News relating to the Bermuda and international insurance and reinsurance industry.
Tokio Millennium Re AG has announced that it has been granted approval by the State of New Jersey Department of Banking and Insurance (NJDOBI) to post lower collateral than previously required when underwriting business for New Jersey-domiciled cedants.
Strong competition among insurers contributed to a general softening of US umbrella and excess liability rates in the first quarter of 2014, despite ongoing concern among underwriters about large losses in auto, product liability, and other areas.
The board of directors at RenaissanceRe Holdings has announced it will approve an increase in the company’s share repurchase program, bringing the total current authorization to $500 million.
Endurance’s COO has left the company months into her tenure, suggesting possible issues concerning the firm’s M&A bid for Aspen and the turnaround strategy being pursued by CEO John Charman.
Clifford Chance has advised Watford Holdings and its subsidiary Watford Re, a newly formed, Bermuda-based multi-line reinsurer, on the completion of Watford Re's $1.13 billion capital raise.
Marsh has appointed David Bramall as head of placement within its national corporate practice, which provides risk and insurance services to corporate businesses and SME’s across the UK and Ireland.
Talbot, the Lloyd's-based subsidiary of Validus, has announced the appointment of Tom Guarnera as vice president of Talbot Underwriting Services (US).
ACE has introduced enhanced insurance cover for the life science industry in continental Europe, as it continues to build its specialty casualty offering for middle-market and multinational businesses across the region.
Bermuda Premier Craig Cannonier has resigned in an effort to shore up support in the One Bermuda Alliance government following ongoing criticism over his acceptance of flights and hospitality from investors.
Blue Capital Global Reinsurance Fund, the reinsurance fund managed by Montpelier Re subsidiary Blue Capital Management, said retrocessional and cat bond prices dropped by 20 percent at the start of the year on the back of competition in the market.