Core Points - Danish Iqbal has been appointed to the Bermuda Long Term Insurers and Reinsurers (BILTIR) Board of Directors, effective November 1, 2025 [1] - Iqbal has extensive experience in the life re/insurance industry, having held senior roles focused on pricing, valuation, risk, and ALM [3] - Somerset Re emphasizes that Iqbal's appointment reflects its commitment to supporting Bermuda's life and annuity sector and positively contributing to the local community, economy, and environment [4] Company Summary - Somerset Re has recently welcomed Danish Iqbal back to the firm, highlighting his previous role as Chief Actuary at Aspida Re, where he managed all actuarial functions and led the sale process to Ares Management Corporation [3] - The company aims to enhance its influence in Bermuda's insurance landscape through Iqbal's leadership and expertise [4] Industry Summary - The appointment of Iqbal to the BILTIR Board signifies a strategic move to strengthen the governance and oversight of Bermuda's life and annuity insurance sector [1][4] - Iqbal's diverse background in both traditional and non-traditional actuarial roles positions him as a valuable asset to the industry [3]

Core Insights - The re/insurance market remains cyclical, with diminishing margins in the property catastrophe reinsurance business, indicating a trend of softening in this segment [1][4][8] Market Dynamics - The CEO of W. R. Berkley Corporation noted that the past 90 days have shown clear evidence of the cyclical nature of the insurance industry, which often engages in self-sabotage [3][4] - There is still some margin in the property catastrophe reinsurance business, but it is eroding, and further softening is expected [4][9] Rate Trends - Reinsurance broker Guy Carpenter's index indicated a decline in global property catastrophe reinsurance rates after the April and mid-year 2025 renewals, following a 6.6% decline after the January 2025 renewals [6] - Despite the decline, the index remains over 50% higher than its last low in 2017 and higher than all years from 2006 to 2023, suggesting that pricing is still attractive [7] Future Expectations - The expectation is that property catastrophe rates will soften further heading into 2026, barring any significant catastrophic events [8] - The company sees potential margins in the business, but it remains to be seen if these margins will persist into 2026 [9] Casualty Reinsurance Insights - In the casualty reinsurance space, the company expressed frustration with the sector, noting that reinsurers seem dissatisfied with the rate increases achieved by their cedants, suggesting there is room for improvement [10]