News relating to the Bermuda and international insurance and reinsurance industry.
The results of specialty insurer, Torus’s second annual survey of the management liability and professional lines market predicts that rate increases are on the cards for 2013.
Ironshore’s professional liability division, IronPro is introducing a Highly Protected Information (HPI) product that will provide IT coverage and specialist assistance to SMEs affected by cyber attacks.
Bermuda re/insurer, ACE has appointed Edward Kopp as its deputy president and chief operating officer for Korea.
Business Bermuda, the organisation tasked with promoting the Island’s business credentials internationally, hosted its latest annual conference in New York last week on the future of offshore business.
Endurance and Tokio Millenium Re (TMR) have both made significant contributions to programmes benefiting children in Bermuda.
Validus sources have indicated that the company intends to purchase all issued and outstanding shares from Flagstone Re, with Flagstone shareholders receiving 0.1935 of voting common shares and $2 in cash for each Flagstone share.
Montpelier Re announced on August 19 that it has acquired the renewal rights of Torus’s property cat reinsurance business, with Torus continuing its involvement in the business through a sidecar arrangement.
Three reinsurers—Berkshire Hathaway following in the earlier footsteps of Allied World and Validus— pursue a deal with New York-based Transatlantic Re in what has become an increasingly acrimonious affair.
Aspen Insurance Holdings announced that co-founder Julian Cusack will be stepping down from his position as chief risk officer, effective immediately.
Bermuda formations slowed somewhat in July to eight new registrations, according to statistics from the Bermuda Monetary Authority.