Hashtag: #BermudaInsurance
AM Best Affirms Credit Ratings Of Evergreen
AM Best has affirmed the Financial Strength Rating of A [Excellent] and the Long-Term Issuer Credit Rating of “a” [Excellent] of Evergreen Insurance Company Limited [EICL] [Bermuda]. The outlook of these Credit Ratings [ratings] is stable. A statement from the ratings agency said, “The ratings reflect EICL’s balance sheet strength, which AM... Read more of this article
Xceedance Launches On-Demand Services
Bermuda domiciled Xceedance announced the availability of On-Demand Services for property and casualty [P&C] insurers, reinsurers, agents, and brokers in North America. The company said, “Xceedance On-Demand Services provides an ‘a la carte’ option for insurance organizations needing critical support with minimal ramp-up time and a rapid return... Read more of this article
AM Best Assigns Credit Ratings To North End Re
AM Best has assigned a Financial Strength Rating of A- [Excellent] and a Long-Term Issuer Credit Rating of “a-” [Excellent] to North End Re Ltd. [Bermuda]. The outlook assigned to these Credit Ratings [ratings] is stable. The ratings agency said, “The ratings reflect North End Re Ltd.’s balance sheet strength, which AM Best assesses as strong,... Read more of this article
Arch Relaunches Watford Re As Somers Re
Arch Capital Group Ltd., alongside investment partners Warburg Pincus and Kelso & Company announced that Watford Holdings Ltd. and Watford Re Ltd. have been renamed Somers Group Holdings Ltd. and Somers Re Ltd, respectively. A spokesperson said, “Headquartered in Bermuda, the name Somers Re is a nod to Sir George Somers, who founded Bermuda in... Read more of this article
AM Best Affirms Credit Ratings Of Transmonde
AM Best has affirmed the Financial Strength Rating of A [Excellent] and the Long-Term Issuer Credit Rating of “a” [Excellent] of Transmonde Services Insurance Company Limited [Transmonde] [Hamilton, Bermuda]. The outlook of the Credit Ratings [ratings] is stable. A statement from the ratings agency said, “The ratings reflect Transmonde’s balance... Read more of this article
AM Best Affirms Credit Ratings Of Brit Re
AM Best has affirmed the Financial Strength Rating of A [Excellent] and the Long-Term Issuer Credit Rating of “a” [Excellent] of Brit Reinsurance [Bermuda] Limited [Brit Re] [Bermuda]. The outlook of these Credit Ratings [ratings] is stable. The ratings agency said, “The ratings reflect Brit Re’s balance sheet strength, which AM Best assesses... Read more of this article
Mississippi Commissioner On Re/insurers Role
An “unintended consequence” of the American ‘Build Back Better’ tax proposal could be driving insurance prices higher, the Mississippi Insurance Commissioner Mike Chaney said, with Mr Chaney citing the role Bermuda re/insurers play. Writing an op-ed for the Mississippi media, Mr Chaney said, “When I see legislation before... Read more of this article
SiriusPoint Partner With Parameter Climate
SiriusPoint Ltd. has announced a strategic partnership with Parameter Climate, a full-service climate underwriting and distribution advisory firm. A spokesperson said, “As part of the transaction, SiriusPoint has purchased a significant ownership stake in Parameter Climate in addition to providing multiyear capacity and paper. Additional capacity... Read more of this article
Fitch On Bermuda, 15% Global Tax Rate & More
“The overall benefits of maintaining a Bermuda market domicile and operations will likely endure, but the net profitability gap between Bermuda and non-Bermuda incorporated companies is expected to narrow over time,” Fitch Ratings said. A statement from the ratings agency said, “Fitch does not expect to take any near-term rating actions on... Read more of this article
War, Terrorism & Political Violence Coverage
Mosaic Insurance has extended its war, terrorism and political violence coverage to offer up to $600 million per risk. A spokesperson said, “The increased capacity allows the company to serve clients via domestic US or Bermuda markets through underwriting teams in both locations. Currently, Mosaic is the only carrier to write political violence coverage... Read more of this article
Mosaic Insurance Opens Office In New York City
Mosaic Insurance has opened an office in New York City, its first US-based physical address for a growing number of employees. A spokesperson said, “The Midtown South office at 65 W 36th St, which will accommodate members of Mosaic’s cyber and transactional liability lines, along with technologists, and finance executives, opened this week, as the... Read more of this article
ABIR Signs On To Climate Change Principles
The Association of Bermuda Insurers and Reinsurers [ABIR] has signed on to the Insurers’ Principles for Climate Change Adaptation drawn up by the Insurance Institute for Business & Home Safety [IBHS] with support from the property casualty insurance industry. A spokesperson said, “The Association of Bermuda Insurers and Reinsurers has signed... Read more of this article
