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Bermuda re/insurer Montpelier Re Holdings Ltd has agreed to sell its US excess and surplus lines business to Selective Insurance Group in a deal worth $55 million. The sale of Montpelier US Insurance Company (MUSIC) will allow the company to allocate...

XL Insurance, the global insurance underwriting operations of XL Group plc, has announced an increase in its property insurance capacity from $600 million to $750 million. Joseph Tocco, head of XL Insurance’s North America Property unit, said: “More ...

Mark Byrne believes the deal that would give him a 25 percent stake in Bermuda-based insurer Omega Insurance Holdings Ltd is “80 percent there”. If the £50 million ($78.4 million) deal goes through within the next few weeks, the founder of Flagstone ...

NEW YORK (Bloomberg) Transatlantic Holdings Inc is rejecting a $3.25 billion takeover offer from Warren Buffett’s Berkshire Hathaway Inc that was set to expire yesterday. “The Transatlantic board of directors does not believe the all-cash proposal, a...

Allied World Assurance Company Holdings AG has announced it terminated its $2.94 billion merger agreement with reinsurer Transatlantic Holdings Inc. Under the terms of the agreement, Allied World will receive a termination fee of $35 million plus $13...

Concern about Bermuda’s political environment was one of the reasons that companies decided to move away from the Island over the past four years, but no longer so. That is the view of Mark Byrne, the founder of Class of 2005 start-up Flagstone Re, s...

Reinsurance executives gathered in Monte Carlo this week believe there are good reasons why property and catastrophe rates should rise but there is less confidence that there will be any broader market turn. Massive catastrophe losses, estimated as h...

The Bermuda Stock Exchange (BSX) has announced that the value of Insurance Linked Securities (ILS) listed on the BSX has doubled in the past year and has now surpassed the $2 billion mark for the first time. The Exchange has been striving to attract ...