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Lancashire Holdings Limited has entered into a new $350 million five-year letter of credit and revolving facility with Lloyds TSB Bank PLC as administrative agent and issuing bank and Barclays Bank PLC as syndication agent. The facility is a renewal...

AM Best has downgraded and withdrawn the credit ratings of Omega Specialty Insurance Company Limited (OSIL), a subsidiary of Bermuda-based Omega Insurance Holdings. OSIL, which has stopped writing third-party business, saw its financial strength rati...

Bermuda re/insurer Axis Capital Holdings Ltd has spent $250 million buying back 2.46 million of its Series B preference shares through a tender offer. The shares carried a 7.5 percent token and the company paid a purchase price of $102.81 per share. ...

The sale of Ariel Re’s Bermuda-based insurance and reinsurance operations to Goldman Sachs has been completed. Goldman Sachs and Ariel Holdings Ltd announced yesterday that the transaction had been pursuant to the acquisition agreement announced on M...

Educational programmes got a welcome boost from Lancashire Insurance, with donations totalling $80,000. Warwick Academy received $20,000 for its Lance King Art of Learning workshops, while the Bermuda Sloop Foundation was presented with an $60,000 ch...

Air passengers on the London-Bermuda route face major hold-ups over the next two days. Last night’s 8.05pm plane to London was hit by a 12-hour delay, with its take-off time put back to 8.30am today, according to the British Airways website. That mea...

Insurance rating firm AM Best has reaffirmed BF&M’s credit ratings after the announcement of its proposed acquisition of Cayman-based insurer Island Heritage. “AM Best anticipates that the proposed transaction will not stress BF&M’s leverage or cover...