Hashtag: #BermudaInsurance
Bermuda Officials In Talks With European Union
Bermuda officials have been in talks with European Union authorities on policy matters of mutual interest, the Government said today, adding that “high on the list of priorities are impending EU laws that may disadvantage Bermuda’s insurers and reinsurers.” “But if Bermuda’s quest for equivalence with Europe’s Solvency II Directive... Read more of this article
Freisenbruch-Meyer Introduces HomeCover
Bermuda’s first insurance cover designed specifically for vacation rental homeowners is being offered by Freisenbruch-Meyer Group, providing “a customized policy that will protect you and your property against such potential losses.” A spokesperson said, “With the increasing number of visitors choosing vacation rental homes for their... Read more of this article
Scope Appointed Chairman Of Willis Bermuda
Willis Group Holdings has appointed Paul Scope as Chairman of Willis Bermuda, encompassing all of the firm’s operations on the Island. The company said, “In his new role, which he assumes with immediate effect, Scope will oversee Willis’s whole range of Bermuda based operations in a move designed to further enhance collaboration and... Read more of this article
ABIR Members Write $74B In Premiums In 2014
The Association of Bermuda Insurers and Reinsurers [ABIR] released the 2014 global underwriting results for its member [re]insurers, with nineteen of 21 member [re]insurers participating in this 2014 report. The companies write insurance and reinsurance from underwriting centers in Bermuda, Europe, Asia, and North and South America. The 19 [re]insurers... Read more of this article
Stephan Ruoff Named New Tokio Re CEO
Stephan Ruoff is assuming the role as Chief Executive Officer of Tokio Millennium Re AG [TMR], a subsidiary of Tokio Marine & Nichido Fire Insurance Co. Ltd. Mr. Ruoff has worked with TMR, a global multi-line reinsurer fully backed by the Tokio Marine Group, since 2011 when he joined as Chief Executive Officer of the Zurich branch. He was appointed... Read more of this article
AM Best: Endurance Ratings Remain Unchanged
A.M. Best has commented that the financial strength rating [FSR] of A [Excellent] and the issuer credit ratings [ICR] of “a” of Endurance Specialty Insurance Ltd. and its affiliates remain unchanged following the announcement of the plans to acquire Montpelier Re Holdings Ltd. Concurrently, A.M. Best has commented that the ICR of “bbb” and... Read more of this article
Hamilton Completes Acquisition of Sportscover
Hamilton Insurance Group, the Bermuda-based holding company for insurance and reinsurance operations in Bermuda and the US, has completed the acquisition of Sportscover Underwriting Limited, a Lloyd’s managing agent which manages Syndicate 3334, and Kinetic Insurance Brokers Limited, a Lloyd’s insurance broker. Former CEO of Torus’ International... Read more of this article
Appleby Advised Montpelier For Acquisition
Appleby acted as counsel to Montpelier Re Holdings Ltd. in relation to its sale to the Endurance Speciality group for a purchase price to be satisfied by a mixture of shares and cash which values Montpelier at c.USD1.83bn and structured by way of merger with an Endurance subsidiary. Under the terms of the agreement, Montpelier shareholders will... Read more of this article
Catlin Completes Sale Of Investment In BIGL
Bermuda-based Catlin Group Limited announced that its subsidiary, Catlin Insurance Company Ltd. [CICL], has completed the sale of its investment in Box Innovation Group Limited [BIGL] to Aioi Nissay Dowa Insurance Company of Europe Limited [Aioi]. Under the sale agreement announced on 22 December 2014, Aioi has acquired shares from CICL as well as... Read more of this article
S&P Upgrades International General Insurance
Standard & Poor’s Ratings Services [S&P] has upgraded the financial strength ratings for International General Insurance Company Ltd [IGI] to “A-” with a stable outlook. The new rating, which was announced on March 31, 2015, raises the rating to A- from BBB+ the counterparty credit and financial strength ratings. This rating applies to... Read more of this article
Endurance To Acquire Montpelier Re Holdings
The mergers in Bermuda’s re/insurance industry continue, with Endurance Specialty Holdings Ltd and Montpelier Re Holdings Ltd today [Mar 31] announcing that they have entered into a definitive merger agreement in which Endurance will acquire Montpelier. Endurance will acquire Montpelier for consideration of 0.472 shares of Endurance and $9.89... Read more of this article
BDA To Host Webinar On Captive Companies
An upcoming how-to webinar explaining the basics of setting up a captive insurance company in Bermuda will be aiming to attract new business to the island from Canada when it takes place on April 9. The Bermuda Business Development Agency has teamed with local industry experts to create and host “Bermuda Captive 101,” an hour-long webinar... Read more of this article
