News relating to the Bermuda and international insurance and reinsurance industry.
AM Best has downgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “bb” from “bbb-” of Maiden Holdings and its downstream intermediate holding company, Maiden Holdings North America.
The International Accounting Standards Board (IASB) has decided, subject to the IASB’s due process, that the IFRS 17 insurance accounting standard will be delayed by one year and the extension of the deferral of IFRS 9 to the same date.
AM Best is estimating that wildfire losses in California will reach record levels in 2018 after three different fires erupted in November and will force insurers to re-price and reassess their California exposures.
Hamilton Re has announced that David Roache has joined in the newly-created position of senior vice president, Head of Risk XS.
Roland (Andy) Burrows has been appointed as the new chief executive officer of the Bermuda Business Development Agency (BDA) by its Board of Directors.
Marsh is to create the Marsh-JLT Specialty unit, which will combine the specialty teams of Marsh and Jardine Lloyd Thompson (JLT) Group.
Assured Guaranty has announced the successful combination of the portfolios and operations of its four international financial guarantee insurance companies. Assured Guaranty (London), Assured Guaranty (UK) and CIFG Europe, which were previously acquired by Assured Guaranty Europe, have been merged with and into AGE, with AGE as the surviving entity.
Maiden Holdings has reported net losses for the third quarter of 2018 after its AmTrust reinsurance segment saw adverse prior year loss development.
Hamilton Insurance Group is expanding its focus on youth digital literacy in Bermuda through a partnership with Code441, a non profit founded to empower and equip young people with the skills and resources to pursue opportunities in technology.
The Bermuda Business Development Agency (BDA) had a direct economic impact on the island's economy of $26.3 million in 2017, according to a PricewaterhouseCoopers (PwC) independent impact study commissioned by the public-private agency.