Hashtag: #BermudaInsurance
McGavick Elected ABIR Board of Directors Chair
The Association of Bermuda Insurers and Reinsurers [ABIR] has elected its new officers for a two year term beginning on January 1, 2013. Mike McGavick, CEO of XL Group plc was elected as Chair of the ABIR Board of Directors. He succeeds Arch Capital Limited’s President and CEO Constantine Iordanou who has now completed a two year term as ABIR Chair. Elected... Read more of this article
Volunteers Honoured For RIMS Contribution
The Bermuda Insurance Development Council [IDC] has recognized insurance industry volunteers who became island “ambassadors” at the Bermuda exhibit during the week of the Risk & Insurance Management Society, Inc. [RIMS] Conference in Philadelphia. Out of as many as 100 people at RIMS from Bermuda companies, there were some 30 booth volunteers... Read more of this article
S&P Affirm Oil Insurance Limited Ratings
Standard and Poor’s has affirmed Bermuda-based Oil Insurance Limited [OIL] A- financial strength rating with a Stable Outlook. President and CEO Robert Stauffer commented that “as a result of the high credit quality of our membership, strong capitalization and operational flexibility, OIL has maintained its A- financial strength rating since September... Read more of this article
Photos: BHCT Why It Matters Campaign
Bermuda Hospitals Charitable Trust [BHCT] today released a selection of short testimonials and portraits of Bermuda residents and visitors endorsing the Why It Matters campaign. Launched in April 2011, the Why It Matters campaign aims to raise $40 million dollars in support of the KEMH Redevelopment Project. Over the past year, BHCT has hosted a series... Read more of this article
Kramer Nominated For Insurance Hall Of Fame
The International Insurance Society has announced the candidates for the 2013 Insurance Hall of Fame Awards, and Donald Kramer has been nominated. Mr. Kramer has had an active career in the financial industry spanning over 50 years. Mr. Kramer started his career as a security analyst working at Moody’s. In 1975 Mr. Kramer retired from Wall Street... Read more of this article
OneBeacon Insurance Completes Debt Offering
Bermuda-domiciled OneBeacon Insurance Group, Ltd. said that its wholly-owned subsidiary, OneBeacon U.S. Holdings, Inc. has closed its previously announced offering of $275 million aggregate principal amount of 4.60% Senior Notes due 2022. The Issuer intends to use the proceeds of the offering to redeem all of its outstanding 5.875% Senior Notes due... Read more of this article
American Safety 2012 Q3 Net Earnings: $6.2M
Bermuda-based American Safety Insurance Holdings, Ltd. reported net earnings of $6.2 million for the three months ended September 30, 2012, or $0.60 per diluted share, as compared to $5.8 million, or $0.54 per diluted share, for the same period of 2011. Commenting on the results, Stephen R. Crim, President and Chief Executive Officer said, “While... Read more of this article
Hurricane Sandy Estimated To Cost $10 Billion
Catastrophe modelling firm EQECAT said initial economic damage estimate for Hurricane Sandy are expected to be around $10 billion dollars. “Damages to insured properties from Sandy will endure over several days, beginning now and extending into Wednesday as Sandy slows and persists over southern and central Pennsylvania,” a statement from... Read more of this article
Premier Paula Cox Responds To Bob Richards
Premier and Minister of Finance Paula Cox responded to comments made today [Oct 19] by the Shadow Finance Minister Bob Richards regarding cost savings on Government’s insurance. Speaking at a press conference today, Mr Richards said: “Bermuda is one of the world’s three risk capitals, yet the government pays a huge $12 million annual insurance... Read more of this article
Platinum Underwriters Q3 Net Income: $84.9M
Bermuda-based Platinum Underwriters Holdings, Ltd. reported net income of $84.9 million and diluted earnings per common share of $2.54 for the quarter ended September 30, 2012. The results for the quarter include net premiums earned of $138.6 million, net favorable development of $61.3 million, net investment income of $23.2 million and net realized... Read more of this article
Alterra Expect $10/15M On Q3 Catastrophes
Bermuda-based Alterra Capital Holdings Limited said their initial estimate for losses from third quarter 2012 catastrophe events, predominantly from Hurricane Isaac, is in the range of $10 million to $15 million, pretax and net of reinsurance and reinstatement premiums. Losses are expected to relate principally to Alterra’s US insurance segment. In... Read more of this article
PartnerRe Estimate: Severe Drought Losses
Bermuda-based PartnerRe Ltd. today announced that the Company expects to record a net after-tax charge of approximately $63 million related to losses within its North American Agriculture portfolio primarily the result of the severe drought conditions in the U.S. during 2012. This net charge, which equates to a pre-tax charge of $85 million, includes... Read more of this article
