News relating to the Bermuda and international insurance and reinsurance industry.
Rising levels of convergence capital will require a change of strategy among reinsurers, with those that lack an identifiable brand or the underwriting expertise likely to be left behind.
Congressman Richard Neal has reintroduced a controversial bill that would deny tax deductions for reinsurance premiums paid to foreign affiliates by domestic insurers.
The Guy Carpenter Asia Pacific Climate Impact Centre, a joint study conducted annually by Guy Carpenter and City University Hong Kong, linked rising ocean temperatures with increased tropical cyclone activity.
David Cash has left Endurance after three years as CEO, effective immediately, to be replaced by former Axis president and CEO John Charman.
Following a review for possible downgrade initiated on April 3rd, Moody’s Investor Service has downgraded Bermuda’s government bond rating and placed a negative outlook on the rating.
XL Group recently announced it had established a binder relationship with Cobalt Underwriting, an underwriting agency specifically created to provide Shariah compliant commercial insurance and reinsurance products.
According the Property Claims Service at Verisk Analytics the impact of the event is too soon to characterize, but the single event on its own will not move the re/insurance market.
The Hon. Craig Cannonier, the Premier of Bermuda, has said the island’s regulatory regime is committed to remaining flexible and competitive to make certain it remains the jurisdiction of choice for both the captive industry and the international re/insurance industry.
AM Best has revised the negative outlook it had placed on PartnerRe to stable, following a strong performance in 2012. The year was in marked contrast to 2011 when the company—like much of the industry—was hit by significant cat losses.
Endurance, a specialty provider of property and casualty insurance and reinsurance, has assembled an excess and surplus lines excess casualty team to join the company.