Hashtag: #BermudaInsurance
Bermuda Company Sues US For Billions
A Bermuda company run by former American International Group Inc. CEO Maurice [Hank] Greenberg today [Nov. 21] filed a $25 billion lawsuit against the United States, claiming that the government takeover of the insurer was unconstitutional. In its complaint, Mr. Greenberg’s Bermuda-based private equity firm Starr International Co. said that by... Read more of this article
Everest Bolsters Professional Liability Role
Bermuda’s Everest Re Group, Ltd. today [Nov.21] announced the expansion of its professional liability insurance operation, Everest Specialty Unit [ESU], with the opening of a West Coast regional office. Currently based in New York, ESU will be establishing its West Coast facility in Oakland, California to reach its target customers in that region. The... Read more of this article
Hiscox: Small Business Contest Winners
Bermuda’s Hiscox, the first company offering US small businesses the ability to obtain quotes and buy small business insurance direct, online and in real-time, announced that Victoria Kidd, co-founder of OMP Consulting Group, a career management and resume-writing firm, has won the Hiscox MyStartUpStory Contest first place prize of $10,000. The... Read more of this article
Transatlantic Is Sold To American Insurer
Alleghany Corporation announced today [Nov. 21] that it would acquire Transatlantic Holdings for about $3.4 billion, stymieing a longstanding hostile take-over bid for the New York reinsurer spearheaded by Bermuda’s Validus. Under the terms of the proposed deal, Transatlantic shareholders will receive $59.79 a share. Alleghany’s offer already... Read more of this article
Y-Mutual Winds Up On A Solvent Basis
The final general meeting of Y-Mutual Insurance Ltd. was held in Bermuda on November 9, at which time the captive reinsurer — owned by member YMCA organisations throughout the United States — was liquidated on a solvent basis. Y-Mutual was able to satisfy all of its reinsurance obligations in just four and a half years since it terminated... Read more of this article
Validus Hit With Transatlantic Lawsuit
Bermuda’s Validus Holdings was yesterday [Nov.8] accused of illegally bolstering its hostile takeover bid of insurer Transatlantic by attempting to change the size of the US firm’s board of directors. In a lawsuit filed in Delaware Chancery Court, Transatlantic said Validus is violating both Transatlantic’s charter and Delaware state... Read more of this article
Allied World Bermuda EPL Offer
Allied World Assurance Company Holdings, AG announced today [Nov.18] that Allied World Bermuda has launched a new primary employment practices liability [EPL] product for companies needing a comprehensive coverage package. The product, 32°/64°, offers flexible retention options and built-in punitive and exemplary damages coverage, thereby removing... Read more of this article
Montpelier Increases Quarterly Dividend
Bermuda’s Montpelier Re Holdings Ltd. has declared an increased quarterly dividend of $0.105 per common share. The company’s board of directors has also declared a quarterly dividend of $0.554688 per 8.875% Non-Cumulative Preferred Share, Series A. The dividends are payable on or before January 15, 2012, to all shareholders of record as of... Read more of this article
Omega Gross Written Premiums Decline
Bermuda’s Omega Insurance Holdings today [Nov. 18] reported gross written premiums in the first 9 months of 2011 totalled $258.5 million — down from $308.5 million in 2010. In an interim management statement, Omega said while rates are improving in its two largest classes, property catastrophe and US small commercial property, the net loss... Read more of this article
BSX Boss Discusses ILS Issuances In Canada
Expect insurance-linked securities [ILS] to be the next evolution of product support and development coming out of the Bermuda reinsurance market, says the CEO of the Bermuda Stock Exchange [BSX]. Greg Wojciechwski spoke to industry journal “Canadian Underwriter” while visiting with Canadian business leaders in Toronto this week in the third... Read more of this article
New Bermuda Catastrophe Bond Launched
Bermuda based Dunamis Holdings Ltd. today [Nov. 17] announced the launch of Kalista, a cost-effective and efficient catastrophe bond issuance platform. The Kalista product is a result of the combined efforts of Limestone Law, a recognised Bermuda law firm, the Bermuda Stock Exchange and a partner reinsurance company. Kalista is an innovative product... Read more of this article
Board Approves OneBeacon Dividend
At its regular meeting held on November 16, 2011, the OneBeacon Insurance Group, Ltd. board of directors declared a $0.21 per share quarterly dividend, payable in cash on December 30, 2011, to holders of record of common shares as of the close of business on December 16, 2011. OneBeacon Insurance Group, Ltd. is a Bermuda-domiciled holding company that... Read more of this article
