Bermuda News

JLT Re Taps Bardon as Bermuda Partner, Working with Industry Loss Warranty Team

JLT Re, the London-based reinsurance broker and consultancy, has appointed Nicolas Bardon as a partner in JLT Re’s Bermuda operation reporting to Guy Hengesbaugh. Bardon will work closely with Gary Reynolds and others on the industry loss warranty team in …

Bermuda Can Withstand Trump’s U.S. Tax Plans, Says Premier Dunkley

Bermuda Premier Michael Dunkley said the nation will be able to attract businesses even as U.S. President Donald Trump plans to reduce tax rates to help keep companies onshore. “One of the things that I find very comforting about Bermuda …

Bermuda Re/Insurers Hit by Ogden Rate Change, Higher Nat Cats: S&P

A big change in the Ogden rate in the UK and higher natural catastrophe losses are dampening a wide range of Bermuda-based insurer and reinsurer results in the 2017 first quarter, Standard & Poor’s said in a new report. “Unfavorable …

Hamilton Re to Buy Canopius’ Excess Casualty Renewal Rights

Hamilton Re, the Bermuda-based platform of Hamilton Insurance Group, announced it has agreed to acquire the renewal rights to Canopius Underwriting Bermuda Ltd.’s excess casualty insurance book of business. The transaction is expected to close mid-year. In addition, Sompo Canopius …

ICAT Syndicate 4242 & Neon Partner to Underwrite Large U.S. Property

ICAT Syndicate 4242 at Lloyd’s, a U.S. catastrophe-exposed property underwriter, and Neon, a specialist Lloyd’s underwriter, have partnered in a reciprocal capacity arrangement to bring additional per risk capacity to the Bermuda property direct & facultative (D&F) market. This strategic …

BRIT Renews, Expands Bermuda-Based SPV Versutus

London-based Brit Ltd. said it has renewed and expanded the collateralized reinsurance capacity provided by the Bermuda domiciled special purpose insurer, Versutus Ltd., in support of Brit’s property treaty portfolio for 2017. The special purpose insurer will be capitalised at …

RenaissanceRe Forms Special Purpose Insurer Fibonacci Re

Renaissance Reinsurance Ltd. announced the formation of Fibonacci Reinsurance Ltd., a special purpose insurer domiciled in Bermuda. Fibonacci Re was formed to provide collateralized capacity to Renaissance Reinsurance, the principal Bermuda-based reinsurance subsidiary of RenaissanceRe Holdings Ltd. Fibonacci Re, which …

Enstar Launches Bermuda Specialty Reinsurer KaylaRe; Packer Appointed CEO

Enstar Group Ltd. has launched KaylaRe Ltd., a Bermuda-based Class 4 reinsurer, offering a diversified range of specialty reinsurance to the global insurance market. KaylaRe launches with initial capital of $620 million, backed by a $300 million investment from Enstar; …

Krefta Named CEO of Hiscox Re and ILS, Succeeding Pinchin

Specialist global insurer Hiscox announced that Michael Krefta has been appointed CEO of Hiscox Re and ILS, and CEO of Hiscox Bermuda, effective Aug. 1, 2017. He will succeed Jeremy Pinchin who, after five years in Bermuda, will return to …

Neon Bermuda Taps Chubb’s Hunt to Become SVP, Property Insurance

Neon announced it has appointed Dwayne Hunt to the role of senior vice president – Property Insurance, in Neon’s Bermuda office. Neon said it opened a Bermuda office earlier this year to provide greater access to both the local and …