ABIR News

Bermuda Re/Insurance Org. Elects XL’s McGavick CEO, Currie, Catlin as Deputies

The Association of Bermuda Insurers and Reinsurers (ABIR) announced the election of its new officers for a two year term beginning on January 1, 2013. Mike McGavick, CEO of XL Group pl, was elected as Chair of the ABIR Board …

Insurance Exec Blasts Florida Inaction on Hurricane Fund, Citizens

Florida lawmakers have put taxpayers at risk by not reforming the Florida Hurricane Catastrophe Fund or Citizen’s Property Insurance Corp. in advance of the 2012 hurricane season, an insurance executive has warned. Bradley Kading, president and executive director of the …

Insurance Groups Laud State Regulators’ Action to Reduce Reinsurance Collateral

State insurance regulators have approved a new model law and regulation on credit for reinsurance that allows some foreign reinsurers to post reduced collateral. The new rules and regulations, which have taken 12 years to complete, would – if adopted …

Bermuda Association Lauds Government Progress on Solvency II ‘Equivalence’

While U.S. regulators are beginning to be worried about the impending imposition of the European Union’s Solvency II regulations for the re/insurance industry, which will come into force in 2014, Bermuda has been working on accommodating its regulations with Solvency …

ABIR Reports 2010 Results for Bermuda’s Re/Insurers; $11.4 Bn Net Income

The Association of Bermuda Insurers and Reinsurers (ABIR)  has released the 2010 global underwriting results for its 22 member (re)insurers – companies that write insurance and reinsurance from underwriting centers in Bermuda, Europe and the United States. The ABIR said …