Latest Bermuda Headlines
All the headlines from our Bermuda Topic Page, ordered by recency.
Insurance Linked Securities Specialist Nephila Hired by Blackstone Vehicle
May 20 2015 // A Blackstone Group LP vehicle offering hedge fund strategies to mutual fund investors plans to allocate money to a firm backed by rival KKR & Co. The Blackstone Alternative Multi-Strategy Fund is hiring Nephila Capital...
IRS Scrutiny of Offshore Tax Avoidance Repels Bids for Bermuda Reinsurers
May 19 2015 // The IRS’s scrutiny of tax avoidance in offshore locations has discouraged bidders from taking over reinsurers, potentially reducing the companies’ value. Montpelier Re Holdings Ltd. and Platinum Underwriters...
AXIS Capital Could Attract Offer From Arch Capital: Report
May 7 2015 // AXIS Capital Holdings Ltd. climbed in New York trading on Wednesday after “Insurance Insider” reported that the company, which has agreed to merge with PartnerRe Ltd., could draw a bid from Arch Capital Group...
IRS Weighs Rules on Hedge Fund Managers’ Use of Reinsurance
Apr 24 2015 // Hedge fund managers including billionaire John Paulson won’t immediately face new limits on their use of insurance in offshore tax havens, after the IRS proposed rules and chose not to make them effective now. The...
Hedge Fund-Backed Bermuda Ventures Could Be at Risk From IRS
Apr 24 2015 // 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...
ACE Appoints Fletcher ACE Bermuda Chairman; Clabby, Gonsalves Promoted
Apr 21 2015 // ACE Group has announced several key executive appointments in its ACE Bermuda business. Rees Fletcher has been named Chairman of ACE Bermuda. He joined ACE Bermuda 26 years ago, rising to the position of Senior Vice...
Willis Takes On Big Banks Seeking Asia M&A under Walkiewicz and Guo
Apr 20 2015 // Willis Group Holdings plc’s Rafal Walkiewicz and Michael Guo, who were promoted last week to lead the investment-banking operation, are focusing on Asia as they vie with Wall Street in advising insurance...
Validus Holdings Promotes 3 Underwriting Execs in Bermuda
Apr 15 2015 // Validus Reinsurance, Ltd., a wholly owned subsidiary of Validus Holdings, Ltd. has announced a number of underwriting promotions in its Bermuda office, “strengthening the capabilities and breadth of its global...
Bermuda Re/Insurers Post Strong 2014 Global Underwriting Results: ABIR
Apr 6 2015 // The Association of Bermuda Insurers and Reinsurers (ABIR) has released the 2014 global underwriting results for its member (re)insurers, with 19 of 21 member (re)insurers participating in the survey. The ABIR said:...
Ruoff Appointed Chief Executive Officer of Tokio Millennium Re
Apr 2 2015 // 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...
Willis Appoints Scope as Chairman of its Bermuda Operations
Apr 2 2015 // Willis Group Holdings announced the appointment of Paul Scope as Chairman of Willis Bermuda, encompassing all of the firm’s operations on the Island, effective immediately. He will oversee Willis’s whole range...
BlackRock, ACE Raise $800 Million to Form Bermuda Reinsurer
Apr 2 2015 // 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....
ACE, Blackrock Seek Up to $1.3 Billion for Bermuda Reinsurance Venture
Mar 20 2015 // BlackRock Inc., the world’s largest money manager, and Evan Greenberg’s ACE Ltd. are forming a reinsurance venture that is seeking to raise $800 million to $1.3 billion. The business is named ABR Reinsurance...
A.M. Best Affirms Ratings of Third Point Reinsurance & Subsidiaries
Mar 20 2015 // 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...
ACE Bermuda Expands D&O Cover for Non-North American Multinationals
Mar 16 2015 // ACE Bermuda International announced the launch of an additional D&O liability insurance capability for multinational companies based outside of North America. The new capability allows ACE to issue CODA Premier®...
Hedge Fund, Sandell Asset Management, Forms Bermuda Reinsurer
Mar 5 2015 // Sandell Asset Management Corp., the activist hedge-fund firm run by Tom Sandell, started a Bermuda-based reinsurer to support its investing strategy. Sandell Re will rely on the hedge fund to oversee the reinsurer’s...
JLT Rebrands Bermuda Unit; Senior Management Changes Announced
Mar 2 2015 // Jardine Lloyd Thompson Group plc announced that JLT PARK will be rebranded as JLT Specialty Bermuda. This change became effective on March 1, 2015, subject to regulatory approval. JLT also is announcing a number of senior...
Best Sees Minimal Rating Impact from Tax Changes on Reinsurance
Feb 13 2015 // A.M. Best has weighed into the ongoing debate over whether or not the ability of “foreign” reinsurers to avoid significant amounts of U.S. taxes by transferring reinsurance premiums paid to foreign affiliates...
Catalina Completes Transfer of NationsBuilders Construction Liabilities in Run-off
Feb 10 2015 // Catalina Holdings (Bermuda) Ltd. announced that, following receipt of regulatory approvals from the Bermuda Monetary Authority and the District of Columbia Department of Insurance, Securities and Banking, it has completed...
