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Insurance

Reinsurance

"Argo posts net loss of $12.1m"

Argo Group International Holdings Ltd made a net loss of $12.1 million for the third quarter of 2011 as natural catastrophes took their toll on the company’s bottom line. That compared to a net income of $23 million during the same period last year. ...
Nov 05, 2011
Reinsurance

"Q Re set to fold after Soros pulls funds"

Bermuda-based reinsurer Q Re is set to close after billionaire backer George Soros unexpectedly pulled his funds. The decision to close was taken on Wednesday, according to a report in London-based Trading Risk. Q Re was founded last year by two for...
Nov 04, 2011
Other

"British American policyholders will get some money by year-end"

Life insurance policyholders of the folded British American Insurance Company (BAICO) can expect to receive some money before the end of this year. Stephen Lowe, the Official Receiver, said that discussions were ongoing over the sale of 133 Front Str...
Nov 04, 2011
Reinsurance

"Allied World takes a hit on investments"

Allied World Assurance Company Holdings AG made a net loss of $11 million during the third quarter of 2011 after its trading investment portfolio took a hit from declines in the market. The Swiss-based company had previously reported net income of $2...
Nov 04, 2011
Other

"British American policyholders set for one-off payment"

Life insurance policyholders of British American Insurance Company (BAICO) will receive a one-off payment once the sale of the company’s building is concluded. Stephen Lowe, the Official Receiver, said that discussions were ongoing over the sale of t...
Nov 03, 2011
Reinsurance

"Maiden profits fall 13.5%"

Maiden Holdings Ltd’s third-quarter net income fell 13.5 percent to $16 million in the third quarter. The Bermuda company’s CEO Art Raschbaum hailed another quarter of steady growth for Maiden, which does not have the exposure to natural disasters th...
Nov 03, 2011
Reinsurance

"PartnerRe profits fall by two thirds"

PartnerRe’s third-quarter profit dropped by two-thirds to $180.1 million. The Bermuda reinsurer also announced a loss of $502.6 million for the first nine months of the year after catastrophe losses in excess of $1 billion. The company’s chief execut...
Nov 01, 2011
Reinsurance

"Primus adds $25m to buyback plan"

Bermuda-based Primus Guaranty Ltd has announced that its board of directors has approved an increase of $25 million to its buyback authorisation to repurchase outstanding common shares and seven percent senior notes due in 2036. The repurchases can b...
Oct 31, 2011
Reinsurance

"Fitch gives Platinum ratings negative outlook"

Fitch Ratings has affirmed the ratings of Platinum Underwriters Holding Ltd and its subsidiaries and revised the company’s rating outlook to negative from stable. The revision in the outlook reflects Platinum’s recent underwriting performance which h...
Oct 28, 2011
Reinsurance

"Endurance makes loss of $20 million"

Bermuda-based re/insurer Endurance Specialty Holdings last night reported a net loss of $20 million for the third quarter. The company’s resulted by impacted by nearly $100 million of catastrophe losses, as Endurance had announced earlier this month....
Oct 28, 2011
Reinsurance

"Aspen’s earnings plunge to $22.2m"

Aspen Insurance Holdings’ profits fell 76.1 percent weighed down by catastrophe losses during the third quarter and increased estimates from the first and second quarters. The company made a net income of $22.2 million or 23 cents per share for the q...
Oct 28, 2011
Reinsurance

"Hedge fund to set up new reinsurer in Bermuda"

BOSTON (Reuters) - Steven A Cohen, who built one of the world’s biggest and most successful hedge funds, is branching out and plans to set up his own reinsurance firm in Bermuda next year, two people familiar with the matter said. Cohen, who runs $14...
Oct 28, 2011
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