Hashtag: #BermudaInsurance
Fitch Ratings: Reinsurer Downgrade Risks Grow
Following the devastation caused by Hurricane Maria, 2017 catastrophe losses for the global insurance and reinsurance sectors will exceed $100 billion and could reach close to $190 billion on a pretax basis, Fitch Ratings says. According to Fitch, losses on this scale, which at the upper end would be the highest on record in a single year, could “weaken... Read more of this article
Registration For Dive In Festival Still Open
Registration remains open for next week’s Dive In Festival which aims to highlight the business case for diverse and inclusive workplaces and provide practical ideas and inspiration for how to bring about positive change. However, organizers of the festival events are urging those interested in attending to sign up while there is still space available. A... Read more of this article
Over 250 People Attend BILTIR Conference
Over 250 life and annuity professionals from all over the world descended on Bermuda for the fourth-annual Bermuda International Life and Annuity Conference, hosted by the Bermuda International Long Term Insurers and Reinsurers [BILTIR]. The event was held at The Fairmont Southampton and began with a reception at the Royal Bermuda Yacht Club, which... Read more of this article
White Mountains Tender Preliminary Results
White Mountains Insurance Group announced the preliminary results of its “modified Dutch auction” tender offer to purchase up to 500,000 shares. The tender offer expired at 12:00 midnight, New York City time, at the end of the day on September 14, 2017. Based on a preliminary count by the depositary for the tender offer, 719,971 shares were... Read more of this article
Bermuda Form & Excess Layer Seminar
XL Catlin and international law firm Norton Rose Fulbright will be hosting a seminar to discuss significant aspects of the Bermuda Form and Excess Layer insurance coverage. Gavin Kealey Q.C. and Mina Matin, Senior Council at Norton Rose Fulbright, will lead the presentation at XL Catlin’s offices on 20 September, 2017. The seminar will include a discussion... Read more of this article
Captive Conference Highlights Bermuda’s Role
The Bermuda insurance market’s leading role in global risk innovation, including helping communities rebuild after disasters, was highlighted at this week’s successful 13th annual Bermuda Captive Conference. The conference attracted more than 750 registrants, totalling almost 800 room nights at Fairmont Southampton, the venue for the three-day event.... Read more of this article
Global InsurTech Investments Increased In Q2
Global investment in InsurTech in the second quarter of 2017 surpassed that in the previous three quarters combined, according to a new report from PwC. “Investment in InsurTech by global insurers, reinsurers and Venture Capital firms surged by 247% to $985million, compared to Q2 2016 [$398million]. The first three months of 2017 saw $283million... Read more of this article
Fitch Do Not Expect To Downgrade Reinsurers
Based on Fitch Ratings’ initial assessments, most US insurance companies and global reinsurers in their rated universe are “not expected to be downgraded as a result of the combined effects of Hurricanes Irma and Harvey.” “However, Fitch does not yet dismiss the risk that select [re]insurers with disproportionate combined exposures... Read more of this article
McGavick To Speak At Bermuda Convergence
ILS [Bermuda] Ltd., organisers of Bermuda Convergence 2017 announced that Mike McGavick, CEO of the XL Group Ltd, will be one of the event’s keynote speakers. A leader in the industry for more than two decades, Mr. McGavick serves as CEO of XL Group Ltd, which provides insurance and reinsurance risk solutions globally under the XL Catlin brand. From... Read more of this article
BILTIR Selects Troncossi To Provide PR Support
Troncossi Public Relations has been selected to provide public relations support by Bermuda International Long Term Insurers and Reinsurers [BILTIR], an association representing Bermuda’s life insurers and reinsurers. BILTIR was founded in 2011, and its mission is to advocate for Bermuda’s life and annuity industry in areas such as regulatory... Read more of this article
GC & Marsh Captive Introduce Cerulean Re
GC Securities, a division of MMC Securities LLC, a U.S. registered broker-dealer and member FINRA/NFA/SIPC, announced the establishment of Cerulean Re SAC Ltd., a private syndicated collateralized reinsurance platform and Bermuda registered segregated account company [SAC] and licensed special purpose insurer. “The joint venture between Marsh... Read more of this article
Study: Captive Insurers Generate $174M A Year
A new research study conducted by PriceWaterhouseCoopers for the Bermuda Insurance Management Association [BIMA] has found the captive insurance industry contributes an estimated $174 million every year to the island’s economy, the Bermuda Business Development Agency [BDA] said. “The sector directly employs at least 557 people in Bermuda, the... Read more of this article
