Ratings Recap: PaCRe, Barbados, Cotswold, Orient, Kuwait Re
A.M. Best Co. has affirmed the financial strength rating of ‘A-‘ (Excellent) and issuer credit ratings of “a-” of Bermuda-based PaCRe Ltd., both with stable outlooks. The ratings of PaCRe are based on...
View ArticleRatings Recap: AEGIS, Lloyd’s Syndicate 1225, PaCRe
A.M. Best has upgraded the financial strength rating to ‘A’ (Excellent) from ‘A-‘ (Excellent) and the issuer credit rating to “a” from “a-” of Bermuda-based Associated Electric & Gas Insurance...
View ArticleHedge Funds Targeted in Senator Wyden’s Reinsurance Tax Bill
The owners of hedge fund-backed reinsurers, including one tied to John Paulson, could have to pay more taxes or shift their focus under a bill introduced by Senator Ron Wyden to counter what he called...
View ArticleBest Affirms and Withdraws Ratings of PaCRe Ltd.
A.M. Best has affirmed the financial strength rating of ‘A-‘ (Excellent) and the issuer credit rating of “a-” of Bermuda-based PaCRe, Ltd., and has removed the ratings from under review with negative...
View ArticleA.M. Best Explains Its Rating Fundamentals for Hedge Fund Reinsurers
Since the Aug. 11, 2015 withdrawal of PaCRe Ltd.’s financial strength rating and issuer credit rating at the company’s request, A.M. Best said there has been considerable speculation about A.M. Best’s...
View ArticlePaulson’s PaCRe Shuts Down After Investment Slump, Bermuda Tax Uncertainties
Billionaire John Paulson’s New York hedge fund firm has shut an operation in Bermuda that had been targeted by a Democratic lawmaker as a tax shelter. Paulson’s venture, a reinsurer named PaCRe Ltd.,...
View ArticleBermuda’s Validus Reports 2015 Net Income of $374.9M, vs. $480M in 2014
Bermuda-based Validus Holdings Ltd. reported net income available to Validus of $69.0 million, or $0.81 per diluted common share, for the three months ended Dec. 31, 2015, compared to $125.9 million,...
View ArticlePaCRe Exit Eased Tax Scrutiny on Offshore Reinsurers: Third Point Re CEO
Dan Loeb’s Third Point Reinsurance Ltd. said scrutiny of the industry’s offshore tax advantage has lessened after hedge fund manager John Paulson closed a venture that stood out as an ” outlier” for...
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