News relating to the Bermuda and international insurance and reinsurance industry.
Sompo International Holdings will acquire Diversified Crop Insurance Services, a subsidiary of CGB Enterprises in a deal that brings together companies with combined gross written premiums of over $2 billion for crop reinsurance in 2019.
Aspen Insurance Holdings saw its profits plunge in the first half of 2020, which it said was largely due to the impact of COVID-19.
Aspen Insurance Holdings will pay a quarterly dividend of $351.56 per share on its 5.625 percent perpetual non-cumulative preference shares.
AM Best has assigned a financial strength rating of A- (excellent) to Prosperity Life Assurance Bermuda (PLA), with a stable outlook.
Arch Mortgage Insurance Company (Arch MI), a subsidiary of Arch Capital, has obtained over $449 million of indemnity reinsurance on a pool representing approximately $32 billion of mortgages from Bellemeade Re 2020-2, a special purpose reinsurer.
The Bermuda Monetary Authority will take into account the challenges around holding physical board meetings in Bermuda due to COVID-19, when assessing compliance with the requirement to hold such meetings for the year ending 31 December 2020.
Bermuda International Long Term Insurers and Reinsurers (BILTIR) will hold its seventh annual International Life & Annuity Conference virtually for the first time.
Ed, the global reinsurance, wholesale and specialty broker, has appointed Michael Lock as divisional director in its professional and executive risk team.
Alan Quilter, chief executive officer of Randall & Quilter, has sold his interest in 250,000 ordinary shares in the company.
Sompo International Holdings has appointed Brendan Plessis as executive vice president of distribution for international insurance.