Latest Bermuda Headlines
All the headlines from our Bermuda Topic Page, ordered by recency.
Ratings Roundup: Catlin (US), R.V.I., Companion, AmTrust
Aug 19 2008 // Standard & Poor’s Ratings Services has assigned its ‘A-‘ long-term counterparty credit and insurer financial strength ratings to Catlin Speciality Insurance Co. (CSCI) and Catlin Insurance Co. Inc....
Ratings Roundup: Exporters, Endurance
Aug 14 2008 // Fitch Ratings has affirmed the insurer financial strength (IFS) rating of Exporters Insurance Company Ltd., a Bermuda-domiciled group captive insurance subsidiary of EIC Corporation Ltd. that focuses on writing credit and...
Bermuda Monetary Authority Sets New Solvency II Compliant Rules
Aug 11 2008 // The Bermuda Monetary Authority (BMA – www.bma.bm) has announced what it describes “significant enhancements to Bermuda’s solvency and disclosure regulations for insurance.” Specifically the BMA said...
Catlin Posts 21% Decline in First Half Net Income; GPW Top $2 Billion
Aug 11 2008 // The Bermuda-based Catlin Group Limited posted mixed financial results for the first half of 2008. While gross written premiums were up four percent to $2.075 billion, net income before taxes for the period declined by 21...
CastlePoint Q2 Earnings Stable at $10.3 Million
Aug 11 2008 // Bermuda-based CastlePoint Holdings, Ltd. reported net income of $10.3 million and basic and diluted earnings per share of $0.27 for the second quarter of 2008. Operating earnings for the second quarter of 2008 were $13.2...
Ratings Recap: XL, Milli Re, One Beacon (Bermuda), Seguros Triple-S
Aug 7 2008 // Fitch Ratings has affirmed XL Capital Ltd.’s ratings as well as those of its P/C (re)insurance subsidiaries, including the Issuer Default Rating (IDR) for XL, at ‘A’, and the Insurer Financial Strength...
N.Y.’s Tower Group to Acquire Rest of Bermuda’s CastlePoint
Aug 5 2008 // New York-based insurer Tower Group, Inc. has agreed to acquire Bermuda reinsurer CastlePoint in a transaction valued at approximately $490 million. The deal will allow Tower to shift some of its reinsurance to other...
Ratings Roundup: AXIS, Itau XL, Topiary/Platinum
Aug 5 2008 // A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A’ (Excellent) and the issuer credit ratings (ICR) of “a+” of Bermuda-based AXIS Specialty Limited (AXIS) and its operating...
Bermuda-based Companies Second Quarter Earnings Reports
Aug 1 2008 // A number of Bermuda-based companies have released their second quarter earnings reports, as follows: RenaissanceRe Holdings Ltd. reported $159.9 million in second quarter operating income available to common shareholders...
Doucette Joins Everest Re as Exec. VP
Jul 31 2008 // The Bermuda-based Everest Re Group announced that it has appointed John P. Doucette to the position of Executive Vice President, effective September, 2008. He joins Everest Re from Max Bermuda where he held the position of...
Price a Sticking Point for Bermuda Insurers Looking to Buy Entry into Lloyd’s Market
Jul 23 2008 // A handful of Bermuda insurers see an opportunity to expand their horizons by entering the Lloyd’s of London insurance market, but their interest of late has waned as prices of potential target companies have...
Ariel Re Makes Executive Appointments
Jul 3 2008 // Bermuda-based Ariel Reinsurance Company Ltd. has announced the following executive appointments: — George Rivaz has been named Chairman of Ariel Re. He will also continue in his current role as Chairman of Atrium...
Walter Bell Appointed to Bermuda Monetary Authority’s Board
Jul 1 2008 // The Bermuda Monetary Authority (BMA) announced that it has appointed Walter A. Bell to a position on its Board of Directors, as its first international member. The BMA regulates financial services for Bermuda-based...
Ironshore to Buy Lloyd’s Pembroke; Best Sees No Rating Change
Jul 1 2008 // Ironshore Inc. announced from Bermuda that it has signed a sale and purchase agreement with Chaucer Holdings PLC and the management of Pembroke for the £17 million ($34 million) cash purchase of Pembroke Managing...
ACE Comments on Impact of Midwest Floods on Crop Insurance Results
Jun 24 2008 // Bermuda-based ACE Limited has announced that, based on current estimates, the impact of the recent floods in the Midwestern U.S. “will have a negligible impact on both second quarter and full-year earnings per share...
Ratings Recap: Tugu, Pacific Indemnity, Torus, SIAT, Farmers Mutual (NZ), MAPFRE (Puerto Rico)
Jun 24 2008 // A.M. Best Co. has affirmed the financial strength rating of ‘B++’ (Good) and issuer credit rating of “bbb” of Hong Kong’s Tugu Insurance Company Limited with stable outlooks. Best said: The...
ACE to Issue Enhanced ‘CODA’ Policies at Inception
Jun 23 2008 // ACE Bermuda International announced that effective July 1, 2008 all CODA policies will be issued at inception. The company also announced the launch of its new 2008 CODA policy aimed at the UK business market, featuring...
ACE Chooses Shaw as Chief Underwriter-Global Markets, Tempest Re Chairman
Jun 18 2008 // ACE has announced the appointment of Matthew Shaw as Chief Underwriting Officer, ACE Global Markets (AGM). He will also become the Chairman, ACE Tempest Re Europe, where he was previously Managing Director. He will report...
Foreign Insurers Look at Potential Acquisitions in a Weakened U.S. and E.U.
Jun 16 2008 // Asian Insurers May Buy in U.S., E.U.; Bermuda Beefs Up Regulators; Zurich Favored for Acquisition Asian insurers may go on a buying spree. A number of companies, particularly China’s major players, are likely to...
Bermuda Donates $500,000 to Caribbean Cat Risk Insurance Facility
Jun 6 2008 // A bulletin from the Caribbean Catastrophe Risk Insurance Facility (CCRIF) notes that as of the beginning of the 2008 Atlantic Hurricane season, all sixteen original member governments “have signaled their continued...
