News relating to the Bermuda and international insurance and reinsurance industry.
After 14 years in power, Bermuda’s Progressive Labour Party (PLP) was defeated in this week’s election by the One Bermuda Alliance (OBA), which will form the new government under its leader Craig Cannonier.
Bermuda-based re/insurer, Alterra has announced that is to be acquired by US-based specialty insurer, Markel in a deal that will create a company that is expected to write $4.4 billion of premium annually.
Global insurance rate increases have slowed despite the impact of Superstorm Sandy, according to Marsh’s latest quarterly briefing, but there may yet be impetus to reduce primary retentions.
Allied World Assurance Company (AWAC) announced on Wednesday that it has acquired a minority stake in Aeolus Capital Management as it expands its Allied World Financial Services.
Business Bermuda released a report detailing the Island’s role in the global economy, just in time for the start of the New Year.
PartnerRe announced on Tuesday that it has officially acquired California-based managing general agency (MGA) and reinsurance underwriter, Presidio Reinsurance Group.
The Patient Protection and Affordable Care Act (PPACA) is changing the US health care landscape and re/insurers have been obliged to respond, often through enlarged teams and a new approach to such risks.
The lack of investment returns being achieved by traditional reinsurers combined with the growing demands of regulatory capital are helping drive the rise of alternative capital in the industry.
Bermuda’s decision to adopt Solvency II equivalence has proved the right one for the island, even as the Bermuda Monetary Authority (BMA) slows the pace of implementation.
XL and SCOR have agreed to back a new Lloyd’s syndicate formed by Randall & Quilter Investment Holdings. Syndicate 1991 was launched in August and will begin underwriting in the New Year.