Latest Bermuda Headlines
All the headlines from our Bermuda Topic Page, ordered by recency.
Bill Weakens to Category 3 Hurricane; Predicted Course Unchanged
Aug 20 2009 // Hurricane Bill has weakened somewhat from a category 4 storm to category 3 on the Saffir-Simpson scale. It nonetheless remains a dangerous storm with maximum sustained winds of around 125 mph, 205 km/hr, with higher...
Hurricane Bill Could Bring Dangerous Swells, Rip Currents to U.S. East Coast
Aug 20 2009 // Powerful Hurricane Bill, a dangerous Category 4 storm with 135 mph winds, raged across the open Atlantic Wednesday, days from land but on a path that could menace Canada’s eastern provinces next week. Sweeping past...
UPDATE: Hurricane Bill Moving West-Northwest towards Bermuda
Aug 18 2009 // The latest bulletin from the National Hurricane Center in Miami reports that Hurricane Bill continues to move “west-northwestward across the tropical Atlantic with little change in strength.” As of 5:00 a.m....
Hurricane Bill Expected to Strengthen to Category 3; Ana, Claudette Weaken
Aug 18 2009 // Hurricane Bill, the first hurricane of the 2009 Atlantic season, revved up quickly Monday as it headed toward Bermuda, while the remnants of Tropical Storm Ana dissipated without threatening the U.S. Gulf oil patch. Bill...
Hurricane Bill Heads for Bermuda
Aug 17 2009 // Hurricane Bill, the first hurricane of the 2009 Atlantic season, gained strength quickly as it churned across open ocean Monday in the direction of Bermuda, the U.S. National Hurricane Center said. Two other tropical...
Ratings Roundup: Central Re, Amedex, Arab Orient
Jul 27 2009 // A.M. Best Co. has revised the outlook to stable from positive and affirmed the financial strength rating of ‘A-‘ (Excellent) and the issuer credit rating of “a-” of Taiwan’s Central...
Hiscox Bermuda Adds Two Healthcare Liability Underwriters
Jul 13 2009 // International specialist insurer Hiscox Ltd. announced the appointment of two healthcare underwriters to Hiscox Bermuda, subject to immigration approvals. Ian Thompson (Senior Vice President – Healthcare) and Nick...
ACE Bermuda Launches New Primary Warranty & Indemnity Solution
Jul 13 2009 // ACE Bermuda International announced the launch of a new primary Warranty and Indemnity (W&I) insurance policy, designed to provide protection against financial losses arising from breaches of warranties and/or...
Ratings Recap: Argus, Leadway, Scandinavia
Jul 8 2009 // A.M. Best Co. has downgraded the financial strength rating (FSR) to ‘A-‘ (Excellent) from ‘A’ (Excellent) and assigned issuer credit ratings (ICR) of “a-” to Argus Group Holdings Limited...
Ratings: Argo Re, Heddington, La Colonial, Trinidad & Tobago, Lancashire, Brit
Jun 25 2009 // A.M. Best Co. has affirmed the financial strength rating of ‘A’ (Excellent) and issuer credit ratings (ICR) of “a” of Bermuda-based Argo Re Ltd. and its U.S. subsidiaries. Best also affirmed the ICR...
AIG vs. Greenberg Trial: Stock Flown to Bermuda to Avoid Seizure
Jun 18 2009 // The former head of ailing U.S. insurance giant AIG told a court Wednesday that he had a private jet fly a large block of the company’s stock to Bermuda from New York to prevent AIG from seizing it. “It was a...
Ratings: Everest Re (Ireland), Bosna Re, Peace Hills, Farmers (NZ), Swiss Re (debt), Optimum
Jun 18 2009 // Standard & Poor’s Ratings Services has assigned its ‘A+’ counterparty credit and financial strength ratings to Everest Reinsurance Co. (Ireland) Ltd. S&P also said the outlook on Everest Re...
Amlin to Buy Fortis Dutch Corporate Insurance Unit; S&P, Best Comment
Jun 4 2009 // The UK’s Amlin plc announced that it has entered into an agreement to acquire Fortis Corporate Insurance N.V. (FCI), an important provider of corporate P/C insurance in the Netherlands and Belgium, from the Dutch...
Fight for IPC Re Intensifies; Pirates Continue Attacks; Solvency II Gets EU OK
May 18 2009 // A good old-fashioned fight has developed between Bermuda-based Validus Holdings and the Max Capital Group over the latter’s planned amalgamation with IPC Re. At the end of March, Max announced that it had made a deal...
Max Capital Wins Court Ruling Dismissing Validus Expedition Request
May 15 2009 // The Bermuda-based Max Capital Group Ltd. Has won a skirmish in its fight with Validus Holdings over the acquisition of IPC Re when the Bermuda Supreme Court dismissed the application by Validus to expedite its suit against...
Best Rates Lloyd’s Syndicates 382 (Hardy) and 1225 (AEGIS)
May 8 2009 // Syndicate 382 – Hardy Underwriting 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,...
Validus Offers ‘Three-Part Plan’ to Expedite Acquisition of IPC Holdings
May 1 2009 // In the latest round of the fight for control of IPC Holdings, Bermuda-based Validus Holdings outlined a three-part plan to acquire IPC, which, it said, would “allow IPC shareholders to obtain the benefit of...
Validus Files Lawsuit against IPC Holdings and Max Capital
Apr 29 2009 // Bermuda-based Validus Holdings, Ltd. has fired another salvo in its attempt to derail the planned amalgamation of IPC Re with the Max Capital Group (See IJ web site –...
Ratings Recap: Steamship Mutual, AXA Ireland, Hang Seng, Tapiola
Apr 8 2009 // Standard & Poor’s Ratings Services has assigned its ‘BBB+’ long-term counterparty credit and insurer financial strength ratings to U.K.-based marine insurer Steamship Mutual Underwriting Association...
Max Capital CEO Says Deal for IPC Better than Validus’ Offer
Apr 3 2009 // Max Capital Group’s deal to merge with rival IPC Holdings offers shareholders a better long-term deal than an unsolicited offer from Validus Holdings, Chief Executive Marston Becker said Thursday. Max’s deal is...
