Hashtag: #BermudaInsurance
ABIR Lobbies Deficit “Super Committee”
Significant changes in the US National Flood Insurance Programme [NFIP] -— including an end to all subsidies within five years — are being proposed by a diverse coalition including the Association of Bermuda Insurers & Reinsurers. Organised by lobbying group SmarterSafer.org — which describes itself as favouring “environmentally-responsible,... Read more of this article
The 9/11 Attacks & Bermuda’s Class Of ’01
The tenth anniversary of the September 11 terror attacks on the US last month provided time for reflection on how the world has changed for good and ill since then, the “Financial Times” reported this week — saying both Bermuda and the global insurance industry were altered beyond recognition by those events. Osama bin-Laden’s... Read more of this article
Validus “To Increase Transatlantic Offer”
Bermuda’s Validus may submit an increased acquisition offer for Transatlantic Holdings as soon as this weekend, industry journal “Insurance Insider’ is reporting, citing sources. Transatlantic announced on October 11 that it has entered into a confidentiality agreement and commenced discussions with an additional party regarding potential... Read more of this article
Aspen: “Our Diversified Model Is Robust”
Bermuda-based Aspen Insurance Holdings Limited reported net income after tax of $22.2 million or $0.23 per diluted share for the third quarter of 2011. Net income included $55 million or $0.75 per diluted share, of net losses resulting from the natural catastrophe events that occurred during the third quarter of 2011 and increases to loss estimates... Read more of this article
Aspen Partners With V3 On New Programme
The US subsidiary of Bermuda-based Aspen Insurance Holdings Ltd. has entered into a strategic alliance with V3 Insurance Partners LLC, a managing general underwriting agency, to offer a miscellaneous professional liability and optional premises liability programme available in all 50 states. Designed for professional services firms with under $15 million... Read more of this article
Analysts Upgrade Alterra From Hold To Buy
Bermuda’s Alterra Capital Holdings has today [Oct.28] been upgraded by TheStreet Ratings from hold to buy. The stock analysts say the company’s strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, attractive valuation levels and solid stock... Read more of this article
OneBeacon: Q3 Drop In Book Value Per Share
Bermuda-domiciled OneBeacon Insurance Group, Ltd. today [Oct.28] reported book value per share of $11.57, a decrease of 2.8 percent for the third quarter and an increase of 1.5 percent through nine months, including dividends. Mike Miller, CEO of OneBeacon, said, “Our decrease in book value in the quarter was driven by our equity portfolio losses... Read more of this article
Endurance Reports $20 Million Q3 Net Loss
Bermuda’s Endurance Specialty Holdings Ltd this week reported a net loss of $20.0 million and $0.71 per diluted common share for the third quarter of 2011 versus net income of $139.1 million and $2.51 per diluted common share in the third quarter of 2010. For the nine months ended September 30, 2011, the net loss was $66.4 million and $2.07 per... Read more of this article
Validus Posts “Strong Financial Results”
Bermuda reinsurer Validus Holdings, Ltd. has reported net income available to Validus of $56.5 million, or $0.54 per diluted common share for the three months ended September 30, 2011, compared to $238.5 million, or $2.08 per diluted common share, for the three months ended September 30, 2010. Net (loss) attributable to Validus for the nine months ended... Read more of this article
Hedge Fund Guru Plans Bermuda Reinsurer
Steven A. Cohen, who built one of the world’s biggest and most successful hedge funds, is branching out and plans to set up his own Bermuda reinsurance firm, two people familiar with the matter have told Reuter. Mr. Cohen [pictured], who runs $14 billion SAC Capital Advisors in Stamford, Connecticut, recently told investors he plans to launch... Read more of this article
PartnerRe Details Large Catastrophe Losses
Bermuda’s PartnerRe Ltd. today [Oct. 27] provided information on large losses affecting the third quarter of 2011 and their impact on the company’s catastrophe sub-segment. The company experienced no individual loss events occurring during the third quarter of 2011 which were in excess of $35 million. But PartnerRe expects to record $136 million... Read more of this article
XL Group Appoints Canadian Banker To Board
XL Group today [Oct. 27] announced that Suzanne B. Labarge has joined the company’s board of directors. Headquartered in Ireland with its executive offices in Bermuda, XL Group, through its subsidiaries, is a global insurance and reinsurance company providing property, casualty and specialty products to industrial, commercial and professional... Read more of this article
