Latest Bermuda Headlines
All the headlines from our Bermuda Topic Page, ordered by recency.
Hardening Market Heralds Rush to Alternatives
Nov 12 2001 // During the last hard market, much of corporate America wasted little time in stepping up the search for risk transfer alternatives to traditional commercial insurance. The current hard market appears to be no different if...
Aon, Zurich to Sponsor New Bermuda Insurer
Nov 8 2001 // Aon Corp. and Zurich Financial Services will sponsor and partially fund, Endurance Specialty Insurance Ltd., a new Bermuda-based insurance capacity vehicle with an initial capitalization of $1.2 billion. Each of the...
White Mountains To Set Up Bermuda Reinsurer
Nov 5 2001 // Bermuda-based White Mountains Insurance Group joined the race for new reinsurance capacity on Friday with the announcement that it would establish a new reinsurer with an initial capital of $1 billion. The company said it...
Will Reinsurance Rebound from Terrorist Strikes in the U.S.’
Oct 29 2001 // If the nautical term best applied to the reinsurance industry last year this time would have been “Steady as she goes,” after the catastrophe that struck the U.S. on Sept. 11, the French term “sauve qui...
Arch Capital in Deal With Equity Investors to Launch Bermuda Reinsurer
Oct 25 2001 // Arch Capital (AC) joined other Bermuda-based insurers in announcing plans to establish a new reinsurance company. Backed by the private equity firms Warburg Pincus and San Francisco’s Hillman & Friedman, Arch...
Global Insurers Acknowledge Increased Exposures from Attacks
Oct 10 2001 // A number of global insurers/reinsurers have acknowledged greater exposure to claims related to the destruction of the World Trade Center, with increased estimates for the amount they expect to pay out. The total cost to...
Bermuda Reinsurers Preliminary Loss Estimates from Terrorist Attacks
Sep 17 2001 // A number of Bermuda-based insurers have extended their condolences to the families of victims of the terror attacks on the World Trade Center and the Pentagon. Bermuda’s two largest insurers, ACE and XL, made...
Report Bermuda Studies Limits on Development
Aug 27 2001 // Bermuda’s rapidly developing offshore banking and insurance business is apparently causing problems for the island’s infrastructure which are serious enough to warrant a government study on how to limit future...
Hardening Market Heralds Rush to Alternatives
Aug 20 2001 // During the last hard market, much of corporate America wasted little time in stepping up the search for risk transfer alternatives to traditional commercial insurance. The current hard market appears to be no different if...
A.M. Best Assigns ‘A’ Rating to Hannover Re Bermuda
Jul 2 2001 // A.M. Best has assigned an initial rating of ‘A’ (Excellent) to Hannover Re subsidiary, Hannover Re (Bermuda) Ltd. Commenting on the ratings, Best’s announcement said: “The rating reflects the...
Enstar Group To Acquire Reinsurance Units from Marsh Subsidiaries
Jun 29 2001 // The Enstar Group, Inc., based in Montgomery Ala., announced plans, together with Bermuda’s Castlewood Ltd., to acquire two reinsurance companies currently in run-off. They will take over London-based River Thames...
Bermuda Reinsurers Post Strong Q1 Gains
Apr 24 2001 // First quarter results from Bermuda’s RenaissanceRe Holdings and the Everest Re Group confirmed the much anticipated upturn in reinsurance rates. RenRe posted a 21 percent increase in net operating income to $37.3...
Scottish Insurer Plans Bermuda Move
Apr 24 2001 // Scottish Annuity & Life Holdings Ltd. announced that it’s planning on moving “its corporate and international reinsurance operations” to Bermuda” from their present location in the Cayman...
ACE Irish Subsidiary Opens London Office
Apr 20 2001 // Dublin-based insurer ACE European Markets Insurance Ltd. will expand the ACE Group’s activities in the London market with the opening of a new office in the city to be headed by Stephen French, currently the...
XL Moves Into New Headquarters
Apr 17 2001 // Bermuda’s XL Capital Ltd. announced that its new headquarters were ready, and that it was relocating “from Cumberland House to XL House, a purpose-built office facility the Company owns near the center of...
Everest Re Acquires AFC Re
Dec 26 2000 // Everest Reinsurance (Bermuda) Ltd., a subsidiary of the Everest Re Group announced that it has “acquired AFC Re Ltd., a Bermuda based annuity/life reinsurer, from AFC Holdings Ltd. for approximately $17 million in a...
Bermuda Tax Proposals: ‘Closing a Loophole’ or ‘ Pork Barrel Polics”
Dec 11 2000 // The taxation of foreign insurers, reinsurers, captives banks and financial service providers, involves some very complex international issues, heavily charged with “political considerations.” HR 4192, or the...
Consultant Sees Increased Use of Offshore Captives
Dec 7 2000 // Hugh Rosenbaum, a retired consultant with Tillinghast-Towers Perrin, speaking at the 10th Annual World Captive and Alternative Risk Financing Forum, sees recent Bermuda legislation as increasing the use of offshore captive...
OPL Acquires Finite Risks Team
Nov 20 2000 // Continuing its specialized growth strategy, Bermuda based Overseas Partners Ltd.(OPL) announced that it has acquired “a team of finite risk professionals from Stockton Re, Bermuda, a recognized leader in the finite...
Moody’s Issues Report On Bermuda
Nov 15 2000 // Moody’s Investors Service has issued its annual report on on Bermuda, reaffirming its “Aa1 rating for foreign currency country ceiling and its Aaa domestic debt credit rating.” The ratings, said...
