The Bermuda-based Catlin Group Limited announced that Catlin Insurance Company Ltd. of Bermuda has purchased coverage totaling $225 million under a catastrophe swap agreement in the event of severe US natural catastrophes over a three-year period. Catlin Bermuda concluded a …
A.M. Best Co. has assigned a financial strength rating of ‘B+’ (Good) and an issuer credit rating of “bbb-” to Russian Reinsurance Company with a stable outlook. “The ratings reflect Russian Re’ s good risk-adjusted capitalization, excellent and consistent operating …
Standard & Poor’s Ratings Services acknowledged that it has received a copy of an extension notice from the administrator for KAMP RE 2005 Ltd. “As permitted under the transaction documents, Swiss Reinsurance America Corp. will extend the maturity of KAMP …
Cayman Islands-based Greenlight Capital Re, Ltd. reported a net loss of $2.1 million for the third quarter of 2007 compared to a profit of $17.5 million for the same period in 2006. On a fully diluted per share basis, the …
Standard & Poor’s Ratings Services has assigned its ‘BB+’ long-term senior secured debt ratings to each of the following notes issued by Blue Fin Ltd. under Allianz SE’s (rated ‘AA’/ Stable/ A-1+) newly established windstorm catastrophe bond shelf program: — …
Standard & Poor’s Ratings Services announced that it has received a copy of a proof-of-claim notice from the administrator for KAMP RE 2005 Ltd., which “puts the ultimate net losses in excess of the transaction’s $1 billion trigger amount.” KAMP …
Aon Corp. announced that its investment banking group, Aon Capital Markets, has successfully completed the private placement of $260 million of principal at-risk variable rate notes for MIDORI Ltd. The placement provides Munich Re with fully collateralized catastrophe protection for …
Captive insurance industry insiders say proposed changes to Internal Revenue Service rules could hurt the industry that in Vermont alone supports 1,400 high-paying jobs. The IRS rules would end the deductible status of “reserves” kept by captive insurance companies — …
An industry executive, representing a coalition of 14 large U.S.-based insurance groups, told the U.S. Senate Finance Committee late last month that a major tax advantage for certain foreign insurance groups could threaten the future of the domestic insurance industry. …
The offshore reinsurance tax debate resurfaces in Congress again Domestic-owned insurers claim Bermuda-based companies hold an unfair tax advantage An industry executive, representing a coalition of 14 large U.S.-based insurance groups, told the U.S. Senate Finance Committee late last month …
