.

W. R. Berkley Corp. says its third-quarter net income was down 18.1 percent to $77 million, from $94 million during the same period a year ago.