Hashtag: #BermudaInsurance
ABIC Backs Sir John’s Economic Initiative
International companies based on the island came out today to publicly back former Premier Sir John Swan’s initiative to reverse ongoing economic stagnation. The Association of Bermuda International Companies [ABIC] said the Progressive Labour Party Government’s protectionist policies “could be detrimental to Bermuda’s long-term prospects”. Last... Read more of this article
Flagstone Announces Corporate Overhaul
Flagstone Reinsurance Holdings, S.A. — registered in Luxembourg but with its executive and underwriting offices in Bermuda — today [Oct. 24] announced a number of strategic initiatives designed to realign the company’s strategy and core capabilities. Through these initiatives, Flagstone intends to refocus its underwriting strategy... Read more of this article
Island “Well Placed To Reach Equivalency”
Bermuda’s top insurance regulator believes the island “is in a very good position” for reaching Solvency II equivalency by the end of next year, international ratings agency A.M. Best reports today [Oct. 24]. The European Insurance and Occupational Pensions Authority, one of three European supervisory authorities, released a preliminary... Read more of this article
Bermuda Executive’s Memorial To War Dead
Bermuda insurance executive David Bell [pictured], co-founder of the charity Grateful Nation Montana which raises college scholarship funds for the children of that state’s servicemen killed in Iraq and Afghanistan, has now helped to create a larger-than-life bronze tribute to the fallen. To be unveiled on November 4 on the University of Montana... Read more of this article
Bermuda Is “US’s Biggest Insurance Ally”
Business Bermuda’s recently released “2011 Economic Impact Study” claims that for the first time ever Bermuda became the most important international provider of insurance services to the US last year. By the end of 2010, two-way trade in services between Bermuda and the US grew to more than $80 billion. Bermuda had also become the leading... Read more of this article
Mixed Views On “Bermuda” Tax Bill
Proposed legislation denying tax deductions for US reinsurance premiums paid to offshore affiliates will likely pass through Congress, a Bermuda executive predicted last year — but he criticized the measure as a restriction of free trade. Speaking at the 2010 Standard & Poor’s Insurance Conference, Edward Noonan, chair and chief executive... Read more of this article
Hiscox Eyes Booming UK Vintage Market
In the midst of a British vintage love affair, a Bermuda insurer has warned consumers are at risk of being underinsured with 57 percent of people admitting they don’t know the monetary value of their own collectibles despite thinking they may have increased in price. The research by Bermuda-headquartered home insurance specialist Hiscox also found... Read more of this article
RAM Holdings Ltd.’s Reverse Stock Split
Bermuda’s RAM Holdings Ltd. today [Oct. 21] announced that the effective time of the reverse stock split of the company’s issued common shares will occur at the close of business in Bermuda on November 8, 2011. As previously announced, on 28 September, 2011, at the Annual General Meeting of shareholders, the company’s shareholders approved... Read more of this article
XL Partners With “Financial Times”
XL Group this week announced its sponsorship of a new “Financial Times” digital initiative focussed on the changing trends in global business and how those trends impact companies’ operations. Headquartered in Ireland with its principal executive offices in Bermuda, XL is one of the world’s leading re/insurance and financial... Read more of this article
Omega Insurance Accepts Byrne’s Offer
The board of Bermuda-based Omega Insurance and Invesco Perpetual, its main investor, have ended the battle for control of the Lloyd’s of London insurer by throwing their weight behind Mark Byrne’s tender offer for 25 per cent of the company. Canopius, the privately held rival Lloyd’s vehicle, responded by withdrawing its revised indicative... Read more of this article
Platinum Reports $53.5 Million Loss
Bermuda-based Platinum Underwriters Holdings, Ltd. today [Oct. 20] reported a net loss of $53.5 million and a loss per common share of $1.43 for the quarter ended September 30, 2011. The results for the quarter include net premiums earned of $166.8 million, net favorable development of $27.8 million, net investment income of $29.8 million and net realized... Read more of this article
Best Affirms BNY Trade Ratings
A.M. Best Co. has today [Oct. 20] affirmed the financial strength rating of ‘A’ [Excellent] and issuer credit rating of “a” of Bermuda-based BNY Trade Insurance, Ltd., both with stable outlooks. The ratings reflect BNY Trade’s “strong capitalisation, consistently positive operating results, conservative operating strategy and robust enterprise... Read more of this article
