Hashtag: #BermudaInsurance
Arch Buys Ariel’s Credit & Surety Business
Bermuda’s Arch Capital Group Ltd. today [Mar.3] announced that it will acquire Ariel Re’s Credit & Surety reinsurance operations based in Zurich. Upon the closing of the transaction, Ariel Re’s Zurich based team will transfer to the Zurich office of Arch Reinsurance Europe Underwriting Limited and will be fully operational with... Read more of this article
KBW: P&C Market In A ‘State Of Flux’
The impact of the Thailand floods on Bermuda based insurers and reinsurers weighed down the overall fourth-quarter underwriting profits of property and casualty companies followed by analyst firm Keefe, Bruyette & Woods [KBW]. Overall, companies in KBW’s coverage universe reported a 2011 fourth-quarter combined ratio of 98.1, up from 91.5 in the... Read more of this article
Dividend Issued By AXIS Capital
Bermuda’s AXIS Capital Holdings Limited yesterday [Mar. 1] announced that the company’s board of directors declared a quarterly dividend of $0.24 per common share. The common dividend will be payable on April 16, 2012 to the shareholders of record at the close of business on March 30, 2012. In addition, the board declared a dividend of $0.453125... Read more of this article
Platinum To Report Q/1 Results In April
Bermuda-based Platinum Underwriters Holdings, Ltd.will report financial results for the quarter ended March 31, 2012 after the close of trading on the New York Stock Exchange on Wednesday, April 18, 2012. The company will host a teleconference to discuss the financial results on Thursday, April 19, 2012 at 8:00 a.m. Eastern time. Platinum Underwriters... Read more of this article
US Judge Upholds Assured Guaranty Suit
A federal judge on Wednesday [Feb.29] denied a motion by Flagstar Bank to dismiss a lawsuit by a Bermuda firm alleging that Michigan’s biggest bank breached a series of contracts insuring nearly $1 billion in loans in securities backed by home equity loans. Assured Guaranty Municipal Corp., a subsidiary of Bermuda’s Assured Guaranty Ltd.,... Read more of this article
Endurance Speciality Declares Dividend
Endurance Specialty Holdings Ltd., the Bermuda-based provider of property and casualty insurance and reinsurance, yesterday [Mar.1] announced that its board of directors declared a quarterly dividend of $0.31 per share payable on its ordinary shares. The dividend on Endurance’s outstanding ordinary shares will be payable on March 30, 2012 to... Read more of this article
Ratings Affirmed For Bermuda’s ALAS
Fitch Ratings this week [Feb.28] affirmed the “A+” Insurer Financial Strength [IFS] ratings of Bermuda’s Attorneys’ Liability Assurance Society Ltd. and Attorneys’ Liability Assurance Society, Inc., a risk retention group referred to collectively as ALAS. The rating outlook is stable. ALAS’ strong capital position... Read more of this article
A.M. Best Affirms Ariel’s Ratings
A.M. Best Co. yesterday [Mar.1] affirmed the financial strength rating of A- [Excellent] and issuer credit rating [ICR] of “a-” of Bermuda’s Ariel Reinsurance Company Ltd. Additionally, A.M. Best has affirmed the ICR of “bbb-” of the parent company, Bermuda-domiciled Ariel Holdings, Ltd. The outlook for all ratings is stable. The ratings... Read more of this article
Bermuda’s In ‘A Changing Environment’
The Bermuda umbrella organisation for managers in the world’s largest captive insurance domicile have voted in a new slate of officers as the outgoing president warned of a changing business and regulatory environment. The Bermuda Insurance Management Association [BIMA] heard state of the market speeches from key industry figures during their... Read more of this article
Alterra Executives To Speak At Conference
Bermuda’s-Alterra Capital Holdings Limited announced today [Mar.1] that W. Marston (Marty) Becker [pictured], President and Chief Executive Officer, and Adam Mullan, Chief Executive Officer of Alterra at Lloyd’s, will participate in panel discussions at the 2012 Association of Insurance and Financial Analysts Conference being held at the Waldorf... Read more of this article
Hardy Underwriting Sinks To 2011 Loss
Hardy Underwriting Bermuda is dropping its final dividend after posting pre-tax losses of £42.1 million for the year to the end of December, the firm announced today [Mar. 1]. The board concluded a final payout would not be appropriate in the light of the impact of the catastrophe losses on the group’s financial resources and of the ongoing strategic... Read more of this article
Goldman Sachs Buys Ariel Re
Ariel Holdings Ltd. today [Mar.1] confirmed reports that investment bank Goldman Sachs is acquiring its Bermuda-based insurance and reinsurance operations, which it will combine with its existing business underwritten through Lloyd’s Syndicate 1910. The acquired business will operate as part of Goldman Sachs Reinsurance Group [GSRG], under the... Read more of this article
