Bermuda

Fitch warns Bermuda’s benefits to reduce on global tax change

Bermuda’s advantageous tax status for the (re)insurance industry will be reduced at the margin with the expected passage of an Organisation for Economic Cooperation and Development (OECD) multilateral agreement to establish a 15 percent global minimum tax rate, Fitch Ratings has commented.

Lockton Re hires Gallagher Re’s Bousfield as senior broker

Lockton Re has appointed Patrick Bousfield as a senior broker within its Bermuda office.

Ed continues Bermuda expansion with Juul hire

Ed Broking has continued to build out its operations in Bermuda with the appointment of Kristina Juul as head of casualty.

McGill and Partners to open Bermuda office with Vacher as CEO

McGill and Partners is to launch a Bermuda operation with Kate Vacher appointed CEO of the new office.

Everest in $1bn debt issue to support long-term strategic objectives

Everest Re has priced an offering of $1bn of senior notes which the Bermudian reinsurer said will be used for general corporate purposes “in line with the company’s long-term strategic objectives”.

Bullish about Bermuda

In March this year, The Insurer was fortunate enough to visit Bermuda – the (re)insurance industry’s island in the sun. While the rest of the world was beginning to wake up from its Covid-19 slumber, this bustling little island in the Atlantic Ocean was full of life and optimism.

Coralisle to buy Barbados-based insurer Massy United for $90.5mn

Bermuda-based regional insurer Coralisle Group has announced the acquisition of Barbados-sited Massy United Insurance for $90.5mn.

Fortitude Re to acquire Prudential legacy variable annuities book in $2.2bn deal

Fortitude Re has agreed a $2.2bn deal to acquire a portion of Prudential Financial’s in-force legacy variable annuity block as the run-off specialist continues to build out its market footprint.

Ark finally lands Validus Re big beasts Clements and Silvester

Ark Bermuda’s new CEO and chief underwriting officer Jeff Clements and head of property reinsurance Chris Silvester officially joined the business late last week after a year spent in the garden following their exit from Validus Re, The Insurer can reveal.

Former Axa XL property specialist Kempe confirms Vantage switch

Axa XL’s former head of US property, London reinsurance Megan Kempe has joined Bermudian start-up Vantage Risk, confirming a move first reported by The Insurer back in May.

Sompo International confirms Weston arrival from Aon

Sompo International has confirmed the hire of Neville Weston from Aon’s Reinsurance Solutions, a move that The Insurer first revealed back in June.

Bermuda (re)insurers paid out $400bn+ in claims to US clients since 1997

Bermuda-based insurers and reinsurers paid out more than $400bn to policyholders and cedants in the US for large catastrophes, P&C losses and life insurance claims from 1997 to 2020.

Bermuda (re)insurers paid out $65bn+ in claims to EU clients

Bermuda-based insurers and reinsurers paid out more than $65bn to policyholders and cedents located in the European Union (EU), for both property and casualty (P&C) and life insurance claims in the period from 1997 to 2020, according to the Bermuda Monetary Authority (BMA).

ASR’s new Bermuda reinsurer handed B++ rating by AM Best

AM Best has assigned Africa Specialty Risks’ (ASR) newly-formed Bermuda-based reinsurance platform ASR Re a financial strength rating of B++ (Good).

WTW names Beasley head of Bermuda office

Willis Towers Watson has announced Kirsten Beasley will head up its Bermuda office, having led the broker’s operations on the island on an interim basis since March.

IGI misses consensus in Q2 amid heightened AY loss ratio

International General Insurance Holdings ended 2021’s second quarter with earnings that missed analysts’ expectations as an increase in its current accident year loss ratio took its toll, although net premiums written (NPW) increased amid rate increases that averaged almost 13 percent across its book.

EY Bermuda’s Moncrieff: OECD tax changes likely to be reflected more in pricing than business changes

The recent historic OECD statement providing a framework for reform of the international tax rules has significant implications for multinationals with operations in Bermuda and businesses headquartered on the island but the extent of any impact is not yet clear, EY’s Robert Moncrieff has told this publication.

Enstar CFO Wolf departs after a year as Gregory steps up on interim basis

Enstar Group’s chief financial officer Zachary Wolf is leaving the Bermuda-based legacy specialist some five months after taking on the role and just over a year after he first joined from AmTrust, with current chief operating officer Orla Gregory appointed acting CFO in response.

Primed-for-growth legacy specialist Fortitude Re assigned FSR of A by AM Best

Fortitude Re has been assigned a financial strength rating (FSR) of A (Excellent) by AM Best as the run-off carrier readies itself for growth and looks to build upon its early success of posting an operating profit each year since incorporation.

Maiden posts Q2 operating profit as reserve releases push UW income

Maiden Holdings posted a sixth successive quarter of operating profitability in Q2 2021 as the Bermudian company benefited from favourable prior year loss development that fuelled a swing to underwriting profit in the period.

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