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Bermuda becomes first UK Overseas Territory to sign landmark agreements with US and UK

Bermuda, North America, UK18-12-2017

Bermuda has become the first UK Overseas Territory to sign Country-by-Country Competent Authority Agreements with the UK and US. Both recent agreements comply with OECD Base Erosion and Profit Shifting (BEPS) tax-transparency standards.

Kuvare Life Re completes $850m deal covering fixed annuity reserves

Bermuda, North America18-12-2017

Bermuda-based Kuvare Life Re, a subsidiary of US Kuvare Holdings, will assume approximately $850 million of fixed annuity reserves in a reinsurance transaction with an international unnamed insurance company.

Argus Group suffers losses but secures upgrade


Bermuda insurer Argus Group suffered a loss in the six months ending September 30, 2017, but the firm has secured an upgrade to its financial strength rating by AM Best.

Fidelis invests in new MGA Firestone Surety


Fidelis Insurance, the a privately owned Bermuda company that writes a number specialty insurance and reinsurance products, has taken an equity stake in a new MGA Firestone Surety and will be providing underwriting capacity.

Lumen Re secures ‘A’ rating following switch to Class 3A reinsurer


Lumen Re, a specialist Bermuda-based collateralised reinsurer formerly known as Collateralised Re, has secured a financial strength rating of A (Excellent) from AM Best. The outlook on the rating is stable.

Hamilton Underwriting hires new head of casualty

Bermuda, London15-12-2017

The Lloyd’s operation of Bermuda-based Hamilton Insurance Group has hired a new head of casualty from Novae Insurance.

Willis, RenRe and Marsh execs take prominent roles at BDA


The Bermuda Business Development Agency (BDA) has made a number of changes to its board including the appointment of a new chair and vice chair while a former director of licensing and authorisations at the Bermuda Monetary Authority (BMA) has joined as a director.

Bermudian reinsurers face lower renewal rates than expected


Reinsurance January rate increase expectations are slowly deflating in a late renewal season, analysts from Keefe, Bruyette & Woods (KBW) suggested following investor meetings with key Bermudian re/insurers.

IFRS 17 may alter insurers’ strategy


The major overhaul of insurance accounting that will be triggered by IFRS 17 could influence insurers' business models, which may in turn affect their credit profiles, according to Fitch Ratings.

Third Point Re reshuffles its board


Third Point Reinsurance has made a change to its broad of directors. The managing director of its founding private equity investor has stepped down and been replaced by the founder of Fidelis Insurance.

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