Bermuda News

XL Group Completes Relocation of Domicile to Bermuda

XL Group Ltd. announced it has completed its redomestication to change the place of incorporation of the ultimate parent holding company to Bermuda from Ireland. As previously announced, the name of the new holding company is XL Group Ltd. XL …

Everest Re Group Reports Q2 Net Income of $155.7M vs. $209.1M in Q2 2015

Bermuda-based Everest Re Group Ltd. reported second quarter 2016 net income of $155.7 million, or $3.67 per diluted common share, compared to net income of $209.1 million, or $4.68 per diluted common share, for the same period in 2015. After-tax …

Randall & Quilter Buys Bermuda-Based Segregated Accounts Captive Company

Randall & Quilter Investment Holdings Ltd. has acquired Agency Program Insurance Co. (SAC) Ltd., a Bermuda-based segregated accounts captive company with 28 cells. London-based Randall & Quilter (R&Q) is paying $1.4 million in cash from existing resources to acquire APIC, …

Bermuda Insurance Industry Expected to Grow by 10.3% Annually Until 2019

The Bermuda insurance industry is projected to grow at a steady pace as a result of new regulations and consistent growth in external business, such as offshore and captive, according to a new report published by London-based business intelligence company …

Bermuda Market Associations Allay Fears of Brexit Contagion

Four leaders of Bermuda market groups quickly issued statements last week to allay any fears that the fallout from the UK’s Brexit vote would hit their market as well. “In a global economy, Bermuda is affected, like other nations, by …

A.M. Best Removes Ironshore from ‘Under Review’ Status

A.M. Best has changed its mind about Ironshore, removing the Bermuda-based specialty insurer from its status as “under review with negative implications.” A year after initially taking action, the ratings agency has affirmed the financial strength ratings of “A” (Excellent) …

XL Group’s Shareholders Approve Move to Bermuda from Ireland

XL Group plc announced that its ordinary shareholders have approved a scheme of arrangement that will change the place of incorporation of the ultimate parent holding company to Bermuda from Ireland, which is expected to be completed in the third …

Specialist Lloyd’s Insurer Neon Opens Bermuda Office with Fisher as CEO

The specialist Lloyd’s insurer Neon, formerly known as Marketform, announced it has opened an office in Bermuda as it grows its international footprint with greater access to both the Bermudian and U.S. markets. Located at 29 Victoria Street, Hamilton, the …

Small Group of Bermudian Re/Insurers Drive Overall Q1 Premium Growth: S&P

At first glance, Bermudian re/insurance companies appeared to start the year with a bang, reporting a 21 percent increase in consolidated gross premiums written (GPW), according to a new report published by Standard & Poor’s. However, that picture is slightly …

Aspen Announces New CEOs for Insurance & Reinsurance Units as Vitale Retires

Bermuda-based Aspen Insurance Holdings Ltd. has appointed new leaders for its insurance and reinsurance segments, in response to the announced retirement of CEO Mario Vitale. Stephen Postlewhite, previously chief executive officer of Aspen Reinsurance, has been appointed chief executive officer, Aspen Insurance, …