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Insurance

Reinsurance

"BSX boosted by Munich Re’s $100m ILS"

German reinsurance giant Munich Re has listed a $100 million insurance-linked security (ILS) on the Bermuda Stock Exchange (BSX) through its Irish special purpose vehicle. In a statement released yesterday, the BSX said its Listing Committee had appr...
Mar 24, 2011
Reinsurance

"Platinum set to gain from catastrophe bond protection"

Platinum Underwriters Holdings Ltd has announced preliminary loss estimates totalling $160 million for last month’s New Zealand earthquake and the Australian floods and Cyclone Yasi earlier this year. The Bermuda reinsurer believes that its Topiary C...
Mar 24, 2011
Reinsurance

"XL Re teams up with Aon Benfield to upgrade system"

XL Re, the global reinsurance operations of XL Group plc, has teamed up with Aon Benfield to become the first local reinsurer to successfully implement automated accounts and cash transactions using Association for Cooperative Operations Research and...
Mar 24, 2011
Reinsurance

"Munich Re sees $2.1b loss from Japan disaster"

frankfurt (Bloomberg) Munich Re, the world’s biggest reinsurer, dropped its 2011 profit target after estimating the company’s claims from the earthquake and tsunami in Japan will reach about 1.5 billion euros ($2.1 billion). The first quarter’s “majo...
Mar 23, 2011
Other

"Munich Re $100m issuance lists on BSX"

German reinsurance giant Munich Re has listed a $100 million insurance-linked security (ILS) on the Bermuda Stock Exchange (BSX) through its Irish special purpose vehicle. In a statement released today, the BSX said its Listing Committee had approved...
Mar 23, 2011
Other

"Bermuda-based insurer mulls bankruptcy"

Bermuda-based insurer Majestic Capital Ltd and its subsidiaries intends to file for bankruptcy in Bermuda and the US after its proposed merger with Bayside Capital Partners fell through. Bayside cited a material deterioration in Majestic Capital's ca...
Mar 21, 2011
Reinsurance

"AIG estimates $1b in first quarter catastrophe losses"

NEW YORK (Reuters) - Bailed-out insurer American International Group (AIG) said it would post an estimated $1 billion in pre-tax catastrophe losses in the first quarter, mostly from exposure to the March 11 earthquake in Japan. AIG said its exposure ...
Mar 21, 2011
Reinsurance

"Omega shares rise 18% on takeover bid"

Shares of Bermuda-based Omega Insurance shot up 18 percent on Friday, as the insurer confirmed that more than one company has expressed interest in taking it over. Omega received a bid from privately-owned rival Canopius in January and on Friday the ...
Mar 21, 2011
Reinsurance

"Argo estimates losses up to $45m for New Zealand earthquake"

Bermuda-based re/insurer Argo Group International Holdings Ltd estimated that its pre-tax losses from last month’s earthquake in New Zealand will be in the range of $35 million to $45 million. The earthquake caused massive damage in the city of Chris...
Mar 21, 2011
Other

"Argo sees up to $45m loss from NZ quake"

Bermuda-based re/insurer Argo Group International Holdings Ltd today estimated that its pre-tax losses from last month’s earthquake in New Zealand will be in the range of $35 million to $45 million. The earthquake caused massive damage in the city of...
Mar 18, 2011
Reinsurance

"Everest sees quake and flood losses up to $285m"

Everest Re Group Ltd has issued preliminary loss estimates of between $140 million and $210 million for last month’s New Zealand earthquake. The company also expects gross losses of $45 million in the first quarter due to this year’s Australian flood...
Mar 18, 2011
Other

"Omega confirms takeover approaches as shares rocket"

Shares of Bermuda-based insurer Omega Insurance shot up 18 percent today, as the insurer confirmed that more than one company has expressed interest in taking it over. Omega received a bid approach from privately-owned rival Canopius in January and y...
Mar 18, 2011
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