Bermuda News

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 …

Bermuda-Based Somerset Re Raises Capitalization to $375 Million

Somerset Reinsurance Ltd. has increased its common share capitalization to $375 million, including investments from three strategic investors and a diverse group of high net worth investors. Somerset Re provides customized risk management solutions to the life insurance and annuity …

Hurricane Nicole Weakens After Direct Bermuda Hit; Storm Trackers Comment

Hurricane Nicole made a direct hit on Bermuda Thursday as the strongest hurricane to affect the Atlantic archipelago in 13 years, according to a report issued by Weather Underground. The storm’s impact on Bermuda has now ended, with the exception …

Category 4 Hurricane Nicole Lashes Bermuda with Winds & Flooding Rain

Hurricane Nicole, which has become a Category 4 hurricane, will continue to lash Bermuda with winds and flooding rain through Thursday, according to a report issued by AccuWeather. As a Category 4 hurricane with sustained winds of between 130 and …