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Insurance

International Business

"Oklahoma tornado may cost insurers up to $3.5 billion - RMS"

Damage estimates for the powerful tornado that struck Moore, Oklahoma last week are increasing with disaster modelling firm Risk Management Solutions Inc now saying the twister may have caused as much as $3.5 billion in insured losses. The firm says...
May 31, 2013
Other

"Insurance leaders honoured at BII industry awards event"

Some of the insurance industry’s strongest standouts were recently recognised for their leadership skills and contributions to the industry and Bermuda at the Bermuda Insurance Institute’s (BII) 15th annual Insurance Industry Awards Event. Honoured a...
May 31, 2013
Other

"CATCo: Sandy loss estimate unchanged"

CATCo Reinsurance Opportunities Fund reported that estimated losses for last year’s Hurricane Sandy are unchanged at $18.75 billion. A specialist Bermuda reinsurance-linked investment manager, CATCo says this is the third re-survey loss estimate issu...
May 30, 2013
Local Business

"Depositors to have safety net by year’s end"

A Deposit Insurance Scheme (DIS) designed to protect banks and credit union depositors if the institution holding the money fails, should be fully operational by the end of this year, according to a Finance Ministry spokesperson. The spokesman said ...
May 30, 2013
Other

"Allied World’s casualty practice expands"

Allied World Assurance Company, Ltd this week announced that Allied World Bermuda is expanding its general casualty practice with the addition of two new vice presidents, Kimberly Pursell and Michael Watkins. The general casualty group is led by Patr...
May 30, 2013
International Business

"Charman replaces Cash as Endurance CEO"

Bermudian David Cash has stepped down as Endurance’s chief executive officer and as a member of the board, with former Axis Capital CEO John Charman replacing him. The Bermuda-based specialty insurer and reinsurer Endurance Specialty Holdings has ele...
May 28, 2013
International Business

"Opportunity knocks for student interns"

Bermudian students who are considering careers in the insurance field began a three-week summer intern programme with the Bermuda Foundation for Insurance Studies yesterday. Now in its 13th year, the BFIS initiative is designed to give the students ...
May 28, 2013
International Business

"Legislation to tax Bermuda reinsurers resurrected in US Congress"

The offshore reinsurance tax debate has been revived with the introduction of two new bills in the US Congress. Two American lawmakers have reintroduced legislation that would end a tax break they say favours foreign insurers — including those based...
May 27, 2013
International Business

"ILS Capital Management adds specialty reinsurance team"

Bermuda-based ILS Capital Management, Ltd, an investment management company that specialises in investing in collateralised reinsurance and insurance-linked securities (ILS), has announced it is expanding and adding a specialty reinsurance team. ILS...
May 23, 2013
International Business

"MetLife to repatriate Bermuda reinsurance unit"

MetLife, the largest life insurer in the US, is to repatriate a Bermuda offshore reinsurance unit. The move to bring Exeter Reassurance back to America would make its business more transparent and it pleases US regulators. MetLife said it plans to me...
May 23, 2013
International Business

"Oklahoma tornado losses could top $2 billion"

The massive tornado that tore through the town of Moore, Oklahoma, on Monday afternoon did an estimated $2 billion in damage, putting it on track to become the most expensive tornado in US history. That’s according to the preliminary damage estimate ...
May 23, 2013
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