Hashtag: #BermudaInsurance
Scottish Re Group Will Not Pay Dividend
Scottish Re Group Limited, which has its executive offices in Bermuda, announced yesterday [Mar. 7] it will not to declare and pay a dividend on the April 15, 2012 dividend payment date for its Non-Cumulative Perpetual Preferred Shares, liquidation preference $25 per share and issued a reminder about the previously announced cash tender offer for its... Read more of this article
Tornadoes To Impact Bermuda Firms
A series of tornadoes and storms which recently tore through parts of the US Midwest and South causing between $1 billion and $2 billion in insured losses will take a toll on the 2012 bottom lines of Bermuda catastrophe re/insurers According to American catastrophe modelling firm Eqecat: ”An unusually strong extra-tropical cyclone spawning a... Read more of this article
Aspen Files 10-K Form With US SEC
Bermuda-based Aspen Insurance Holdings Limited today [Mar.8] filed its 2011 Annual Report on Form 10-K with the US Securities & Exchange Commission. The document can be downloaded from the Investor Relations section of Aspen’s website or from the SEC’s website. Aspen provides reinsurance and insurance coverage to clients in various... Read more of this article
Montpelier Adopts Rule 10b5-1 Plan
Bermuda’s Montpelier Re Holdings Ltd. yesterday [Mar.6] announced that its chairman, Anthony Taylor, has adopted a written plan in accordance with Rule 10b5-1(c) under the US Securities Exchange Act of 1934. Sales under the plan will be made from time to time at the discretion of an independent broker. The plan will cover the possible sale of... Read more of this article
American Safety Insurance’s Net Loss
Bermuda-based American Safety Insurance Holdings, Ltd. yesterday [Mar.6] reported a net loss of $6.9 million, or $(0.67) per diluted share, for the 2011 fourth quarter, compared to net earnings of $10.6 million, or $0.99 per diluted share, for the same period in 2010. Net earnings for the year ended December 31, 2011, were $10.8 million, or $1.01 per... Read more of this article
Best Affirms Ratings For XL Life
A.M. Best Co. today [Mar.6] affirmed the financial strength rating of A- [Excellent] and issuer credit rating of “a-” of Bermuda-based XL Life Ltd. The outlook for both ratings is stable. The agency said ratings of XL Life reflect its sufficient risk-based capital position, which has historically been supported by parental capital infusions.... Read more of this article
Omega: ‘This Has Been A Difficult Year’
Bermuda-based Omega Insurance Holdings today [Mar.6] reported a $94.7 million loss before tax for 2011, more than double the $42.9 million it lost in the previous year. The international insurance and reinsurance group also saw a 14.5% reduction in gross written premiums in 2011 to $304.6 million [2010: $356.1 million] and a deterioration in its combined... Read more of this article
AXIS Re Brazil To Open In São Paulo
AXIS Capital Holdings Limited will open AXIS Re Brazil, a new representative office in São Paulo, Brazil, established to source property and casualty business from Brazil and the Southern Cone. Karl Mayr, CEO and President of AXIS Re Europe, commented, “AXIS Re has identified Latin America as a major growth opportunity for property and casualty reinsurance. “Having... Read more of this article
Amlin Chairman To Retire After Losses
Lloyd’s of London insurer Amlin — which operates a major Bermuda subsidiary — today [Mar.5] reported net catastrophe losses of £500.8 million when it expected £170 million and its combined ratio was 108% (2010: 89%), with 27 points generated by major catastrophe losses. Investment return plummeted to £40.5 million, equivalent to... Read more of this article
American Safety Launches UK Subsidiary
Bermuda-based American Safety Insurance Holdings, Ltd. today [Mar.5] announced its formation of American Safety UK, Ltd., a London based company that will produce casualty treaty reinsurance for American Safety Reinsurance, Ltd., the company’s reinsurance subsidiary. The operations of American Safety UK, Limited are expected to commence in the second... Read more of this article
A.M. Best Affirms Endurance’s Ratings
Ratings agency A.M. Best Co. today [Mar.5] affirmed the financial strength rating [FSR] of A [Excellent] and issuer credit ratings [ICR] of “a” of Bermuda’s Endurance Specialty Insurance Ltd. and its affiliates. Concurrently, A.M. Best has affirmed the ICR of “bbb” and debt ratings of the publicly traded parent, Endurance... Read more of this article
Bermuda: $500M In Terror Capacity
Writers of terrorism insurance within Lloyd’s of London have seen considerable expansion over the past decade, and while capacity — including an estimated $500 million available from Bermuda companies — is adequate, higher reinsurance cover costs and emerging political risks look to dampen that growth. Michael O’Connor, an underwriter... Read more of this article
