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Insurance

Reinsurance

"American Safety estimates losses up to $7m in first quarter"

American Safety Insurance Holdings Ltd. has announced it expects to report pre-tax losses of between $5 million and $7 million from the New Zealand earthquake and other events in the first quarter. The insurer said that catastrophe losses within the ...
Apr 08, 2011
Reinsurance

"Amlin first quarter losses could top $444.5 million"

LONDON (Reuters) - British insurer Amlin said its natural disaster losses in the first quarter could be as high as £275 million ($444.5 million), including a hit of up to £150 million from the Japanese earthquake. Amlin, the biggest listed insurer op...
Apr 08, 2011
Reinsurance

Hardy estimates losses up to £12m from Japan earthquake

Hardy Underwriting Bermuda Ltd has estimated a total net loss of between £9 million and £12 million from last month’s Japanese earthquake and tsunami. The Bermuda-based re/insurer said the losses would come from its property treaty portfolio and pred...
Apr 07, 2011
Reinsurance

"Ace completes Hong Kong acquisition"

Ace Ltd has announced the completion of its acquisition of New York Life’s Hong Kong operations for approximately $350 million in cash. The original October 2010 purchase agreement with New York Life was amended to allow for separate closings for th...
Apr 07, 2011
Reinsurance

"Gralla declines position on Ram board"

Bermuda-based Ram Holdings Ltd and Ram Reinsurance Company Ltd. have announced Steve Gralla will be unable to accept his appointment to the Ram Re board of directors. Mr Gralla has informed RAM Re that he would not be able to take up the position fol...
Apr 07, 2011
Reinsurance

"Alterra launches New Point IV sidecar"

Bermuda-based Alterra Capital Holdings Ltd has announced the formation of New Point IV, a sidecar vehicle established to create additional capacity for the property catastrophe collateralised reinsurance market. New Point IV has been sponsored by Alt...
Apr 07, 2011
Reinsurance

"Montpelier anticipates $126m in quake losses"

Montpelier Re Holdings Ltd has announced a preliminary loss estimate of $126 million from the March 2011 earthquake and tsunami in the Tohoku region of Japan. Montpelier also assumes a $25 billion industry loss.
Apr 07, 2011
Reinsurance

"Reinsurers’ shares hit record highs on rate rise hopes"

Shares of several Bermuda re/insurers hit record levels yesterday as investors bet a string of recent catastrophes may push up prices across the industry. RenaissanceRe, Validus Holdings and Arch Capital all touched all-time highs in New York Stock ...
Apr 05, 2011
Other

"British American policyholders to vote on repayment plan"

British American life insurance policyholders today moved a step closer to receiving refunds on premiums they paid into the defunct company. Millions of dollars invested by Bermudian families are tied up in British American Insurance Company, which w...
Apr 03, 2011
International Business

"Ironshore sets up new division in Canada"

Bermuda-based insurer Ironshore has set up a new Specialty Casualty division in Canada to underwrite insurance coverages for General Liability, as well as umbrella and excess liability programmes. Stephen Stewart has been named vice-president to hea...
Mar 29, 2011
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