News relating to the Bermuda and international insurance and reinsurance industry.
Bermuda industry veteran inducted into Insurance Hall of Fame
The International Insurance Society (IIS) has inducted Michael Butt OBE into its Insurance Hall of Fame.
Athora completes first purchase of non-life business
Athora Holding has completed its acquisition of Generali Belgium, the Belgium-based subsidiary of international insurance group Assicurazioni Generali, for approximately €540 million in cash.
Maiden Re loses AmTrust quota share deal to Swiss Re America
Bermuda re/insurer Maiden Re has terminated its existing quota share agreement with AmTrust covering small commercial business in favour of a new deal with Swiss Reinsurance America.
Revised Bermuda Solvency Capital Requirement rules now in force
The Bermuda Monetary Authority's revised Bermuda Solvency Capital Requirements (BSCR) models and rules for commercial insurers have now come into force to help ensure the regulatory regime is more effective and more in line with international standards.
Bermuda's $51.9bn AltCap business accounts for 58% of global total: BMA
Bermuda's alternative capital business continues to establish itself within the global reinsurance market, with industry estimates placing Bermuda's share of total capacity at $51.9 billion - or 58 percent - of the global total of $89 billion as at December 31, 2017.
Arch Capital subsidiary completes UK deal
Arch Capital subsidiary Arch Insurance Europe has completed its acquisition of the UK Commercial Lines business owned by The Ardonagh Group and part of its Geo Underwriting operating segment.
Maiden Re North America deal finalised by Enstar
Enstar Group has announced the completion of the acquisition of Maiden Reinsurance North America by one of Enstar’s subsidiaries.
BMA cybersecurity report highlights concerns
The Bermuda Monetary Authority has issued a new report looking at the state of cybersecurity in the market at the moment.
Hamilton Re opens door for 2019 interns
Hamilton Re is inviting applications from students entering their junior year of college who are interested in participating in Hamilton Re’s intern programme during the summer of 2019.
Markel ratings affirmed by AM Best
AM Best has affirmed the Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb+” of Markel Corporation and all of its Long-Term Issue Credit Ratings (Long-Term IRs) and indicative Long-Term IRs (see below for a detailed list of Long-Term IRs and indicative Long-Term IRs).
