Hashtag: #PlatinumUnderwritersHoldings
Platinum Estimates Japan Loss: $87 Million
Bermuda based Platinum Underwriters Holdings, Ltd. announced that it expects the Tohoku earthquake and related tsunami that struck the northeastern coast of Japan on March 11, 2011 will have a net negative impact of approximately $87 million on the Company’s first quarter 2011 results. The net negative impact of this event includes an estimate... Read more of this article
Platinum Estimates NZ & Aussie Loss
Platinum Underwriters Holdings, Ltd. announced its preliminary loss estimates for the 2011 Australian floods and Cyclone Yasi and the 2011 New Zealand earthquake, saying they currently expect the 2011 Australian floods and Cyclone Yasi and the 2011 New Zealand earthquake will have a net negative impact of approximately $25 million and $135 million,... Read more of this article
NZ Quake Rocks Bermuda Reinsurer Shares
Bermuda reinsurers will experience aftershocks from the 6.3-magnitude earthquake which devastated parts of the New Zealand city of Christchurch yesterday [Feb.21], killing more than 60 people. “It is just a scene of utter devastation,” New Zealand’s Prime Minister John Key said. “We may well be witnessing New Zealand’s... Read more of this article
CEO: ‘A Difficult Year For Platinum’
Bermuda-based re/insurance provider Platinum Underwriters Holdings, Ltd. today [Feb. 9] reported a net loss of $17.7 million and a loss per common share of $0.46 for the quarter ended December 31, 2010 and net income of $215.5 million and diluted earnings per common share of $4.78 for the year ended December 31, 2010. The results for the quarter include... Read more of this article
Platinum Ltd Announces Share Repurchase
Bermuda based Platinum Underwriters Holdings, Ltd. announced yesterday [Jan 18] that it repurchased 1,685,714 of its common shares for approximately $75.1 million during the three months ended December 31, 2010 and an additional 350,000 common shares for approximately $15.9 million during 2011. Platinum also announced that it has entered into an agreement... Read more of this article
NZ Quake to Cost Platinum $40 Million
Bermuda-based Platinum Underwriters Holdings, Ltd has increased its estimate of losses from the New Zealand earthquake to approximately $40 million. The South Pacific island was struck by a 7.1 magnitude earthquake on September 4, 2010. Platinum’s current loss estimate reflects the expected impact of foreign exchange rates as well as recent information... Read more of this article
Platinum: Net Income of $93.7 Million
Platinum Underwriters Holdings, Ltd. reported net income of $93.7 million and diluted earnings per common share of $2.13 for the quarter ended September 30, 2010. The results for the quarter include net premiums earned of $183.4 million, net favorable development of $34.6 million and net investment income and net realized gains on investments of $75.4... Read more of this article
Platinum To Buy $98.5 Million Of Options
Platinum Underwriters Holdings, Ltd. repurchased 2,228,611 of its common shares for approximately $91.8 million during the three months ended September 30, 2010. Platinum also announced that it has entered into an agreement to purchase, for an aggregate of $98.5 million in cash, the options issued to The Travelers Companies, Inc. in connection with... Read more of this article
Platinum: 2nd Quarter Net Income $124 Million
Bermuda based Platinum Underwriters Holdings, Ltd today [July 20] reported net income of $124.1 million and diluted earnings per common share of $2.68 for the quarter ended June 30, 2010. The results for the quarter include net premiums earned of $191.4 million, net favorable development of $40.1 million and net investment income and net realized gains... Read more of this article
Platinum Announce New CFO: Allan Decleir
Platinum Underwriters Holdings Ltd. announced that Allan C. Decleir has been named Executive Vice President and Chief Financial Officer, effective June 1, 2010, subject to the approval of the Bermuda Department of Immigration. Mr. Decleir will succeed James A. Krantz, who will be retiring from Platinum on August 10, 2010. Mr. Decleir, 45, joined Platinum... Read more of this article
Platinum Underwriters: $15 Million Net Income
Bermuda based Platinum Underwriters Holdings,Ltd today [Apr 21] reported net income of $15.4 million for the quarter ended March 31, 2010. The results for the quarter include net premiums earned of $220.2 million, net favorable development of $49.5 million and net investment income and net realized gains on investments of $43.0 million. Platinum’s... Read more of this article
Bermuda Reinsurer Chile Estimates Hit 2 Billion
The catastrophic earthquake in Chile on Feb 27, 2010 is projected to be the most expensive insured loss in Latin American history, according to analysts at the international broker Cooper Gay. The powerful earthquake registered 8.8 on the Richter Scale and caused significant destruction. NASA reports that the magnitude 8.8 earthquake in Chile may... Read more of this article
Platinum Housing: Avg $35,000 Per Month Each
The NYTimes reports that Bermuda based insurance company Platinum Underwriters Holdings Ltd spent $1.7 million to house four of its top executives in 2009. In the company’s preliminary proxy statement, Platinum disclosed that it spent almost $1.7 million in housing allowance for the four executives. This works out at an average of $35,000 a month... Read more of this article
Platinum: Initial Loss Estimate of $85 Million
Bermuda based Platinum Underwriters Holdings, Ltd. today announced an initial loss estimate of $85 million from first quarter 2010 catastrophe events that have occurred to date. The Company’s initial loss estimate includes losses from the Chile Earthquake, European Winterstorm Xynthia, Melbourne hailstorm, and the East Coast winter storms in... Read more of this article
Bermuda Insurers File Opposition to American Bill
The Association of Bermuda Insurers and Reinsurers [ABIR] has filed an opposition to a proposed new American regulation now in Congress. The Bill HR 2555: Homeowners’ Defense Act of 2009 is described as “To ensure the availability and affordability of homeowners’ insurance coverage for catastrophic events”. The ABIR President... Read more of this article
30 Top Speakers at Bermuda Insurance Summit
The Insurance Day Summit will be held on June 15/16 at the Fairmont Hamilton Princess, and already features an extremely impressive array of speakers. There are over thirty of the best business minds in the insurance field scheduled to speak so far… full list below: Albert Benchimol – EVP and Chief Financial Officer, Partner Re Beat Holliger... Read more of this article
