Bermuda News

Catlin Elected Chair of Association of Bermuda Insurers and Reinsurers

Stephen Catlin, Catlin Group Limited CEO, has been elected chair of the Association of Bermuda Insurers and Reinsurers (ABIR) for a two-year term beginning January 1, 2015. Catlin succeeds XL Group plc CEO Mike McGavick who completes his two-year term …

NAIC Working Group Recommends Bermuda as Qualified Jurisdiction

A working group of the National Association of Insurance Commissioners (NAIC) has recommended the Bermuda Monetary Authority (BMA) for approval as a “qualified jurisdiction” under the NAIC’s reinsurance regulatory modernization framework. The recommendation, if approved, would reduce collateral requirements for …

RenaissanceRe Announces Executive Management Changes

RenaissanceRe Holdings Ltd. announced that Peter C. Durhager has decided to step down as executive vice president and chief administrative officer, and that Jeffrey D. Kelly, the company’s executive vice president and chief financial officer, will become chief operating officer …

Catlin Group Interim Report Shows 11% Hike in Gross Premiums Written

Catlin Group Limited, the Bermuda-based specialty property & casualty insurer and reinsurer, has issued its interim management statement for the nine-month period ended September 30, 2014, which shows premiums reported and not financial results. The interim statement includes the following …

Hurricane Gonzalo Threatens Bermuda With Flooding, Storm Surge

Gonzalo, classified as a major hurricane and bearing down on Bermuda with tree-snapping winds, is forecast to bring flooding and a life-threatening storm surge as it’s projected to be the worst storm to hit the territory since Fabian in 2003. …

Hamilton Insurance Buys 2 TIG Insurance Units

Hamilton Insurance Group Ltd., the reinsurer that counts Sanford “Sandy” Weill as non-executive chairman, acquired two units from Prem Watsa’s Fairfax Financial Holdings Ltd. as part of a push into primary coverage. Hamilton acquired Valiant Insurance and Valiant Specialty Insurance, …

Validus Holdings Completes Acquisition of Western World

Bermuda-based Validus Holdings, Ltd. announced that it has completed its acquisition of Western World Insurance Group, Inc.; which it noted “is a specialty lines insurance company with a 50 year track record of profitability and is a pioneer in the …

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 …