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The high cost of meeting international standards on insurance regulation is a concern, ratings agency AM Best said today. And a special report on the Island’s bid to achieve Solvency II equivalence in the EU added that there was still a perception th...

Ratings agency AM Best has withdrawn its rating on Bermuda-based hedge fund-backed reinsurer PaCRe at the company’s request. PaCRe, backed by the John Paulson hedge fund and Validus Re, was placed under review with negative implications in January du...

Fitch Ratings last night said it had affirmed its credit rating on Bermuda Government debt at A+. The New York-based rating agency also withdrew the rating “for commercial reasons”, an explanation that usually means the agency is no longer being reta...

Bermuda’s Standard & Poor’s downgrade “should come as no surprise” to Finance Minister Bob Richards, Shadow Finance Minister David Burt said this afternoon. In a press release, he stated: “Over the last 30 months he has been warned by the Progressive...

Third Point Re’s US arm has been assigned an A- financial strength rating by ratings agency AM Best. Best, which also gave an issuer credit rating of a- to Third Point Reinsurance (USA) Ltd (TPRUSA), said the ratings were based on strong risk-adjuste...

Ratings firm AM Best has given its seal of approval to Tokio Millennium Re (TMR). AM Best has affirmed Tokio’s financial strength at A++ (superior) and issuer credit rating at aa+ with a stable outlook on both. The ratings agency said: “The ratings r...

Citing the departure of thousands of expatriates, unemployment as high as 12 percent, and a sharp and extended slowdown in the property market, Standard & Poor’s lowered its ratings on HSBC Bermuda and Butterfield Bank, with negative outlooks. The in...

Fitch Ratings yesterday downgraded Bermuda’s credit rating, citing the Island’s continuing recession, sustained high fiscal deficits and increased Government debt burden. Downgrading Bermuda’s Government bond rating to ‘AA-’ and changing the rating o...

In the short term Bermuda should not be overly concerned that ratings firm Moody’s has placed the Island’s Aa2 rating on review for possible downgrade, but if the economy does not improve then major concerns lie ahead. That is the view of Peter Evers...