Bermuda News

Hedge Fund-Backed Bermuda Ventures Could Be at Risk From IRS

Investment vehicles set up by Paulson & Co. and Highbridge Capital Management in tax-friendly Bermuda may be under threat from the U.S. Internal Revenue Service. The IRS, in proposed rules published Thursday, said that the favorable treatment enjoyed by insurers …

Aspen Reports Q1 After-Tax Net Income of $128M; Combined Ratio of 88.9%

Bermuda-based Aspen Insurance Holdings Limited reported after tax net income of $128.0 million, or $1.87 diluted net income per share, for the first quarter of 2015, compared with $120.4 million, or diluted net income per share of $1.66, reported for the same period …

EXOR Shuns Hedge Fund Strategy With $6.4 Billion Buyout Plan of PartnerRe

The Agnelli family’s EXOR SpA, known for investments in cars and soccer, is dismissing the prevailing reinsurance strategies as it seeks to push into the industry with a $6.4 billion takeover. EXOR is shunning the idea that it should take …

Update: Italy’s EXOR Offers $6.4 Billion for PartnerRe in Threat to AXIS Deal

Italy’s billionaire Agnelli family, with a $6.4 billion unsolicited bid for PartnerRe Ltd., is seeking to thwart its target’s planned merger with AXIS Capital Holdings Ltd. EXOR SpA, the Turin-based investment company controlled by the family, offered $130 a share in cash, …

OneBeacon Explores Sale; China’s Fosun Interested: Sources

OneBeacon Insurance Group Ltd., a specialty insurer controlled by White Mountains Insurance Group Ltd., is exploring a sale, according to people with knowledge of the matter. OneBeacon has drawn interest from companies including China’s Fosun International Ltd., said the people, who asked not …

Ruoff Appointed Chief Executive Officer of Tokio Millennium Re

Stephan Ruoff has been appointed chief executive officer of Tokio Millennium Re AG (TMR), a Zurich-based subsidiary of Tokio Marine & Nichido Fire Insurance Co. Ltd. Ruoff has worked with TMR, a global multi-line reinsurer fully backed by the Tokio …

XL Group Creates Venture Capital Fund, XL Innovate; Hutton Named as Head

XL Group plc announced the creation of XL Innovate, an XL-sponsored venture capital initiative. The new fund will be led by Tom Hutton, a past director of XL who has a history of creating successful insurance and financial technology ventures, …

BlackRock, ACE Raise $800 Million to Form Bermuda Reinsurer

BlackRock Inc., the world’s largest money manager, and Evan Greenberg’s ACE Ltd. raised $800 million for a reinsurance venture, at the low end of the announced range. ABR Reinsurance Capital Holdings Ltd. raised the funds through a private placement, the …

Endurance to Acquire Montpelier for $1.8 Billion

Bermuda-based Endurance Specialty Holdings Ltd. and Montpelier Re Holdings Ltd. announced a merger today, in which Endurance will acquire Montpelier in a stock-cash deal for roughly $1.8 billion. Specifically, the deal consideration consists of 0.472 shares of Endurance and $9.89 …

A.M. Best Affirms Ratings of Third Point Reinsurance & Subsidiaries

A.M. Best has affirmed the financial strength rating (FSR) of A- (Excellent) and the issuer credit rating (ICR) of “a-” of Third Point Reinsurance Company Ltd. (TPRCL) (Bermuda) and Third Point Reinsurance (USA) Ltd. (TPRUSA) (Bermuda). A.M. Best also has …