Business briefs: Hamilton Re gets off Best’s negative review list

A Bermuda company has come off negative review from AM Best. 

Hamilton Re, Ltd. (Hamilton Re), formerly SAC Re, Ltd. (SAC Re) has also had affirmed the financial strength rating of A- (Excellent) and issuer credit rating of “a-. The outlook assigned to both ratings is stable.

The ratings of Hamilton Re are based on its excellent risk-adjusted capitalization, knowledgeable management team and prudent business plan.

Partially offsetting these positive rating factors are the start-up nature of the company, the greater investment risk associated with an alternative investment strategy, as well as the increased competition in the reinsurance marketplace that may challenge some of the company’s business plans.

City Hall

The Corporation of Hamilton will closed the offices of city hall at 2:30pm Monday December, 23 and reopen at normal hours on Monday December 30. 

All essential services will continue to operate under the holiday schedule. 

Montpelier earnings

Montpelier Re Holdings Ltd. expects to release its fourth quarter and full year 2013 results after the market close on February 6, 2014. The Company will host a conference call to discuss the results on February 7, 2014 at 8:00 a.m. Eastern Time. 

Director resigns at Collins

Collins International Limited formally announces the resignation of Mr. Lance Hackney from the Board of Directors effective December 12, 2013. 

Board changes at Primary

Primary Capital Limited has filed changes to the Company’s board of directors.

Effective November 26, 2013, Richard DiBiase resigned as a director and vice president of the Company.

On the same date,  Thomas Hube was appointed as director, president, secretary and treasurer of the company.

Also on November 26, Dr. Michael Rau was appointed as director, and vice president of the Company. 

Tower downgraded

A.M. Best Co. has downgraded the financial strength rating of Tower us Pool.

The new rating is B (Fair) from B++ (Good) and the issuer credit ratings (ICR) to “bb” from “bbb”. 

Concurrently, A.M. Best has downgraded the ICR and the debt rating on $150 million 5.00% senior convertible notes, due 2014, to “b-” from “bb” of the intermediate holding company, Tower Group, Inc. 

A.M. Best also has downgraded the FSR to B (Fair) from B++ (Good) and ICR to “bb” from “bbb” of CastlePoint Reinsurance Company, Ltd. (Bermuda). Additionally, A.M. Best has downgraded the ICR to “b-” from “bb” of the ultimate parent, Tower Group International, Ltd. (Bermuda). 

All companies are headquartered in New York, NY, unless otherwise specified. All ratings remain under review with negative implications. 

Best affirms Tokio

A.M. Best Co. has affirmed the financial strength rating of A++ (Superior) and issuer credit rating of “aa+” of Tokio Millennium Re AG (TMR) (Switzerland). The outlook for both ratings is stable. TMR is a wholly owned subsidiary of Tokio Marine & Nichido Fire Insurance Co., Ltd. (TMNF), which is the main trading subsidiary of Tokio Marine Holdings, Inc. (Tokio Marine Group). Both companies are domiciled in Tokyo, Japan. TMR re-domesticated to Switzerland from Hamilton, Bermuda on October 15, 2013. 

Validus earnings

Validus Holdings, Ltd. announced it plans to release its financial results for the quarter and year ended December 31, 2013, after the close of trading on the New York Stock Exchange on Thursday, January 30, 2014. The Company will hold a conference call for analysts and investors at 10:00 a.m. (Eastern) on Friday, January 31, 2014, to discuss these results.

Digicel

Digicel announced it has reached an agreement with the Guadeloupe-based Loret Group and with Caribbean Fibre Holdings to acquire a submarine fibre network across the Caribbean region. Digicel will acquire Middle Caribbean Network, Southern Caribbean Fibre, Antilles Crossings and a number of related assets from Global Caribbean Fibre. 

This deal will provide Digicel with a wholly owned submarine fibre optic cable network of approximately 2,100km providing capacity from Trinidad to Guadeloupe. 

Campbell makes VP

Third Point Reinsurance Ltd. announced that Nicholas Campbell has joined the company in the role of senior vice president, Underwriting reporting to CEO John Berger.  

John Berger said: “We are excited that Nick has joined our team.  His combined underwriting and actuarial expertise bring a strong skillset to the company and we are confident that he will be a valuable addition.”