An industry executive, representing a coalition of 14 large U.S.-based insurance groups, told the U.S. Senate Finance Committee on Wednesday that a major tax advantage for certain foreign insurance groups could threaten the future of the domestic insurance industry. The …
Bermuda-based Flagstone Reinsurance Holdings Limited has completed the formation of Flagstone Underwriters Latin America Limited A.I., a subsidiary licensed to conduct business from its offices in Puerto Rico. The new facility expands Flagstone’s global underwriting platform and enlarges its business …
Standard & Poor’s Ratings Services has affirmed its ‘A-‘ counterparty credit ratings on XL Capital Ltd. and its core operating companies with a stable outlook. “The ratings on XL are based on its very strong global market presence, diversified earnings …
If the reinsurance industry were a game of golf, one would say that after three rounds — the two halves of 2006 and the first half of 2007 — it tops the leader board. But as any golf buff knows …
Hurricane Dean, is the most powerful storm to roil the waters of the Caribbean since Wilma in 2005. So far it’s been responsible for at least six deaths. After ravaging Martinique and St. Lucia as a category two storm, Dean …
Record earnings, capitalization and profits deliver new challenges for reinsurers If the reinsurance industry were a game of golf, one would say that after three rounds — the two halves of 2006 and the first half of 2007 — it …
The Bermuda-based Max Capital Group Ltd. announced that on August 7, 2007, Max Capital and its Bermuda operating company, Max Bermuda Ltd. “entered into a credit agreement with Bank of America, N.A. (“BOA”), as fronting bank, as administrative agent, and …
Flagstone Reinsurance Holdings Limited announced that it has taken a majority position in Island Heritage Holdings Ltd., a Cayman Islands domiciled company that specializes in insurance and insurance services in the Caribbean. “Flagstone will assume control of the Island Heritage …
In 2006, total U.S. premium ceded to offshore reinsurers was $54.7 billion and ceded recoverables totaled $114.2 billion, according to a report released by the Reinsurance Association of America (RAA), “Offshore Reinsurance in the U.S. Market: 2006 Data.” That represents …
Standard & Poor’s Ratings Services has assigned its ‘B’ senior secured debt rating to the $75 million class A, series 2007-I principal-at-risk variable-rate notes issued under the newly established shelf program, Nelson Re Ltd., sponsored by Glacier Reinsurance AG (Glacier …
