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Fidelity mutual fund group continues its ownership dominance in Bermuda market

July 9, 2008
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.

Scottish Re is lone Q2 loss-maker of 14 reporting Bermuda insurers

August 8, 2006
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”.

Fidelity increases investment in Bermuda insurance market

July 10, 2006
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.

Bermuda insurers well-positioned for 2006 [Just like they were for 2005!!!]

March 6, 2006
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 maintains position as ‘owner’ of Bermuda market

July 5, 2005
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.

$19.4 m award against PartnerRe

November 30, 2004
An arbitration panel has ordered PartnerRe to pay $19.4 million to Diamond State Insurance Company in a dispute over reinsurance coverage for weather derivative contracts.Details of the award were announced on November 29, 2004 by Diamond State's Cayman Islands domiciled

Weather coverage litigation settled in New York

February 29, 2004
A lawsuit involving Bank of America, Platinum Indemnity Ltd., Diamond State Insurance Company and PartnerRe has been concluded. How it was settled, however, is not public knowledge since several documents concerning the case were filed under seal at the U. S. District Court for the Southern District of New York.

Only one of six Bermuda insurers reports Q3 profit

November 30, 2002
Only one of the six Bermuda based, publicly listed insurers which reported quarterly results in November made a profit. The fact that it was its arch rival, Scottish Annuity & Life Holdings, was salt in the massive wounds currently being

European floods cause losses for ACE and PartnerRe

September 30, 2002
The recent European floods led to announcements of potential losses in September by ACE and PartnerRe.ACE, which is due to releases its latest earnings on October 29, stated that its third quarter operating income will be hit "by approximately $90

PartnerRe dragged into weather-related insurance dispute

September 30, 2002
PartnerRe's United States based operation has been dragged into litigation over who is responsible for paying $29 million of losses relating to weather derivative contracts covering 'special events'. PartnerRe was named as a third party defendant in a complaint filed

PartnerRe increase in business

March 31, 2002
PartnerRe announced on March 11 that it bound contracts expected to generate $1.37 billion in premiums during its key January 2002 renewal season, an increase of 37 per cent. "The Company entered the renewal season with expiring premium of approximately $1 billion," stated the firm.

Q4 2001 Results Round-Up for Bermuda insurers

February 28, 2002
Seven Bermuda insurers reported fourth quarter earnings in February, with Mutual Risk Management, XL Capital and Annuity and Life Re posting losses and ACE, IPC Holdings, PartnerRe and Scottish Annuity reporting profits.

XL Capital and PartnerRe report Enron losses

December 31, 2001
XL Capital and PartnerRe had at least two things in common in December - they both announced large exposures relating to the collapse of Enron Corp. and they both filed shelf registration statements with the SEC.The registrations will allow them to sell up to $2.1 billion worth of securities, with XL accounting for $1.5 billion of that amount and PartnerRe $600 million.

OPL’s massive loss mars generally healthy results for Bermuda insurers

August 31, 2000
Bermuda Insurance Market Results Round-Up: The quarter ended June 30, 2000 was a healthy one for most Bermuda reinsurers, with six reporting profits, and two suffering losses, including a massive one for Overseas Partners Ltd. The general view was that the market has turned, rates have hardened and that profits should start rolling in again following a dismal 1999.

PartnerRe has no need for Bermuda brokers

December 22, 1993
Partner Reinsurance Company, the $1 billion property catastrophe reinsurer which opened for business last month, has firmly defended its controversial policy of offering capacity direct to reinsurance buyers.Unlike other markets on the island, Partner Re prefers not to conduct business through placing brokers — a philosophy which has not endeared it to the reinsurance intermediaries.

PartnerRe bypasses Bermuda brokers

December 22, 1993
Partner Reinsurance Company, the $1 billion property catastrophe reinsurer which opened for business last month, has firmly defended its policy of offering capacity direct to reinsurance buyers.Partner Re president and chief executive officer Herbert Haag said this week that Swiss Re, one of Partner Re's founding shareholders and the supplier of essential underwriting services to the catastrophe company, had already established a "clear tradition" of writing direct.