Latest Bermuda Headlines
All the headlines from our Bermuda Topic Page, ordered by recency.
Best Affirms ACE and Subs Ratings; Outlook on Debt Changed to Positive
May 4 2010 // A.M. Best Co. has revised the outlook to positive from stable and affirmed the issuer credit ratings (ICR) of “a-” and senior debt ratings of ACE Limited, based in Zurich, Switzerland, and ACE INA Holdings...
Bermuda Concludes Cooperation Agreement with Swiss Regulators
Mar 18 2010 // The Bermuda Monetary Authority (BMA) has exchanged Letters of Cooperation with the Swiss Financial Market Supervisory Authority (FINMA). The Letters “formally establish the basis for consultation, cooperation and...
Bermuda (Re)Insurance Association Releases Members’ 2009 Results
Mar 17 2010 // The Association of Bermuda Insurers and Reinsurers (ABIR) has released the 2009 global underwriting results for its 23 members, who write insurance and reinsurance from underwriting centers in Bermuda, Europe and the...
Hiscox Underwriting Chief on 2010 Outlook
Mar 11 2010 // London-based specialty insurer Hiscox, which launched a significantly expanded U.S. presence in 2006, saw gross profits reach record levels ($481 million) in 2009. In this exclusive interview with Insurance Journal, Hiscox...
Bermuda Insurers, Reinsurers Oppose State Cat Fund Bill – HR 2555
Mar 9 2010 // The Association of Bermuda Insurers and Reinsurers (ABIR) has filed an opposition to HR 2555 which, the Association warns would “replace private sector risk bearing capital with government reinsurance and government...
Best Places Max’s Ratings on Positive Review; Harbor Point Unchanged
Mar 4 2010 // A.M. Best Co. has placed the financial strength rating (FSR) of ‘A-‘ (Excellent) and issuer credit ratings (ICR) of “a-” of the operating subsidiaries of Max Capital Group Ltd. under review with...
Platinum Increases Share Repurchase Plan; Sets Annual Meeting Agenda
Feb 23 2010 // Bermuda-based Platinum Underwriters Holdings announced that it has increased the authorized amount under its existing share repurchase program to a total of up to $250 million of its common shares. “This represents...
LeStrange to Retire as Endurance CEO, President; Cash to Succeed Him
Feb 18 2010 // Bermuda-based Endurance Specialty Holdings Ltd. announced that, effective March 1, 2010, David Cash will take over as its Chief Executive Officer. Kenneth J. LeStrange, the Company’s Chairman of the Board, President...
Best Affirms Lloyd’s Syndicate 382 Ratings & Hardy Underwriting
Feb 16 2010 // A.M. Best Co. has affirmed the Best’s Syndicate Rating of ‘A’ (Excellent) and the issuer credit rating (ICR) of “a+” of Lloyd’s Syndicate 382, which is managed by Hardy Underwriting...
OneBeacon Selling Personal Lines Business to Tower Group
Feb 3 2010 // Massachusetts-based OneBeacon Insurance Group has agreed to sell its personal lines business to Tower Group Inc. in a deal that comprises two affiliate insurers and two reciprocal insurance exchanges in New York and New...
Ratings Roundup: Validus (Notes), South China
Feb 3 2010 // A.M. Best Co. has assigned a debt rating of “bbb-” to the recently issued $250 million 8.875 percent senior unsecured notes, due 2040 of Bermuda’s Validus Holdings, Ltd., and has assigned them a stable...
Tannock Named XL Insurance President
Feb 2 2010 // XL Insurance, the global insurance operations of XL Capital, announced the appointment of Patrick Tannock as President of XL Insurance (Bermuda) Ltd (XLIB) and Country Manager, effective as of February 22, 2010. XL’s...
Bermuda Signs Tax Pact with Japan
Feb 2 2010 // Bermuda’s Minister of Finance, the Hon. Paula A. Cox J.P., M.P., announced that the island has signed a bilateral agreement with Japan that provides for a full exchange of information on criminal and civil tax...
2009 P/C Insurance Mergers, Acquisitions Large and Small
Dec 20 2009 // Large insurers AIG, Farmers and The Hartford made moves in 2009, as did large brokers Marsh, Aon, Willis, Gallagher, Brown & Brown, Hub and Wells Fargo. So, too, did, many regional insurers and Main Street agencies....
Best Affirms Amlin Bermuda ‘A’ Ratings
Dec 17 2009 // A.M. Best Co. has affirmed the financial strength rating of ‘A’ (Excellent) and issuer credit rating of “a” of Amlin Bermuda Limited (ABL), both with stable outlooks. In a separate bulletin Best...
Best Affirms Arch Re and Affiliates ‘A’ Ratings; Stable Outlook
Dec 16 2009 // A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A’ (Excellent) and issuer credit ratings (ICR) of “a+” of Bermuda-based Arch Reinsurance Ltd. and its reinsured affiliates. Best...
Best’s Report Finds Bermuda Companies Face ‘Significant Challenges’
Dec 15 2009 // A.M. Best Co.’s review of the Bermuda market’s results finds these companies strongly capitalized; However, Best warned that they will “face significant challenges during the current phase of the...
Willis Shareholders Approve Proposal to Change Incorporation to Ireland
Dec 11 2009 // Willis Group Holdings Limited announced that its shareholders have approved changing the place of incorporation of the parent company of the Willis Group from Bermuda to Ireland at a special meeting in New York. The Board...
Bermuda Concludes Tax Information Agreement with Belgium
Dec 10 2009 // Bermuda’s Minister of Finance, the Hon. Paula A. Cox, announced that Bermuda had concluded negotiations of a bilateral agreement with Belgium that provide for a full exchange of information on criminal and civil tax...
Bermuda Study Calls Ocean Chemistry ‘Smoking Gun’ of Climate Change
Dec 10 2009 // The Bermuda Institute of Ocean Sciences (BIOS) recently released a study of the oceans surrounding Bermuda, which, it said, “are arguably the most comprehensively studied marine sites in the world.” The study...
