Latest Bermuda Headlines
All the headlines from our Bermuda Topic Page, ordered by recency.
ACE, Blackrock Seek Up to $1.3 Billion for Bermuda Reinsurance Venture
Mar 20 2015 // BlackRock Inc., the world’s largest money manager, and Evan Greenberg’s ACE Ltd. are forming a reinsurance venture that is seeking to raise $800 million to $1.3 billion. The business is named ABR Reinsurance...
A.M. Best Affirms Ratings of Third Point Reinsurance & Subsidiaries
Mar 20 2015 // A.M. Best has affirmed the financial strength rating (FSR) of A- (Excellent) and the issuer credit rating (ICR) of “a-” of Third Point Reinsurance Company Ltd. (TPRCL) (Bermuda) and Third Point Reinsurance...
ACE Bermuda Expands D&O Cover for Non-North American Multinationals
Mar 16 2015 // ACE Bermuda International announced the launch of an additional D&O liability insurance capability for multinational companies based outside of North America. The new capability allows ACE to issue CODA Premier®...
Hedge Fund, Sandell Asset Management, Forms Bermuda Reinsurer
Mar 5 2015 // Sandell Asset Management Corp., the activist hedge-fund firm run by Tom Sandell, started a Bermuda-based reinsurer to support its investing strategy. Sandell Re will rely on the hedge fund to oversee the reinsurer’s...
JLT Rebrands Bermuda Unit; Senior Management Changes Announced
Mar 2 2015 // Jardine Lloyd Thompson Group plc announced that JLT PARK will be rebranded as JLT Specialty Bermuda. This change became effective on March 1, 2015, subject to regulatory approval. JLT also is announcing a number of senior...
Best Sees Minimal Rating Impact from Tax Changes on Reinsurance
Feb 13 2015 // A.M. Best has weighed into the ongoing debate over whether or not the ability of “foreign” reinsurers to avoid significant amounts of U.S. taxes by transferring reinsurance premiums paid to foreign affiliates...
Catalina Completes Transfer of NationsBuilders Construction Liabilities in Run-off
Feb 10 2015 // Catalina Holdings (Bermuda) Ltd. announced that, following receipt of regulatory approvals from the Bermuda Monetary Authority and the District of Columbia Department of Insurance, Securities and Banking, it has completed...
Bermuda States It Will Fight to Remain Top Domicile for ILS
Jan 28 2015 // The Bermuda Stock Exchange (BSX) has issued a lengthy defense of its primary position as the “domicile of choice” for insurance linked securities (ILS); pointing out that 57 percent of such securities issued in...
Size Matters in Bermuda as Reinsurance Deals Heat Up: Real M&A
Jan 27 2015 // Insurance deal making is heating up as companies embrace a bigger-is-better philosophy. AXIS Capital Holdings Ltd.’s plan to merge with PartnerRe Ltd., creating a firm with a combined market value of $11 billion,...
Catlin, XL Agree to Takeover Terms
Jan 9 2015 // The Bermuda-based Catlin Group has published its acceptance of terms upon which XL Group plc will acquire Catlin in a “cash and share acquisition of the entire issued and to be issued share capital of Catlin by...
Davis Johnson Appointed Chief Communications Officer at Hamilton Insurance
Jan 8 2015 // Hamilton Insurance Group, the Bermuda-based holding company of property casualty reinsurer Hamilton Re and the organization’s U.S. property casualty insurance operations Hamilton USA, announced Wendy Davis Johnson...
Catlin Elected Chair of Association of Bermuda Insurers and Reinsurers
Nov 18 2014 // Stephen Catlin, Catlin Group Limited CEO, has been elected chair of the Association of Bermuda Insurers and Reinsurers (ABIR) for a two-year term beginning January 1, 2015. Catlin succeeds XL Group plc CEO Mike McGavick...
NAIC Working Group Recommends Bermuda as Qualified Jurisdiction
Nov 14 2014 // A working group of the National Association of Insurance Commissioners (NAIC) has recommended the Bermuda Monetary Authority (BMA) for approval as a “qualified jurisdiction” under the NAIC’s reinsurance...
Mt. Logan Re Appoints Tobin as Chief Financial Officer
Nov 4 2014 // Mt. Logan Re Ltd., Everest Re Group’s special purpose reinsurer, has appointed Krystalle Tobin as its chief financial officer. Tobin was most recently with Hiscox Insurance Company (Bermuda) Ltd. where she was chief...
Early Insured Loss Estimates on Hurricane Gonzalo Up to $400M
Oct 23 2014 // Early estimates by catastrophe modeling firms indicate insured losses from Hurricane Gonzalo in Bermuda will come in between $200 and $400 million. EQECAT estimates $300 million in insured losses, about the scale caused by...
Bermuda Recovering from Hurricane Gonzalo Property Damage, Power Outages
Oct 19 2014 // Hurricane Gonzalo scored a direct hit on Bermuda Friday night into Saturday morning, pummeling the tiny island chain with rain and howling winds that downed trees and knocked out power but spared it catastrophic damage or...
Hurricane Gonzalo Threatens Bermuda With Flooding, Storm Surge
Oct 17 2014 // Gonzalo, classified as a major hurricane and bearing down on Bermuda with tree-snapping winds, is forecast to bring flooding and a life-threatening storm surge as it’s projected to be the worst storm to hit the...
Hurricane Gonzalo Bears Down on Bermuda
Oct 16 2014 // The last major hurricane to strike land anywhere in the Atlantic basin was Sandy in 2012. That may change tomorrow as Hurricane Gonzalo bears down on Bermuda. Gonzalo again became a Category 4 storm today, the first since...
Tropical Storm Ana Eyes Hawaii; Hurricane Gonzalo Threatens Bermuda
Oct 15 2014 // Hurricane Gonzalo grew into a major storm that threatens Bermuda later this week, while half a world away Tropical Storm Ana may become the second system this year to sweep Hawaii’s Big Island. Gonzalo, with top...
U.S. Treasury Eyes Hedge Funds’ Use of Low-Tax Bermuda Reinsurers
Sep 12 2014 // The U.S. Treasury Department said it’s considering ways to end a “loophole” that allows hedge- fund managers to avoid taxes by routing their investments through an insurance company in low-tax countries...
