Latest Bermuda Headlines
All the headlines from our Bermuda Topic Page, ordered by recency.
Ratings Recap: TT Club, Heddington, Flagstone Re, Grupo Nacional, Seguros Catalana, ACE Limited, HSB Engin
Jun 3 2008 // A.M. Best Co. has affirmed the financial strength rating of ‘A-‘ (Excellent) and the issuer credit rating (ICR) of “a-” of Bermuda-based Through Transport Mutual Insurance Association Limited (TTB)...
Bermuda Insurance Regulator to Beef Up Staffing
Jun 2 2008 // Bermuda’s insurance regulator is increasing staffing by as much as 50 percent as it sets its sights on eventually reaching a mutual recognition agreement with other domiciles, executives at an insurance conference...
People
Jun 2 2008 // Markel Corp.’s Board of Directors elected Anthony F. (Tony) Markel vice chairman and Paul W. Springman president and chief operating officer. Markel served Markel Corp. for more than 40 years, most recently as...
Ratings Roundup: Inter-Industry, Western Isles, PARIS RE, Fairfax, AmerInst, Omega, Lloyd’s Syndicate 958
May 29 2008 // A.M. Best Co. has affirmed the financial strength rating of ‘B+’ (Good) and the issuer credit rating of “bbb-” of Inter-Industry Insurance Company Limited (III), which is based on the Isle of Man,...
Ratings Roundup: Gard M&E, Industriforsikring, Eureko, Echelon
May 20 2008 // Standard & Poor’s Ratings Services has assigned its ‘A+’ long-term counterparty credit and insurer financial strength ratings to Sweden-based marine insurer Gard Marine & Energy Försäkring AB...
U.S. Insurers Face Uphill Battle to Alter Foreign Insurers’ Tax Break
May 19 2008 // A coalition of U.S. insurers is calling on lawmakers to close a tax loophole that helps foreign insurers, and although it has won the support of presidential hopeful Hillary Clinton, it faces a harder task convincing...
Sovereign to Establish Dubai Office
May 15 2008 // Bermuda- based Sovereign Risk Insurance Ltd., which is owned by ACE Bermuda Insurance Ltd., a wholly-owned subsidiary of ACE Limited, announced that it has received approval in principle from the Dubai Financial Services...
Bermuda Q1 Earnings Recap: ACE, XL, Validus, RenRe, Endurance, Aspen, Montpelier Re
May 5 2008 // A number of Bermuda-based companies announced their first quarter results last week, which were generally lower than the same period of 2007. The financial credit crunch, combined with the ongoing soft market, had a...
U.S. Insurers Face Uphill Battle to Alter Foreign Insurers’ Tax Break
May 5 2008 // A coalition of U.S. insurers is calling on lawmakers to close a tax loophole that helps foreign insurers, and although it has won the support of presidential hopeful Hillary Clinton, it faces a harder task convincing...
Best’s Bermuda Report Focuses on ‘Bounce Back’
Apr 25 2008 // A new A.M. Best Co. research report – “Bermuda – 2007 Financial Review” – featured in BestWeek U.S./Canada, finds that “three years removed from unprecedented hurricane losses, the...
Bermuda Monetary Authority Survey Shows Continued Growth
Apr 15 2008 // According to the latest available figures, released by the Bermuda Monetary Authority (BMA), the island’s “insurance market continues to maintain strong performance, against a backdrop of a soft global...
XL Forms Global Product Development
Apr 11 2008 // Bermuda-based XL Insurance, the global insurance operations of XL Capital Ltd., has announced the formation of a global Product Development team to further address customers’ risk management needs. “The team...
Bermuda Monetary Authority Launches New Web Site for Regulations
Apr 1 2008 // The Bermuda Monetary Authority (BMA) has launched a new web site that provides an unprecedented level of detail about Bermuda’s regulatory standards online. The BMA stated that the new site, which went live today,...
People
Mar 24 2008 // The Hartford’s Chief Financial Officer David M. Johnson plans to step down later this year. He has served as the company’s top financial officer since 2001, and will remain in the position until a successor is...
Ratings Roundup: Cologne Re (Dublin), Hannover Re (Bermuda)
Mar 24 2008 // A.M. Best Co. has affirmed the financial strength rating of ‘A-‘ (Excellent) and issuer credit rating (ICR) of “a-” of Cologne Reinsurance Company (Dublin) Ltd. (CRD) with a stable outlook....
ACE to ‘Re-Domesticate’ Cayman Incorporation to Switzerland
Mar 20 2008 // Bermuda-based ACE Limited has announced that its board of directors “has approved a re-domestication of the Company to move its place of incorporation from the Cayman Islands to Zurich, Switzerland. ACE’s...
World Insurance Forum Opens in Dubai
Mar 18 2008 // His Excellency Dr. Omar Bin Sulaiman, Governor of the Dubai International Financial Centre (DIFC), has officially opened the 2008 World Insurance Forum (WIF) at the DIFC. This is the first time the event has been held...
Fitch Conference Call Today Analyzes Bermuda (Re)Insurance Market
Mar 5 2008 // Fitch Ratings will host a teleconference today, Wednesday, March 5, to discuss the Bermuda insurance and (Re)insurance markets and trends expected to affect this industry in 2008. Fitch’s analysts will also delve...
Fitch Reports on Bermuda Insurance, Reinsurance Market
Mar 4 2008 // Fitch Ratings has released a new “Special Report” examining the state of Bermuda’s insurance and reinsurance industry, which concludes that it “continues to develop as a thriving domicile for...
Hiscox 2007 Net up 18% to $471M
Mar 4 2008 // Bermuda-based Hiscox Ltd. posted a strong profit gain in 2007. Results, released yesterday, March 3, showed a record setting £237.2 million ($471 million) pretax profit, compared to £201.1 million ($399.5 million) in...
