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 outlook. Best noted that the “proceeds …
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 bulletin noted that Tannock has more than …
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 matters between the two countries. …
“The world’s national oil companies (NOCs) could be in a position to benefit from lower overall costs of risk over the next few years,” according to an analysis from Marsh. A reduction in the number of natural catastrophes, more capacity …
Torus has appointed Carl Groth as Group Chief Risk Officer with immediate effect. He is based in New Jersey and reports to Chief Executive Clive Tobin. “Groth will drive the development of a comprehensive and integrated enterprise risk management program …
Bermuda,-based PartnerRe Ltd. announced that during the January 1, 2010 treaty renewal season it expects to write and bind approximately $2.6 billion of non-life premium. The bulletin added that this figure “includes $440 million in premium from PARIS RE, whose …
But Skeptics Question Timing for Revival of U.S. Insurance Exchange A recently announced plan by New York’s governor to boost his state’s financial services industry by recreating the New York Insurance Exchange has drawn the attention of insurance industry executives …
A.M. Best Co. has upgraded the financial strength rating (FSR) to ‘A’ (Excellent) from ‘A-‘ (Excellent) and the issuer credit ratings (ICR) to “a+” from “a-” of PARIS RE and its affiliates. Consequently Best has removed the ratings from under …
Standard & Poor’s Ratings Services announced that its ratings on “U.S.-based Assurant Inc. (BBB/Negative/A-2) and related entities are not affected by the settlement of an SEC investigation regarding certain loss-mitigation insurance products. The reinsurance contract under examination had $2.6 million …
Willis North America (WNA), a unit of Willis Group Holdings (NYSE:WSH), named Alastair Swift to its senior management team as chief placement officer, effective immediately. Swift will report to Don Bailey, chairman and CEO, Willis North America, and will relocate …
