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London insurance insiders yesterday admitted that the City lagged far behind Bermuda in its bid to carve out a slice of the lucrative insurance-linked securities business. Draft UK regulations on ILS were issued last month, and the Prudential Regulat...

The Bermuda Foundation for Insurance Studies aims to raise more than $2 million next year to help fund its programmes. The charity said its endowment fund at present stood at just under $5 million. But David Souter, BFIS treasurer, said that the orga...

Two new reinsurance firms were last month registered in Bermuda. The Bermuda Monetary Authority said Bonanza Re, a special purpose insurer, and Transportation Reinsurance Underwriting Company of Kentucky, a Class 3 insurer, were the new November addi...

Rating agency AM Best said yesterday the outlook for the reinsurance industry next year remained gloomy. AM Best said it would hold its outlook at “negative” and blamed continuing market challenges which will hit positive rating actions — which could...

Insurer Neon has appointed two industry veterans as non-executive directors of its Bermuda arm. Tom Hulst, who more than 20 years’ experience in insurance and reinsurance, most recently as CEO of Ariel Re, and Gavin Hunter, who most recently was chai...

Bermuda-based Oil Insurance is to pay a $200 million dividend to its members. The cash, to be paid out at the end of the month, is in addition to the $200 million it gave back to members at the end of March. The mutual insurer for the energy industry...

Aspen Insurance Holdings Ltd has announced that it will renew its Bermuda special purpose insurer Silverton Re for 2017 with $130 million in capital. The Bermudian-based insurer and reinsurer set up Silverton in three years ago through its Aspen Cait...

Reform of a government-run flood insurance programme will bring new opportunities in the US for Bermuda reinsurers. The National Flood Insurance Programme is $23 billion in debt with the American taxpayer on the hook and legislators are looking for w...

Kevin O’Donnell, chief executive officer of RenaissanceRe Holdings Ltd, has been elected chairman of the Association of Bermuda Insurers and Reinsurers for a two-year term beginning January 1, 2017. Mr O’Donnell succeeds Stephen Catlin, the XL Catlin...

Insurance industry veteran Brian Duperreault took part in a global virtual town hall meeting aimed at attracting younger people into the sector. Mr Duperreault, Hamilton Insurance Group chairman, joined other CEOs, including Inga Beale, of Lloyd’s of...

Hiscox’s leader in Bermuda, Jeremy Pinchin, is to return to Britain next year. After five years heading up the specialist global insurer’s operations on the island, Mr Pinchin is returning to London to continue in his role as Hiscox Group claims dire...

Bermudian-based Endurance Specialty Holdings Ltd has, through Endurance US Insurance, introduced a new excess casualty product for commercial transportation clients, distributed through a limited network of wholesale brokers specialising in the trans...