Latest Bermuda Headlines
All the headlines from our Bermuda Topic Page, ordered by recency.
Best Affirms Glencoe, Subs Ratings; Revises Outlooks to Positive
Jun 13 2007 // A.M. Best Co. has affirmed the financial strength rating (FSR) of “A-” (Excellent) and issuer credit ratings (ICR) of “a-” for the operating subsidiaries of Bermuda-based Glencoe Group Holdings Ltd....
S&P to Review ‘Hybrid Equity’ Covenants of Top Bermuda Insurers
Jun 8 2007 // Standard & Poor’s Ratings Services announced that it is “undertaking a review of the preference stock and other hybrid equity issues of the following seven insurers and reinsurers: ACE Ltd....
Recent Ratings Recap: Arab Orient; Strike Club
Jun 7 2007 // A.M. Best Co. has affirmed the financial strength rating of “B+” (Good) and the issuer credit rating of “bbb-” of Jordan’s Arab Orient Insurance Company with a stable outlook. The ratings...
Republic CEO: P/C mergers and acquisitions likely to ‘skyrocket’
Jun 4 2007 // The statutory surplus for property and casualty insurers is at a record $488 billion, according to the CEO of one Dallas-based regional carrier, and they are going to be looking for somewhere to put that cash to work....
Business Moves
Jun 4 2007 // Titan, Eastwood THI Holdings (Delaware) Inc., a Nationwide company, through one of its agency subsidiaries, has acquired the assets of Anaheim Hills, Calif.-based Eastwood Insurance Services Inc. for $217 million. Eastwood...
Republic CEO: P/C mergers and acquisitions likely to ‘skyrocket’
Jun 4 2007 // The statutory surplus for property and casualty insurers is at a record $488 billion, according to the CEO of one Dallas-based regional insurer, and they are going to be looking for somewhere to put that cash to work....
Best Issues Special Bermuda Report
May 30 2007 // A.M Best Co. has issued a special report on the Bermuda insurance market, which, among other analyses, compares the disastrous 2005 hurricane season with the startlingly benign one in 2006. Between the two Best notes that...
Recent Ratings Recaps: ACE (Aus. & NZ); CCR; Omega; Kiln
May 22 2007 // A.M. Best Co. has affirmed the financial strength rating of “A” (Excellent) and the issuer credit rating (ICR) of “a+” of ACE Insurance Limited (Australia) and ACE Insurance Limited (New Zealand)...
Shaw Names Redhead Chief Underwriting Officer
May 22 2007 // The D. E. Shaw group announced that Darren Redhead will be joining as the chief underwriting officer of D. E. Shaw Re (Bermuda), Ltd., its recently formed Bermuda-based Class 3 reinsurance company, which focuses on the P/C...
Lockton Launches Bermuda Operation
May 22 2007 // International broker and risk management services provider Lockton has launched operations in Bermuda, which will “give its global clients and associates direct access to risk capital.” The new office will...
Merkel: P/C Lessons from Bermuda
May 17 2007 // Bermuda? Business only. Going to hit about a dozen companies in two days with one of my favorite P&C analysts, Harry Fong of Calyon. I hope there are a decent number of insurance only buy-side analysts along for the...
Validus to Acquire Talbot Holdings; Best Puts Ratings under Review
May 16 2007 // Bermuda-based Validus Holdings, Ltd. has entered into a share sale agreement to acquire all of the outstanding shares of Talbot Holdings Ltd. from the institutional investors, employees and management who currently own...
S&P Rates Gard P&I (Bermuda) ‘A+’; Outlook Stable
May 16 2007 // Standard & Poor’s Ratings Services has assigned its “A+” long-term counterparty credit and insurer financial strength ratings to Bermuda-based marine insurer Gard P&I (Bermuda) Ltd. with a...
Commercial insurers’ stock trades down in first quarter; M&As slow as well
May 7 2007 // Stock Prices: Commercial line insurers’ stocks traded down 2 percent for the first quarter of 2007. The only company reporting significant stock gains for the first quarter was CNA Financial Corp. (NYSE:CNA) whose...
Commercial insurers’ stock trades down in first quarter; M&As slow as well
May 7 2007 // Stock Prices: Commercial line insurers’ stocks traded down 2 percent for the first quarter of 2007. The only company reporting significant stock gains for the first quarter was CNA Financial Corp. (NYSE:CNA) whose...
AIG’s Lexington Opens Bermuda Office
Apr 26 2007 // Lexington Insurance Company, a member company of American International Group, Inc. announced it has opened a property and casualty insurance underwriting office in Hamilton, Bermuda. “Establishing this new office...
News Currents
Apr 23 2007 // Texas AG, Allied World Assurance settle antitrust suit A settlement has been reached in an investigation that Texas Attorney General Greg Abbott says uncovered collusion between a Bermuda-based commercial casualty insurer...
Endurance Sponsors World Open Bermuda 2007 Squash Championships
Apr 17 2007 // Bermuda’s Endurance Specialty Holdings Ltd. announced that it is the title sponsor for the “Endurance World Open Bermuda 2007 Squash Championships.” The bulletin explained that the “Men’s...
Elderfield Named New Bermuda Monetary Authority CEO
Apr 16 2007 // The Bermuda Monetary Authority, which among other things regulates the island’s insurance industry, announced that Matthew Elderfield has been appointed as the organization’s next CEO. He “brings 20 years...
Thomas Joins Amlin Bermuda as Underwriter
Apr 11 2007 // Amlin Bermuda Ltd., Amlin’s wholly owned reinsurance business, has appointed Alun Thomas as an underwriter, reporting to Underwriting Director John Andrews. Alun joins from Aon Limited, where he was a director of...
