Barbados has issued the world’s first government bond with a clause allowing payments to be suspended in the event of another global pandemic, a move expected to attract interest from dozens of other countries savaged by the COVID-19 crisis. The …
A former minister in the government of Barbados has been criminally charged in the United States with laundering bribes he received from a Barbadian insurance company, federal prosecutors said on Monday. Donville Inniss, who formerly served as minister of industry …
Arthur J. Gallagher & Co. announced that it has acquired certain assets of Minvielle & Chastanet Insurance Brokers located in the eastern Caribbean. Terms of the transaction were not disclosed. The bulletin described Minvielle & Chastanet Insurance Brokers (MCIB) as …
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 on its “excellent risk-adjusted capitalization as measured by …
In its latest monthly assessment of the world’s catastrophes for November Aon Benfield highlights the first winter weather event of the season across Europe with “notable affects.” the report, published by the company’s Impact Forecasting team, who evaluate global natural …
The Canada Revenue Authority (CRA) confirmed that Barbados insurance companies including Exempt Insurance Companies (EIC) and Qualifying Insurance Companies (QIC) are “liable to tax” under paragraph IV (1) of the 1980 Barbados-Canada Double Taxation Agreement and can generate exempt earnings …
Barbados-based Aliseo Reinsurance SCC announced its entry into the global retrocession market with an initial capitalization of $300 million. Aliseo Re said it would “operate as a monoline retrocessionaire focusing on providing property catastrophe protection, targeting the reinsurance market worldwide. …
The Caribbean Catastrophe Risk Insurance Facility (CCRIF) announced that it has completed insurance payments to the Governments of Barbados, Saint Lucia and St. Vincent & the Grenadines following the passage of Tropical Cyclone Tomas which passed close to these islands …
A.M. Best Co. has affirmed the financial strength rating of ‘A’ (Excellent) and issuer credit rating of “a” of Singapore’s First Capital Insurance Limited, both with stable outlooks. The ratings reflect First Capital’s “adequate risk-adjusted capitalization and its ability to …
Whether Tomas passed through the eastern Caribbean as a hurricane or a tropical storm is rather irrelevant, as, whatever it was, it caused a lot of damage. The Caribbean Catastrophe Risk Insurance Facility (CCRIF) has already issued a detailed report, …
