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Insurance

Reinsurance

"Catalina acquires US insurer"

Catalina Holdings (Bermuda) Ltd has announced that it has completed the acquisition of Residential Loss Control Holdings, LLC (RLCH) following regulatory approval from the Colorado and Hawaii Departments of Insurance. RLCH owns two risk retention gro...
Oct 17, 2011
Reinsurance

"Tax threat to reinsurers as Neal bill rears it head again"

US Congressman Richard Neal and US Senator Bob Menendez have reintroduced legislation that aims to levy more US taxes from some Bermuda reinsurance groups. The Neal bill, which was referred to the House of Representatives Committee on Ways and Means ...
Oct 14, 2011
Reinsurance

"XL expects up to $120m in cat losses"

Meanwhile Bermuda-based Alterra Capital Holdings Ltd expects to take a $20 million to $30 million hit from Hurricane Irene and other catastrophe events during the third quarter of 2011. The insurer announced yesterday that the initial loss estimates ...
Oct 13, 2011
Reinsurance

"Montpelier, Aspen estimate cat losses"

Montpelier Re Holdings Ltd expects to take a hit of $70 million from catastrophes in its third-quarter results. That total comprises $30 million from US events including Hurricane Irene and the Texas wildfires, $20 million from US regional aggregate ...
Oct 13, 2011
Reinsurance

"Platinum sees $112m in cat losses"

Bermuda-based reinsurer Platinum Underwriters Holdings yesterday said it expects to book $112.4 million in catastrophe losses in its third-quarter results. Some of these losses relate to increases in its loss estimates for catastrophes that occurred ...
Oct 12, 2011
Reinsurance

"New insurance corporations rise to 35"

The number of new insurance companies formed in Bermuda this year rose to 35 nine more than the same time in 2010. Special Purpose Insurer Vecta I Ltd was set up by Aurigen Services Ltd on August 29, with the company’s registration being issued retro...
Oct 11, 2011
Reinsurance

"O’Hara warns of litigation threat from wave of new US regulation"

Former XL Group chief executive officer Brian O’Hara yesterday warned a group of insurance industry professionals that history could repeat itself in the form of growing damages awards facilitated by a raft of new regulations in the US. Mr O’Hara was...
Oct 11, 2011
Reinsurance

"Insurers’ market value plunges as shares fall across the board"

The market value of Bermuda’s international re/insurance companies plunged by hundreds of millions of dollars on Friday as their shares slumped. Their decline was more severe than the fall in the wider market and followed the downgrading of the sover...
Oct 10, 2011
Reinsurance

"RAM Holdings post $1.5m loss"

Bermuda-based RAM Holdings Ltd has reported a net loss of $1.5 million or six cents per share for the second quarter of 2011. This compares to a profit of $26.3 million or $1 per share for the same period in 2010. Net income for the first six months ...
Oct 06, 2011
Reinsurance

"Eisenson replaces Dwyer on Montpelier board"

Montpelier Re Holdings Ltd has announced that Clement Dwyer has resigned from the company’s board of directors, effective from September 30, 2011. Mr Dwyer has served on the board since 2006. Michael Eisenson has been appointed as his replacement, e...
Sep 29, 2011
International Business

"Bermuda group flies the flag at Chicago captive conference"

Bermuda’s business leaders were out in force at the Captive Live USA conference held in Chicago this week. The event, which was sponsored by Business Bermuda and ran from Monday to Tuesday, was attended by Shelby Weldon, director of insurance licensi...
Sep 29, 2011
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