Ratings agency AM Best ha upgraded the financial strength rating of Sony's Bermuda-based pure captive PMG Assurance from A- (Excellent) to A (Excellent).
The Bermuda Monetary Authority (BMA) registered 19 new captive insurance companies in 2018, up from 17 in 2017.
The Bermuda Monetary Authority CEO Jeremy Cox will serve as its executive chair, as current chair Gerald Simons has retired.
Willis Towers Watson Management (Bermuda) has appointed Steve Arrowsmith as executive vice president, head of client services.
The automotive, manufacturing and retail industry was responsible for the majority of new formations on Bermuda in 2017, according to the BMA Captive Report 2018.
Bermuda captives writing cyber risk experienced the greatest year-on-year percentage increase out of any line of business in the market in 2017, according to the BMA Captive Report 2018.
Aon has appointed Anup Seth as global leader, underwriting solutions, of its Captive and Insurance Management team, based in Bermuda.
Bermuda-based pension risk transfer provider Athene has agreed a pension plan termination transaction with US pharmaceutical company Bristol-Myers Squibb.
The Bermuda captives market is open to innovative new areas of captive insurance, including potentially cannabis-related companies, a panel at a conference in London has heard.
DARAG Guernsey, via its wholly owned subsidiary SOBC DARAG, has acquired the entire share capital of SOBC Services, which is focussed on the sourcing, acquisition and management of insurance entities and portfolios in run off in the US, Bermuda and Caribbean.