Hashtag: #BermudaInsurance

Pensions To Be Paid, Cheques Delivered

Pensions To Be Paid, Cheques Delivered

Pension benefits automatically paid by direct bank deposit will still be made next week as normal and pension cheques will be processed and delivered by mail tomorrow before the island wide lockdown takes place on Saturday morning. A Government spokesperson said, “The Department of Social Insurance wishes to advise the public of the following:“Pension... Read more of this article

New Insurer For Crypto, Cannabis Businesses

New Insurer For Crypto, Cannabis Businesses

Premier David Burt announced that Relm, an insurer that specializes in emerging business categories, has been granted a license by the Bermuda Monetary Authority [BMA]. A Government spokesperson said, “The new business, which is led by CEO Joe Ziolkowski and Operations Vice President Keyla Roman, is owned by Deltec International Group, a Bahamas-headquartered... Read more of this article

Colonial Group To Close Office To Walk-Ins

Colonial Group To Close Office To Walk-Ins

Colonial Group International will close its offices on Monday [March 23] for walk-in business but will continue to service clients without any disruptions. CGI CEO Naz Farrow said: “It is clear that in Bermuda as well as the rest of the world we are facing an unprecedented challenge. At Colonial we are concerned and focused on doing what we can to... Read more of this article

IGI Receives PRA & FCA Regulatory Approval

IGI Receives PRA & FCA Regulatory Approval

International General Insurance Holdings Limited [IGI] received regulatory approval from the UK Prudential Regulation Authority [PRA] and Financial Conduct Authority [FCA] in connection with its previously announced business combination with Tiberius Acquisition Corporation [Tiberius]. A spokesperson said, “The PRA approval was received on February... Read more of this article

BILTIR, BDA To Showcase Bermuda In Las Vegas

BILTIR, BDA To Showcase Bermuda In Las Vegas

Bermuda International Long Term Insurers and Reinsurers [BILTIR] and the Bermuda Business Development Agency [BDA] are hosting a lounge at one of the world’s leading life re/insurance conferences to showcase the island’s expertise in the sector. BILTIR – which represents 61 long-term insurance, reinsurance and servicing companies who provide... Read more of this article

AM Best Upgrades Somerset Re Credit Ratings

AM Best Upgrades Somerset Re Credit Ratings

AM Best has upgraded the Financial Strength Rating to A- [Excellent] from B++ [Good] and the Long-Term Issuer Credit Rating to “a-” from “bbb+” of Bermuda-based Somerset Reinsurance Ltd. The outlook of these Credit Ratings has been revised to stable from positive. A statement from the ratings agency said, “The ratings reflect Somerset Re’s... Read more of this article

Insurance Insider Shortlists Lopes & Ramlal

Insurance Insider Shortlists Lopes & Ramlal

The Insurance Insider, an insurance news organisation, has shortlisted two people from Bermuda – Melanie Lopes from Third Point Re and Sean Ramlal from Ascot Re – as finalists in the Underwriter Rising Star category in their inaugural US Honors Awards. The winner will be announced at an awards ceremony on April 23 in New York. According... Read more of this article

Fidelis Raises $300 Million Of Equity Capital

Fidelis Raises $300 Million Of Equity Capital

Fidelis Insurance Holdings Limited said it “has raised approximately $300 million of equity capital from a combination of its existing shareholders and a wholly owned subsidiary of the Abu Dhabi Investment Authority [ADIA], in order to support Fidelis’ further growth.” “Fidelis is a leading insurance and reinsurance business, operating... Read more of this article

Argo Group To Sell Trident Public Risk Solutions

Argo Group To Sell Trident Public Risk Solutions

Argo Group International Holdings today announced an agreement to sell its Trident Public Risk Solutions brand and underwriting platform to Paragon Insurance Holdings. “The transaction is expected to close in the coming months, and Argo expects to report a pre-tax gain of approximately $37 million related to the transaction,” the company... Read more of this article

White Mountains Reports Fourth Quarter Results

White Mountains Reports Fourth Quarter Results

White Mountains Insurance Group, Ltd. reported book value per share of $1,024 and adjusted book value per share of $1,018 as of December 31, 2019. Book value per share and adjusted book value per share increased 2% and 1% in the fourth quarter of 2019. Book value per share and adjusted book value per share increased 14% and 15% in the year ended December... Read more of this article

“World’s First Captive To Insure Crypto Custody”

“World’s First Captive To Insure Crypto Custody”

Premier David Burt announced that Gemini Trust Company, LLC — a cryptocurrency exchange and custodian — has launched Nakamoto, Ltd. a captive insurance company licensed by the Bermuda Monetary Authority [BMA] to insure Gemini Custody. “Nakamoto — the world’s first captive to insure crypto custody — allows Gemini Custody to increase... Read more of this article

AXIS Expands Renewable Energy Expertise

AXIS Expands Renewable Energy Expertise

AXIS Insurance, the insurance business segment of AXIS Capital Holdings Limited, announced the appointments of Sam Walsh as senior underwriter and Mat Pifer as an underwriter in its renewables division. Messrs. Walsh and Pifer will be jointly responsible for underwriting new and renewal, property and liability renewable energy business in North America,... Read more of this article

Helix Underwriting Launches Bermuda Platform

Helix Underwriting Launches Bermuda Platform

Helix Underwriting Partners Ltd. [Helix] has received all necessary approvals to commence operations and has entered its first agency agreement to underwrite Middle Market Property Insurance on behalf of QBE in Bermuda. “Founded by industry veterans Claude Lefebvre, Nicholas Lucking and Neville Weston, Helix has been incorporated as the first... Read more of this article