Hashtag: #BermudaInsurance

Students Join UGA Bermuda Market Study Group

Students Join UGA Bermuda Market Study Group

The Bermuda Foundation For Insurance Studies [BFIS] has again been invited to participate with the University of Georgia [UGA] students in their Bermuda Insurance Market Study Group. This is an annual teaching and training exercise of the top-ranked Risk Management and Insurance Programme at the University of Georgia’s Terry College of Business led... Read more of this article

AlphaCat, Terra Brasis Complete ILS Transaction

AlphaCat, Terra Brasis Complete ILS Transaction

AlphaCat Managers Ltd., a wholly owned subsidiary of Validus Holdings, Ltd. and Terra Brasis Resseguros S.A., announced the successful completion of a $5 million private catastrophe bond transaction. The bond issue, named Alpha Terra Validus II, effectively renews the 2017 Terra Brasis Validus I transaction which represented a unique offering of Latin... Read more of this article

‘Figures Reaffirm Status As World’s Risk Capital’

‘Figures Reaffirm Status As World’s Risk Capital’

Bermuda’s insurance industry has registered a year-on-year increase in company registrations across multiple sectors, driving all-important job growth on the island, the BDA said. Bermuda registered a total of 58 new insurers in 2017, ranging from captives and long-term re/insurers to special purpose insurers [SPIs]—compared to 42 last year, according... Read more of this article

90 Students Participate In Speed Networking

90 Students Participate In Speed Networking

Ninety students are participating in the BFIS High School Speed Networking Lunches this week to help them gain a clearer understanding of the wide variety of careers within the insurance sector from insurance professionals representing many different careers, educational backgrounds and skill sets.A BFIS spokesperson said, “Since 2014 BFIS has... Read more of this article

Malcolm Butterfield Appointed As CEO Of BII

Malcolm Butterfield Appointed As CEO Of BII

Malcolm Butterfield has been appointed the new Chief Executive Officer of the Bermuda Insurance Institute. “Mr. Butterfield brings extensive insurance and reinsurance experience to the BII, having held the office of Registrar of Companies for five years, and serving 19 years as managing partner leading the Advisory Practice at KPMG,” BII... Read more of this article

Barbican Launches New Bermuda Operation

Barbican Launches New Bermuda Operation

Barbican Insurance Group announced the launch of Barbican Bermuda, a new underwriting operation located in Bermuda. “The company will focus on the US property market and will write exclusively on behalf of Barbican Syndicate 1955,” the company said. “Barbican Bermuda will underwrite a direct and facultative portfolio of business on... Read more of this article

AM Best Upgrades Somerset Re ICR Ratings

AM Best Upgrades Somerset Re ICR Ratings

A.M. Best has upgraded the Long-Term Issuer Credit Rating [Long-Term ICR] to “bbb+” from “bbb” and affirmed the Financial Strength Rating [FSR] of B++ [Good] of Somerset Reinsurance, and the outlook of these Credit Ratings is stable. A statement from the ratings agency said, “The ratings reflect Somerset Re’s balance sheet strength, which... Read more of this article

Fitch: ‘Benefit To Be Reduced, Not Eliminated’

Fitch: ‘Benefit To Be Reduced, Not Eliminated’

The changes to the U.S. tax system will “significantly reduce the long-standing tax advantage of Bermudian re/insurers,” Fitch said, adding that they expect the overall benefit of a Bermuda domicile “to be reduced, but not eliminated, with the island largely maintaining its established position in the global market” due to its... Read more of this article

Fitch: ‘Renewals Suggest Flattened Cycle’

Fitch: ‘Renewals Suggest Flattened Cycle’

The reinsurance underwriting cycle may finally have turned, but price rises look modest, suggesting that the cycle may have become flatter, Fitch Ratings says. The ratings agency said, “As we forecast in 4Q17, rates for property catastrophe reinsurance increased at 1 January 2018, according to recent reports from brokers – the first rise since... Read more of this article

Successful Speed Networking For Students

Successful Speed Networking For Students

University students home for Christmas were given the opportunity to participate in the BFIS Annual Christmas Speed Networking Lunch on December 28th at O’Hara House [courtesy of XL Catlin]. Approximately 35 insurance professionals and 40+ college students enjoyed an hour of fast but extremely useful one-on-one ‘interviews’ with numerous insurance... Read more of this article

RGA & RenaissanceRe Launch Langhorne Re

RGA & RenaissanceRe Launch Langhorne Re

Reinsurance Group of America and RenaissanceRe Holdings announced the launch of Langhorne Re, a global reinsurer targeting large in-force life and annuity blocks. To date, Langhorne Re has secured $780 million of equity capital commitments including investments from RGA and RenaissanceRe. Langhorne Re will combine a strong long-term capital base with... Read more of this article

Arch Capital Update Catastrophe Loss

Arch Capital Update Catastrophe Loss

During the fourth quarter of 2017, a series of wildfires burned across many areas of California and a series of smaller catastrophe events occurred around the globe, and Arch Capital Group Ltd. has established a range of pre-tax losses of $60 million to $75 million, net of reinsurance recoveries and reinstatement premiums, for these 2017 fourth quarter... Read more of this article

$500M Equity Commitments For New Reinsurer

$500M Equity Commitments For New Reinsurer

Armour, a Bermuda headquartered P&C run-off insurance business founded in 2007 by Brad Huntington and John Williams, has raised up to $500 million in equity commitments in partnership with an investor group led by Aquiline Capital Partners, a New York-based private equity firm investing in financial services and financial technology. “Investment... Read more of this article