Hashtag: #BermudaInsurance
Fitch: Global Reinsurance Outlook For 2018
Fitch Ratings has updated their Global Reinsurance 2018 Outlook to incorporate the significant catastrophe losses incurred from Hurricanes Harvey, Irma and Maria, coupled with the sizeable losses from the earthquakes in Mexico and wildfires in California. “The recent catastrophe losses represent a significant percentage of capital for some reinsurers,... Read more of this article
Brit Moving Reinsurer From Gibraltar To Bermuda
Brit Ltd announced that it is relocating its Gibraltar based reinsurer, Brit Insurance [Gibraltar] PCC Limited, to Bermuda. “The process is expected to be completed by the end of the year, following which Brit Insurance [Gibraltar] will become Brit Reinsurance [Bermuda] Limited [Brit Re],” the company said. Matthew Wilson, Brit, CEO, said:... Read more of this article
RenRe Estimate $90M Impact From Wildfires
Bermuda-based RenaissanceRe Holdings said it currently estimates that losses from the October 2017 California Wildfires will have a net negative impact of $90 million on its fourth quarter 2017 results of operations. The California Wildfires caused widespread damage to both personal and commercial property in and around the impacted regions. Kevin... Read more of this article
Stephen Jones Appointed President Of BFIS
At the Annual General Meeting of the Bermuda Foundation For Insurance Studies [BFIS] held today [Dec 5], Chairperson Gail Martin welcomed Stephen Jones who will be taking on the role of President. “Stephen has served on the Board since 2014 and on the Scholarship Committee since 2011. As a BFIS Scholarship recipient, mentee and mentor, Stephen... Read more of this article
BMA Macroprudential Risk Report Released
Bermuda [re]insurers remained profitable and well capitalised in 2016, despite soft pricing, an abundance of capital and competition from the Insurance Linked Securities market according to a new report from the Bermuda Monetary Authority [BMA]. The purpose of the report is to enhance the BMA’s macroprudential surveillance function, increase transparency,... Read more of this article
Sompo Announce Plans For European Expansion
Sompo International Holdings Ltd., a Bermuda-based specialty provider of property and casualty insurance and reinsurance and wholly owned subsidiary of Sompo Holdings, Inc., plans to establish a new European insurance headquarters based in Luxembourg. The new entity, SI Insurance [Europe], will also write reinsurance business. “European business... Read more of this article
$208 Billion Paid To US Customers Since 1997
Bermuda reinsurers paid out US$208.7 billion to US policyholders and cedants for large catastrophes, related property insurance and general liability losses over the past 20 years, according to commercial market claims data collected by the Bermuda Monetary Authority. “From 1997 to 2006, claims payments to US policyholders and cedants totalled... Read more of this article
Easterly Joins Forces With White Mountains
Easterly Partners Group, an asset management holding company that owns stakes in third-party asset management businesses and assists them with strategic growth, and White Mountains Insurance Group, Ltd., a Bermuda-domiciled financial services holding company with approximately $3.6 billion in assets, announced that they have entered into a strategic... Read more of this article
AM Best: Profits Could Drop To Six-Year Low
A catastrophe-ridden 2017 could drive the overall profitability level for A.M. Best’s composite of global reinsurers to a six-year low, according to a new Best’s Briefing. The briefing, titled, “Global Reinsurance – Where Have All the Losses Gone?” projects an estimated combined ratio of 110% for this sector, with return on equity [ROE] ranging... Read more of this article
Berkeley Students Attend BILTIR Lunch & Learn
Bermuda International Long Term Insurers and Reinsurers [BILTIR] today [Nov 2] held its second Lunch and Learn, entitled “A Career in the Life Insurance and Reinsurance Industry”, to a group of Berkeley Institute students at the offices of Global Atlantic Re, a BILTIR member company. The programme focused on Bermuda’s thriving life insurance industry... Read more of this article
Sompo International Launches AgriSompo
Sompo International Holdings Ltd. [SIH], a Bermuda based specialty provider of property and casualty insurance and reinsurance, is launching an initiative to create an integrated platform to provide agriculture insurance and reinsurance solutions across the globe. The new global platform, AgriSompo, will deliver a common underwriting approach with shared... Read more of this article
Sompo Holdings Strengthens Position In Africa
Sompo International Holdings Ltd. [SI], a Bermuda-based specialty provider of property and casualty insurance and reinsurance and wholly owned subsidiary of Sompo Holdings, Inc. [Sompo], announced the launch of a new strategic partnership in Africa. Sompo International will form alliances with both Sanlam Limited and SAHAM Finances through a partnership... Read more of this article
