Marsh Inc. announced it has completed the acquisition of International Advisory Services Ltd. (IAS), the largest independent manager of captive and third-party insurance companies in Bermuda. Terms of the transaction were not disclosed. Marsh said the acquisition strengthens its “position …
The Association of British Insurers (ABI) has issued a bulletin calling for reform of the UK’s tax system in order for the country to remain competitive with lower cost domiciles. Citing a recently completed study, the bulletin warned that “80 …
Homeowners insurers doing business in Florida — established as well as new –are losing money and the state regulator says rates may need to go up. Also, the state’s largest private home insurer, State Farm Florida, which wants to leave …
Standard & Poor’s Ratings Services has assigned its ‘BBB+’ senior debt rating on W.R. Berkley Corp.’s proposed issue of approximately $300 million senior unsecured notes, which are due in 2019. WRB will use the net proceeds of the issue to …
A.M. Best Co. has removed from under review with negative implications and affirmed the financial strength ratings of ‘A-‘ (Excellent) and issuer credit ratings (ICR) of “a-” of Bermuda-based Validus Reinsurance, as well as IPCRe Limited (Bermuda) and IPCRe Europe …
Bermuda-based Validus Holdings, Ltd. Has appointed Charles F.A. Cooper as the Head of North American Property Catastrophe Reinsurance Underwriting of Validus’ wholly-owned subsidiary Validus Reinsurance, Ltd., effective immediately. Validus RE CEO Conan Ward, noted Cooper’s “over fourteen years of international …
A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A’ (Excellent) and issuer credit ratings (ICR) of “a” of the Bermuda-based XL Capital Group and its members. Best also affirmed the ICR of “bbb” and all debt ratings …
Iron-Starr Excess Agency Limited, the joint venture between Ironshore Inc. and C. V. Starr & Co., Inc., report that Eric S. Kittleson and Mark Hill have joined the Excess Casualty operation domiciled in Bermuda. Kittleson has been named senior vice …
Standard & Poor’s Ratings Services has lowered its counterparty credit rating on Bermuda-based IPC Holdings Ltd. to ‘BBB-‘ from ‘BBB’ and removed it from CreditWatch, where it was placed on June 16, 2009, with negative implications. S&P then withdrew its …
Bermuda-based Validus Holdings, Ltd. announced that it has completed its acquisition of IPC Holdings, Ltd., which Validus said, creates, “a leading carrier in the Bermuda short-tail reinsurance and insurance markets.” Validus shareholders had earlier approved the take over at a …
