Bermuda News

ACE Bermuda Launches New CODA Premier D&O Policy

ACE Bermuda has launched a new CODA Premier directors and officers liability policy. The CODA Premier policy offers personal asset protection to directors and officers and is available through ACE’s commercial property and casualty insurance businesses in North America. Enhancements include limits reinstatement; longer claims reporting periods; funds for public relations purposes – to contest extradition …

Allied World Bermuda Launches Liability Coverage for ACOs

Allied World Bermuda has launched a new accountable care organization (ACOs) liability product for Bermuda-based clients. The product provides coverage for ACOs – newly emerging healthcare organizations characterized by a payment and care delivery model that ties provider reimbursements to …

Philip Named President, CEO of American International Co. Ltd. Bermuda

American International Group Inc. (AIG) has named Anthony Philip as president and CEO of American International Company Limited (AIG) in Bermuda. Philip, a native of Bermuda, will assume his new position effective immediately. He succeeds David Valzania, who was recently …

PartnerRe Ltd. Establishes New Companion Facility, Lorenz Re

PartnerRe Ltd. has formed Lorenz Re Ltd., a special purpose insurer domiciled in Bermuda. Lorenz Re was capitalized with $75 million through the issuance of multiple classes of preference shares. It will provide additional capacity to PartnerRe on a diversified …

Iron-Starr Excess Enters Bermuda Healthcare Market

Ironshore Inc. has entered the Bermuda healthcare market and appointed Susan Pateras as senior vice president, Healthcare Practice Leader of Iron-Starr (managing general agent for Ironshore Insurance Ltd.).  Iron-Starr will provide insurance protection for a range of clients, including hospitals, …

Best’s Report on Bermuda Re/Insurers Sees over 10% ROE for 2012

There are still several weeks until the end of the year, but forecasts are unlikely to change very much as far as Bermuda’s re/insurers are concerned. A new special report from A.M. Best indicates that “2012 is shaping up as …

Flagstone Re Shareholders Approve Acquisition by Validus

Bermuda-based Validus Holdings, Ltd. announced that the shareholders of Flagstone Reinsurance Holdings, S.A. approved all matters required to be approved by Flagstone’s shareholders in order for Validus to acquire Flagstone, with the support of more than 99 percent of the …

Insurance Fraud Specialist Armour Group Concludes UK Sub Deal

 The Bermuda-based Armour Group announced that an affiliate has completed a majority investment in Armour Intelligence Limited, a UK-based service, created by its founder and CEO, former Brigadier David Montgomery, to specialize in the detection and deterrence of fraudulent activity. …

Rafael, 9th Hurricane, Bypasses Bermuda; Tropical Storm Paul Weakens

Rafael became the season’s ninth hurricane on Monday after tracking through the Leeward Islands. The storm then bypassed Bermuda late Tuesday evening. As of the National Hurricane Center’s Wednesday, 5:00 AM EDT advisory, the storm remains a Category 1 hurricane …

Best Affirms OneBeacon and Subs Group Ratings; White Mountains

A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A’ (Excellent) and issuer credit ratings (ICR) of “a” of OneBeacon Insurance Company and its six pooled and four reinsured affiliates, collectively referred to as OneBeacon Insurance Group. Best …