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Reinsurance

"Best lowers Argus credit rating"

Credit rating agency AM Best Co yesterday downgraded the financial strength rating of insurer Argus Group Holdings Ltd for the second time in two years, citing a “significant decline” in the company’s capital position over the past two years. Argus c...
Mar 02, 2011
Other

"Argus Group downgraded"

Credit rating agency AM Best Co has downgraded the financial strength rating of insurer Argus Group Holdings Ltd following a “significant decline” in the company's capital position over the past two years. Argus now has a financial strength rating o...
Mar 01, 2011
Other

"HSBC’s profit rises to $19b but falls short of forecasts"

LONDON (Reuters) HSBC cut its profitability targets due to the cost of tougher banking regulations and plans to cut costs and overhaul other areas after its annual profits fell short of expectations. Europe’s biggest bank said 2010 pre-tax profit mor...
Mar 01, 2011
Reinsurance

"AIG cuts jobs, head count now trails MetLife"

NEW YORK (Bloomberg) American International Group Inc. cut its workforce by more than a third last year as the bailed-out insurer sold profitable units, including one to rival MetLife Inc., which now has more employees. AIG had about 63,000 workers a...
Mar 01, 2011
Reinsurance

"NZ quake costs Validus up to $50m"

Bermuda reinsurer Validus Holdings Ltd has estimated its losses from last week’s deadly New Zealand earthquake at between $25 million and $50 million. It based this on an industry loss estimate for the earthquake, which left more than 100 people dead...
Mar 01, 2011
Reinsurance

"XL adds former Hartford CEO to board of directors"

Former The Hartford Financial Services Group, Inc chairman and chief executive officer Ramani Ayer has joined XL Group’s board of directors. Mr Ayer retired from The Hartford in October 2009 after spending more than 12 years in those leading position...
Feb 28, 2011
Bermuda Stock Exchange

"Heavy trade in Butterfield shares"

Butterfield Bank saw 268,600 shares change hands last week, most of them traded after the bank announced a $207.6 million loss for 2010 on Tuesday. Investors apparently welcomed the bank’s claims to have put its troubles behind it and Butterfield’s s...
Feb 28, 2011
Reinsurance

"Gerova merger deal called off"

Bermuda-based Gerova Financial Group’s merger with UK investment bank Seymour Pierce has been called off. New York-based broker dealer Ticonderoga Securities, which was also planning to join the three-way merger, said it too had terminated discussion...
Feb 28, 2011
Other

"Hiscox posts $343.3 million pre-tax profits"

Bermuda-based re/insurer Hiscox Ltd posted strong net earnings for 2010, despite being hit with catastrophe claims of £165.5 million ($268.7 million). The London-listed company this morning announced a pre-tax profit of £211.4 million ($343.3 million...
Feb 27, 2011
Reinsurance

"Gerova merger called off "

UK stockbroker Seymour Pierce on Friday called off its planned merger with Bermuda-based Gerova Financial, the Financial Times reported. The announcement followed a a dramatic plunge in the US-listed reinsurer’s share price and growing concern abou...
Feb 26, 2011
Other

"Mom of two jailed for stealing from bank"

A bank teller accused of stealing $35,000 from Capital G bank has been sentenced in Magistrates’ Court to nine months in jail. Justina Wilson, 24, of South Terrace, Pembroke, pleaded with Magistrate Juan Wolffe not to separate her from her two childr...
Feb 25, 2011
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