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September 2010
Patrick Thiele is leaving PartnerRe after 10 years. He leaves his successor, Costas Miranthis, a much different firm to the one he inherited.
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August 2010
Tropical Storm Earl became a hurricane over the weekend and is likely to become a category three hurricane later today, before heading north towards the US East Coast, reports the RMS/Reactions catastrophe centre.
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The insurance-linked securities market had an impressive second quarter. It was so good some believe full year cat bond issuance could now beat last year’s total.
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Hurricane Danielle has reached major hurricane status, becoming the most intense storm of the 2010 season, while Tropical Storm Earl is likely to intensify to a hurricane in the next few days, according catastrophe modelling firm Risk Management Solutions.
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Bermuda insurer White Mountains Insurance Group has announced that it has been authorised by its board of directors to repurchase up to 600,000 common shares, from time to time, subject to market conditions.
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Bermuda-based Axis Capital Holdings has announced that executive vice-president and chief financial officer David Greenfield will resign from his position, effective November 30 2010.
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Fitch Ratings has affirmed the insurer financial strength at AA and issuer default rating at AA- of Bermudian reinsurer PartnerRe. The rating outlook is negative.
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S&P has raised its counterparty credit rating on Validus Holdings and assigned counterparty credit and financial strength ratings to Validus' reinsurance subsidiary, Validus Reinsurance.
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AM Best has provided financial strength rating of A and issuer credit rating (ICR) of “a” to Catlin Insurance companies.
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Amlin has reported profit before tax of £108m ($168m) for the first half of 2010, down 39% from £177m in the first half of 2009.
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Bermudian run-off consolidator Enstar Group’s executive chairman, John Oros, has quit from his position and as a member of the board of directors.
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Hiscox has today reported net income of £97m ($151m) for the first half of 2010, down from £141m in the same period last year.
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Tawa, a UK-based insurance service provider and run-off investor, has entered into a share purchase agreement to acquire 94.3% of the issued shares of Island Capital, a run-off credit and political risk insurer.
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The excess and surplus lines division of the international specialty insurer and reinsurer Argo Group International Holdings has appointed Michael Fleischer as E&S division chief underwriting officer.
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Climate change could increase the risk of hurricanes and storms in the Caribbean and threaten future development in the region, according to a new study released by the Caribbean Catastrophe Risk Insurance Facility
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Aon Benfield Securities has announced the launch of the Aon Benfield ILS Indices, which provide a quantitative view of monthly ILS returns since December 2000.
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Torus, the global specialty insurer, has appointed Michael Kim to the newly created role of global head of project management. Kim will also be a member of Torus’ executive management team.
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Axis Global Accident & Health has appointed Giles Allen as senior vice-president, international accident and health insurance operations.
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Ipac Asset Management, an Australian investment management firm, has bought a $50m stake in a Bermuda insurance-linked securities fund managed by Nephila Capital, according to the Artemis.bm website.
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The overhaul of accounting standard proposed in the IASB’s recent exposure draft would be a pain for insurers to comply with. But the benefits outweigh the inconvenience.
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The 22 members of the Association of Bermuda Insurers and Reinsurers have reported an improved compliance rate for insurance and reinsurance contracts.
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Endurance Specialty Holdings is buying back ordinary shares of up to seven million in an open market transaction
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Guy Carpenter & Company has added Erik Manning to the firm’s Global Specialties, which is comprised of marine, energy, aviation, retrocession and Bermuda business.
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Ironshore, the broker-sourced specialty commercial property and casualty insurer, has announced that its UK-based Pembroke Syndicate 4000 has introduced a professional indemnity product to provide comprehensive coverages for the oil and gas industry worldwide.
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Willis Group Holdings, the global insurance broker, has appointed Alastair Burns as managing director of its Insurance Facilities Practice, part of Willis Global Placement division that co-ordinates worldwide insurance placement strategy for the benefit of Willis clients.
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The board of Bermudian reinsurance firm RenaissanceRe Holdings announced today a quarterly dividend of $0.25 a common share on its common stock.
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Tower Group has reported net income of $28.3m in the second quarter of 2010 as compared with $30.6m in the second quarter of 2009.
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S&P has affirmed its A counterparty credit rating on Bermuda-based reinsurance holding company PartnerRe and its AA- counterparty credit and financial strength ratings on PartnerRe's core operating subsidiaries.
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Allied World Assurance has bought back $250m of its common shares from its founding shareholders, GS Capital Partners and other investment funds.
