Latest Bermuda Headlines
All the headlines from our Bermuda Topic Page, ordered by recency.
Reinsurers Seeking Sidecars to Ride Out Next Big Storm
Sep 10 2008 // As Hurricane Ike takes aim at the Gulf of Mexico, triggering memories of 2005’s devastating storms, reinsurers see temporary underwriting vehicles as the solution to their capital needs in the event of “the Big...
Allied World to Open Swiss Branch
Sep 9 2008 // Bermuda-based Allied World Assurance Company Holdings announced that it will open a branch office in Zug, Switzerland that offers reinsurance products throughout Europe and beyond. The office, located at Lindenstrasse 4,...
Lloyd’s Oxygen Opens Bermuda Subsidiary Company
Sep 9 2008 // Oxygen Insurance Brokers, a Lloyd’s accredited London Market insurance intermediary, announced the expansion of their specialist reinsurance division, Oxygen Re, with the incorporation of Oxygen Insurance (Bermuda)...
Ratings: Hull Club, Lloyd’s Syndicate 623/2623, Flagstone Re, First Net
Sep 8 2008 // Standard & Poor’s Ratings Services has lowered its long-term counterparty credit and insurer financial strength ratings on marine mutual insurer Norwegian Hull Club (NHC) to ‘A-‘ from...
Willis Appoints McGeehan Exec. VP – Managing Director for Bermuda
Sep 4 2008 // Willis Group Holdings has announced the appointment of Vince McGeehan as Executive Vice President and Managing Director of Willis Bermuda, effective immediately. He is responsible for the company’s insurance broking...
Speak Up if You Care …
Sep 1 2008 // The Case for Risk Management and Insurance Education If you’re like most insurance firms, your workforce is aging. Or, as a friend of mine recently put it, “There’s a lot of gray hair in the room.”...
Business Moves
Aug 21 2008 // Allied World, Darwin Bermuda-based Allied World Assurance Co., Ltd. has agreed to acquire Connecticut-based Darwin Professional Underwriters, Inc. Darwin offers specialty and primary professional lines coverages, which...
Business Moves
Aug 21 2008 // Allied World, Darwin Professional Bermuda-based Allied World Assurance Co., Ltd. has agreed to acquire Connecticut-based Darwin Professional Underwriters, Inc. Darwin offers specialty and primary professional lines...
People
Aug 21 2008 // W.R. Berkley Corp. named William M. Rohde Jr. president of Acadia Insurance Co., succeeding Bill Thornton, who now is chairman of Berkley Regional Specialty Insurance Co. Walter E. Stradley remains president of Berkley...
By Charles E. Boyle
Aug 21 2008 // From Novelty to Necessity: Bermuda’s Insurance Market 2008 Bermuda’s insurance industry has grown steadily since it began 50 years ago. It is now a mature market, and, in certain sectors – natural...
Soft Market Hammers Commercial Carriers’ Stocks; M&As Active in Personal Lines Sector
Aug 21 2008 // Stock Prices: The soft market continues to have an effect on insurers’ stock prices. With the inability of insurers to grow in the current market, commercial insurers’ stocks are still falling, down 18 percent...
Flagstone Re Holdings to Merge Bermuda, Swiss Operations
Aug 19 2008 // Bermuda-based Flagstone Reinsurance Holdings Limited announced that it will restructure its global reinsurance operations by merging its two wholly owned subsidiaries, Flagstone Reinsurance Limited of Bermuda and Flagstone...
Ratings Roundup: Catlin (US), R.V.I., Companion, AmTrust
Aug 19 2008 // Standard & Poor’s Ratings Services has assigned its ‘A-‘ long-term counterparty credit and insurer financial strength ratings to Catlin Speciality Insurance Co. (CSCI) and Catlin Insurance Co. Inc....
Ratings Roundup: Exporters, Endurance
Aug 14 2008 // Fitch Ratings has affirmed the insurer financial strength (IFS) rating of Exporters Insurance Company Ltd., a Bermuda-domiciled group captive insurance subsidiary of EIC Corporation Ltd. that focuses on writing credit and...
Bermuda Monetary Authority Sets New Solvency II Compliant Rules
Aug 11 2008 // The Bermuda Monetary Authority (BMA – www.bma.bm) has announced what it describes “significant enhancements to Bermuda’s solvency and disclosure regulations for insurance.” Specifically the BMA said...
Catlin Posts 21% Decline in First Half Net Income; GPW Top $2 Billion
Aug 11 2008 // The Bermuda-based Catlin Group Limited posted mixed financial results for the first half of 2008. While gross written premiums were up four percent to $2.075 billion, net income before taxes for the period declined by 21...
CastlePoint Q2 Earnings Stable at $10.3 Million
Aug 11 2008 // Bermuda-based CastlePoint Holdings, Ltd. reported net income of $10.3 million and basic and diluted earnings per share of $0.27 for the second quarter of 2008. Operating earnings for the second quarter of 2008 were $13.2...
Ratings Recap: XL, Milli Re, One Beacon (Bermuda), Seguros Triple-S
Aug 7 2008 // Fitch Ratings has affirmed XL Capital Ltd.’s ratings as well as those of its P/C (re)insurance subsidiaries, including the Issuer Default Rating (IDR) for XL, at ‘A’, and the Insurer Financial Strength...
N.Y.’s Tower Group to Acquire Rest of Bermuda’s CastlePoint
Aug 5 2008 // New York-based insurer Tower Group, Inc. has agreed to acquire Bermuda reinsurer CastlePoint in a transaction valued at approximately $490 million. The deal will allow Tower to shift some of its reinsurance to other...
Ratings Roundup: AXIS, Itau XL, Topiary/Platinum
Aug 5 2008 // A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A’ (Excellent) and the issuer credit ratings (ICR) of “a+” of Bermuda-based AXIS Specialty Limited (AXIS) and its operating...
