April 11, 2012
The Bermuda-based Arch Capital Group announced that it has officially acquired Ariel Re’s Credit & Surety reinsurance operations based in Zurich, as previously announced. The closing occurred at the same time as the acquisition by Goldman Sachs of Ariel Re’s …
April 11, 2012
Bermuda-based Platinum Underwriters Holdings, Ltd. announced that it expects major catastrophe losses will have a net negative impact of approximately $24.8 million on the Company’s results for the quarter ended March 31, 2012. The company explained that the losses were …
April 11, 2012
A.M. Best Europe – Rating Services Ltd. has affirmed the financial strength rating (FSR) of ‘A’ (Excellent) and issuer credit rating (ICR) of “a+” of Lloyd’s Syndicate 958, which is managed by Omega Underwriting Agents Limited. The outlook for both …
April 9, 2012
Bermuda-based Validus Holdings, Ltd. announced the capitalization of PαCRe, Ltd., a new Class 4 reinsurer. “PαCRe has been formed to combine the attractive returns available from underwriting top layer reinsurance programs with a long term approach to asset management,” said …
March 22, 2012
Chicago-based CNA Financial Corporation and Hardy Underwriting Bermuda Limited announced that they have agreed to terms on a cash acquisition by CNA of all of the common shares of Hardy. “The acquisition is to be implemented by way of a …
March 16, 2012
Florida lawmakers have put taxpayers at risk by not reforming the Florida Hurricane Catastrophe Fund or Citizen’s Property Insurance Corp. in advance of the 2012 hurricane season, an insurance executive has warned. Bradley Kading, president and executive director of the …
March 6, 2012
Eugene F. McDonough has been appointed as New England regional executive and vice president of U.S. operations for Ironshore Inc. McDonough, based in Boston, will be responsible for business development and program oversight in the region representing New England and …
March 6, 2012
A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A’ (Excellent) and issuer credit ratings (ICR) of “a” of Bermuda-based Endurance Specialty Insurance Ltd. and its affiliates. Best also affirmed the ICR of “bbb” and debt ratings of …
March 5, 2012
Both A.M. Best and Standard & Poor’s issued bulletins following the announcement that Ariel Re was selling off its Bermuda-based reinsurance business to Arrow, a unit of investment Bank Goldman Sachs, and its trade credit and surety (C&S) operations, which …
December 21, 2011
In a brief statement, issued by its office in Dublin, Beazley plc confirmed that it is to undertake a strategic review of the business of Hardy Underwriting Bermuda Limited. The statement followed the announcement by the board of Hardy on …