News relating to the Bermuda and international insurance and reinsurance industry.
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.
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.
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 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, 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.
The Lloyd’s operation of Bermuda-based Hamilton Insurance Group has hired a new head of casualty from Novae Insurance.
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.
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.
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 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 The managing director of its founding private equity investor has stepped down and been replaced by the founder of Fidelis Insurance.