Munich Re injects $330m into Bermuda entity
Munich Re has ploughed $330 million of capital into a new Bermudian-based vehicle that will reinsure some of its life business.
The island-based entity, to be known as Munich Re Bermuda, has been assigned a financial strength rating of A+ by AM Best.
Munich Re Bermuda was formerly named Princeton Eagle West Insurance Company Ltd and was authorised to operate property and casualty business, all of which was in run-off.
The company was renamed Munich Re of Bermuda in March 2018 and was repurposed as a Class C insurer by the Bermuda Monetary Authority in order to serve as an authorised reinsurer of the Munich Re group.
Its main purpose will be as a vehicle to place Munich Re’s related US life reinsurance business.
Munich Re will support the newly repurposed entity by providing an excess of retention and excess of loss reinsurance treaty, as well as the initial $330 million capital injection.
Nursery ‘should be closed’
Victim relives deadly boat crash
Agency assesses $564m of suspicious activity
Barrett Lightbourn (1952-2018)
Bouncing back after horrific hand injury
Wade now under Coldwell Banker’s umbrella
Community rallies round for Shadoni
Historic ship is restored
Hospital hope for Shadoni
Teenager makes amends for dumping trash
Dozing off ‘all part of being an MP’
Restaurant renovations take shape
Digicel employee under police investigation
Rubbish ruining scenic South Shore route
Dunkley spruces up Store Hill stretch
Bermuda bids for triathlon Grand Final
Take Our Poll
- "Cup Match 2018 is in the record books. Who is your favourite for MVP?"
- Onias Bascome (StG)
- Chris Douglas (SCC)
- Terryn Fray (SCC)
- Stephen Outerbridge (SCC)
- Dion Stovell (SCC
- Total Votes: 1869
- Poll Archive