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A strong capital base and conservative underwriting have won Bermuda-based reinsurer, Mid Ocean Reinsurance Ltd. an affirmation by rating agency Standard & Poor's of its double-'A' claims-paying ability rating and counterparty credit rating. The rati...

Carl H. Paiva will be the new head of Meyer Industries management team as of October 1, as the St. George's firm begins a period of anticipated growth. Mr. Paiva will retain his current position as vice president of marketing for sister company, Meye...

Massachusetts commissioner of insurance, Linda Ruthardt, has defended her decision to seek a US receivership for the insolvent Bermuda insurer, Electric Mutual Liability Insurance Co. (EMLICO). But she has argued that Bermuda law "appears to limit or...

Bermuda-based property catastrophe reinsurer, CAT Ltd., has projected gross premiums written for the year to December 31, 1997 will be about $151 million, an 11 percent increase over the $136.2 million declared for 1996. The projection was made in th...

responsible for a marginal rise in half-year profits for BELCO Holdings Ltd. BELCO declared $6,104,756 in net earnings for the six months to June 30, up marginally (0.61 percent) on the first six months of the 1996 financial year. Total electricity k...

of a US insurer because of its intended purchase by ACE Ltd. The move by S&P came as ACE stock (NYSE: ACL) rose as much as $4.375 on Friday to an all-time high of $93.375, before closing at $92.5625, up $3.5625 for the day. It was for ACE, the holdin...

ACE Ltd. acquisition of Atlanta-based Westchester Specialty Insurance Group (WSIG) for $333 million in cash will give the company is a significant platform for the development of a major operation in the United States, according to company executives...

positive effect on their Bermuda-based partnerships, senior partners said yesterday. The merger between professional services and consulting firms Coopers & Lybrand and Price Waterhouse would create the world's largest accountancy group, knocking And...

diversification, there were record earnings for Bermuda-based insurer, EXEL Ltd., with net income rising to unprecedented heights in both the third quarter to August 31 and cumulatively for the first nine months of the financial year. Profit mushroom...

year, the bank's annual report has revealed. The bank was forced to absorb significant losses as a result of investment portfolio restructuring, the report said, that resulted in "one-time costs that reduced Bermuda-based interest earnings materially...