Bermudan market News

Remnants of Hurricane Ernesto Trigger Wind and Rain Warnings in Scotland

Yellow weather warnings are in place for Scotland on Thursday, as the remnants of Hurricane Ernesto bring strong winds and heavy rain. There’s an alert for rain across western Scotland, with more than 100 millimeters (4 inches) forecast for higher …

Ernesto Becomes Category 2 Hurricane as It Heads to Bermuda

Ernesto strengthened into a Category 2 hurricane as it plowed northward toward Bermuda, threatening to drench the British territory with heavy rain and unleash flash floods. The storm was 410 miles (660 kilometers) south-southwest of Bermuda according to an advisory …

Hurricane Ernesto Threatens Bermuda, Leaves Puerto Rico in Dark

Hurricane Ernesto took aim at Bermuda as almost half of Puerto Rico remained without power in the storm’s wake, the island’s fragile electric grid battered by high winds. Officials declared a hurricane watch for Bermuda, saying Ernesto could strike the …

Howden Acquires Bermuda-Based Insurance Broker Foram

Howden, the London-based insurance broker, announced the acquisition of Foram Brokerage Ltd., an independent re/insurance broker based in Hamilton, Bermuda. Financial terms of the transaction were not disclosed. Foram is an independent re/insurance broker that provides speciality brokerage services in …

Africa Specialty Risks Launches Reinsurer in Bermuda

Africa Specialty Risks (ASR), the pan-African focused reinsurance group, announced it has launched a licensed reinsurer in Bermuda. The group will offer a full suite of products from its Bermudan reinsurer, including political risk & trade credit, political violence & …

Helix Underwriting to Write Excess Casualty, Forming Agency Agreement with Watford

Helix Underwriting Partners Ltd., the Bermuda-based managing general agency, has expanded its agency platform into the excess casualty insurance segment. The move will see Tim Hadler join as chief underwriting officer to lead the new program, which has received regulatory …

Hamilton Re to Buy Canopius’ Excess Casualty Renewal Rights

Hamilton Re, the Bermuda-based platform of Hamilton Insurance Group, announced it has agreed to acquire the renewal rights to Canopius Underwriting Bermuda Ltd.’s excess casualty insurance book of business. The transaction is expected to close mid-year. In addition, Sompo Canopius …

Former Citigroup Head, Weill, Steps Down as Chairman of Hamilton Insurance

Sanford “Sandy” Weill, the former head of Citigroup Inc., has stepped down as chairman of Hamilton Insurance Group, the Bermuda-based company backed by quantitative hedge fund firm Two Sigma Investments. Weill, 82, is retiring effective immediately, and will be replaced …

Bermuda’s Validus Reports 2015 Net Income of $374.9M, vs. $480M in 2014

Bermuda-based Validus Holdings Ltd. reported net income available to Validus of $69.0 million, or $0.81 per diluted common share, for the three months ended Dec. 31, 2015, compared to $125.9 million, or $1.38 per diluted common share, for the same …

UBS Hedge Fund to Manage Money for Bermuda Reinsurer Launched by Enstar

UBS O’Connor LLC, the $6 billion hedge-fund unit within Switzerland’s biggest bank, will manage money for a new Bermuda-based reinsurance company formed by insurer Enstar Group Ltd. Aligned Re Ltd. is expected to be funded by third-party capital along with …