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Hiscox has announced that it could be facing up to $150 million in net claims in the wake of Hurricane Harvey, which struck South-Eastern Texas at the end of August this year. 19 September 2017
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Bermuda-based Monument Re has announced that it has acquired full ownership over Benelux Life Run-Off SCS, including its acquisition of ABN AMRO Life Capital Belgium, the Belgian life insurance subsidiary of ABN AMRO. 19 September 2017
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AM Best has affirmed the financial strength rating of A- of StarStone Insurance Bermuda, StarStone Insurance, StarStone Insurance Europe, StarStone Specialty Insurance Company and StarStone National Insurance Company. StarStone was formerly known as Torus Insurance. 18 September 2017
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Hurricane Irma could have inflicted between $32 billion and $50 billion in combined industry insured losses, according to the latest loss estimate from catastrophe modelling firm AIR Worldwide. 18 September 2017
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Bermuda-based insurer Sirius has entered into a definitive agreement to purchase 4.9 percent of Israel-based The Phoenix Holdings from Delek Group for NIS 208 million ($59.04 million) in cash. 15 September 2017
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Hurricane Irma, which is ranked as one of the most powerful Atlantic storms on record, has created notable losses for global reinsurers but will have only a limited impact on the sector’s capital, according to an AM Best report. 15 September 2017
ILS
Hurricane Irma is expected to trigger rate increases of 405 percent for Nat cat reinsurance cover, largely driven by a likely reduction in alternative and convention reinsurance capital, according to research from asset manager AllianceBernstein. 14 September 2017
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The construction practices of Liberty Mutual and Ironshore have introduced a new specific programme offering general liability (GL) and professional liability (PL) protection for medium and large construction projects through design build or integrated project delivery (IPD). 14 September 2017
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Bermuda-based Everest Re Group has appointed Jonathan Zaffino, president of the North America insurance division and senior vice president, to the position of executive vice president. 13 September 2017
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XL Group has received the full internal model (ICM) approval from the Bermuda Monetary Authority (BMA) to determine the company's and its subsidiary XL Bermuda's respective enhanced capital requirements (ECR) in substitution of the Bermuda Solvency Capital Requirement (BSCR) standard formula. 13 September 2017
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