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As of Thursday 5 August, Tropical Storm Colin has regenerated over the Atlantic, just over 48 hours after it dissipated as a tropical system, reports the RMS/Reactions Catastrophe centre.
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Bermudian insurer and reinsurer Validus Holdings has reported net income of $179.8m for the second quarter of 2010, compared with net income of $137.6m for the same period in 2009.
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Bermuda is not going away but it is under threat, says Reactions' editor Michael Loney.
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Bermuda insurance and reinsurance firm Axis Capital Holdings has reported net income for the second quarter of 2010 of $205m compared with $159m for the second quarter of 2009.
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Bermudian insurance and reinsurance company XL Group has reported net income for the second quarter of 2010 of $191.8m, compared with $79.9m for the second quarter of 2009.
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Bermudian insurance and reinsurance group Argo Group International Holdings has reported net income for the second quarter of 2010 of $26.1m compared with $21.9m for the second quarter of 2009.
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Fitch Ratings has affirmed ratings of Everest Reinsurance and its subsidiaries. The firm has allotted an insurer financial strength rating of AA- to Everest’s new European operating entity, Everest Reinsurance Company (Ireland).
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Reinsurance firm Flagstone Reinsurance Holdings has announced a second quarter net income of $13.3m in 2010, compared with net income $67.8m for the second quarter of 2009.
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July 2010
Bermuda based insurance and reinsurance firm Aspen Insurance Holdings has reported net income in the second quarter of 2010 of $108.9m, compared with net income of $110.4m for the second quarter last year.
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Bermuda reinsurer, RenaissanceRe Holdings, has sold its entire share in ChannelRe Holdings for $15.8m.
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Joseph Taranto, CEO of Bermudian reinsurance firm Everest Re, will retire at the end of 2010. His successor was announced along with the firm's second-quarter results.
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US insurer Ace today reported net income for the second quarter of $677m, compared with $535m in the same period last year.
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AM Best has revised the outlook to positive from stable and affirmed the financial strength rating of A- and issuer credit ratings of “a-” of Lancashire Insurance Company in Bermuda and Lancashire Insurance Company in the UK.
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Endurance Specialty Holdings has reported net income of $58.6m for the second quarter of 2010 compared with net income of $149.1m in the second quarter of 2009.
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Bermuda based RenaissanceRe Holdings has reported net income of $210.2m in the second quarter of 2010, compared with net income available $271.2m for the second quarter of 2009.
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Bermuda insurance and reinsurance group Arch Capital Group has reported a net income in the 2010 second quarter of $237.0m.
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Montpelier Re Holdings, a Bermuda based provider of short-tail reinsurance and other specialty lines, has reported net income of $70m for the second quarter of 2010.
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Bermudian reinsurance firm PartnerRe today announced that Charles Goldie has been appointed head of specialty lines for PartnerRe Global, effective September 1.
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The insurance arm of Bermudian insurance and reinsurance firm Axis Capital has formed a design professionals and environmental liability unit.
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The value of insurance-linked securities (ILS) listed on the Bermuda Stock Exchange (BSX) has reached more than $1bn.
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The US House Ways and Means Select Revenue Measures Subcommittee has held a hearing on the taxation of reinsurance between affiliated entities.
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Endurance Specialty Holdings has hired Gene Mason as senior president and head of professional lines for its US wholesale insurance division.
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Bermuda-based global reinsurer PartnerRe has successfully concluded the voluntary severance plan for Paris-based employees related to the company’s acquisition of Paris Re in 2009.
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Albert Benchimol, executive vice-president and chief financial officer of PartnerRe, is set to retire from the firm, effective December 31, 2010.
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After receiving approval as an admitted reinsurer in Brazil, Ariel Reinsurance Company, a Bermuda-based insurance and reinsurance company, is planning to open a representative office in Rio de Janeiro, Brazil.
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The news that Catlin is to set up shop in Zurich has been headlined as a Solvency II story. But, wonders Reactions' contributing editor Garry Booth, is this really a Bermuda story?
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The first half of 2010 natural catastrophe losses have exceeded the total for 2009, according to Munich Re.
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Bermuda-based reinsurer Maiden Holdings is to acquire the majority of the reinsurance-related infrastructure, assets and liabilities of UK-based GMAC International Insurance Services.
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Mark Watson, CEO of Argo Group, gives his thoughts on the future of Bermuda.