News relating to the Bermuda and international insurance and reinsurance industry.
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 is expanding its European operations with the appointment of Julian James as president of its European operations, but Bermuda continues to receive praise.
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 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.
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 has appointed Julian James as the new president of its European operations.
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.
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’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 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.