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Financial and business service

Reinsurance

"BMA gives life insurers more time for new capital requirements"

The Bermuda Monetary Authority (BMA) is giving commercial Long-Term (life) insurers an additional year to transition towards revised capital requirements. These are companies that provide reinsurance capacity for large, mainly US life insurers. Direc...
Sep 20, 2012
Reinsurance

"BII names Walker its first CEO"

The Bermuda Insurance Institute announced the appointment of Dawnelle Walker as its first ever chief executive officer. Ms Walker is a Bermudian and is currently senior manager (vice president) for Learning & Development at HSBC Bank of Bermuda Ltd....
Sep 19, 2012
Reinsurance

"Typhoon Sanba losses expected to be minimal"

Typhoon Sanba made landfall as a Cat 1 storm on Monday in Goseong in the South Gyeongsang Province of South Korea, but insured losses from the event are expected to be minimal, according to catastrophe modellers EQECAT and AIR Worldwide. Last week, T...
Sep 19, 2012
Reinsurance

"Hannover Re closes Eurus III cat bond"

HANNOVER, GERMANY (Reuters) — Hannover Re has sold 100 million euros ($136.86 million) of cat bond notes to investors that will cover the world's fourth-largest reinsurer against extreme losses from European windstorms, investors said on Friday. The ...
Sep 18, 2012
International Business

"GM executive: Bermuda’s captive industry is ‘unparalleled’"

Bermuda’s captive industry is “unparalleled”, making it the preferred location for US and Canadian companies looking for a captive domicile. This is the view of Alan Gier, Global Director of Insurance & Risk Management at General Motors, a Fortune 50...
Sep 17, 2012
Opinion Writer

"Bond values and interest rates explained"

Bond values and interest rates related to government debt (called sovereign bonds) have been featured repeatedly in finance news for months. Headline focus has been eastward on Euro zone countries, such as Italy, which has been challenged with higher...
Sep 15, 2012
Personal Finance

"‘Quantitative easing’ means inflation now and in the future"

QE3 means easy money for the US economy but the extra money is creating the inflation that we see now and in the future, at the supermarket checkout. The US looks on the brink of another round of QE. The trouble is, this financial boosting measure ...
Sep 15, 2012
Politics

"Cox and Clinton share New York stage"

Premier Paula Cox shared the stage with former US President Bill Clinton for almost an hour yesterday, after taking on the formidable task of introducing the popular former US President and great orator as the keynote speaker for the C3 Summit on US-...
Sep 14, 2012
Reinsurance

"Insurance CEOs to gather next week at BII conference"

The upper echelon of Bermuda’s re/insurance industry will come together for a two-day conference next week to discuss how the market here can retain its competitive edge. CEOs and senior executives from many of the Island’s large re/insurers and brok...
Sep 13, 2012
Reinsurance

"Third Point to raise $250m for cat fund"

Bermuda-based reinsurer Third Point Re is aiming to raise $250 million by the end of this year to capitalise a new fund to underwrite property and catastrophe business. John Berger, CEO of the hedge fund-backed start-up which launched operations in B...
Sep 13, 2012
Reinsurance

"Reinsurance companies face triple threat, says Flandro"

The reinsurance sector could be heading for a fall if three key risks to the industry become reality in the coming years, according to Guy Carpenter’s David Flandro. Growing catastrophe risk in the developing world, the chance of interest rate rises ...
Sep 13, 2012
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