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Summer Internships In Bermuda, London, USA
Applications are now open for the Bermuda Foundation For Insurance Studies ‘Intro-to-Insurance’ Summer 2013 Intern Programmes aimed at giving any student who is considering a career in the insurance sector an understanding of the industry and the opportunities open to them. Sixteen undergraduate or graduate students will be selected to spend two... Read more of this article
PartnerRe Ltd. Completes Acquisition Of Presidio
PartnerRe Ltd. today [Jan 2] confirmed the successful completion of its previously announced acquisition of California-based Presidio Reinsurance Group, a U.S. specialty accident and health reinsurance and insurance writer. All required regulatory approvals have been obtained. The Presidio Reinsurance Group currently underwrites approximately $250 million... Read more of this article
American Safety Estimates Sandy At $6/7M
Bermuda-based American Safety Insurance Holdings said its preliminary estimate for fourth quarter 2012 catastrophe losses, after reinsurance and reinstatement premium, will be between $6 and $7 million, after tax. These losses relate to Superstorm Sandy and impacted each of the Company’s E&S, ART and Assumed Reinsurance divisions. Related... Read more of this article
Aspen Expects $175M Loss From Superstorm
Bermuda-based Aspen Insurance Holdings Limited announced an initial estimate of catastrophe losses from Superstorm Sandy. Aspen expects fourth quarter 2012 earnings to include approximately $175 million after-tax, and net of reinsurance and reinstatement premiums related to the storm. The losses from the storm are currently estimated to arise approximately... Read more of this article
Arch Estimates Sandy’s Cost At $170-240M
Bermuda-based Arch Capital Group Ltd. announced that its preliminary estimate of losses relating to Storm Sandy ranges between $170 million and $240 million, net of reinsurance and the effects of reinstatement premiums. This preliminary loss estimate is based on projected industry insured losses ranging from $20 billion to $25 billion. The losses from... Read more of this article
Superstorm: Allied World Expect $165M Cost
Bermuda-based Allied World Assurance Company expects to record approximately $165 million in catastrophe related losses in the fourth quarter of 2012 related to Superstorm Sandy which struck the Atlantic coastline of the United States in late October. This amount is pre-tax and net of reinsurance recoverables and reinstatement premiums. President... Read more of this article
PartnerRe To Purchase California Reinsurer
Bermuda-based reinsurance services provider PartnerRe today [Dec. 18] said it has agreed to buy California-based specialty accident and health reinsurance and insurance writer, Presidio Reinsurance Group. PartnerRe will purchase the Presidio Reinsurance Group, comprised principally of a Managing General Agency and a reinsurance carrier. Under the terms... Read more of this article
Axis Capital Hit With $300M In Sandy Claims
Bermuda re/insurer Axis Capital Holdings Ltd. estimated that it will lose about $300 million paying claims from Superstorm Sandy. The projected setback announced Monday [Dec.17] wasn’t enough to deter Axis Capital from raising its quarterly stock dividend by four percent and announcing a new share buyback programme. Axis Capital based its estimated... Read more of this article
Best Ratings Raised For Hiscox Subsidiary
Ratings agency A.M. Best Co. today [Dec. 18] upgraded the issuer credit rating to “a+” from “a” and affirmed the financial strength rating of ‘A’ (Excellent) of Chicago-based Hiscox Insurance Company, Inc. [HICI], a subsidiary of Bermuda’s Hiscox. Both ratings have stable outlooks. Best said the ratings of HICI “reflect the consolidation... Read more of this article
Alterra Sidecar Receives Investment Boost
Bermuda re/insurer Alterra Capital Holdings Limited today [Dec.18] announced an increase in the total capital committed to New Point V Limited to $247 million. New Point V is a sidecar vehicle that was established to create additional capacity for the property catastrophe collateralised reinsurance marketplace. New Point V is sponsored by Alterra in... Read more of this article
Catlin Announces $200M In Sandy Claims
Bermuda-based insurer Catlin, operator of the biggest syndicate at Lloyd’s of London, is set to absorb about $200 million in claims from Hurricane Sandy, the firm announced today [Dec. 18]. Rival Hiscox, which has its head office in Bermuda, meanwhile put its exposure at $25 million. Sandy, a 1,000-mile wide storm which killed 132 as it swept... Read more of this article
Axis Capital Announces Quarterly Dividend
Bermuda-based Axis Capital announced a quarterly dividend today [Dec. 17] with investors of record on Monday, December 31 to be paid a dividend of $0.25 per share on Tuesday, January 15. This represents a $1.00 annualised dividend and a dividend yield of 2.81 per cent. A number of analysts have recently weighed in on Axis shares. Analysts at Goldman... Read more of this article
