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Two bond insurance subsidiaries of Assured Guaranty, Assured Guaranty Municipal and Assured Guaranty Corp, have filed a motion and form of complaint at the Federal District Court in Puerto Rico seeking the relief from the stay provided by the Puerto Rico Oversight, Management, Economic Stability Act (PROMESA). 22 July 2016
ILS
Bermuda’s convergence and insurance-linked securities (ILS) industry produced at least 400 jobs in the jurisdiction by the last quarter of 2015, according to the Bermuda Business Development Agency (BDA). 22 July 2016
News
Allied World Assurance Company (Allied World), which has offices in Bermuda, encountered a jump in its net income in the second quarter of 2016, despite the decrease in business in several areas, mainly reinsurance, due to a drop in its property portfolio. 21 July 2016
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AM Best, a ratings agency, has affirmed the financial strength rating of A- (Excellent) of Fidelis Insurance Bermuda (Fidelis) and the UK-based Fidelis Underwriting (Fidelis UK), both subsidiaries of Fidelis Insurance Holdings. The outlook for each rating is stable. 21 July 2016
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Ever since Bermuda gained Solvency II-equivalence, commercial re/insurers and insurance groups have not been deprived when competing for and underwriting business in Europe, according to a report by Timetric. 20 July 2016
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In a decision that will be of interest to hedge-fund backed reinsurers, significant developments have been made in Bermuda’s candidacy for a European passport to facilitate business for Bermuda-based fund managers. 20 July 2016
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AXIS Capital has reported its preliminary estimate of second quarter 2016 catastrophe and weather-related pre-tax losses of $104 million. 19 July 2016
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Another Bermuda-based re/insurer has estimated the extent of its losses stemming from a busy period of catastrophe losses in the last quarter including the Canadian wildfires and weather-related events in the US. 18 July 2016
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Endurance Specialty Holdings has presented a rough estimate of $55.5 million net negative financial impact to the company in the second quarter of 2016 from the collective natural disasters which resulted in approximately $10 billion industry losses. 15 July 2016
News
Aspen Insurance Holdings, XL Group and Argo Group have all issued estimates for their natural catastrophe losses in the second quarter of 2016. 15 July 2016
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