News relating to the Bermuda and international insurance and reinsurance industry.
Hiscox sells MGA marine business to Nexus
Nexus Group has completed its acquisition of the Hiscox MGA marine business (HMM) from Hiscox MGA.
BMA fines Crown Global Life Insurance for AML breaches
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 Re creates custom reinsurance facility for BevCap
Fleming Reinsurance has established a custom reinsurance facility with BevCap P&C Protected Cell (BevCap).
Argo to sell Italian operations to Perfuturo Capital
Bermuda-based Argo Group International Holdings has agreed to sell its Italian operations, ArgoGlobal Assicurazioni, to Perfuturo Capital, a Swiss Holding Company.
ABIR unveils new members Aeolus, Ariel Re and Fortitude Re
The chief executives of all three companies will also join the body’s board.
Arch executes fourth mortgage risk transfer of 2020 via Bellemeade Re
Arch was the first mortgage insurer to complete a mortgage credit risk transfer in the COVID-19 era.
Brazil embraces ILS from January 4
The move is an important one and could lower re/insurers’ cost of capital.
BMA approves Swiss Re SPI 1863 Re
The formation is part of a strategy by the reinsurer to opens its cat portfolio to investors.
BMA revokes licence of service provider after proprietor declared bankrupt
In all, the regulator identified three breaches of the Corporate Service Business Provider Act 2012.
Oil Casualty secures rating and regulatory boost for new energy unit
OCIL Special can now deliver much needed capacity to energy industry clients in the US.
