Latest Bermuda Headlines
All the headlines from our Bermuda Topic Page, ordered by recency.
Catlin Appoints Two Chief Underwriting Officers for London Hub
Sep 9 2014 // Paul Greensmith and Jonathan Gale have been appointed chief underwriting officers for Catlin Group Limited’s London hub, with primary responsibilities including insurance and reinsurance, respectively. Greensmith...
Business Moves
Sep 8 2014 // USI, Willis USI Insurance Services has entered into an agreement with certain subsidiaries of Willis North America Inc., part of Willis Group Holdings, to acquire seven of Willis’ retail insurance brokerage locations...
Hurricane Cristobal to Pass North of Bermuda; No Threat to U.S.
Aug 27 2014 // The most recent report from the National Hurricane Center in Miami, at 5:00 A.M. EDT, notes that Cristobal is now hurricane strength with maximum sustained winds of 80 mph – 130 km/h, and “some strengthening is...
Florida’s Citizens’ Gilway Defends Overseas Travel Before Governor, Cabinet
Aug 21 2014 // The top official of Florida’s state-backed property insurer stepped forward yesterday to defend his organization’s international travel, arguing it was necessary to conclude a $3.1 billion risk transfer...
ABIR Members Report 99% Insurance Contract Certainty Results
Aug 14 2014 // The 15 participating members of the Association of Bermuda Insurers and Reinsurers (ABIR) reported a record high contract certainty rate for insurance contracts at 99.0 percent. The year end 2013 results also showed a...
Florida’s Citizens Defends Travel Expenses Questioned By Gov. Scott
Aug 8 2014 // Florida Governor Rick Scott is calling on the top official of the state-backed property insurer to explain why the insurer has deviated from its limitations on overseas travel. Citizens Property Insurance Corp. officials...
Best Affirms Catlin Group’s Ratings; Outlook Stable
Aug 8 2014 // A.M. Best has affirmed the financial strength rating (FSR) of ‘A’ (Excellent) and the issuer credit ratings (ICR) of “a” of Catlin Insurance Company Limited (CICL) (Bermuda), Catlin Insurance...
CNA Completes Sale of Continental to Wilton Re
Aug 4 2014 // CNA Financial Corp. announced it has completed completion the sale of Continental Assurance Co. (CAC) to a subsidiary of Wilton Re Holdings. Additionally, Wilton Re Bermuda Limited will reinsure all of the run-off...
Deal Analysis: Why Validus Is Buying Western World
Jul 21 2014 // The combination of Validus Holdings and Western World Insurance Group fills in “missing pieces” for both organizations, Validus’ chairman said in late June, detailing finer points of a $690 million deal...
BTG Pactual Agrees to Purchase Ariel Re from Global Atlantic
Jul 11 2014 // Bermuda-based Banco BTG Pactual S.A. (BTG Pactual) and Global Atlantic Financial Group Limited announced that they have signed an agreement whereby BTG Pactual will acquire Ariel Re, Global Atlantic’s Bermuda-based...
Arch Capital Makes Reinsurance Group Promotions; Management Changes
Jul 7 2014 // The Bermuda-based Arch Capital Group Ltd. (ACGL) has announced promotions in the reinsurance group “to support the recent expansion of the Company’s mortgage insurance and reinsurance operations.” Marc...
Validus to Buy Western World Insurance for $690M
Jun 23 2014 // Validus Holdings said it has agreed to acquire specialty insurer Western World Insurance Group for $690 million in a deal that leaves the management team and brand of the specialty insurer intact. Under the deal terms,...
Ratings Roundup: Toa Re, GeoVera, Argus Group
Jun 13 2014 // A.M. Best has affirmed the financial strength rating of ‘A+’ (Superior) and issuer credit ratings of “aa-” of The Toa Reinsurance Company Limited, based in Japan, and its subsidiary, The Toa...
CTC Insurance Management Names Wood as New COO
Jun 9 2014 // CTC Insurance Management (Bermuda) Ltd, a subsidiary of Charles Taylor plc, has announced that William Wood has joined the company as Chief Operating Officer. He will oversee the delivery of management and consulting...
Ratings Recap: Dominion, Ardellis, NAGICO, JRG Re
May 27 2014 // A.M. Best has assigned a financial strength rating (FSR) of ‘A’ (Excellent) and issuer credit rating (ICR) of “a” to The Dominion of Canada General Insurance Company, based in Toronto, Ontario,...
Ratings Recap: HDI V.a.G/Talanx, TTB/TTI, Platinum Underwriters
May 21 2014 // A.M. Best has affirmed the financial strength rating of ‘A-‘ (Excellent) and the issuer credit ratings of “a-” of Through Transport Mutual Insurance Association Limited (TTB) (Bermuda) and its...
Allied World Bermuda Launches the Thirty2°/Sixty4 Suite
May 6 2014 // Allied World Assurance Company Holdings, AG announced the launch of a Bermuda’s “Thirty2°/Sixty4°” suite that addresses a wide range of liability exposures currently facing corporations and their...
Are Bermuda’s Re/Insurers ‘Victims of Their Own Success?’ S&P Report
Apr 30 2014 // Bermuda’s re/insurers “reaped strong earnings in 2013 despite increasing competition, persistently low investment yields, and a tepid economic recovery in the U.S. and Europe,” according to a Standard...
Bermuda Re/Insurers Post Strong Results on Favorable Cat Loss Experience
Apr 21 2014 // The Association of Bermuda Insurers and Reinsurers (ABIR) has released the 2013 global underwriting results for its member (re)insurers. 18 of its 21 member (re)insurers participated in the 2013 report. The companies write...
Best Upgrades Ratings for Most ACE Limited Subsidiaries; Outlooks Stable
Apr 15 2014 // A.M. Best has upgraded the financial strength rating (FSR) to ‘A++’ (Superior) from ‘A+’ (Superior) and the issuer credit ratings (ICR) to “aa+” from “aa” of the North...
