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Two new insurers registered

A total of two new companies were registered in Bermuda last month. TDL Bermuda, a Class 1 firm, and Class D Old Mutual (Bermuda) Re joined the ranks of the business world. The two brings the number of new company registrations so far this year to 47...
Aug 11, 2015
Reinsurance

Enstar earnings slide

Enstar Group Ltd’s net income plunged by more than two thirds on investment losses. The Bermuda-based insurer, which specialises in buying companies or units that have stopped writing new business and managing their assets and ongoing obligations, ma...
Aug 10, 2015
Reinsurance

XL launches $1bn share buy-back

Insurance and reinsurance giant XL Catlin is to launch a $1 billion share buy-back programme and raise its dividend by 25 per cent. The new scheme replaces a previous programme, which had around $97.6 million remaining. The company said the share acq...
Aug 07, 2015
Reinsurance

Endurance lets go 40 ex-Montpelier staff – source

Around 40 people will lose their jobs as the result of Endurance Specialty Holdings’ takeover of Montpelier Reinsurance, according to one source who claimed to have knowledge of the matter. The source, who said she was a relative of one of those to l...
Aug 06, 2015
Reinsurance

PartnerRe downgraded after Exor deal

Two ratings agencies have downgraded reinsurance firm PartnerRe after Italian investment giant Exor won control of the company. Standard & Poor (S&P) changed its outlook on PartnerRe from stable to negative after Monday’s $6.9 billion takeover, which...
Aug 05, 2015
Other

BA responds to passenger frustrations

British Airways has responded to increasing frustration and dismay expressed in the wake of delays and cancellations on its service between Bermuda and London this year. The airline, which operates the only direct flights between the Island and the U...
Aug 05, 2015
Other

BA changes size rules for hand luggage

New hand baggage restrictions have been introduced by British Airways to ensure that aircraft depart on time. The carrier announced that the number of customers travelling with oversized baggage had increased. The rules allow for two items of hand ba...
Aug 05, 2015
Reinsurance

Arch will not bid for Axis – report

Bermuda insurance firm Arch will not make a bid for rival Axis after it failed in a merger bid with PartnerRe, according to a report out of the UK. London-based trade publication The Insurance Insider suggested that Arch, which has been linked to Axi...
Aug 05, 2015
Reinsurance

Endurance profits rise by $1m

Insurance and reinsurance firm Endurance yesterday posted a $1 million rise in profits for the second quarter of the year. The firm recorded net income of $76 million, equal to $1.68 per common share, compared to profits of $75 million in the same pe...
Aug 04, 2015
Reinsurance

Exor wins out in PartnerRe bidding war

PartnerRe has agreed to be bought out by Italian investment firm Exor in a $6.9 billion deal. The reinsurer has scrapped its previous plan to merge with fellow Bermuda firm Axis Capital. Exor, which is controlled by the wealthy Agnelli family, will p...
Aug 04, 2015
Reinsurance

XL Catlin hit by $60m in catastrophe losses

Insurance firm XL Catlin yesterday revealed operating earnings of nearly $246 million for the second quarter of the year. The results are the first since XL and Catlin combined under the XL Group banner. The $245.8 million operating profit reported f...
Aug 04, 2015
Reinsurance

Axis to accelerate share buy-backs

Axis Capital failed in its bid to merge with rival PartnerRe after Italian investment firm Exor won a bidding war — but the firm is $315 million better off as a result of a massive break fee. The firm accepted defeat after PartnerRe’s board yesterday...
Aug 04, 2015
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