Hashtag: #BermudaInsurance
Zacks Retains RenaissanceRe Rating
Zacks investment analysts said a decision by the board of directors of Bermuda’s RenaissanceRe Holdings Ltd to authorised a 3.8% increase in its quarterly dividend had not helped to boost stock prices. The company will now pay a dividend of 27 cents per share, up from 26 cents paid on December, 2011. The shareholders of record March 15, 2012... Read more of this article
OneBeacon Group Closes AutoOne Sale
Bermuda-domiciled OneBeacon Insurance Group, Ltd. announced that it has completed the sale of its AutoOne business to Interboro Holdings, Inc. The transaction, which was announced on August 31, 2011, included AutoOne Insurance Company and AutoOne Select Insurance Company, along with the assets, liabilities — including loss reserves and unearned... Read more of this article
ABIC’s Reaction To 2012/13 Budget
The Association of Bermuda International Companies [ABIC] said on Friday [Feb.24] its members support Government’s Budget commitment to targeting a reduction in deficit and debt levels over the medium to long term. ABIC said it is pleased to see that payroll taxes and their corresponding thresholds will be maintained at last year’s levels with... Read more of this article
Ironshore Opens Boston P/C Centre
Bermuda’s Ironshore Inc. has opened a property/casualty production centre in Boston dedicated to the wholesale market, the company said on Thursday [Feb.23]. The Hamilton-based insurer said in a statement the centre will serve the eastern US region, including New England, New York, Atlanta and the Mid-Atlantic regions. It will complement Ironshore’s... Read more of this article
Lancashire Ratings Not Hit By Departure
Standard & Poor’s Ratings Services said yesterday [Feb.23] that its ratings on Bermuda-based Lancashire Holdings Ltd. [A-/Stable] and its operating subsidiaries are not affected by the announcement of the departure of the president, which will be effective at the end of 2012. Neil McConachie [pictured] intends to serve as a nonexecutive director... Read more of this article
A.M. Best Revises Ratings For PMG
A.M. Best Co. yesterday [Feb.23] revised the outlook to negative from stable and affirmed the financial strength rating of A [Excellent] and issuer credit rating of “a” of Bermuda’s PMG Assurance Ltd. The ratings reflect PMG’s excellent capitalization, its historically strong operating performance and strategic position as the... Read more of this article
Lancashire ‘Cautiously Optimistic’
Bermuda-based insurance underwriter Lancashire Holdings survived one of the most difficult years ever for the insurance industry in 2011 and is “cautiously optimistic” about its prospects in 2012. Lancashire Holdings operates in Bermuda, London and Dubai and is listed on the London Stock Exchange. The company, a constituent of the FTSE 250... Read more of this article
Maiden Holdings Declares Dividend
Bermuda’s Maiden Holdings today [Feb.23] announced that its board of directors approved a quarterly cash dividend of $0.08 per share of common stock. The dividend will be payable on April 16, 2012 to shareholders of record as of April 2, 2012. Earlier this week the company declared fourth quarter 2011 net operating earnings of $17.2 million, or... Read more of this article
AXIS: New Chief Information Officer
Bermuda-based AXIS Capital Holdings Limited today [Feb.23] announced the appointment of Koorosh Beigian to the role of Chief Information Officer [CIO] and Executive Vice President. Mr. Beigian will manage AXIS Capital’s global information technology organization. He brings over 25 years of IT experience in the insurance industry to AXIS Capital.... Read more of this article
OneBeacon Issues First Quarter Dividend
At its regular meeting held yesterday [Feb. 22], the board of directors of Bermuda’s OneBeacon Insurance Group, Ltd. declared a $0.21 per share quarterly dividend, payable in cash on March 30, 2012, to holders of record of Common Shares as of the close of business on March 16, 2012. OneBeacon Insurance Group, Ltd. is a Bermuda-domiciled holding... Read more of this article
White Mountains Share Tender Offer
Bermuda’s White Mountains Insurance Group, Ltd. announced today [Feb.23] that it has repurchased for cash all 89,729 White Mountains common shares beneficially owned by Berkshire Hathaway Inc. at a purchase price of $500 per share. The company has 30,668 shares remaining under its share repurchase authorization. White Mountains also announced... Read more of this article
White House: ‘Stop Rewarding Tax Havens’
The Obama administration today [Feb.22] took aim at so-called corporate tax havens including Bermuda in a proposed overhaul of the US corporate tax system which would lower the tax rate for companies and try to encourage job creation in the United States. In a newly released report, US Treasury Secretary Timothy Geithner expressed disdain for the current... Read more of this article
