News relating to the Bermuda and international insurance and reinsurance industry.
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.
The US budget has revived efforts to impose a discriminatory tax on international re/insurers, but its passage remains tied to the ‘grand bargain’ yet to be struck over the economic recovery.
ACE has established a new $95 million sidecar, Altair Re, which will provide collateralised capacity for its global reinsurance business.
Addressing the rising role that collateralised capacity is playing in the market, Simon Burton, CEO of S.A.C. Re, warned that there is an increasing disconnect between rates for traditional and collateralised capacity.
Details from the US government's 2014 fiscal year budget suggest that offshore reinsurers will come under fire as the White House considers disallowing the deduction for non-taxed reinsurance premiums paid to foreign affiliates.
Guy Carpenter latest look at April renewals has found that “dynamic capital growth and ample reinsurance capacity” resulted in stable Asian and US renewals, with the rise of alternative capital changing market dynamics.
Bermuda-based specialist ILS and investment management firm, CATCo has appointed Judith Wynne as group general counsel and company secretary.
The Steering Committee of the EU-US Insurance Dialogue Project has positioned confidentiality, reinsurance and collateral as key issues to address in its high-level work plan for the 2013-2017 period.
Aspen US Insurance has announced the formation of a marine, energy and construction unit, appointing Anthony Caroll as its EVP.