News relating to the Bermuda and international insurance and reinsurance industry.
Aon Benfield: 2011-2012 losses above the norm
The latest report from Aon Benfield’s Impact Forecasting unit found that global insured losses for 2011 and 2012 were well above the norm at $132.62 billion and $72.24 billion respectively.
Allied World ramps up in Europe as it hails Bermuda
Allied World is expanding its European operations with the appointment of Julian James as president of its European operations, but Bermuda continues to receive praise.
Travelers on trial over asbestos deal
US insurer, Travelers faces proceedings in New York’s Court of Appeal following a decision by the court that its structuring of a $1 billion settlement over asbestos may have forced reinsurers to pay more.
Arch Capital makes US mortgage insurance acquisition
Arch Capital announced that its US subsidiary Arch US MI has entered into a definitive agreement to acquire CMG Mortgage Insurance Company. Bermuda Re spoke to Brian Schneider of Fitch about the acquisition.
House of Representatives considers extension of TRIA
US Representatives Grimm and Maloney have introduced a bill into the US House of Representatives to extend the Terrorism Risk Insurance Act (TRIA) for a further five years.
Allied World Europe appoints new president
Allied World has appointed Julian James as the new president of its European operations.
Munich Re urges greater loss prevention efforts
Munich Re recently released a report on 2012 cat losses, which indicated that US losses accounted for a far higher proportion of natural cat losses than usual.
Nephila backs Lloyd’s syndicate
Asta Managing Agency has been given approval in principle by Lloyd’s to establish syndicate 2357, which will be backed by Bermuda-based, Nephila Capital.
Munich Re urges loss prevention efforts
Munich Re’s recently released report on 2012 cat losses argues that states need to strengthen loss prevention efforts to mitigate the threat of rising insured losses.
Validus moves to acquire US crop reinsurer
Validus chairman and CEO, Ed Noonan has announced that the company has signed a letter of intent to acquire Bermuda reinsurer, Longhorn Re, a writer of US-based single-crop reinsurance.
