News relating to the Bermuda and international insurance and reinsurance industry.
According to an interactive terrorism risk map produced by Aon Risk Securities, the threat of terrorism is alive and well in 2013.
Sirius, the Bermuda-based reinsurance unit of White Mountains, has formed a dedicated team to lead strategic initiatives in the ILS and reinsurance capital markets convergence area.
Fitch Ratings has upgraded ACE and its subsidiaries by one notch, from ‘A’ to ‘A+’, citing continued strong operating performance, a strong balance sheet and financial flexibility with moderate leverage.
Switzerland will provide a global platform for Tokio Millennium Re as it looks to pursue international strategic ambitions, crack the European market and reduce group volatility.
Neil Currie is stepping down as CEO of RenaissanceRe and will be replaced by Kevin O’Donnell from July. Currie will remain at the company in an advisory role until February of next year.
The reinsurance industry should consider alternative investment opportunities created by bank disintermediation in their hunt for returns in the present troubled investment environment.
Allied World has appointed John Patin as senior vice president, investments. He will be based out of Allied World’s New York offices.
State monetary action in Japan and the US are creating positives tailwinds for insurance investors, but headwinds—particularly in Europe— remain stubbornly persistent, according to ING Investment Management’s latest review of market conditions.
Tokio Millennium Re has announced its intention to redomicile its headquarters to Switzerland. Its Bermuda offices will become a major branch of the wider company, with the move expected by October.
Q-Re announced its new management team, led by CEO Gunther Saacke and put together in order to “build Q-Re into a global multi-line reinsurer with a focus on specialty lines”.