Bermuda-based Allied World Assurance Company Holdings, Ltd announced that its Board of Directors has unanimously approved a plan for the group holding company to redomesticate its place of incorporation from Bermuda to Switzerland. The bulletin said that “holders of Allied …
Markel, Hiscox Insurer Markel has acquired the rights to American Live Stock, the animal mortality business of Hiscox Insurance Co. Terms of the deal were not disclosed. The transaction, which includes the rights to the American Live Stock and Harding …
A.M. Best Co. has affirmed the financial strength rating of ‘A-‘ (Excellent) and issuer credit ratings of “a-” of Cayman Islands-based United Insurance Company and its subsidiary, United Re (Europe) S.A., domiciled in Luxembourg. The outlook for all of ratings …
The Lloyd’s of London insurance market revealed that record claims from disasters including the Chilean earthquake and U.S. oil spill halved its profits, and said it saw no respite from a steady decline in prices. Lloyd’s, which traces its origins …
The surplus lines industry continues to experience a decline in direct premiums written (DPW). For a third consecutive year in 2009, the surplus lines industry’s DPW fell 4.1 percent, an improvement over 2008 where the DPW fell 6.2 percent. Even …
A.M. Best Co. has assigned a debt rating of “bbb” to the recently issued $350 million 6.25 percent senior unsecured notes due 2020 of Delaware-based Alterra Finance LLC. The senior notes are fully and unconditionally guaranteed by Alterra Capital Holdings …
Workers compensation provider Majestic Capital Ltd. has agreed to be acquired by Bermuda-based Bayside Capital Partners LLC for $0.45 per share in cash, or an aggregate purchase price of approximately $7.8 million. The $0.45 per share in cash purchase price …
Hurricane Igor barreled north Monday on a path expected to take it near Newfoundland and energy interests off eastern Canada, after battering Bermuda with heavy winds, waves and rain that caused damage but no casualties. The Canadian Hurricane Center issued …
Hurricane Igor battered Bermuda with ferocious winds, waves and rain Sunday, felling trees and power lines in the Atlantic island chain in one of the worst storms to hit the British overseas territory. The U.S. National Hurricane Center said the …
Hurricane Karl bore down on Mexico’s central Gulf Coast on Friday, threatening to cause flash floods and mudslides, but it appeared to have spared Mexican offshore oil operations from major damage. Karl, which was projected to produce a storm surge …
