Tag: Bermuda insurance

Best Drops Ratings Of Household, Affiliates

A.M. Best Co. has affirmed the financial strength rating of B++ [Good] and the issuer credit ratings of “bbb+” of Household Life Insurance Company, its direct subsidiary, First Central National Life Insurance Company of New York and its property/casualty affiliate, HSBC Insurance Company of Delaware which were recently acquired by Bermuda’s... Read more of this article

Ratings Agency Upgrade For PartnerRe

A.M. Best Co. this week [May 16] revised the outlook to stable from negative and affirmed the financial strength rating [FSR] of A+ [Superior] and issuer credit ratings (ICR) of “aa-” of Bermuda-based Partner Reinsurance Company Ltd. and its affiliates. A.M. Best also has revised the outlook to stable from negative and affirmed the ICR of “a-”... Read more of this article

Everest Re Directors Declare Dividend

Bermuda-based Everest Re Group, Ltd. announced on Wednesday [May 15] that its board of directors declared a dividend of $0.48 per share payable on or before June 19, 2013 to all shareholders of record as of June 5, 2013. In addition, the company’s directors increased the share repurchase authorisation by an additional five million shares.Related... Read more of this article

Fitch Rates AXIS’s Preferred Securities

Fitch Ratings has assigned a BBB rating to the $200 million of Series D Preferred Shares expected to be issued by Bermuda-based AXIS Capital Holdings, Limited. On May 13, 2013, AXIS Capital announced that it had priced an offering for $200 million of 5.5 percent Series D Preferred Shares. The company has also granted the underwriters a 30-day option... Read more of this article

Neil Currie To Retire As RenaissanceRe CEO

RenaissanceRe Holdings Ltd. on Wednesday [May 15] announced that Neill Currie will retire on July 1 and Kevin O’Donnell will succeed him as Chief Executive Officer and join the board of directors of the company. As part of the transition, Mr. Currie [pictured] will continue in an advisory capacity to the company through the conclusion of his contract... Read more of this article

US Senator: Bermuda & “Corporate Welfare”

New York Senator Kirsten Gillibrand criticised “corporate welfare for insurance companies based in Bermuda” and other offshore jurisdictions on Tuesday [May 14] after voting against the Farm Bill which passed out of the Senate Agriculture Committee with $4.1 billion in cuts to the Supplemental Nutrition Assistance Program [SNAP]. The legislation... Read more of this article

Endurance To Launch New E&S Lines Unit

Endurance Specialty Holdings Ltd., the Bermuda-based specialty provider of property and casualty insurance and reinsurance, announced on Tuesday [May 14] that an Excess & Surplus [E&S] lines Excess Casualty team will join the company next week. Joseph Rainone will be appointed Executive Vice President and Head of Endurance’s new Excess... Read more of this article

Scottish Re Posts Q/1 Financial Results

Scottish Re Group Limited — which maintains its executive offices in Bermuda — announced on Tuesday [May 14] that it has posted to its web site its consolidated financial statements as of and for the three month period ended March 31, 2013. The consolidated financial statements are available here. Scottish Re is a global life reinsurance... Read more of this article

Moody’s Affirms AXIS Capital’s Ratings

Moody’s Investors Service on Tuesday [May 14] assigned a Baa3 [hyb] rating to the 5.50 percent Series D preferred shares to be issued by Bermuda’s AXIS Capital Holdings Limite in an amount up to $230 million. AXIS Capital will use the net proceeds from the offering to repurchase all $100 million of its Series A preferred shares [7.25 percent... Read more of this article

Sirius Announces Dedicated ILS Team

Sirius International Group, Ltd., the Bermuda-based reinsurance unit of White Mountains Insurance Group, Ltd., on Tuesday [May 14] announced the formation of a dedicated team to lead its strategic initiative in the Insurance Linked Securities [ILS]/reinsurance capital markets convergence arena. The new initiative will be jointly led by Michael Halsband... Read more of this article