Hashtag: #Australia
Tokio Millennium Opens Australian Branch
Bermuda-based Tokio Millennium Re Ltd., a subsidiary of Japan’s Tokio Marine & Nichido Fire Insurance Co., Ltd., today [Mar.3] announced the Australian Prudential Regulation Authority [APRA] has authorised the firm’s Australian branch to carry on insurance business in the country. Tokio Millennium Re Ltd.’s Australia branch [TMRA] is an... Read more of this article
Flagstone: Australia Disaster Estimates
Flagstone Reinsurance Holdings, S.A. — which has a significant Bermuda presence – today [Feb. 28] announced that its preliminary estimate from loss events that have occurred in Australia in the first quarter of 2011 is expected to be between $60 to $80 million, net of reinstatement premiums and retrocession. These events — estimated... Read more of this article
‘Bad Year For Natural Hazard Exposure’
Despite an unusually mild 2010 Atlantic hurricane season last year was among the five costliest years for the insurance industry since 1980 — and Bermuda re/insurers are among the global industry players reappraising their exposure to natural hazards, a leading trade publication said yesterday [Feb.25]. “Insurance & Technology”... Read more of this article
NZ, Australia: ‘Significant Rate Rise’
Global reinsurers including Bermuda companies participating in the New Zealand catastrophe pool are expected to bear the brunt of this week’s multi-billion dollar damage claims stemming from the Christchurch earthquake [pictured] — leading to price increases of as much as 15 percent for insurers according to one industry executive. And... Read more of this article
PartnerRe Catastrophe Leadership Changes
Bermuda reinsurer PartnerRe Ltd. today [Feb. 23] announced leadership changes in its Catastrophe business unit, effective April 1, 2011. Brian Secrett, currently Chief Underwriting Officer and Deputy Head, Catastrophe, has been appointed Head of Catastrophe. Mr. Secrett will be responsible for PartnerRe’s worldwide catastrophe reinsurance business... Read more of this article
Partner Re Estimates Australia Losses
Bermuda reinsurer PartnerRe Ltd. today [Feb. 16] said it expects damage in Australia from catastrophic floods and a tropical cyclone to result in net insurance claims of $80 million to $100 million for the first quarter of this year. During January, there was widespread flooding in parts of Australia, including the states of Queensland and Victoria.... Read more of this article
Bermuda Cited In Murdoch Tax Scheme
According to a report in “The Sydney Morning Herald”, Rupert Murdoch‘s News Corporation — the parent company of Fox News — has been forced to pay the Australian Capital Territory government $77 million in taxes and penalties after an alleged tax avoidance scheme involving a company listed on the Bermuda Stock Exchange unravelled. The... Read more of this article
Arch: Australia Disasters Hurt Results
Bermuda based Arch Capital Group Ltd. yesterday [Feb. 4] reported net income available to common shareholders for the 2010 fourth quarter was $227.7 million, or $4.54 per share, compared to $284.7 million, or $4.75 per share, for the 2009 fourth quarter. The Company also reported after-tax operating income available to common shareholders of $129.5... Read more of this article
Yasi Loss Estimates Continue to Mount
A new estimate released by modelling agency EQECAT Inc. said insured losses from Tropical Cyclone Yasi, which mauled Queensland earlier this month, could reach $547.7 million — while rival catastrophe modeller AIR Worldwide Corp. now says insured losses from the Australian storm could be as high as $1.52 billion. Australia’s largest... Read more of this article
Flagstone Announces Australian Losses
Flagstone Reinsurance Holdings SA, which has its executive offices in Bermuda, announced yesterday [Feb.7] its loss estimate due to the flooding in Australia that occurred in December, 2010 [pictured], is expected to be $10 million, net of reinstatement premiums and retrocession. In January, 2011, subsequent flooding occurred in large areas of Australia;... Read more of this article
Australia Disasters Costliest Ever
Australia suffered the costliest natural disasters in the country’s history in January and claims resulting from devastation caused by catastrophic floods and Cyclone Yasi [pictured intensifying as it approached the country on Feb. 1] will be “an ongoing challenge” for global re/insurers for months to come, leading industry analysts... Read more of this article
QLD Urged To Seek Catastrophe Reinsurance
Queensland’s Premier is being urged to take out catastrophe reinsurance after it was revealed this week the disaster-ravaged territory is the only one of Australia’s six states not to have sought private market coverage for assets exposed to natural disasters. Australia’s other states as well as private insurance providers in the country... Read more of this article
Bacardi Donates To Flood Relief
In response to the devastating floods in Australia and Brazil, Bermuda headquartered Bacardi Ltd. has donated $100,000 for immediate relief to aid victims in these countries. Bacardi donated $50,000 to the Premier’s Disaster Relief Appeal fund to provide immediate emergency relief supplies and to aid recovery efforts after the Queensland floods... Read more of this article
Cyclone Threatens Huge New Losses
Analysts fear Tropical Cyclone Yasi — now bearing down on flood-ravaged Queensland — could add another $1.6 billion to the multi-billion dollar bill insurers and their Bermuda reinsurers already face in damage claims in the Australian state. Losses experienced by Australia’s leading insurers from recent catastrophic floods have... Read more of this article
Partner Re To Class Floods As Separate Events
Partner Re, the leading Bermuda-based reinsurer, said late Monday [Jan. 31] that massive flooding in Australia will be categorised as at least two separate events for insurance purposes because the catastrophe hit during 2010 and 2011. PartnerRe estimated that the Queensland flooding which began in December 2010 [pictured] will trigger losses of $25... Read more of this article
New Salvation Army Leader’s Bermuda Ties
The Salvation Army today [Jan. 31] announced its new world leader and the 19th General will be Commissioner Linda Bond — a former leader of the church in Canada and Bermuda. Commissioner Bond becomes the third woman and the fourth Canadian to hold the post of General of The Salvation Army since the international church and charitable organisation... Read more of this article
