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Financial and business service

Reinsurance

Blue Capital merges operations

Blue Capital Global Reinsurance Fund has announced that Blue Capital Insurance Managers Ltd has merged with Blue Capital Management Ltd (BCML), the company’s investment manager, and BCML has continued as the surviving company. BCML is a subsidiary o...
Dec 24, 2014
Reinsurance

Aspen CEO sells 26,000 shares

By Jonathan Kent Aspen Insurance Holdings Ltd chief executive officer Chris O’Kane has this month sold more than 26,000 shares — worth around $1.15 million — of the company he runs. Mr O’Kane exercised options to buy the shares in the Bermuda-based r...
Dec 24, 2014
Reinsurance

Another $490m of alternative capital pours into reinsurance

News of nearly half a billion dollars of new alternative reinsurance capital emerged yesterday, as the flow of third-party money into the industry continues unabated. The Bermuda Stock Exchange (BSX) announced the listing of $290 million worth of not...
Dec 23, 2014
Reinsurance

LatAm insurance market in BDA’s sights

Bermuda has launched a fresh charm offensive to target the potentially lucrative insurance market in Latin America. And the Bermuda Business Development Agency (BDA) will next year launch a roadshow in the region to highlight the business advantages ...
Dec 23, 2014
Reinsurance

Third Point Re to wind down cat fund

Third Point Reinsurance Ltd is winding down its catastrophe reinsurance fund and diverting resources to Hiscox’s Kiskadee insurance-linked securities (ILS) platform, in changes announced to the relationship between the two Bermuda firms. Third Point ...
Dec 19, 2014
Other

BIAS receives double accolade

Bermuda Investment Advisory Services Ltd (BIAS) has received a double accolade from magazines covering the financial services industry. Captive Review magazine awarded BIAS the US Captive Services Award 2014 for Innovation in Investment Management. S...
Dec 19, 2014
Reinsurance

Swiss Re: Global catastrophe losses below normal

Global reinsurer Swiss Re has estimated that the insurance industry was hit by $34 billion in catastrophe losses in 2014 — a lower-than-normal tally in recent years — and $11 billion less than in 2013. The Zurich-based company said its preliminary es...
Dec 19, 2014
Reinsurance

AM Best affirms Tokio’s financial strength

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...
Dec 19, 2014
Reinsurance

Aspen Re renews subsidiary Silverton Re

Reinsurance firm Aspen Re has renewed its Silverton Re subsidiary for next year with $85 million in capital. Silverton Re — set up to help investors with access to diversified catastrophe risk — will be used to write a quota share of Aspen Re’s catas...
Dec 19, 2014
Reinsurance

CEO: Insurers must change way of doing business

The insurance and reinsurance industry will have to change the way it does business, a top executive has warned. Kathleen Reardon, chief executive officer of Hamilton Re, said that more than a third of premiums written were used to fund the distribut...
Dec 18, 2014
Reinsurance

TRIA expiry to give terrorism insurance market ‘painful test’

The US Government programme that backstops insurance losses from terrorism acts is set to expire at the end of this year — sending shock waves through the insurance industry which overwhelmingly expected the US Congress to extend it. The attempt to r...
Dec 18, 2014
Reinsurance

Martin becomes the first woman to chair BFIS

Gail Martin has been appointed chairwoman of the Bermuda Foundation For Insurance Studies (BFIS) — the first female to hold the post. The donor members of BFIS appointed Mrs Martin at the foundation’s annual general meeting this week. She is a vice-...
Dec 18, 2014
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