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Insurance

Reinsurance

"Big freeze in UK costs Hiscox $25m"

Bermuda-based re/insurer Hiscox Ltd said the big freeze in the UK late last year will cost the company an estimated £16 million ($25.4 million). In a statement yesterday, the company also said that its operating platform on the Island, Hiscox Bermuda...
Jan 27, 2011
Reinsurance

Assured Guaranty shares fall 6.3% on S&P proposals

Shares of Bermuda-based bond insurer Assured Guaranty fell 6.3 percent yesterday on concerns that its financial strength rating could be downgraded on new criteria proposed by ratings agency Standard & Poor’s. S&P said on Monday that it came up with ...
Jan 26, 2011
International Business

"Guernsey opts not to pursue Solvency II equivalence"

Guernsey will not be seeking Solvency II equivalence, with the island’s financial regulators raising doubts over the benefits of mutual recognition status for its captive industry, according to a report in Business Insurance. The States of Guernsey ...
Jan 26, 2011
International Business

"Bermuda still top captive domicile but Vermont is chasing hard"

Bermuda remains the number one domicile for captive insurance companies despite an upsurge in business for rivals like Vermont in the US. Thirty-three new captives were set up in the State of Vermont last year as it surpassed the 900 milestone follow...
Jan 25, 2011
Other

"Redundancies on increase in tough economic times"

With job cuts being announced weekly in Bermuda, it is appropriate to spend some time discussing the consequences of redundancy. In order for a position to be declared redundant, a condition of redundancy has to be present. The redundancy must be par...
Jan 24, 2011
International Business

"XL Group’s capital position improvement noted by Fitch"

Fitch Ratings has noted improvements in XL Group’s capital position and affirmed the insurer financial strength rating of A of its operating subsidiaries. The Ireland-domiciled business insurer, which has substantial operations in Bermuda, has “solid...
Jan 24, 2011
International Business

"Fitch: Bermuda insurers well placed to face market challenges"

Bermuda's re/insurance market remains strong and - despite the challenges of the current highly competitive market - should be well placed to capitalise on a future upturn. That is the view of Fitch Ratings, which yesterday published its “Bermuda 201...
Jan 20, 2011
International Business

"Insurers face big bill from Aussie flood"

Insured losses from the recent flooding in Australia could top $6 billion, and earnings estimates for Bermudian reinsurers are at risk as a result, Barclays Capital said yesterday. Barclays analyst Jay Gelb cited early estimates for $4 billion of los...
Jan 20, 2011
International Business

"Bermuda insurers face continuing tough market, say AM Best experts"

Bermuda’s non-life insurers are facing challenging market conditions - and there is no sign of an improvement in the near future. That is the view of insurance industry analysts from credit rating agency AM Best, who discussed the Bermuda market in a...
Jan 14, 2011
International Business

"Ironshore forms Europe unit in Dublin"

Bermuda-based insurer Ironshore has expanded its global network with the formation of Ironshore Europe Ltd, which will be domiciled in Dublin, Ireland. Fiona Marry has been appointed CEO of the new insurer, reporting to the Ironshore Europe board cha...
Jan 06, 2011
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