Hashtag: #BermudaInsurance
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
Hiscox Launches Solo Strike Liability Insurance
To counter the growing threat of an attack by an individual on healthcare institutions, Hiscox Bermuda has launched the first ever dedicated Solo Strike Liability insurance product for the US healthcare market. In the event of an attack, Hiscox’s Solo Strike Liability, designed specifically for hospitals and larger healthcare facilities, will respond... Read more of this article
TCD Online Renewal Transaction Change
The Transport Control Department [TCD] advised that starting today [Oct 8], online renewal transactions will be limited to Colonial, BF&M, Argus and Freisenbruch-Meyer policy holders. A spokesperson said: “The above providers are the only local motor vehicle insurers linked to the TCD operating system in real time so that when customers are... Read more of this article
RenaissanceRe Wins Major Industry Awards
Bermuda-based RenaissanceRe received three awards at the Reactions 2012 Global Awards held in New York, including the Best Global Reinsurer for the first time. RenaissanceRe had the best night among reinsurers, winning the overall award for best reinsurer, the property-catastrophe category and best Bermuda market company category. The winners of this... Read more of this article
A.M. Best Affirms Axis Capital Ratings
A.M. Best Co. has affirmed the financial strength rating (FSR) of A (Excellent) and issuer credit ratings (ICR) of “a+” of AXIS Specialty Limited and its operating affiliates. Concurrently, A.M. Best has affirmed the ICR of “bbb+” and all existing debt ratings of AXIS’ parent, Bermuda-based AXIS Capital Holdings Limited (ACHL). The outlook... Read more of this article
BF&M’s 2012 Second Quarter Financial Results
BF&M Limited today [Sept 20] announced shareholders’ net income for the six month period ended 30th June 2012 of $12.2 million, resulting in an annualized return on shareholders’ equity of 12%. Shareholders’ net income for the comparative six month period of 2011 was $11.4 million. President & CEO, John Wight stated that “we were pleased... Read more of this article
ACE Ltd. Acquires 80% Of Indonesian Insurer
ACE Limited has acquired 80% of PT Asuransi Jaya Proteksi — which is based in Jakarta, Indonesia — and is one of Indonesia’s top 10 general insurers and a leader in personal lines. The company offers property, motor, accident and health insurance as well as commercial insurance coverages such as marine cargo and liability insurance and... Read more of this article
BMA Reschedules Revised Capital Requirements
The Bermuda Monetary Authority is giving commercial Long-Term [life] insurers an additional year to transition towards revised capital requirements. Craig Swan, Director, Insurance Supervision, [pictured left] said, “Our learning from the trial reporting filed to date from the Long-Term firms and our dialogue with companies indicates that we must... Read more of this article
Dawnnelle Walker Appointed New CEO Of BII
The Bermuda Insurance Institute [BII] today announced the appointment of Dawnnelle Walker as its first ever Chief Executive Officer. Ms. Walker is a Bermudian and is currently Senior Manager (Vice President) for Learning & Development at HSBC Bank of Bermuda Ltd. Ms. Walker is currently completing her doctorate on Work-based Learning and Leadership.... Read more of this article
Aspen Launches Cyber Crime Protection
Aspen Risk Management Limited [ARML] is launching a new range of covers to help companies protect against the emerging risks relating to computers, data and cyber-crime in partnership with two of the leading specialists in the market. ARML in partnership with two leading specialist insurers, HSB Engineering, part of the Munich Re Group, and CFC Underwriting,... Read more of this article
A.M. Best Affirms Ratings Of Catlin Group
A.M. Best Europe – Rating Services Limited has affirmed the financial strength rating (FSR) of A (Excellent) and issuer credit ratings (ICR) of “a” of Catlin Insurance Company Limited (CICL) (Bermuda), Catlin Insurance Company (UK) Ltd. (Catlin UK) (United Kingdom) and Catlin Re Switzerland Ltd. (Catlin Re) (Switzerland). Additionally,... Read more of this article
RMS Estimates Hurricane Issac’s Cost At $1-2B
Risk Management Solutions [RMS] estimates that U.S. insured losses from Hurricane Issac’s wind and surge impacts on the U.S. Gulf Coast will fall between USD $1−2 billion, excluding rainfall driven flood losses and all National Flood Insurance Program losses. This estimate includes the possibility of a small amount of loss stemming from so-called... Read more of this article
