News relating to the Bermuda and international insurance and reinsurance industry.
Munich Re recently released a report on 2012 cat losses, which indicated that US losses accounted for a far higher proportion of natural cat losses than usual.
Asta Managing Agency has been given approval in principle by Lloyd’s to establish syndicate 2357, which will be backed by Bermuda-based, Nephila Capital.
Munich Re’s recently released report on 2012 cat losses argues that states need to strengthen loss prevention efforts to mitigate the threat of rising insured losses.
Validus chairman and CEO, Ed Noonan has announced that the company has signed a letter of intent to acquire Bermuda reinsurer, Longhorn Re, a writer of US-based single-crop reinsurance.
US property and casualty insurer, Tower Group has moved to acquire Canopius Bermuda Limited.
27 special purpose insurers (SPIs) were established in 2012, as the Island played host to an increasing number of innovative vehicles looking to extend sidecar and dedicated cat fund capacity to the market.
In its Bermuda 2013 Market Update, rating agency, Fitch argued that certain Bermuda players are becoming ‘risk asset managers’ as the market takes an increasingly prominent role in the convergence space.
Investment firm, KKR announced on Wednesday that it has formed a strategic partnership with Bermuda-based, Nephila Capital.
Assured Guaranty announced that it intends to dispute its ratings downgrade from Moody’s, which reduced its insurance financial strength rating to Baa1 (stable outlook) for Assured Guaranty Re.
Third Point Re has had its financial strength rating of A-(Excellent) and its issuer credit rating of “a-” affirmed by AM Best following a strong first year of operations.