News relating to the Bermuda and international insurance and reinsurance industry.
Bermuda continues to strengthen its position within the alternative capital space, with new formations in 2013 dominated by special purpose insurers.
All legal processes for the merger of Business Bermuda and the Insurance Development Council into the Bermuda Business Development Corporation (BBDC) were completed on Friday.
Daniel Wadley has been appointed EVP and head of a new pro insurance unit at Endurance, as the re/insurer responds to growing demand for E&O coverage among professional firms.
Standard & Poor’s has indicated that despite Bermuda’s revision to a negative outlook , the Island’s re/insurance industry’s counterparty credit and financial strength ratings remain unchanged.
As of May 1st PartnerRe will split its global property and casualty business unit into two dedicated teams, focused on meeting the needs of PartnerRe's clients in mature and high-growth markets individually.
Terror incidents in the US have been thankfully few since the tragic events of September 11th. But the attack in Boston looks set to reignite the debate over the reinstatement of TRIPRA.
Following its acquisition of a 30 percent stake in Secquaero Advisors, a specialist ILS investment manager, Schroders will now be extending ILS to its institutional clients.
The Bermuda Monetary Authority has created the position of managing director, supervision—to be filled by Craig Swan, who worked formerly as the director, insurance supervision— to lead all of the Authority’s supervisory functions, effective immediately.
Banking union more likely, as the Joint Committee of the European Supervisory Authorities publishes its first look at the European financial systems’ vulnerabilities, which include ongoing macroeconomic woes and the fragmentation of the eurozone.
Third party capital is becoming an increasingly prominent component of the Bermuda landscape, driven by legislative change, active lobbying and the appeal of critical mass.