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Reinsurance

"Validus posts $408m full-year profit"

Bermuda reinsurer Validus Holdings last night announced a 2012 profit of $408.4 million but a fourth-quarter loss of $90.7 million with the impact of Hurricane Sandy. Validus said the $361 million impact of Sandy was consistent with its initial estim...
Feb 01, 2013
Local Business

"New Blackberrys coming to Bermuda in spring"

The new BlackBerry smartphones are expected to be available in Bermuda this spring. Both Digicel and CellOne said yesterday they would be carrying the new, revamped BlackBerrys, which boast a touch screen and new BB10 operating system. “We estimate t...
Jan 31, 2013
Reinsurance

"Greenberg bullish on insurance rates"

NEW YORK (Bloomberg) — Evan Greenberg, the chief executive officer of Ace Ltd, said the company is poised to benefit as the insurer and its rivals charge more to clients for commercial coverage. “From what I see today, I am more bullish about the pri...
Jan 31, 2013
Local Business

"Argus announces new management appointments"

The Argus Group announced three new appointments to its senior management team. Lynne Woolridge joins the company as head of International Life, Beverley Bentley-Webb has been appointed head of Human Resources and Alex Cabe takes on the role of inves...
Jan 30, 2013
Budget

"Belco caves on fingerprint time keeping device"

Unionised staff at Belco and Bermuda Gas downed tools yesterday, until a conference with management saw controversial hand-scanning devices scrapped. The timekeepers, which staff say can read fingerprints, were allegedly installed without prior consu...
Jan 30, 2013
Reinsurance

"Ace full-year profits surge to $2.6b"

Global insurer Ace posted a 4.8 percent increase in net income for the fourth quarter, despite taking a near $400 million hit from Superstorm Sandy. But the company’s shares plunged more than four percent in after-hours trading in New York last night...
Jan 30, 2013
Reinsurance

"Validus Re sues US Govt for tax refund"

Bermuda’s Validus Re is suing the US Government for failing to refund some $435,380 in tax and interest payments. The reinsurer, whose parent has a market cap of $3.3 billion, claims tax was wrongly assessed on reinsurance transactions conducted out...
Jan 30, 2013
Reinsurance

"XL recruits GM for Brazil reinsurance office"

XL Group’s reinsurance operations announced the appointment of Guillermo Delfino as general manager of XL’s reinsurance operations in Brazil, pending approval by the Brazilian authorities. Mr Delfino, who is currently based in Buenos Aires, Argentina...
Jan 29, 2013
Reinsurance

"Greenberg’s book: The staff saved AIG"

If you’re among the US taxpayers who watched in horror as $182 billion of your money made its way to the collapsing insurance giant American International Group during the financial crisis, it might come as a surprise to learn that your forced munifi...
Jan 29, 2013
Reinsurance

"Arch’s A+ rating affirmed by Best"

Ratings firm AM Best has affirmed the financial strength rating (FSR) of A+ (superior) and the issuer credit ratings (ICR) of “aa-” of Arch Reinsurance (Bermuda) and its strategic affiliates. AM Best also has assigned an FSR of A+ (Superior) and an ...
Jan 25, 2013
Reinsurance

"Catlin introduces new terrorism product"

Catlin Group’s London-based underwriting subsidiaries have launched a new terrorism insurance product. The specialty property and casualty insurer and reinsurer, which began underwriting insurance covering chemical, biological, radiological and nucl...
Jan 24, 2013
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