News relating to the Bermuda and international insurance and reinsurance industry.
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”.
ACE announced the launch of the ACE Express Private Health Care Protection Policy and the ACE Express Not-For-Profit Health Care Protection Policy to provide “customized and concise coverage”.
According to Fitch Ratings, the failure of the US Congress to renew the Terrorism Risk Insurance Act (TRIA) could “induce commercial insurers to retreat from larger metropolitan areas, raising premium rates.
XL Group will offer Shariah compliant insurance coverage to large and middle market clients through a relationship with underwriting agency Cobalt.
Bermuda-based Mercury Capital has opened the doors to its index-tracking cat investment fund.
Montpelier Re’s reinsurance fund Blue Capital has topped $150 million of funds under management, buoyed by rising investor interest in the alternative space and its ability to leverage market insights and existing relationships enjoyed by Montpelier Re.
Goldman Sachs has sold a majority stake in Global Atlantic, formerly known as Goldman Sachs Reinsurance Group, to high net worth clients and institutions. Goldman Sachs retains a minority stake in the company.
American Coastal Insurance is the latest first-time sponsor to issue a cat bond into the market through its Bermuda SPI, Armor Re.
The Bermuda Stock Exchange (BSX) announced this week that it is now powered by NASDAQ OMX Group’s X-stream trading platform.