Latest Bermuda Headlines
All the headlines from our Bermuda Topic Page, ordered by recency.
Best Affirms Lloyd’s Syndicate 382 Ratings & Hardy Underwriting
Feb 16 2010 // A.M. Best Co. has affirmed the Best’s Syndicate Rating of ‘A’ (Excellent) and the issuer credit rating (ICR) of “a+” of Lloyd’s Syndicate 382, which is managed by Hardy Underwriting...
OneBeacon Selling Personal Lines Business to Tower Group
Feb 3 2010 // Massachusetts-based OneBeacon Insurance Group has agreed to sell its personal lines business to Tower Group Inc. in a deal that comprises two affiliate insurers and two reciprocal insurance exchanges in New York and New...
Ratings Roundup: Validus (Notes), South China
Feb 3 2010 // A.M. Best Co. has assigned a debt rating of “bbb-” to the recently issued $250 million 8.875 percent senior unsecured notes, due 2040 of Bermuda’s Validus Holdings, Ltd., and has assigned them a stable...
Tannock Named XL Insurance President
Feb 2 2010 // XL Insurance, the global insurance operations of XL Capital, announced the appointment of Patrick Tannock as President of XL Insurance (Bermuda) Ltd (XLIB) and Country Manager, effective as of February 22, 2010. XL’s...
Bermuda Signs Tax Pact with Japan
Feb 2 2010 // Bermuda’s Minister of Finance, the Hon. Paula A. Cox J.P., M.P., announced that the island has signed a bilateral agreement with Japan that provides for a full exchange of information on criminal and civil tax...
2009 P/C Insurance Mergers, Acquisitions Large and Small
Dec 20 2009 // Large insurers AIG, Farmers and The Hartford made moves in 2009, as did large brokers Marsh, Aon, Willis, Gallagher, Brown & Brown, Hub and Wells Fargo. So, too, did, many regional insurers and Main Street agencies....
Best Affirms Amlin Bermuda ‘A’ Ratings
Dec 17 2009 // A.M. Best Co. has affirmed the financial strength rating of ‘A’ (Excellent) and issuer credit rating of “a” of Amlin Bermuda Limited (ABL), both with stable outlooks. In a separate bulletin Best...
Best Affirms Arch Re and Affiliates ‘A’ Ratings; Stable Outlook
Dec 16 2009 // A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A’ (Excellent) and issuer credit ratings (ICR) of “a+” of Bermuda-based Arch Reinsurance Ltd. and its reinsured affiliates. Best...
Best’s Report Finds Bermuda Companies Face ‘Significant Challenges’
Dec 15 2009 // A.M. Best Co.’s review of the Bermuda market’s results finds these companies strongly capitalized; However, Best warned that they will “face significant challenges during the current phase of the...
Willis Shareholders Approve Proposal to Change Incorporation to Ireland
Dec 11 2009 // Willis Group Holdings Limited announced that its shareholders have approved changing the place of incorporation of the parent company of the Willis Group from Bermuda to Ireland at a special meeting in New York. The Board...
Bermuda Concludes Tax Information Agreement with Belgium
Dec 10 2009 // Bermuda’s Minister of Finance, the Hon. Paula A. Cox, announced that Bermuda had concluded negotiations of a bilateral agreement with Belgium that provide for a full exchange of information on criminal and civil tax...
Bermuda Study Calls Ocean Chemistry ‘Smoking Gun’ of Climate Change
Dec 10 2009 // The Bermuda Institute of Ocean Sciences (BIOS) recently released a study of the oceans surrounding Bermuda, which, it said, “are arguably the most comprehensively studied marine sites in the world.” The study...
Association of Bermuda Insurers, Reinsurers Elects Officers for 2010-11
Dec 7 2009 // The Association of Bermuda Insurers and Reinsurers (ABIR) has elected a new slate of officers for the 2010 and 2011 term. The bulletin said that, as of the beginning of the new year, “Michael Butt, Chairman of the...
Ratings Roundup: Bison, Queen’s Island
Nov 24 2009 // A.M. Best Co. has affirmed the financial strength rating of ‘A-‘ (Excellent) and issuer credit rating of “a-” of Bermuda-based Bison Insurance Company Limited, both with stable outlooks. “The...
People
Nov 15 2009 // Alan Ring has joined National Contractors Insurance Co., Inc. (NCIC), a risk retention group, headquartered in Big Fork, Montana, as director of sales and marketing. Ring will be based in NCIC’s Anaheim Hills,...
People
Nov 15 2009 // Alan Ring joined National Contractors Insurance Co. Inc. (NCIC), a risk retention group, headquartered in Big Fork, Mont., as director of sales and marketing. Prior to joining NCIC, Ring was a regional manager for...
Best Upgrades Hannover Re (Bermuda) Credit Rating; Affirms ‘A’ Financial Rating
Nov 12 2009 // A.M. Best Co. has upgraded the issuer credit rating (ICR) to “a+” from “a” and affirmed the financial strength rating (FSR) of ‘A’ (Excellent) of Hannover Re (Bermuda) Ltd. with stable...
Bermuda Monetary Authority Joins Insurance Supervisors Exec. Committee
Nov 5 2009 // The Bermuda Monetary Authority has been appointed as a member of the Executive Committee of the International Association of Insurance Supervisors (IAIS) after a vote taken at the IAIS’s recent annual General Meeting...
People
Nov 1 2009 // Eagan Insurance Agency, based in Metairie, La., has added six insurance professionals to its staff. Joining the family business are Andrew Eagan and David Strassel, both members of the fifth generation of the Eagan family...
Bermuda Monetary Authority Reviews UK’s Offshore Financial Center Report
Oct 30 2009 // The Bermuda Monetary Authority has reacted favorably to recommendations listed in the recently published “Foot Report,” which examines the role of offshore British financial centers, and their relation to the...
