Describing it as "completely irrational", a federal judge in Philadelphia has vacated a $6 million arbitration award in favor of Platinum Underwriters Bermuda Ltd.In a ruling on September 15, 2009, U. S. District Judge Paul S. Diamond granted a motion
The PMA insurance group has filed a petition at federal court in Philadelphia to vacate a $6 million arbitration award issued in favor of Platinum Underwriters Bermuda Ltd. on May 22, 2009.The petition was filed by PMA Capital Insurance Company,
A federal judge in Manhattan has thrown out an arbitration award that was made last year against Bermuda based Scandinavian Re in favor of The St. Paul Companies regarding a $290 million finite risk dispute.In a ruling on February 23,
Boston, Massachusetts-based mutual fund group Fidelity continues to be the biggest single investor — by a considerable margin — in the Bermuda insurance and reinsurance market.Fidelity owns at least 5% of the common shares of 10 of the 17 Bermuda-based companies publicly-listed in the United States that were included in an ownership review by InsideBermuda, based on filings with the U. S. Securities and Exchange Commission.
Mutual fund firm Fidelity has maintained its position as the single biggest investor group in the Bermuda insurance and reinsurance market.
Of the 14 publicly-listed, Bermuda-based insurers and reinsurers who recently filed their second quarter earnings with the SEC, only Scottish Re reported a loss.Commenting on a loss of $2.43 per share, or $121 million, Scottish Re's Interim CEO, Paul Goldean, said: “The results for the quarter are a sharp departure from our original projections and estimates provided to our stakeholders”.
Mutual fund firm Fidelity has increased its position as the largest single investor group in the Bermuda insurance and reinsurance market.The Boston, Massachusetts-based group owns at least five per cent of the common shares of 12 of the 16 companies whose ownerships were reviewed by InsideBermuda, compared with eight of 14 companies in a similar review last year. As of June 30, 2006, Fidelity's total stake in the Bermuda market had a stock market value of approximately $5.6 billion.
Property catastrophe reinsurer PXRE Group was the worst of the bunch as 15 Bermuda-based, publicly-listed insurers reported their - mostly horrendous - fourth quarter results to the SEC during February. Two-thirds of the firms reported net losses, while only two actually managed to make an underwriting profit, as opposed to relying on investment returns to compensate for a lack of underwriting success. Just about the only thing that many firms were successful at towards the end of 2005 was tapping into the seemingly endless supply of capital available to the industry.
Fidelity - the largest mutual fund group in the United States - has maintained its position as the largest single investor group in the Bermuda insurance market.Fidelity owns at least five per cent of common shares in eight of the 14 Bermuda-based, publicly-listed insurers whose ownerships were reviewed by InsideBermuda. That is three more major investments than another Boston, Massachusetts-based fund group, Wellington Management, which was revealed as the second biggest ownership group in our review. Collectively, Fidelity's stakes have a market value of more than $2.7 billion, with Wellington just behind at $2.5 billion.
Bermuda firms continued to received subpoenas in connection with various investigations into the insurance industry that are being conducted in the United States.Both ACE and Platinum Underwriters disclosed that they had received subpoenas from the Securities and Exchange Commission in
RenaissanceRe Holdings announced on September 23 that it was buying 3.96 million shares of Platinum Underwriters Holdings Ltd.The purchase was through a private placement concurrent with the closing of Platinum's announced initial public offering of its common shares and the