Bermuda

Allied World swings to $201m profit

Thu, 05 Nov 2009 00:00:00 GMT

Bermudian insurer and reinsurer Allied World Assurance Company Holdings have reported net income of $201m for the third quarter of 2009 compared with a net loss of $46m for the third quarter of 2008.

Reserve releases help boost Validus result

Thu, 05 Nov 2009 00:00:00 GMT

Bermudian reinsurer Validus Holdings has reported net income of $499m in the third quarter, compared with a net loss of $126m for the same period last year.

Max Capital reports 3Q net income of $95.3m

Wed, 04 Nov 2009 00:00:00 GMT

Bermuda-based Max Capital Group achieved a net income of $95.3m for the third quarter of 2009, compared to a net loss of $163.2m in the same quarter last year.

Harbor Point earns outlook change from S&P

Wed, 04 Nov 2009 00:00:00 GMT

Bermudian reinsurer Harbor Point has had its outlook on its A- ratings from Standard & Poor’s (S&P) revised.

Montpellier Re returns to a profitable Q3

Tue, 03 Nov 2009 00:00:00 GMT

Bermudian reinsurer Montpellier Re has reported net income of $148m for the third quarter, up from a net loss of $142m for the same period last year.

Argo swings to $28m third-quarter profit

Mon, 02 Nov 2009 00:00:00 GMT

Bermuda-domiciled specialty insurer and reinsurer Argo group has reported net income of $28m for the third quarter, compared with a $9m loss in the third quarter of last year.

Derivative contract pushes Axis to $96m loss

Mon, 02 Nov 2009 00:00:00 GMT

Bermudian insurer and reinsurer Axis Capital has reported a third-quarter net loss of $96m, compared with a net loss of $249m in the third quarter of last year.

Flagstone Re swings to $67m Q3 profit

Mon, 02 Nov 2009 00:00:00 GMT

Flagstone Re has reported net income for the third quarter of $67m, compared with a net loss of $187m in the third quarter of last year.

RenRe gets Moody’s upgrade to A1

Mon, 02 Nov 2009 00:00:00 GMT

Rating agency Moody's has raised the insurance financial strength rating of Renaissance Reinsurance Limited to A1 from A2 and the senior debt rating of RenaissanceRe Holdings to A3 from Baa1.

White Mountains swings to $160m Q3 profit

Fri, 30 Oct 2009 00:00:00 GMT

Bermudian insurance and reinsurance group has reported net income of $160m for the third quarter, compared with a $277m loss in the third quarter of last year.

Endurance swings back to $154m Q3 profit

Thu, 29 Oct 2009 00:00:00 GMT

Bermudian insurer and reinsurer Endurance has reported third-quarter net income of $154m, compared with a third-quarter loss of $99m last year.

Everest Re swings to Q3 profit

Thu, 29 Oct 2009 00:00:00 GMT

Everest Re Group said Wednesday that it has swung to a third-quarter profit after the Bermuda-based reinsurer booked a of $233.1m loss in the corresponding period last year.

Investments helps Aspen into profit

Thu, 29 Oct 2009 00:00:00 GMT

Aspen Insurance Holdings late Wednesday reported record third-quarter earnings, helped by a 205% gain on investment income.

XL Capital cuts Q3 loss

Thu, 29 Oct 2009 00:00:00 GMT

Continued signs of recovery were evident at XL Capital as the Bermuda-based insurer posted a much smaller third-quarter loss, compared to the same period last year.

Investors shy away from Bermuda

Wed, 28 Oct 2009 00:00:00 GMT

One of the biggest effects of the financial crisis on the Bermuda market is a lack of new capital flowing into the market, David Kalainoff, managing director, executive vice-president and chief underwriting officer for casualty insurance at Max Bermuda, told the PCI Reporter.

Jewett calls for resposible soft market

Wed, 28 Oct 2009 00:00:00 GMT

Although the reinsurance market has not hardened in the past year, Bill Jewett, president and CEO of Endurance Worldwide Reinsurance, is feeling bullish.

RenRe swings to third-quarter profit

Wed, 28 Oct 2009 00:00:00 GMT

Bermuda-based reinsurer RenaissanceRe yesterday announced it swung to a third-quarter profit, aided by solid underwriting profits and strong investment returns.

Arch beats consensus as revenues soar

Tue, 27 Oct 2009 00:00:00 GMT

Bermuda-based Arch Capital Group reported a spike in profits for the third-quarter as it benefited from rising sales and a mild hurricane season.

PartnerRe expected to win more business

Tue, 27 Oct 2009 00:00:00 GMT

PartnerRe reported Monday higher quarterly profits, driven by a benign catastrophe experience in the third-quarter of 2009, beating analyst expectation.

Monte Carlo round-up: A good place to gossip

Tue, 20 Oct 2009 00:00:00 GMT

Although more low key than previous years, there was still much to chat about at this year’s Monte Carlo Rendez-Vous.

BMA appoints Cox as CEO

Mon, 19 Oct 2009 00:00:00 GMT

The board of directors of the Bermuda Monetary Authority has appointed Jeremy Cox as chief executive of the authority, with effect from January 1 2010.

Noonan defends Bermuda environment

Thu, 15 Oct 2009 00:00:00 GMT

Ed Noonan, CEO of Bermudian reinsurer Validus, has jumped to the defence of the island on which his firm is domiciled.

Scarce capital available for start-ups: panel

Wed, 14 Oct 2009 00:00:00 GMT

Start-up reinsurers attempting to raise the minimum amount of capital required to get the operations off the ground will struggle to do so in today’s credit-constrained environment, it was revealed at an AM Best conference today.

Willis Re announces new structure and roles

Wed, 14 Oct 2009 00:00:00 GMT

Willis Re has today announced a series of management changes and a new organisational structure.

Broker consolidation to continue at brisk pace

Tue, 13 Oct 2009 00:00:00 GMT

The desire for growth and the potential competitive advantages of size will encourage further consolidation in the broking market, despite strained revenue streams in the economic climate, according to a new report from Advisen.

Fitch downgrades Assured Guaranty

Mon, 12 Oct 2009 00:00:00 GMT

Rating agency Fitch has downgraded bond insurers Assured Guaranty Corporation to AA from AA+ and Financial Security Assurance to AA from AA+. Both ratings have been assigned negative rating outlooks.

Amlin Bermuda in $200m syndicated loan deal

Thu, 08 Oct 2009 00:00:00 GMT

Amlin Bermuda has received a syndicated letter of credit facility of $200m from a group of investment banks, including Lloyds TSB and the Royal Bank of Scotland as joint lead arrangers and bookrunners.

Taylor continues as Montpelier chairman

Wed, 07 Oct 2009 00:00:00 GMT

Anthony Taylor is to continue to serve as chairman of Montpelier Re's board of directors in a non-executive capacity effective January 1 2010.

PartnerRe appoints director from Paris Re

Mon, 05 Oct 2009 00:00:00 GMT

PartnerRe today announced that Robert Mendoza, former board member of Paris Re, has joined its board of directors.

PartnerRe’s ownership of Paris Re up to 83%

Mon, 05 Oct 2009 00:00:00 GMT

Paris Re Holdings Limited has announced that PartnerRe has successfully closed the previously announced block purchase of Paris Re’s outstanding common shares.