Hashtag: #BermudaInsurance
Appleby Bermuda Insurance Work Feted
Appleby, the world’s largest provider of offshore legal, fiduciary and administration services, was recognised as the only top tier firm represented in the insurance section covering the Bermuda market in the latest “Chambers Global 2012 Guide.” In addition, seven Appleby lawyers across the Bermuda insurance team have been acknowledged... Read more of this article
Debt Rating Assigned To Arch Issuance
A.M. Best Co. yesterday [Mar. 27] assigned a debt rating of “bbb” to the $325 million 6.75% Series C preferred shares of Bermuda’s Arch Capital Group Ltd. The assigned outlook is stable. The proceeds from the issuance will be used by Arch to redeem its Series A and B preferred securities. Best analysts said this issuance would not represent... Read more of this article
Omega Hints At New Takeover Offer
Bermuda-domiciled re/insurer Omega has suggested that it may have received a takeover offer in a statement issued yesterday [Mar. 27]. “The directors of Omega note the press speculation concerning the company and the movement in its share price,” the stock exchange circular said. “The company confirms that it continues to review possible... Read more of this article
BlackRock Plans Bermuda Cat. Vehicle
Asset management giant BlackRock is looking to make its first direct foray into the re/insurance industry through a $300 million quota share partnership in a Bermuda venture with Swiss Re focusing on peak catastrophe risk, industry journal “The Insurance Insider” reveals today [Mar.28]. BlackRock is understood to be fundraising for Bermudian... Read more of this article
Lloyd’s Slumps To First Loss In Six Years
Lloyd’s of London today [Mar. 28] posted its first pretax loss in six years after being hit by lower investment returns and major catastrophes, in what industry experts call the second-costliest year on record in terms of insured disaster claims. Lloyd’s isn’t publicly traded, though some of its members are listed companies, such as... Read more of this article
Maiden Closes $100 Million Offering
Bermuda’s Maiden Holdings, Ltd. today [Mar. 27] announced that its wholly-owned US holding company, Maiden Holdings North America, Ltd., has closed its offering of $100 million aggregate principal amount of 8% Senior Notes due March 27, 2042, which are fully and unconditionally guaranteed by Maiden. The offering was priced on March 20, 2012. Total... Read more of this article
Ironshore Expands Pollution Programme
Bermuda re/insurer Ironshore Inc. said yesterday [Mar. 26] it has expanded its site pollution liability programme with coverage for the oil and gas exploration and production sector. The expansion of Ironshore’s Site Pollution Incident Legal Liability Select [SPILL] programme offered by its environmental insurance unit will cover crude oil and... Read more of this article
Stable Outlook For Platinum Ratings
A.M. Best Co. today [Mar. 27] affirmed the financial strength rating of A [Excellent] and issuer credit ratings [ICR] of “a” of Platinum Underwriters Bermuda, Ltd. [Platinum] and its strategic affiliate, Platinum Underwriters Reinsurance, Inc. A.M. Best also has affirmed the ICR of “bbb” of Bermuda-based Platinum Underwriters Holdings, Ltd.... Read more of this article
Aspen To ReIease First Quarter Results
Bermuda-based Aspen Insurance Holdings Limited will release its first quarter 2012 financial results on Wednesday, April 25, 2012, following the close of the New York Stock Exchange. A conference call to discuss the results will follow at 9:00 am Eastern Standard Time on Thursday, April 26, 2012. Please call to register at least 10 minutes before the... Read more of this article
A.M. Best Affirms Transmonde Ratings
A.M. Best Co. today [Mar. 27] affirmed the financial strength rating of ‘A-’ [Excellent] and issuer credit rating of “a-” of Bermuda-based Transmonde Services Insurance Company, Limited, both with stable outlooks. Best analysts said the ratings of Transmonde “reflect its minimal underwriting leverage, strong level of capitalization and profitable... Read more of this article
Mixed Reaction To Brazil Regulatory Changes
Industry opinion on the likely long-term impact of new Brazilian reinsurance rules lobbied for by the Association of Bermuda Insurers & Reinsurers [ABIR] among other groups remains mixed, a recent survey conducted by “LatAm Insurance Review” has revealed. ABIR is the public policy branch of Bermuda’s re/insurance industry, with... Read more of this article
Hiscox Strengthens UK APC Division
Bermuda-based specialist insurer Hiscox has strengthened its UK Art and Private Client division [APC] with the promotions of Steve Morse to Head of Motor and Matthew Webb to Head of UK Motor Underwriting. In addition, Clare Limond has been appointed to the role of motor underwriter, joining motor underwriter Tom Wilcox to complete the new team. As... Read more of this article
