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Financial and business service

Reinsurance

S&P upgrades insurer IGI

Bermuda-based International General Insurance (IGI) has been upgraded by a ratings agency from BBB+ to A-. Standard & Poor’s also gave the firm a stable outlook. Chief executive officer Wasef Jabsheh said: “This rating is a reflection on our strong r...
Apr 01, 2015
Reinsurance

Oil Insurance has best underwriting year

Energy sector mutual insurer Oil Insurance Ltd racked up profits of $731 million in 2014, as it had its best underwriting year. The Bermuda-based company said its directors had also agreed to pay out a dividend totalling $400 million to shareholders....
Mar 31, 2015
Reinsurance

New $2bn reinsurer to set up on Island

Veteran insurance chief Richard Brindle is set to return to the business as part of a new $2 billion insurance venture on the Island. Mr Brindle — former CEO of Bermuda-based Lancashire Holdings — will become head of Fidelis Insurance Holdings — a hy...
Mar 30, 2015
Opinion Writer

Balanced mutual funds – not exciting but stable and steady

Year-end review for Bermuda balanced mutual funds. We are following on from part 1 of the original article dated January 17, 2015 on mutual funds options available in Bermuda from various investment firms and banks located here in Bermuda. Yes, I kn...
Mar 28, 2015
Personal Finance

Should you reward children with money for good grades?

Dear Dave, What’s your opinion on rewarding children with money for getting good grades in school? Joe Dear Joe, Honestly, I don’t have a strong opinion about it one way or the other. We didn’t pay our children for good grades, but I can’t really th...
Mar 28, 2015
Reinsurance

Swiss Re sees severe weather risk rising

By Raymond Hainey An increase in storm frequency should force a fresh look at risk from severe weather, according to a new report. The Swiss Re Sigma report on 2014 said that cyclones and thunderstorms were a major cause of losses last year. And the ...
Mar 27, 2015
Reinsurance

Brindle set for return with new $2bn insurer

Veteran insurance chief Richard Brindle is set to head up a new $2 billion insurance venture on the Island. Mr Brindle — former CEO of Bermuda-based Lancashire Holdings — will lead Fidelis Insurance Holdings, according to reports. The new firm is bac...
Mar 27, 2015
Reinsurance

Island well placed to be cyber risk centre

Bermuda could carve out a huge chunk of a new market for cyber insurance, experts said yesterday. They were speaking after the UK government issued a report on joint initiatives with the insurance sector to tackle cyber risk — and make the UK a world...
Mar 25, 2015
Reinsurance

Florida cat fund seek private coverage

Bermuda reinsurers could benefit after the Florida hurricane catastrophe fund yesterday backed the transfer of $2.2 billion in risk to the private sector. And Brad Kading president of the Association of Bermuda Insurers and Reinsurers (ABIR) said: “A...
Mar 25, 2015
Reinsurance

Bermuda reinsurers ‘hope for catastrophes’

A Florida politician yesterday launched an attack on Bermuda amid a bid to transfer more than $2.2 billion into the private reinsurance market. Representative Frank Artiles said moves to transfer the risk from the state-run Florida Hurricane Catastro...
Mar 24, 2015
Reinsurance

Reinsurance firm stops writing new business

AQR Re Management Ltd is to wind down its operations after three years in business as a result of the reinsurance industry’s “consolidating market dynamics”. Some people will consequently lose their jobs at the firm, which works out of offices at 3 B...
Mar 23, 2015
Opinion Writer

Retirement is no longer a relevant word

Retirement is an old, overused word. Retirement is no longer relevant in today’s global society. This opinion (mine) is that Bermuda’s economy is just not producing (or keeping on Island)* our skilled young people in numbers anywhere near close enoug...
Mar 21, 2015
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