Hashtag: #BermudaInsurance
ACE Ltd. To Acquire Fianzas Monterrey In Mexico
Bermuda-based ACE Limited announced today [Sept 12] that it has reached a definitive agreement to acquire Fianzas Monterrey in Mexico from New York Life Insurance Company for approximately $285 million in cash. Established in 1943 and headquartered in Mexico City, Fianzas Monterrey is Mexico’s second-largest surety lines company and the third largest... Read more of this article
Aspen Appoints John Worth As Group CFO
John Worth has been appointed as Group Chief Financial Officer of Aspen Insurance Holdings Limited, effective November 1, 2012. Mr Worth previously served as Group Financial Controller of Barclays PLC. He will be based in London, reporting directly to Chris O’Kane, Aspen’s Chief Executive Officer, and join Aspen’s Group Executive Committee. He... Read more of this article
Tokio Re Form Two New Corporations
Bermuda-based Tokio Millennium Re Ltd. announced the formation of two new corporations: Tokio Solution Management Ltd. (TSM), an insurance management company, and Shima Reinsurance Ltd. (Shima Re), a Bermuda-domiciled segregated accounts company. The launch of these two wholly-owned companies represents the next step in TMR’s long-standing objective... Read more of this article
Premier Paula Cox Welcomes Fitch’s Comments
Today [Sept 11] Premier and Minister of Finance Paula Cox responded to recent comments made by Fitch Ratings senior director of insurance, Brian Schneider. Mr. Schneider told The Royal Gazette: “On a net basis, I think Bermuda stands to gain from having greater regulation… “As a company, you don’t want to be viewed as being in a regulatory environment... Read more of this article
Costa Rica Quake Loss Estimates: Under $100M
Catastrophe modelling firm EQECAT said insured losses from yesterday’s [Sept 5] magnitude 7.6 earthquake in Costa Rica are not expected to exceed $100 million USD. A statement from the Company said: “A magnitude 7.6 earthquake occurred in northwestern Costa Rica on September 5, 2012. The earthquake was felt widely throughout Costa Rica for... Read more of this article
Philippines: Little To No Insured Losses Expected
Catastrophe modelling firm EQECAT said insured losses from yesterday’s [Aug 31] magnitude 7.6 earthquake in the Philippines are “expected to be little to none because strong shaking was limited to remote and rural islands in the eastern part of the country.” The earthquake struck off the Philippines’ east coast late Friday, killing... Read more of this article
Hurricane Losses Expected To Be 500M – 1.5B
The insured losses from Hurricane Isaac are expected to range between $500 million to $1.5 billion, according to catastrophe modelling firm EQECAT. A statement from the Company said: “Combining EQECAT’s IED and proxy event IDs for Isaac with EQECAT’s North Atlantic Hurricane Model produces an insured loss estimate for onshore property... Read more of this article
Enstar To Buy SeaBright For $249.3M
Bermuda-based insurance consultancy Enstar Group Ltd. agreed to acquire the insurance-holding company SeaBright Holdings Inc. for roughly $249.3 million in cash as it looks to continue its expansion in the U.S. Bermuda-based Enstar will pay $11.11 a share, a 34% premium to SeaBright’s Monday close. SeaBright is the parent of SeaBright Insurance... Read more of this article
Ironshore Launches Commercial Crime Coverage
Bermuda-based Ironshore has launched a specialty Commercial Crime product to be offered by its Lloyd’s Pembroke Syndicate 4000, based in London. Offering coverage limits up to GBP 20 million, Ironshore’s Commercial Crime coverage indemnifies an organization for losses resulting from both internal and external crimerelated activities. “A company’s... Read more of this article
Digicel, BF&M Launch $9.99 P/M Phone Insurance
Digicel has partnered with BF&M to provide phone insurance to its customers. The service costs $9.99 per month and allows customers who have purchased a device from Digicel to insure the device against theft, damage or accidental loss. It is available both for new purchases and to customers who already have phones they would like to insure. “We... Read more of this article
BFIS Awards 13 Scholarships Worth $451,000
Over 70 students, parents and Bermuda Foundation For Insurance [BFIS] alumni, trustees and committee members attended the BFIS Studies 2012 Scholarship Reception last night [July 24], where 13 students were awarded with BFIS scholarships ranging from $5,000 per year to $30,000 per year, representing a total of $451,000. The recipients [L-R] Ashley... Read more of this article
White Mountains Funds New Municipal Bond
Bermuda-domiciled White Mountains Insurance Group, Ltd. has capitalized HG Global Ltd. with approximately $600 million to fund Build America Mutual Assurance Company [BAM] through surplus notes and to provide reinsurance support for municipal bond insurance risks underwritten by BAM. BAM, the only mutual bond insurer in the financial guaranty industry,... Read more of this article
