Hashtag: #BermudaInsurance
Zacks Analysts Downgrade Montpelier Re
Bermuda’s Montpelier Re Holdings was downgraded by equities research analysts at Zacks Investment Research from a “neutral” rating to an “underperform” rating in a research note issued to investors on Monday [Nov. 14]. The analysts currently have a $16.00 price target on the stock. Zacks’ analyst wrote, “We are downgrading Montpelier... Read more of this article
A.M. Best Issues Ratings For AmerInst
A.M. Best Co. has assigned an issuer credit rating [ICR] of “bbb-” to AmerInst Insurance Group, Ltd, which is the holding company of AmerInst Insurance Company Ltd (AmerInst). Both entities are domiciled in Bermuda. The ICR for AmerInst Insurance Group, Ltd, is derived from the ICR of “a-” and the financial strength rating... Read more of this article
Kuhn Appointed Chief Underwriting Officer
Bermuda’s AXIS Capital Holdings Limited yesterday [Nov.14] announced that John [Jack] Kuhn has been promoted to the new role of Chief Underwriting Officer of AXIS Insurance. In this position, Mr. Kuhn has responsibility for global property and casualty underwriting operations within AXIS Insurance and reports to Jack Gressier, Chairman of AXIS... Read more of this article
J.P. Morgan Upgrades Allied World
Swiss-based Allied World Assurance Co Holdings — which maintains a major Bermuda presence — was upgraded by equities research analysts at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a research note issued to investors today [Nov. 14]. The analysts currently have a $72.00 price target on the stock. Allied... Read more of this article
Validus Offer Provides ‘Full & Fair Value’
Bermuda’s Validus today [Nov.14] announced that the total value of its offer, based on the company’s closing share price on November 11, is $58.001 per Transatlantic Holdings, Inc. share — which provides “compelling and full and fair value” to Transatlantic stockholders. Validus also noted that a record date of November... Read more of this article
Hardy Reports Growth In Key Market Sectors
Bermuda-based insurer Hardy Underwriting’s gross written premiums increased by 8.5 percent in the first nine months of the year. Hardy said today [Nov. 14] this was primarily due to growth in its key market sectors, notwithstanding the decision to discontinue certain underperforming lines of business. It said the rating outlook for property lines... Read more of this article
Catlin Group’s Revenues Rise By 12 Percent
The Bermuda-based Catlin Group Ltd., the third-biggest Lloyd’s of London insurer by market value, today [Nov. 14] said revenue rose 12 percent in the first nine months as it hired additional US underwriters and added reinsurance business at its Swiss unit. Gross written premiums climbed to $3.68 billion in the nine months to September 30 from $3.28... Read more of this article
Best: Equivalency Will Boost Bermuda Firms
If Bermuda and Switzerland are successful in their bids to be considered among the first non-European Union jurisdictions to meet new regulatory requirements under Solvency II, it could have a positive impact on companies domiciled there, Stefan Holzberger, managing director of analytics with A.M. Best Europe, said in this week’s issue of “BestWeek... Read more of this article
US-Bermuda Economic Ties Become Stronger
Bermuda and the United States expanded their overall economic relationship between 2008 and 2010 growing from $60 billion in two-way trade in 2008 to $80 billion by 2010, says a recently released Business Bermuda economic impact study. Although the economic recession has been difficult for both countries, recent Business Bermuda economic analyses by... Read more of this article
Endurance Authorises Share Repurchase Plan
Bermuda’s Endurance Specialty Holdings Ltd., a provider of property and casualty insurance and reinsurance, today [Nov.10] announced that its board of directors approved a new share repurchase programme authorising the repurchase of up to 7 million ordinary shares in open market or privately negotiated transactions, from time to time, depending... Read more of this article
XL Appointment For Bermudian Outerbridge
XL Insurance Bermuda this week announced the promotion of Matthew Irvine to Chief Underwriting Officer of its Professional Lines unit and the appointment of Bermudian re/insurance veteran Stephen Outerbridge as Senior Vice President, Underwriter [both men are pictured at left], effective immediately. Mr. Irvine succeeds James Loder who was recently... Read more of this article
Video: Latest Edition Of ‘Nexus’ Available
The latest issue of “Nexus” — now available at the Business Bermuda website — covers such topics as recent Bermuda Government’s assurances on extending tax neutrality, the island’s growing shipping registry and a US State Department report which once again places Bermuda in the lowest-risk category for money laundering... Read more of this article
