Hashtag: #BermudaInsurance
Validus Estimates Cruise Disaster: $65M
Bermuda-based Validus Holdings, Ltd. said it expects to have exposure of $50 to $65 million after the sinking of the cruise liner “Costa Concordia” off the coast of Italy on January 13th. A statement from Validus said, “The Company today is providing an initial estimate of losses from the Costa Concordia marine event that occurred on January... Read more of this article
Aspen Insurance Declares Dividend
Bermuda-based Aspen Insurance Holdings Limited declared a quarterly cash dividend on its ordinary shares of $0.15 per ordinary share. The dividend is payable on March 5, 2012 to the holders of record as of the close of trading on February 17, 2012. The Company’s Board of Directors also declared a cash dividend on its Perpetual Preferred Income... Read more of this article
Platinum: Floods Will Cost $27.9M
Bermuda ‘s Platinum Underwriters Holdings, Ltd. said today [Jan. 27] it expects 2011 catastrophes to have a $55.4 million impact fourth-quarter results, including an impact of about $27.9 million for flooding in Thailand. The Hamilton-based company also expects increases to its estimates for the March earthquake and tsunami inJapanand February... Read more of this article
Analysts: ‘Buy’ Rating For Validus
Research analysts at Goldman Sachs age set a “buy” rating on shares of Bermuda’s Validus Holdings in a report issued yesterday [Jan. 26]. Separately, analysts at Bank of America upgraded shares of Validus Holdings from a “neutral” rating to a “buy” rating in a research note to investors on Friday, December 9th. Analysts at... Read more of this article
Alterra Letter To Shareholders
Marston [Marty] Becker [pictured], president and CEO of Bermuda-based Alterra Capital Holdings Limited, yesterday [Jan.26] issued a letter addressed to Alterra’s shareholders, employees and other stakeholders updating them on the company’s performance and progress in 2011 and its 2012 outlook. The letter, which will be followed on February... Read more of this article
Bermuda’s Juniperus Bought Out
Insurance-specialist private equity investor Aquiline Capital Partners has bought out the existing shareholders of Bermuda-based catastrophe investment manager Juniperus Capital Ltd [JCL], industry journal “Trading Risk” reports today [Jan. 26]. The deal, which closed last week, saw Jeffery Greenberg-led Aquiline and JCL management buy out... Read more of this article
Montpelier: 2011 A ‘Challenging Year’
Bermuda-based Montpelier Re Holdings Ltd., a leading provider of short-tail reinsurance and other specialty lines, yesterday [Jan. 25] announced that it currently expects its December 31, 2011 fully converted book value per share will be between $22.60 and $22.70, an increase of approximately two percent over the third quarter of 2011 after taking into... Read more of this article
Hiscox: Business Data Breaches
Bermuda’s Hiscox yesterday [Jan. 25] advised companies to have resilient plasn in place to deal with data breaches following the announcement of a new proposed European data protection law. Matthew Norris, an e-risk and privacy expert at the Bermuda-headquartered international specialist insurer, said: “The data loss notification aspect... Read more of this article
Talbot Underwriting Asia Appointment
Talbot Underwriting, Ltd., a wholly owned subsidiary of Bermuda’s Validus Holdings, Ltd., today [Jan.26] announced the appointment of Joe Wee as Regional Construction Underwriter at Singapore-based Talbot Risk Services Pte Ltd. Mr. Wee brings specialist construction expertise to support the growth of Talbot in Asia after nine years with Allianz... Read more of this article
RenaissanceRe Q4 Loss Estimates
Bermuda-based RenaissanceRe Holdings Ltd. announced its initial estimated net negative impact from the flooding in Thailand in 2011 will have a net negative impact of approximately $45 million on its fourth quarter 2011 results. Net revisions to prior period large catastrophe loss estimates including the February 2011 New Zealand earthquake and the... Read more of this article
Meadowbrook: ‘Better Earnings In ’12′
Michigan-based Meadowbrook Insurance Group, Inc. — parent company of Bermuda’s Meadowbrook Risk Management Limited — announced yesterday [Jan. 25] it expects to record a pre-tax expense of $7.7 million in the fourth quarter of 2011 to strengthen loss reserves. This adjustment to overall reserves is less than 0.09% of the company’s... Read more of this article
Agency Places PartnerRe Under Review
Ratings agency A.M. Best Co. has placed under review with negative implications the financial strength rating [FSR] of A+ [Superior] and issuer credit ratings [ICR] of “aa-” of Bermuda’s Partner Reinsurance Company Ltd. and its affiliates. A.M. Best also has placed under review with negative implications the ICR of “a-”... Read more of this article
