Latest Bermuda Headlines
All the headlines from our Bermuda Topic Page, ordered by recency.
Brit Expands Capacity for Bermuda Sidecar Versutus & Lloyd’s Syndicate 2988
Feb 15 2018 // London-based Brit Ltd. has renewed and expanded the collateralized reinsurance capacity provided by its Bermuda domiciled sidecar, Versutus Ltd., in support of Brit’s property catastrophe portfolio for 2018. Marking...
From Bermuda to Switzerland, Reinsurers Lure Variety of Potential Investors
Feb 9 2018 // The $500 billion reinsurance industry is experiencing a flurry of deal talks. One reason: Companies are finally for sale as a rash of natural disasters has depressed valuations and a influx of competitors has made it...
XL Group Attracts Interest from Allianz, Other Rivals as Potential Buyers
Feb 7 2018 // Bermuda-based insurer XL Group Ltd. is attracting interest from rivals including Allianz SE of Germany, according to people with knowledge of the matter. Interest from insurers in potentially acquiring XL, which had a...
Bermuda’s Re/Insurance Model to Be Tested Following U.S. Tax Reforms: Fitch
Feb 5 2018 // The Bermuda re/insurance model will be tested following U.S. tax reforms and the continuing challenges of competitive market conditions, according to a report by Fitch Ratings. The cut in the U.S. corporate tax rate to 21...
Bermuda’s Re/Insurance Model to Be Tested Following U.S. Tax Cuts: Fitch
Jan 26 2018 // The Bermuda re/insurance model will be tested following U.S. tax forms and the continuing challenges of competitive market conditions, according to a report by Fitch Ratings. The cut in the U.S. corporate tax rate to 21...
AIG to Buy Bermuda Reinsurer Validus for $5.6B in Cash, Reversing Retrenchment
Jan 22 2018 // Eight months after Chief Executive Officer Brian Duperreault took over and began to undo his predecessor’s retrenchment strategy, the company announced a $5.56 billion, all-cash deal to purchase Bermuda reinsurer...
RenaissanceRe to Buy Minority Stake in Run-Off Firm Catalina Holdings
Jan 19 2018 // RenaissanceRe will pick up a minority stake in Catalina Holdings (Bermuda) Ltd., a long-term manager of legacy runoff P/C insurance and reinsurance businesses. Neither side is disclosing financial terms. RenaissanceRe will...
MS Amlin Creates Bermuda-Based Reinsurance Sidecar, Viribus Re
Jan 8 2018 // MS Amlin, the London-based specialist re/insurer, announced that a Bermuda-domiciled special purpose reinsurer, Viribus Re Ltd., has been created to provide collateralized capacity support for MS Amlin Syndicate...
Armour Raises $500 Million to Create Bermuda Reinsurer, Armour Group Ltd.
Jan 4 2018 // Armour, a Bermuda-based P/C run-off insurance business, announced it has raised up to $500 million to form a reinsurance group called Armour Group Ltd. The equity commitments were made in partnership with an investor group...
What They Are Saying About Effects of Trump Tax Cuts on Insurance Industry
Dec 22 2017 // Congress has passed and President Donald Trump has signed the Tax Cuts and Jobs Act (HR1) into law. It is the biggest tax change in 30 years. Under the legislation, insurers, agencies and other businesses organized as C...
Factbox: Growing List of Insurers Make Brexit Plans for EU Subsidiaries
Dec 20 2017 // Below are insurers’ plans for EU subsidiaries (in alphabetical order) in case Britain does not have access to the single market after Brexit: ADMIRAL. British motor insurer Admiral Group said last year that it could...
Factbox: More Insurers Make Decisions About Post-Brexit Headquarters
Dec 13 2017 // Liberty Specialty Markets said it planned to redomicile its UK insurance company to Luxembourg, as a result of Britain’s decision to leave the European Union. Below are insurers’ plans for EU subsidiaries (in...
Brit Launches Bermuda-Based Collateralized Reinsurer Sussex Capital
Dec 13 2017 // Brit Ltd., the London-based specialty insurer and reinsurer, has launched a Bermuda-domiciled collateralized reinsurance platform, Sussex Capital. Sussex Capital, through Sussex Re, a newly established Bermuda-domiciled...
Brit Ltd. to Relocate Gibraltar-Based Reinsurer to Bermuda
Dec 8 2017 // Brit Ltd. announced it is relocating its Gibraltar-based reinsurer, Brit Insurance (Gibraltar) PCC Ltd., to Bermuda. The process is expected to be completed by the end of the year, following which Brit Insurance...
Ex-NAIC Head Huff Succeeds Kading at Association of Bermuda Insurers & Reinsurers
Dec 5 2017 // An ex-chief insurance regulator for Missouri will take over the Association of Bermuda Insurers and Reinsurers starting in January 2018. John Huff, the immediate past president of the National Association of Insurance...
Ascot Group Launches Bermuda Reinsurer; Berger Appointed CEO
Nov 27 2017 // Ascot Group Ltd. has launched Ascot Reinsurance Co. Ltd., after receiving approval from the Bermuda Monetary Authority (BMA). Ascot Re has received an additional injection of $1 billion of funds and has been given an...
Factbox: Growing List of Insurers Decide on Post-Brexit EU Headquarters
Nov 21 2017 // Sompo International Holdings, a Bermuda-based unit of Japanese insurer Sompo, said it will set up a subsidiary in Luxembourg, in case Britain does not have access to the single market after Brexit. Below are...
Lockton Taps Davies from JLT as SVP, Property, in Bermuda
Nov 3 2017 // Lockton, the world’s largest privately held insurance broker, has appointed Gareth Davies as senior vice president, Property, in Bermuda. He will focus on growing the business, particularly in the property area, in a...
GOP Tax Plan Jeopardizes Bermuda Reinsurer Loophole
Nov 3 2017 // U.S. money managers with reinsurance companies in Bermuda and the Cayman Islands could lose a valuable loophole under Republican proposals to overhaul the tax code unveiled on Thursday. The plan includes a 20 percent...
Ironshore’s New Iron-Excess MGA Is Based on Iron-Starr Excess Agency Model
Sep 26 2017 // Using a Bermuda joint venture between Ironshore and C.V. Starr & Co. as a model, Ironshore announced the launch of Iron-Excess on Monday. Ironshore, a Liberty Mutual company, describes Iron-Excess as an expansion of...
