Hashtag: #BermudaInsurance
Everest Re Loss Estimate: $245M
Bermuda-based Everest Re Group, Ltd. said that it expects to incur net catastrophe losses of approximately $245 million, after reinstatement premiums and taxes, for the quarter. This loss provision includes an estimate for the floods in Thailand, with losses now expected to be $145 million, after reinstatement premiums and taxes. This is above the... Read more of this article
Analysts Reaffirm Everest Re Rating
Stock in Bermuda-headquartered Everest Re Group had its “neutral” rating reiterated by Zacks Investment Research in a research note. Zacks’ analysts wrote, “We are reiterating our Neutral recommendation on the shares of Everest Re prior to the of fourth quarter earnings release scheduled on February 8, 2012. “The company has suffered... Read more of this article
Endurance Speciality Rating Lowered
Bermuda’s Endurance Specialty Holdings was downgraded by analysts at Zacks Investment Research from a “neutral” rating to an “underperform” rating in a research note issued to investors today [Jan. 24]‘ Through its operating subsidiaries based in Bermuda, the United States and the United Kingdom, Endurance underwrites specialty lines... Read more of this article
Bank: Lancashire Exposed To Ship Disaster
Bermuda-based Lancashire Holdings Ltd. will likely post a $20 million to $30 million loss from the grounding of the cruise ship “Costa Concordia” off the coast of Italy this month, analysts at a British bank said yesterday [Jan. 23]. London-based investment bank Jefferies International Ltd. said it believed the disaster could result in insured... Read more of this article
A.M. Best Analysts Upgrade Arch
Ratings agency A.M. Best Co. has upgraded the financial strength ratings [FSR] to A+ [Superior] from A [Excellent] and the issuer credit ratings [ICR] to “aa-” from “a+” of Bermuda’s Arch Reinsurance Ltd., its strategic affiliates and its separately rated affiliate, Arch Specialty Insurance Company. A.M. Best also has... Read more of this article
Ironshore’s New Australia Executive
The Australian operation of Bermuda re/insurer Ironshore has announced the appointment of Katherine Simmonds as Executive Director, who was also named to serve on the Board of Directors for Ironshore Australia. Ms Simmonds will be responsible for Ironshore Australia’s Mergers & Acquisitions [M&A] insurance programme offerings throughout... Read more of this article
Brazil ‘Protectionism’ Could Hurt Economy
Brazil’s booming economy could be severely affected if a catastrophe occurs due to “protectionist” reinsurance regulation, industry trade groups including the Association of Bermuda Insurers & Reinsurers [ABIR] have warned. In a statement released, earlier this month, representatives from ABIR, the European insurance and reinsurance federation... Read more of this article
Ratings Assigned To Legal Insurer
A.M. Best Co. has assigned a financial strength rating of A [Excellent] and issuer credit ratings of “a” to Bermuda’s Attorneys’ Liability Assurance Society Ltd. [ALAS Ltd] and its wholly-owned Vermont subsidiary, Attorneys’ Liability Assurance Society, Inc./A Risk Retention Group [ALAS, Inc.]. The outlook assigned to all... Read more of this article
Best Affirms PMG’s Ratings
A.M. Best Co. has affirmed the financial strength rating of A [Excellent] and issuer credit rating of “a” of Bermuda’s PMG Assurance Ltd. The outlook for both ratings is stable. The ratings reflect PMG’s excellent capitalisation, historically strong operating performance and strategic position as the captive insurance company for Sony Group. These... Read more of this article
Allied World Q4 Losses: Up To $65M
Allied World Assurance Company Holdings announced that it expects to record approximately $55 million to $65 million in catastrophe related losses and loss expenses in the fourth quarter of 2011. This includes an estimate of $40 million to $50 million from the flooding in Thailand which occurred in the fourth quarter 2011 and $15 million from increased... Read more of this article
Omega Rejects Latest Overture
Bermuda-based Omega Insurance Holdings Plc rejected a renewed merger offer from rival Barbican yesterday [Jan. 20] as takeover interest in the Lloyd’s of London insurer revived following a series of failed bids in 2011. Barbican’s new all-share merger “offers no improvement” on an unsuccessful cash-and-shares bid approach it... Read more of this article
Ironshore’s Property Energy Unit
Ironshore Inc.’s Bermuda-based insurance subsidiary, Ironshore Insurance Ltd., has been designated the insurer’s centre for energy to consolidate all new property energy underwriting in one location, the company said yesterday [Jan. 20]. The operation will be headed by Executive Vp Peter Coleman, Ironshore said in a statement. Property energy coverage... Read more of this article
