Latest Bermuda Headlines
All the headlines from our Bermuda Topic Page, ordered by recency.
Ratings Roundup: Allianz (Italy), MAPFRE PRAICO, Maiden
Jun 18 2010 // A.M. Best Co. has affirmed the financial strength rating of ‘A+’ (Superior) and issuer credit rating (ICR) of “aa” of Allianz S.p.A. (Italy), both with stable outlooks. Best explained that the...
ACE Enhances Personal Assets Coverage for Individual UK Directors
Jun 15 2010 // ACE Bermuda International announced the enhancement of its CODA product, which provides personal asset protection for directors & officers in the UK, at the AIRMIC Conference. ACE explained that CODA provides the...
Bermuda Monetary Authority Launches Pilot Internal Capital Model
Jun 2 2010 // The Bermuda Monetary Authority has begun conducting a pilot of its internal capital model (ICM) review process with selected Class 4 companies, the largest commercial (re)insurers in the Bermuda market. “The ICM...
Best Affirms Hiscox USA Group’s ‘A’ Ratings; Outlook Stable
May 28 2010 // A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A’ (Excellent) and issuer credit ratings (ICR) of “a” of Hiscox USA Group, and its lead member, Hiscox Insurance Company Inc....
Ratings Recap: Hatherley, Attorneys Liability
May 26 2010 // A.M. Best Co. has upgraded the financial strength rating to ‘A’ (Excellent) from ‘A-‘ (Excellent) and issuer credit rating to “a” from “a-” of Bermuda-based Hatherley...
Flagstone Re Completes Redomicile Move to Luxembourg
May 19 2010 // Flagstone Reinsurance Holdings, S.A. announced that it has completed the previously announced change in the company’s corporate domicile from Bermuda to Luxembourg [See IJ web site –...
Bermuda Signs Tax Accord with Italy
May 18 2010 // Bermuda’s Minister of Finance, the Hon. Paula A. Cox, announced that Bermuda has concluded negotiations for a bilateral agreement with the Italian Republic that will, “upon signing later this year, provide for...
Bermuda Signs Tax Accord with Portugal
May 11 2010 // Bermuda announced that it has signed a bilateral agreement with the Portuguese Republic that “provides for a full exchange of information on criminal and civil tax matters between Bermuda and the Portuguese...
Flagstone Re Q1 Operating Income Down 61.4% to $12.1 Million
May 7 2010 // Bermuda-based Flagstone Reinsurance Holdings Limited joined a number of reinsurers with diminished results for the first quarter of 2010. The Company reported net operating income of $12.1 million, compared to $31.3...
Platinum Appoints Decleir CFO; Increases Share Repurchase Program
May 6 2010 // Platinum Underwriters Holdings announced that Allan C. Decleir has been named Executive Vice President and Chief Financial Officer, effective June 1, 2010, subject to the approval of the Bermuda Department of Immigration....
Ratings Roundup: Amlin, United Barbados
May 6 2010 // A.M. Best Co. has commented that the ratings of the UK’s Amlin plc and its operating subsidiaries are unchanged. This follows Amlin’s announcement that it plans to establish a reinsurance platform in Zurich,...
UK’s Amlin to Establish European Reinsurance Company in Switzerland
May 5 2010 // London-based Amlin plc, one of Lloyd’s and the UK’s best known insurers, has announced plans to establish a reinsurance company in Switzerland to serve European clients. Amlin said it believes that the company...
Best Affirms ACE and Subs Ratings; Outlook on Debt Changed to Positive
May 4 2010 // A.M. Best Co. has revised the outlook to positive from stable and affirmed the issuer credit ratings (ICR) of “a-” and senior debt ratings of ACE Limited, based in Zurich, Switzerland, and ACE INA Holdings...
Bermuda Concludes Cooperation Agreement with Swiss Regulators
Mar 18 2010 // The Bermuda Monetary Authority (BMA) has exchanged Letters of Cooperation with the Swiss Financial Market Supervisory Authority (FINMA). The Letters “formally establish the basis for consultation, cooperation and...
Bermuda (Re)Insurance Association Releases Members’ 2009 Results
Mar 17 2010 // The Association of Bermuda Insurers and Reinsurers (ABIR) has released the 2009 global underwriting results for its 23 members, who write insurance and reinsurance from underwriting centers in Bermuda, Europe and the...
Hiscox Underwriting Chief on 2010 Outlook
Mar 11 2010 // London-based specialty insurer Hiscox, which launched a significantly expanded U.S. presence in 2006, saw gross profits reach record levels ($481 million) in 2009. In this exclusive interview with Insurance Journal, Hiscox...
Bermuda Insurers, Reinsurers Oppose State Cat Fund Bill – HR 2555
Mar 9 2010 // The Association of Bermuda Insurers and Reinsurers (ABIR) has filed an opposition to HR 2555 which, the Association warns would “replace private sector risk bearing capital with government reinsurance and government...
Best Places Max’s Ratings on Positive Review; Harbor Point Unchanged
Mar 4 2010 // A.M. Best Co. has placed the financial strength rating (FSR) of ‘A-‘ (Excellent) and issuer credit ratings (ICR) of “a-” of the operating subsidiaries of Max Capital Group Ltd. under review with...
Platinum Increases Share Repurchase Plan; Sets Annual Meeting Agenda
Feb 23 2010 // Bermuda-based Platinum Underwriters Holdings announced that it has increased the authorized amount under its existing share repurchase program to a total of up to $250 million of its common shares. “This represents...
LeStrange to Retire as Endurance CEO, President; Cash to Succeed Him
Feb 18 2010 // Bermuda-based Endurance Specialty Holdings Ltd. announced that, effective March 1, 2010, David Cash will take over as its Chief Executive Officer. Kenneth J. LeStrange, the Company’s Chairman of the Board, President...
