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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

ABIR Announces New Leadership Appointments

ABIR Announces New Leadership Appointments

The Association of Bermuda Insurers & Reinsurers [ABIR] today [Jan 8] announced a slate of new leadership appointments of member-company industry executives. Edward Mishambi of RenaissanceRe will become Chair of ABIR’s Policy Committee. The committee reviews insurance regulation in Bermuda and overseas, international regulatory standards, public... Read more of this article

Apply For BILTIR Summer Intern Programme

Apply For BILTIR Summer Intern Programme

Bermuda International Long Term Insurers and Reinsurers [BILTIR] is inviting local students to apply for a 10 week summer internship with a member company. BILTIR, which represents the island’s long-term insurers and reinsurers who provide life and annuity products, hopes the internship programme “will create a pipeline of local life insurance... Read more of this article

Hamilton Announce ILS Platform Developments

Hamilton Announce ILS Platform Developments

Hamilton Insurance Group Ltd today [Jan 7] announced that its insurance-linked securities [ILS] platform has a new name and a new lead executive. A spokesperson said, “Formerly called Hamilton Capital Partners, the platform is now Hamilton ILS. Hanni Ali moves from his role as Senior Vice President, Risk & Analytics, Hamilton Re, Ltd., to... Read more of this article

Randall & Quilter Acquires Barbados Insurer

Randall & Quilter Acquires Barbados Insurer

Randall & Quilter Investment Holdings Ltd. [R&Q] announced that its wholly-owned subsidiary R&Q Re [Bermuda] Limited has completed the acquisition of the Barbados insurer, Distinguished Re Ltd, formerly known as the Saranac Insurance Company, Ltd., a wholly owned subsidiary of Distinguished LLC. A spokesperson said, “Distinguished... Read more of this article

AXA XL Reinsurance Leadership Team Changes

AXA XL Reinsurance Leadership Team Changes

AXA XL has announced additional changes within its Reinsurance Leadership Team [RLT], effective January 1. A spokesperson said, “The changes are part of AXA XL Reinsurance’s simplified Reinsurance organizational structure which was announced in September. The structure is aligned around AXA XL Reinsurance’s key markets and intended to enhance... Read more of this article