Barbados News

Barbados Ex-Minister Charged in U.S. with Laundering Bribes from Insurer

A former minister in the government of Barbados has been criminally charged in the United States with laundering bribes he received from a Barbadian insurance company, federal prosecutors said on Monday. Donville Inniss, who formerly served as minister of industry …

AJ Gallagher Acquires Assets of Caribbean Broker Minvielle & Chastanet

Arthur J. Gallagher & Co. announced that it has acquired certain assets of Minvielle & Chastanet Insurance Brokers located in the eastern Caribbean. Terms of the transaction were not disclosed. The bulletin described Minvielle & Chastanet Insurance Brokers (MCIB) as …

Ratings Recap: PaCRe, Barbados, Cotswold, Orient, Kuwait Re

A.M. Best Co. has affirmed the financial strength rating of ‘A-‘ (Excellent) and issuer credit ratings of “a-” of Bermuda-based PaCRe Ltd., both with stable outlooks. The ratings of PaCRe are based on its “excellent risk-adjusted capitalization as measured by …

Aon Benfield Cat Report for November Highlights Cold and Floods

In its latest monthly assessment of the world’s catastrophes for November Aon Benfield highlights the first winter weather event of the season across Europe with “notable affects.” the report, published by the company’s Impact Forecasting team, who evaluate global natural …

Canada Revenue Agency Confirms Barbados Insurers Exempt Status

The Canada Revenue Authority (CRA) confirmed that Barbados insurance companies including Exempt Insurance Companies (EIC) and Qualifying Insurance Companies (QIC) are “liable to tax” under paragraph IV (1) of the 1980 Barbados-Canada Double Taxation Agreement and can generate exempt earnings …

Newly Formed Aliseo Re Enters Global Retrocession Market

Barbados-based Aliseo Reinsurance SCC announced its entry into the global retrocession market with an initial capitalization of $300 million. Aliseo Re said it would “operate as a monoline retrocessionaire focusing on providing property catastrophe protection, targeting the reinsurance market worldwide. …

CCRIF Details Payments to Members for Tropical Cyclone Tomas

The Caribbean Catastrophe Risk Insurance Facility (CCRIF) announced that it has completed insurance payments to the Governments of Barbados, Saint Lucia and St. Vincent & the Grenadines following the passage of Tropical Cyclone Tomas which passed close to these islands …

Ratings: First Capital, First Net, Trinidad & Tobago Ins., Harmony General

A.M. Best Co. has affirmed the financial strength rating of ‘A’ (Excellent) and issuer credit rating of “a” of Singapore’s First Capital Insurance Limited, both with stable outlooks. The ratings reflect First Capital’s “adequate risk-adjusted capitalization and its ability to …

CCRIF Estimates $12.8 Million in Caribbean Losses from Tomas

Whether Tomas passed through the eastern Caribbean as a hurricane or a tropical storm is rather irrelevant, as, whatever it was, it caused a lot of damage. The Caribbean Catastrophe Risk Insurance Facility (CCRIF) has already issued a detailed report, …

Best Takes Various Rating Actions on Kingsway and Subsidiaries

A.M. Best Co. announced that it has removed from under review with negative implications and affirmed the financial strength ratings (FSR) of ‘B-‘ (Fair) and issuer credit ratings (ICR) of “bb-” of Miami-based Kingsway Amigo Insurance Company and Illinois-based Universal …