Latest Bermuda Headlines
All the headlines from our Bermuda Topic Page, ordered by recency.
XL Launches Wage & Hour Liability Insurance Coverage
Jun 21 2013 // XL Group’s Bermuda Professional Lines Unit has launched a new insurance product to specifically address the needs of Fortune 500 companies and other large employers potentially exposed to employee compensation and...
Florida Taxpayers Owe Binnun a Debt of Gratitude
Jun 19 2013 // Florida’s state-run Citizens Property Insurance Corp. announced earlier this week that Chief Financial Officer Sharron Binnun has resigned to take a job in the private sector. Her departure from Citizens is...
Best Revises Outlook to Positive for ACE Ltd., Most Subs; Affirms Ratings
Jun 17 2013 // A.M. Best Co. has revised the outlook to positive from stable and affirmed the financial strength ratings (FSR) of ‘A+’ (Superior) and issuer credit ratings (ICR) of “aa” of the North America...
Bermuda Premier Says Won’t Agree UK Territories Tax Deal before G8
Jun 13 2013 // Bermuda’s premier is not ready to sign an international transparency convention that he said Britain’s prime minister had planned to achieve ahead of the G8 summit in Northern Ireland next week, potentially...
Bermuda Minister Rejects Tax Haven Label; Sees Insurance Growth
Jun 4 2013 // Bermuda is not to blame for companies such as Google using Bermudan subsidiaries to shelter billions of dollars from U.S. and European tax authorities, the territory’s finance minister said on Monday. Google has come...
S&P Applies Revised Insurance Criteria to 22 Reinsurers and Subs
May 24 2013 // Standard & Poor’s Ratings Services announced that it has reviewed its ratings on 22 large global reinsurance groups by applying its new ratings criteria for insurers, which were published on May 7, 2013. (See...
Philip Named President, CEO of American International Co. Ltd. Bermuda
May 14 2013 // American International Group Inc. (AIG) has named Anthony Philip as president and CEO of American International Company Limited (AIG) in Bermuda. Philip, a native of Bermuda, will assume his new position effective...
To Tax or Not to Tax – ‘Foreign’ Reinsurance’ Tax Proposals on the Agenda Again
Apr 29 2013 // “Roundup the usual suspects;” here we go again. No, it’s not an unsolved murder in wartime Casablanca, simply the latest skirmish in the ongoing dispute over whether companies that write reinsurance in...
Ratings Recap: PaCRe, Barbados, Cotswold, Orient, Kuwait Re
Apr 25 2013 // A.M. Best Co. has affirmed the financial strength rating of ‘A-‘ (Excellent) and issuer credit ratings of “a-” of Bermuda-based PaCRe Ltd., both with stable outlooks. The ratings of PaCRe are based...
Business Moves
Apr 22 2013 // Tower Group, Canopius Tower Group Inc. closed its merger with Canopius Holdings Bermuda Ltd. Tower becomes an indirect, wholly-owned subsidiary of Canopius Bermuda, which will change its name effective at the closing to...
S&P: Bermuda Outlook Revision ‘No Impact’ on Bermuda Reinsurer Ratings
Apr 19 2013 // Standard & Poor’s Ratings Services in a report titled “The Recent Outlook Revision On Bermuda Does Not Affect Bermudian (Re)Insurers“, said that “despite the recent outlook revision on the...
Hiscox Bermuda Appoints Lazzaro to U.S. Property Cat Team
Apr 2 2013 // Hiscox Bermuda announced that it has expanded its US property catastrophe team with the appointment of Bill Lazzaro as Vice President – Underwriting. He joins Hiscox from Aon Benfield where he held a variety of roles...
Tower Closes Merger with Canopius; Changes in Share Listing
Mar 14 2013 // Tower Group, Inc. announced the closing of its merger with Canopius Holdings Bermuda Limited as of the close of trading on The NASDAQ Global Select Market (NASDAQ) today March 14, 2013. The announcement said: “Upon...
Hartwig to Replace Patschak as Canopius Bermuda CEO
Mar 1 2013 // Canopius Group Limited announced that Susan Patschak, Chief Executive Officer of Canopius Bermuda has decided to step down, effective May 31, 2013, as she has decided to “assume a new role within the US insurance...
International Insurers, Reinsurers to Shoulder Half of Sandy Losses: ABIR
Feb 28 2013 // International insurance and reinsurance companies are expected to cover half of total insured losses from Superstorm Sandy, an industry association said Thursday. Estimated losses from Superstorm Sandy currently stand at...
Iron-Starr Excess Enters Bermuda Healthcare Market
Feb 20 2013 // Ironshore Inc. has entered the Bermuda healthcare market and appointed Susan Pateras as senior vice president, Healthcare Practice Leader of Iron-Starr (managing general agent for Ironshore Insurance Ltd.). Iron-Starr will...
Faure Joins Endurance as CEO-Global Reinsurance
Feb 20 2013 // Bermuda-based Endurance Specialty Holdings announced that Jerome Faure will be joining the company on March 11, 2013 as CEO, Global Reinsurance. He will be responsible for Endurance’s North America, Bermuda and...
Ratings Roundup: JRG Re, ASSA/Lion Re, TP Re
Jan 24 2013 // A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A-‘ (Excellent) and issuer credit ratings (ICR) of “a-” of Bermuda-based JRG Reinsurance Company, Ltd. and its U.S. affiliates,...
Allied World Bermuda Launches Excess Casualty Coverage Package
Jan 16 2013 // Allied World Bermuda has launched Constellation, a suite of five excess casualty coverage enhancements combined into one package that complements its current portfolio of excess casualty products. These enhancements will...
Ratings Roundup: NEWGT Re, Ability Re, RoyalStar (RSA)
Jan 16 2013 // A.M. Best Asia-Pacific Limited has assigned a financial strength rating of ‘A’- (Excellent) and issuer credit rating of “a-” to Bermuda-based NEWGT Reinsurance Company, Ltd. Best said the ratings...
