Latest Bermuda Headlines
All the headlines from our Bermuda Topic Page, ordered by recency.
Bermuda-based Companies Second Quarter Earnings Reports
Aug 1 2008 // A number of Bermuda-based companies have released their second quarter earnings reports, as follows: RenaissanceRe Holdings Ltd. reported $159.9 million in second quarter operating income available to common shareholders...
Doucette Joins Everest Re as Exec. VP
Jul 31 2008 // The Bermuda-based Everest Re Group announced that it has appointed John P. Doucette to the position of Executive Vice President, effective September, 2008. He joins Everest Re from Max Bermuda where he held the position of...
Price a Sticking Point for Bermuda Insurers Looking to Buy Entry into Lloyd’s Market
Jul 23 2008 // A handful of Bermuda insurers see an opportunity to expand their horizons by entering the Lloyd’s of London insurance market, but their interest of late has waned as prices of potential target companies have...
Ariel Re Makes Executive Appointments
Jul 3 2008 // Bermuda-based Ariel Reinsurance Company Ltd. has announced the following executive appointments: — George Rivaz has been named Chairman of Ariel Re. He will also continue in his current role as Chairman of Atrium...
Walter Bell Appointed to Bermuda Monetary Authority’s Board
Jul 1 2008 // The Bermuda Monetary Authority (BMA) announced that it has appointed Walter A. Bell to a position on its Board of Directors, as its first international member. The BMA regulates financial services for Bermuda-based...
Ironshore to Buy Lloyd’s Pembroke; Best Sees No Rating Change
Jul 1 2008 // Ironshore Inc. announced from Bermuda that it has signed a sale and purchase agreement with Chaucer Holdings PLC and the management of Pembroke for the £17 million ($34 million) cash purchase of Pembroke Managing...
ACE Comments on Impact of Midwest Floods on Crop Insurance Results
Jun 24 2008 // Bermuda-based ACE Limited has announced that, based on current estimates, the impact of the recent floods in the Midwestern U.S. “will have a negligible impact on both second quarter and full-year earnings per share...
Ratings Recap: Tugu, Pacific Indemnity, Torus, SIAT, Farmers Mutual (NZ), MAPFRE (Puerto Rico)
Jun 24 2008 // A.M. Best Co. has affirmed the financial strength rating of ‘B++’ (Good) and issuer credit rating of “bbb” of Hong Kong’s Tugu Insurance Company Limited with stable outlooks. Best said: The...
ACE to Issue Enhanced ‘CODA’ Policies at Inception
Jun 23 2008 // ACE Bermuda International announced that effective July 1, 2008 all CODA policies will be issued at inception. The company also announced the launch of its new 2008 CODA policy aimed at the UK business market, featuring...
ACE Chooses Shaw as Chief Underwriter-Global Markets, Tempest Re Chairman
Jun 18 2008 // ACE has announced the appointment of Matthew Shaw as Chief Underwriting Officer, ACE Global Markets (AGM). He will also become the Chairman, ACE Tempest Re Europe, where he was previously Managing Director. He will report...
Foreign Insurers Look at Potential Acquisitions in a Weakened U.S. and E.U.
Jun 16 2008 // Asian Insurers May Buy in U.S., E.U.; Bermuda Beefs Up Regulators; Zurich Favored for Acquisition Asian insurers may go on a buying spree. A number of companies, particularly China’s major players, are likely to...
Bermuda Donates $500,000 to Caribbean Cat Risk Insurance Facility
Jun 6 2008 // A bulletin from the Caribbean Catastrophe Risk Insurance Facility (CCRIF) notes that as of the beginning of the 2008 Atlantic Hurricane season, all sixteen original member governments “have signaled their continued...
Ratings Recap: TT Club, Heddington, Flagstone Re, Grupo Nacional, Seguros Catalana, ACE Limited, HSB Engin
Jun 3 2008 // A.M. Best Co. has affirmed the financial strength rating of ‘A-‘ (Excellent) and the issuer credit rating (ICR) of “a-” of Bermuda-based Through Transport Mutual Insurance Association Limited (TTB)...
Bermuda Insurance Regulator to Beef Up Staffing
Jun 2 2008 // Bermuda’s insurance regulator is increasing staffing by as much as 50 percent as it sets its sights on eventually reaching a mutual recognition agreement with other domiciles, executives at an insurance conference...
People
Jun 2 2008 // Markel Corp.’s Board of Directors elected Anthony F. (Tony) Markel vice chairman and Paul W. Springman president and chief operating officer. Markel served Markel Corp. for more than 40 years, most recently as...
Ratings Roundup: Inter-Industry, Western Isles, PARIS RE, Fairfax, AmerInst, Omega, Lloyd’s Syndicate 958
May 29 2008 // A.M. Best Co. has affirmed the financial strength rating of ‘B+’ (Good) and the issuer credit rating of “bbb-” of Inter-Industry Insurance Company Limited (III), which is based on the Isle of Man,...
Ratings Roundup: Gard M&E, Industriforsikring, Eureko, Echelon
May 20 2008 // Standard & Poor’s Ratings Services has assigned its ‘A+’ long-term counterparty credit and insurer financial strength ratings to Sweden-based marine insurer Gard Marine & Energy Försäkring AB...
U.S. Insurers Face Uphill Battle to Alter Foreign Insurers’ Tax Break
May 19 2008 // A coalition of U.S. insurers is calling on lawmakers to close a tax loophole that helps foreign insurers, and although it has won the support of presidential hopeful Hillary Clinton, it faces a harder task convincing...
Sovereign to Establish Dubai Office
May 15 2008 // Bermuda- based Sovereign Risk Insurance Ltd., which is owned by ACE Bermuda Insurance Ltd., a wholly-owned subsidiary of ACE Limited, announced that it has received approval in principle from the Dubai Financial Services...
Bermuda Q1 Earnings Recap: ACE, XL, Validus, RenRe, Endurance, Aspen, Montpelier Re
May 5 2008 // A number of Bermuda-based companies announced their first quarter results last week, which were generally lower than the same period of 2007. The financial credit crunch, combined with the ongoing soft market, had a...
