Kiln names Creasy as new group CEO

Bermuda-based Kiln Ltd. has named Edward Creasy group chief executive officer in a reorganisation of its management structure.

Kiln Ltd. is the holding company responsible for the management of the Kiln Group, a specialty insurance and reinsurance group with operations in London, Hong Kong, Singapore, South America and Belgium.

Kiln also named Peter Haynes as group chief financial officer and Robert Chase will become group director of underwriting.

Charles Franks has been named chief executive officer of R.J. Kiln & Co. Ltd., which manages operations that include four syndicates at Lloyd's of London.

The appointments are effective July 16.

CastlePoint ratings put under review

Bermuda's CastlePoint Reinsurance Company has had its all-important A- financial strength rating under review with negative implications by AM Best.

The rating agency took its action following after CastlePoint Re took on risk-sharing agreements with AequiCap Insurance Company and AequiCap Program Administrators, where AequiCap Program Administrators will produce workers' compensation and commercial auto-trucking business.

Best also put the "bbb-" issuer credit rating of Bermuda-based CastlePoint Holdings Ltd. under review.

AM Best said it expected to "resolve the under-review status of each company following a revised analysis of CastlePoint's risk profile and appetite for specialty programme business".

Six new insurance incorporations in May

Six new insurance company incorporations were registered in Bermuda during May.

In the Class 3 long-term insurance category Morgan Stanley Reinsurance Ltd. has incorporated, and in the long-term category Argus International Life Bermuda has listed.

Three new companies have appeared in the Class 3 lists; CVI Bermuda, Merna Reinsurance and Oglesby Reinsurance, while in the Class 1 category Holiday Risk Services has incorporated.