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Insurance firm Ace has agreed to buy out a major US-based insurer in a $28.3 billion deal. The move means Ace, which has an office in Bermuda, will have a 70 per cent stake in New Jersey-based Chubb after the deal closes. The new firm will use the Ch...

It is understandable why one might be tempted in Bermuda to be caught up entirely on local issues and focused on what meets us right in the face. Being an isolated oceanic island makes that approach to life more likely but we would be guilty of being...

Changes to the Island’s insurance legislation were approved in the House of Assembly last night with the support of both parties. The Insurance Amendment (No 2) Act 2015, tabled by Finance Minister Bob Richards, is intended to clarify and strengthen ...

NEW YORK (Bloomberg) — Maurice “Hank” Greenberg said that his partial victory in a lawsuit tied to American International Group’s bailout isn’t enough, and that he’s seeking financial damages to hold the government accountable. “Our Constitution is a...

The meteoritic rise in the use of unmanned flying drones present challenges and opportunities for insurers, according to Marsh. In its report, “Dawning of the Drones: The Evolving Risk of Unmanned Aerial Systems”, the insurance broking and risk manag...

A webinar spotlighting the advantages to US corporations of setting up a captive insurance company in Bermuda will be presented next week by the Bermuda Development Agency (BDA) and industry partners. “This is our second webinar, following a successf...

Marsh & McLennan Companies’ president and CEO Dan Glaser met with Premier Michael Dunkley yesterday during a visit to the Island. “Bermuda is a key international hub for reinsurance. With three offices in Bermuda, Marsh & McLennan Companies is proud ...

NEW YORK (BestWeek) — Three out of four insurers aren’t prepared for driverless vehicles, and one-third haven’t done anything about an industry change that could be near, according to a KPMG summary of a survey looking at automobile insurance in a ti...

The insurance industry is at a crossroads, warns a new report. And the survey by professional services firm PwC said that insurance and reinsurance face more upheaval than any other financial services sector. The report, entitled Insurance 2020 and b...

Scenarios with all the ingredients of a Hollywood disaster movie are now being covered by the insurance-linked securities (ILS) market. From volcanoes and earthquakes rocking New York, Boston, and Washington DC, to a large space rock devastating part...

Major flooding in southern regions of the US and parts of Australia, a killer heatwave in India and a powerful earthquake in Nepal were among the costliest catastrophes in May. Texas and Oklahoma endured the wettest May on record, with flooding hitti...

Bermuda’s captive insurance industry will have to keep a close eye on international tax rules, an expert said yesterday. Richard Irvine, tax leader at professional services firm PwC, said: “Captives in Bermuda will need to continue to monitor the eve...