Hashtag: #BermudaInsurance
Minister Welcomes New Class 4 Reinsurer
“Official incorporation statistics indicate that over the last five years, eight highly-capitalised reinsurers holding Class 4 licenses issued by the Bermuda Monetary Authority, have selected Bermuda as their domicile,” said a statement from Government. “These formations represent an aggregate of more than $8 billion in fresh capital... Read more of this article
PartnerRe Assigned A Negative Outlook
A.M. Best Co. removed from under review with negative implications and assigned a negative outlook to the financial strength rating of A+ [Superior] and issuer credit ratings of “aa-” of Bermuda based Partner Reinsurance Company Ltd. and its affiliates. A.M. Best also has removed from under review with negative implications and assigned a negative... Read more of this article
A.M. Best Assigns Ratings To PaCRe Ltd.
A.M. Best Co. today [Apr. 9] assigned a financial strength rating of A- [Excellent] and issuer credit rating of “a-” to newly-formed Bermuda re/insurer PaCRe Ltd. The agency said the outlook assigned to both ratings is stable. The ratings of PacRe are based on its excellent risk-adjusted capitalization, experienced underwriting led by Validus... Read more of this article
Premier Hails Bermuda’s OECD Peer Review
Premier and Minister of Finance Paula Cox yesterday [Apr. 8] expressed her pleasure at the results of the most recent assessment report of the Organisation for Economic Cooperation and Development [OECD] Peer Review Group [PRG]. A statement released said, “Bermuda was credited for legislative changes that have demonstrated progress and global... Read more of this article
ABIR Critical Of Japan’s ‘Uneven Playing Field’
The Association of Bermuda Insurers & Reinsurers [ABIR] and 14 other global business groups yesterday [Apr.6] expressed “deep concerns” over Japan’s commitment to fulfilling its international obligation to provide a level playing field to all insurers and other financial institutions doing business in the Japanese market. In a... Read more of this article
2012 Clements Scholarship Applications Deadline
Named after one of the founding fathers of the Bermuda re/insurance industry, the closing date for the 2012 Robert Clements/ACE Scholarship applications is April 30. The scholarship is awarded annually to a qualified Bermudian student studying full time towards a degree in subjects related to the insurance industry such as insurance, risk management,... Read more of this article
Zacks Retains Neutral Rating On AXIS
Given the substantial exposure to catastrophe losses and low interest rate environment weighing on net investment income, analysts at Zacks Investment Research have retained their Neutral recommendation on Bermuda’s AXIS Capital Holdings Ltd. AXIS Capital’s fourth-quarter earnings surpassed the Zacks Consensus Estimate but fell below the... Read more of this article
A.M. Best Comments On BF&M Acquisition
A.M. Best Co. today [Apr.5] commented that the issuer credit rating of Bermuda’s BF&M Limited [BF&M], as well as the issuer credit ratings and financial strength ratings of its insurance subsidiaries, remain unchanged following the announcement that BF&M has entered into an agreement to acquire Island Heritage Holdings Limited and... Read more of this article
Blue Danube Catastrophe Securities Placed
Swiss Re Capital Markets today [Apr.5] said it has structured and successfully placed $240 million of insurance-linked securities issued by Blue Danube Ltd. — a Bermuda exempted company financed through the offering of insurance-linked securities — on behalf of a subsidiary of Allianz SE. The securities cover North Atlantic hurricane, including... Read more of this article
OIL Announces New OPOL Endorsement
At Oil Insurance Ltd.’s [OIL's] 2012 Annual General Meeting [AGM] held on March 28 at the Fairmont Southampton Hotel in Bermuda, OIL announced a new OIL/OPOL endorsement that allows members to use the OIL policy to certify Evidence of Financial Responsibility with OPOL. At the Board of Director’s meeting prior to the AGM, the directors... Read more of this article
Ratings Assigned To Bermuda-Domiciled Firms
A.M. Best Co. yesterday [Apr. 4] assigned a financial strength rating of B++ [Good] and issuer credit ratings of “bbb+” to Crown Global Life Insurance Ltd. [CGLI] and Crown Global Life Insurance (Bermuda) Limited [CGLIB], both domiciled in Bermuda. The outlook assigned to both ratings is stable. Both companies are subsidiaries of Crown Global Insurance... Read more of this article
Validus, Paulson Team Up For New Reinsurer
[Updated]: Bermuda-based Validus Holdings, Ltd. announced today [Apr.4] the capitalization of PaCRe, Ltd, a new Bermuda Class 4 reinsurer. PaCRe is funded with $500.0 million of contributed capital and is rated “A-” [Excellent] by A.M. Best Co. Validus Underwriting Services, Ltd. will underwrite business for PaCRe for which it will be paid... Read more of this article
