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18th of May 2012

Bermuda receives final Solvency II reports

Bermuda has received the European Insurance and Occupational Pensions Authority’s final reports on Solvency II equivalence.

The reports were approved by the European Insurance and Occupational Pensions Authority’s (EIOPA’s) Board of Supervisors last week and sent to the European Commission today.

26/10/2011 more//

Bermuda in good position for Solvency II- Cox

Bermuda is in a good position to reach Solvency II equivalence by the end of 2012, said its top insurance regulator.

Every supervisor should be pushing towards the direction of Solvency II if their jurisdiction has internationally active companies, added Jeremy Cox, chief executive officer of the Bermuda Monetary Authority.

25/10/2011 more//

Reinsurance market yet to see downturn, say experts

Predicting the reinsurance market’s upturn is premature as we are yet to see the downturn, argue industry insiders.

It is expected that the market will see some complex dynamics during renewals because of the unprecedented amount of alternatives to reinsurance currently available.

24/10/2011 more//

Operational IT risks and social media are top concerns

Reputational risk from social media is the main digital concern for 50% of businesses in general, according to a FERMA and IRM survey.

However, the answers changed when people were quizzed about their own organisations.

24/10/2011 more//

Willis recruits Latin America Chief Executive

Willis Group Holdings has appointed a new regional chief executive for its Latin America operations.

Luis Maurette, based in Sao Paulo, Brazil, will report to Willis International’s new CEO, Tim Wright.

24/10/2011 more//

Willis appoints CEO

Willis International has appointed Tim Wright as its CEO.

Willis International is the broker’s business arm, servicing all of Willis’ retail clients around the globe excluding North America, Ireland and the UK.

21/10/2011 more//

Dodd Frank may still apply to captives

The VCIA’s whitepaper may not persuade congress that the Dodd Frank Act does not include captives, say industry insiders.

Jim McIntyre of the Vermont Captive Insurance Association (VCIA) has published a whitepaper stating that the broadness of definitions by Dodd Frank’s Non-admitted and Reinsurance Reform Act (NRRA) raises questions about the Act’s impact on captive insurance.

19/10/2011 more//

Shell’s captive rated A+

A captive of Royal Dutch Shell has been assigned a financial strength rating of A+ (superior) and issuer credit rating of “aa-”. The outlook assigned to both ratings is stable.

Vermont-based Noble Assurance Company (Noble) has exhibited strong capital adequacy, stable earnings and consistent surplus growth, said AM Best.

19/10/2011 more//

Randall and Quilter acquires run-off insurance company

Investment company, Randall and Quilter, is acquiring the entire issued share of Principle Insurance Company.

The UK domiciled insurer, Principle, went into run-off in October 2009 and is almost entirely complied of Takaful motor insurance business, with net reserves of £2.8m (as at June 30, 2011).

19/10/2011 more//

Malaysia needs more captives says CEO

Malaysian companies need to be more aware of the benefits of captives claims Labuan IBFC CEO.

David Kinloch, Labuan International Business and Financial Centre (Labuan IBFC) CEO, has said companies need to be more aware of the benefits of captives as Malaysia only has 14 captive-parents.

17/10/2011 more//

75% of top US companies are domiciled in Bermuda

About 75% of 500 leading US companies have a captive in Bermuda, a recent economic survey has revealed.

A Bermudan 2011 Economic Impact Study suggests that Bermuda is the leading foreign source of insurance and reinsurance services to the US.

17/10/2011 more//

Dodd Frank does not apply to captive surplus lines says VCIA

Captives’ surplus lines should not be impacted by the Dodd Frank Act, a new whitepaper has reported.

The Vermont Captive Insurance Association (VCIA)said the broadness of definitions by Dodd Frank’s Non-admitted and Reinsurance Reform Act (NRRA) raises questions about the Act’s impact on captive insurance.

14/10/2011 more//

New head of risk to ‘safeguard’ Miller

Leading insurance broker, Miller, has recruited a new head of risk.

Seema Bradbury (pictured) is now responsible for identifying and managing risks, focusing on operational, legal, regulatory, financial and strategic risks.

13/10/2011 more//

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