Latest Bermuda Headlines
All the headlines from our Bermuda Topic Page, ordered by recency.
Reinsurance Market Tries to Reel In Profits
Oct 28 2002 // A year ago the reinsurance industry faced the biggest loss event in its history – the attacks on the WTC and the Pentagon. Nevertheless commentators were almost unanimous in predicting that the market would harden,...
XL Estimates European Flood Losses at $50 Million, Investment Downturn to Affect Earnings
Oct 15 2002 // XL Capital Ltd. led off the Bermuda Angle Conference at the Fairmount Southampton Princess Hotel in Bermuda with the announcement that the company’s 3rd quarter earnings would be hit by an estimated net loss from the...
Bermuda Angle Conference Starts Saturday
Oct 9 2002 // The 11th annual Bermuda Angle Conference is scheduled to be held at the South Hampton Princess Hotel in Hamilton beginning Saturday, October 12 until Tuesday, October 15. It opens with a reception hosted by ACE Ltd. and a...
Allied World Announces Two Executive Appointments
Oct 9 2002 // Bermuda-based Allied World Assurance Company, Ltd (AWAC) announced that Gerald W. Browning has joined the company as a VP, responsible for the Casualty Facultative Reinsurance Department, and that Sylvan D. Richards Jr....
RenRe to Buy Nearly 4 million Shares of Platinum Underwriters
Sep 23 2002 // Bermuda-based RenaissanceRe Holdings Ltd. announced that it has reached an agreement with Platinum Underwriters Holdings, Ltd. to purchase 3,960,000 of its common shares in a private placement Platinum was established in...
ACE CEO Criticizes Offshore Tax Avoidance Schemes
Sep 12 2002 // Brian Duperreault, CEO of Bermuda’s ACE Ltd., spoke out strongly against U.S. companies that relocate their domicile to the island to avoid taxes, indicating that accepting them could damage Bermuda’s...
Endurance Specialty Reports 2ndQ Net Income of $31.3M
Aug 13 2002 // Bermuda-based Endurance Specialty Insurance Ltd. reported net income of $31.3 million for the second quarter ended June 30, 2002. Gross premiums written and acquired for the period were $264.3 million. Net premiums earned...
Hengesbaugh Appointed President of PXRE’s Bermuda Operations
Aug 8 2002 // PXRE Group Ltd. announced that Guy D. Hengesbaugh has joined the Company as president of the Company’s Bermuda reinsurance company, PXRE Reinsurance Ltd., and executive vice president of PXRE Group. In these roles,...
Risk Retention-The Growing Role of the Alternative Market
Aug 5 2002 // How do I insure thee? Let me count the ways.” With apologies to Elizabeth Barrett Browning, that question’s become increasingly meaningful for risk managers, insurers, agents, brokers, consultants and...
Alternative Markets Offer a Variety of Risk Management Options
Aug 5 2002 // How do I insure thee? Let me count the ways.” With apologies to Elizabeth Barrett Browning, that question’s become increasingly meaningful for risk managers, insurers, agents, brokers, consultants and...
James H. Veghte to Head XL Re
Jul 10 2002 // As part of the ongoing restructuring of its reinsurance operations Bermuda’s XL Capital Ltd announced that James H. Veghte has been appointed President, COO and Chief Underwriting Officer of XL Re Ltd, one of its...
ACE, Freisenbruch-Meyer in Partnership to Serve Bermuda Market
Jun 11 2002 // Bermuda’s ACE Group is usually thought of as the personification of an international company, but it isn’t neglecting its local market either. ACE recently announced the establishment of a new local insurance...
Merrill Lynch Forms Bermuda Reinsurance Co.
Jun 6 2002 // Merrill Lynch has established a reinsurance company in Bermuda, the fourth U.S. investment bank, after Goldman Sachs, Lehman Brothers and J.P. Morgan Chase, to do so. According to a report from Reuters News Agency, Merrill...
A.M. Best Downgrades OPL to ‘B++’ (Very Good)
Jun 3 2002 // A.M. Best announced that it has downgraded the financial strength rating to B++ (Very Good) from A (Excellent) of Overseas Partners Ltd. (OPL) Bermuda, and removed the company from under review. It indicated that the...
Bermuda Fund May Challenge SAI, La Fondiaria Ruling
May 22 2002 // The Bermuda-based Liverpool Fund, which owns a one percent stake in Italian insurer La Fondiaria, is reportedly considering taking legal action to block the decision by Consob, the Italian stock market regulator, that SAI,...
Endurance to Acquire La Salle Re fromTrenwick
May 17 2002 // Endurance Specialty Insurance Ltd., the Bermuda-based p/c insurer established by Aon, Zurich Financial Services and other investors, has reached a definitive agreement to acquire the property catastrophe reinsurance...
Insurance Industry Posts Strong Q1 Gains HOW REAL ARE THEY’
May 13 2002 // After suffering its first ever net loss in 2001,an extraordinary and dismal year by anyone’s reckoning, the property/casualty industry finally received some good news as earnings reports for the first quarter of 2002...
Insurance Industry Posts Strong Q1 Gains
May 13 2002 // After suffering its first ever net loss in 2001, an extraordinary and dismal year by anyone’s reckoning, the property/casualty industry finally received some good news as earnings reports for the first quarter of...
St. Paul to Transfer Reinsurance to Bermuda; Will Retain Minority Stake
Apr 26 2002 // The St. Paul Companies announced plans to transfer its ongoing reinsurance operations to a newly-formed Bermuda-based reinsurer, Platinum Underwriters Holdings, Ltd. which intends to make a public offering of 75.1 percent...
A.M. Best Lowers Ratings on I.P.C. Group
Apr 18 2002 // A.M. Best announced that it has downgraded the financial strength rating to C (Weak) from B+ (Very Good) of the Bermuda-based I.P.C. Group, and removed the ratings from under review. Group operations affected include:...
