News relating to the Bermuda and international insurance and reinsurance industry.
Nexus Group has completed its acquisition of the Hiscox MGA marine business (HMM) from Hiscox MGA.
The Bermuda Monetary Authority (BMA) has imposed civil penalties totalling $400,000 on Crown Global Life Insurance and Crown Global Life Insurance (Bermuda) for failing to comply with anti money laundering (AML) regulations.
Fleming Reinsurance has established a custom reinsurance facility with BevCap P&C Protected Cell (BevCap).
Bermuda-based Argo Group International Holdings has agreed to sell its Italian operations, ArgoGlobal Assicurazioni, to Perfuturo Capital, a Swiss Holding Company.
The chief executives of all three companies will also join the body’s board.
Arch was the first mortgage insurer to complete a mortgage credit risk transfer in the COVID-19 era.
The move is an important one and could lower re/insurers’ cost of capital.
The formation is part of a strategy by the reinsurer to opens its cat portfolio to investors.
In all, the regulator identified three breaches of the Corporate Service Business Provider Act 2012.
OCIL Special can now deliver much needed capacity to energy industry clients in the US.