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Insurers reiterate call for TTIP inclusion

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ORIGINAL FREE PUBLICATION HERE

Insurance lobbying groups on both sides of the Atlantic have reiterated their support for the sector’s full inclusion within the TTIP trade deal.

The American Insurance Association, Insurance Europe, and the American Council of Life Insurers have reiterated their support for the full inclusion of insurance and other financial services in the Transatlantic Trade and Investment Partnership (TTIP).

The industry associations are collectively lobbying for the life and non-life insurance sectors in the US and the EU.

artemis

Lloyd’s to pool $400m catastrophe capacity for developing economies

artemisORIGINAL PUBLICATION HERE

Eight Lloyd’s of London syndicates are teaming up to provide their specialist underwriting skills and $400 million of natural catastrophe insurance and reinsurance capacity to help developing economies build resilience to disaster, climate or weather risks.

The eight Lloyd’s syndicates aim to develop new solutions to combat underinsurance, help to fill the protection gap and increase the resilience of the developing world to the threat of natural catastrophes and severe weather events.

intelligent insurer

Turkish cat pool completes $100m cat bond

intelligent insurerORIGINAL PUBLICATION HERE

The Turkish Catastrophe Insurance Pool (TCIP) has completed a $100 million cat bond aimed at providing protection against earthquakes in Istanbul.

This is the second time that TCIP has utilised the capital markets to obtain earthquake protection on a parametric basis.

TCIP, managed by Eureko Sigorta, first accessed the cat bond market in 2013 via the issuance of Bosphorus 1 Re and has now sourced $500 million in total of catastrophe bond capacity from capital market investors.

intelligent insurer

Dual launches Eastern European operations

intelligent insurerORIGINAL PUBLICATION HERE

Dual, the underwriting arm of Hyperion Insurance Group, has entered the Central and Eastern European (CEE) market with the launch of a new operation, Dual Polska.

This follows the acquisition of the majority stake of Polish insurance specialist, Data Connect Direct (DCD).

The acquisition will give Dual direct access to the CEE market, whilst providing DCD with the ability to further diversify its product range and grow its business, said Dual.

Moscow times

Russia Looks to China to Insure Major Infrastructure Projects – Report

Moscow timesORIGINAL PUBLICATION HERE

Russia is looking to Chinese companies to reinsure major infrastructure projects, hoping they can replace Western firms that have pulled back after two international ratings agencies downgraded Russia’s credit rating to junk earlier this year, news website Gazeta.ru reported Thursday.

Representatives from the Chinese and Russian governments and insurance agencies met to discuss the issue earlier this month, the report said, citing participants in the meeting.

bernews

Bermuda Convergence To Be Held In November

bernewsORIGINAL PUBLICATION HERE

Bermuda Convergence 2015 will be held November 11 -13, in Hamilton, Bermuda ILS Bermuda Ltd. announced today [Mar 3].

Last November, the Bermuda Convergence 2014 event was hailed a major success, drawing more than 300 delegates from 13 different countries around the world including Canada, Cayman Islands, Finland, France, Germany, Hong Kong, Ireland, Switzerland, South Africa, Australia and the USA.

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Fairfax to Acquire Ukrainian Insurer

ff_logoORIGINAL PRESS RELEASE HERE

TORONTO, ONTARIO–(Marketwired – Feb. 3, 2015) – Fairfax Financial Holdings Limited (“Fairfax”) (TSX:FFH)(TSX:FFH.U) announced today that it has entered into an agreement with QBE Management (Ireland) Limited (“QBE”) and its Ukrainian partner to acquire QBE’s insurance operations in Ukraine. The transaction is subject to customary closing conditions, including various regulatory approvals, and is expected to close by the second quarter of 2015.

QBE’s Ukrainian business was established in 1998 as the first international insurer operating in the country. From a standing start, the Ukrainian operation built a business that has been consistently profitable for over a decade. In 2014, this operation generated over US$5 million in profitable gross written premiums in a range of general insurance classes, including motor, property, marine, and general and product liability. On closing, it will become part of Fairfax Eastern Europe under the leadership of its President, Peter Csakvari .

US Departmrnt of State

United States Department of State report puts Bermuda in lowest risk category for money laundering

US Departmrnt of StateORIGINAL PUBLICATION HERE

As economic crises unfold around the World, major onshore country jurisdictions are casting a critical eye on the degree and types of regulation that exist in offshore jurisdictions. Often, blanket statements that lump all offshore jurisdictions are being made and ignore the concerted effort that Bermuda has made to be transparent and appropriate in legislating and regulating the financial services industry.

Bermuda has a long-standing tradition of consultative practice and supportive spirit between Government, the Bermuda monetary Authority and international business when introducing or updating financial services legislation. This system has resulted in official endorsement of the Island’s strong standing in a wide variety of legislative arenas.

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The Reinsurance Evolution Continues: Executive Summary

GC Capital logoORIGINAL REPORT IN PDF HERE

During the past twelve months, capital has continued to flow into the reinsurance markets in the form of both insurance-linked securities (ILS) and collateralized reinsurance transactions. This report examines the growth in the ILS market during the past year and some of the important evolutionary elements of catastrophe bond structure and risk transfer. We also explore how the use of capital markets-based capacity provides cost savings for public entities by helping them build surplus, reduce public debt and limit the risk that natural perils can pose to the state’s balance sheet. As collateralized markets continue to increase in importance as an alternative to both traditional reinsurance and ILS, Guy Carpenter has taken an active role in analyzing counterparty risk and developing specific structures and strategies to manage this risk. This report also provides an overview of the manner in which Guy Carpenter assists its clients in managing counterparty risk and limiting credit exposure.

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Bermuda Taxation, Global Cooperation & Reputation (Key points)

bda_logoBermuda’s tax system was not created to “lure” foreign companies.

The Island’s tax system, in place for more than a century, was made to suit the needs of our jurisdiction—and built on taxing imports. This consumption-based, duty-tax system provides revenue for Bermuda’s Government to support the Island’s infrastructure. Unlike larger countries, Bermuda does not have the burden of large-scale infrastructure, healthcare and social insurance systems that require support via income or corporate taxes.

There are taxes in Bermuda.

The Island does not levy income tax or corporate taxes, but instead imposes payroll tax, import duties and custom duties on goods and services under its consumption-based approach. Custom and payroll duties form a major component of the Island’s tax revenues.