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Bermuda posts

Bermuda Readies Itself for New Insurance Regulation in Europe

Posted Mar 22nd 2010 4:00PM by Tom Johansmeyer (RSS feed)
Filed under: International Markets, Politics

Bermuda is angling to pick up props from European regulators. There's plenty at stake – namely, the huge insurance and reinsurance presence on the island. If the Bermuda Monetary Authority can demonstrate its oversight chops, the industry won't need to seek greener pastures when Solvency II, a new insurance regulatory measure, takes effect. Changes to capital and supervision rules in Europe, particularly with Solvency II in the works, could affect companies like Axis (AXS), Catlin (CLNGF), Flagstone Re (FSR), RenaissanRe (RNR) and XL Insurance (XL).

So, what's on the table? Well, gross written premium hit $104 billion in Bermuda last year. If you use Lloyd's of London as a reference point, Bermuda is four times larger. Though the U.S. leads in throwing business to insurers in Bermuda, Europe isn't far behind in second. This is why Bermuda is thinking about Solvency II. Even though the directive only applies directly to European carriers, secondary effects will be evident around the world.

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Bermuda Stock Exchange Tries to Forget 2009

Posted Jan 18th 2010 2:30PM by Tom Johansmeyer (RSS feed)
Filed under: International Markets, Market Matters, Financial Crisis

The Bermuda Stock Exchange is looking for a comeback this year. For 2009, the shares traded on the BSX were off close to 40%, reflecting the brutality of the financial crisis on the island known primarily for its insurance business (oh, and people go on vacation there, too ... and not just insurance people). In 2010, the BSX sees catastrophe bonds and other insurance-linked securities as fundamental to a strong year. A BSX statement reads, "The BSX's listing business has remained buoyant and the BSX has made continued progress in entering and supporting the insurance linked security space." With the 2009 Insurance Amendment Act approved last October, Bermuda hopes to lure cat bond listings away from the Cayman Islands Stock Exchange.

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Aspen Insurance has urge to merge, sets sights on Ariel

Posted Nov 28th 2009 2:10PM by Tom Johansmeyer (RSS feed)
Filed under: International Markets, Deals, Industry, Competitive Strategy

Two big reinsurers in Bermuda could be getting ready to tie the knot. Aspen Insurance Holdings (AHL) is said to be close to buying Ariel, which would be a multi-billion dollar merger.

According to Reinsurance magazine, the companies are "close to signing a merger agreement." None of the financial details have been disclosed yet, but the result would create the largest combined Bermuda and Lloyd's reinsurance operation on the island.

Continue reading Aspen Insurance has urge to merge, sets sights on Ariel