Hashtag: #ABIR
Report: ‘Neal Bill Will Hurt US Consumers’
Calling the so-called “Bermuda Tax Loophole” in the US tax code “a sophisticated means of tax avoidance”, Massachusetts Congressman Richard Neal says his recently introduced legislation will add billions of dollars to Washington’s revenues. However, if the Neal Bill passes both the House of Representatives and the Senate,... Read more of this article
ABIR Watches American Collateral Debate
The US National Association of Insurance Commissioners voted to adopt an amended version of the proposed Credit for Reinsurance Model Law in a unanimous voice vote, marking the culmination of an issue that has been before the organisation for the past decade, A.M. Best’s news service reports today [Nov.7]. Bermuda re/insurers have been following... Read more of this article
ABIR Lobbies Deficit “Super Committee”
Significant changes in the US National Flood Insurance Programme [NFIP] -— including an end to all subsidies within five years — are being proposed by a diverse coalition including the Association of Bermuda Insurers & Reinsurers. Organised by lobbying group SmarterSafer.org — which describes itself as favouring “environmentally-responsible,... Read more of this article
Mixed Views On “Bermuda” Tax Bill
Proposed legislation denying tax deductions for US reinsurance premiums paid to offshore affiliates will likely pass through Congress, a Bermuda executive predicted last year — but he criticized the measure as a restriction of free trade. Speaking at the 2010 Standard & Poor’s Insurance Conference, Edward Noonan, chair and chief executive... Read more of this article
Neal Reintroduces “Bermuda Loophole” Bill
Congressman Richard Neal yesterday [Oct.13] reintroduced long-stalled legislation targeting the so-called “Bermuda loophole” in American’s tax code — a technicality he says allows re/insurers to avoid paying US taxes by basing their companies on the island and in other off-shore financial centres. The Massachusetts Democrat —... Read more of this article
NZ Government Backs Troubled Kiwi Insurer
The New Zealand government could face claims costs of as much as $1 billion after stepping in to bail out one of the country’s leading insurers — a firm backed, in part, by Bermuda-based global catastrophe and property re/insurers. AMI Insurance had its capital and reinsurance cover wiped out by the two major earthquakes which rocked... Read more of this article
ABIR Members Made $11.9bn Profits In 2010
The 22 firms belonging to the the Association of Bermuda Insurers and Reinsurers [ABIR] wrote nearly $62 billion in global gross written premium on a capital and surplus base of $90 billion in 2010, reporting net profits of $11.4 billion. The gross premium to equity ratio for the group as a whole was .69 to 1. ABIR today [Apr. 15] released the 2010... Read more of this article
ABIR Backs US Flood Insurance Draft Bill
Association of Bermuda Insurers & Reinsurers president Bradley Kading has told the National Underwriter Online News Service the local industry backs proposed Congressional legislation which could partially privatise the US Federal flood insurance programme. “Reinsurers want to write some risk in the programme, and we think policymakers... Read more of this article
Bermuda Reinsurers Petition Congress
President Barack Obama’s inclusion of a proposal to deny tax deductions for certain reinsurance premiums paid to foreign-based affiliates by US insurers in his Budget plan has drawn criticism from Bermuda reinsurers. The Coalition for Competitive Insurance Rates (CCIR) — a Washington lobby group which includes the Association of Bermuda... Read more of this article
US Budget Targets Insurers, Tax Avoiders
President Obama’s proposed US Budget for 2012 reopens the issue of taxing off-shore insurers and also takes aim at multi-nationals which use off-shore financial jurisdictions for “earnings stripping” to lower or entirely eliminate their American tax bill. Unveiled yesterday [Feb. 14], the Budget’s insurance tax provision would apply... Read more of this article
Re/insurers Survey: “Worst of Crisis Over”
Bermuda re/insurers along with other leaders of the global property/casualty insurance industry believe the worst of the financial crisis is over according to a survey conducted by the Insurance Information Institute at its 15th annual Property/Casualty Insurance Joint Industry Forum held in New York (Jan.12). Attended by representatives of the Bermuda... Read more of this article
Dinos Iourdanou To Chair ABIR
Arch Capital president and CEO Constantine (Dinos) Iordanou will begin a two-year term as the new chairman of the Association of Bermuda Insurers and Reinsurers (ABIR) on January 1, it was announced today (Dec. 20). Mr. Iordanou, 60, succeeds Patrick Thiele, the retiring president and CEO of Partner Re Ltd., as chair. Other officers who will begin... Read more of this article
