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The BMA is taking a proactive role in managing the ripple effects of sub-prime on Bermuda in a way that mitigates risk effectively. In response to the sub-prime mortgage crisis, the BMA has been conducting market surveys since August 2007 to assess the impact of this global issue. …
Read More Bermuda Monetary Authority (“BMA”) Monitoring the Impact of Sub-Prime

Further sections of the Companies Act 2006 came into force on 1 October 2008. One of the provisions implemented, by virtue of the Companies Act 2006 (Commencement No 5 Transitional Provisions and Savings) Order 2007, was the repeal of the restrictions on financial assistance by a private company or any of its private subsidiaries for the acquisition of the company’s shares (including, as a consequence, the statutory “whitewash” procedure). …
Read More Companies Act 2006: Repeal of the Financial Assistance Prohibition from 1 October 2008

MBIA Inc. announced yesterday that MBIA Insurance Corporation (“MBIA”), its financial guaranty insurance company subsidiary, had completed a reinsurance transaction with Financial Guaranty Insurance Company (“FGIC”) whereby MBIA will reinsure FGIC’s risks that consist entirely of U.S. public finance bonds with total net par outstanding of about $166 billion. 

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Read More MBIA Closes Reinsurance Agreement with Financial Guaranty Insurance Company

On September 29, 2008, New York State Insurance Superintendent Eric Dinallo and Chief Executive Officer Matthew Elderfield of the Bermuda Monetary Authority (“BMA”) signed a memorandum of understanding (the “MoU”). …
Read More New York State Insurance Department and Bermuda Monetary Authority Sign Cooperation Agreement

The Director of the FSA’s Treating Customers Fairly initiative (TCF) has given a speech on firms’ progress toward meeting the December 2008 deadline for implementation, showing that while advances have been made, much work still needs to be done. …
Read More UK: FSA Update on Progress Toward December Deadline for Treating Customers Fairly

Please join the U.S. Reinsurance Under 40s Group at their ReIndustry Speak on October 23, sponsored by Swiss Re, to hear Jim Fiore (QBE the Americas, Chief Operating Officer) and Alan J Levin (Edwards Angell Palmer & Dodge, co-chair of Insurance & Reinsurance Department), speak about our industry. 

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Read More U.S. Reinsurance Under 40s Group’s ReIndustry Speak — October 23

An increase in data breaches affecting various  industries, including banking, insurance and other financial services, has been profiled recently.  These developments require companies to anticipate problems, develop new responsive policies and protective procedures, and react quickly to near-crisis situations resulting from data breaches. 

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Read More Information Security Breaches and Appropriate Responses – New Mandatory Security Rule in Massachusetts and Privacy Policy in Connecticut

As we discussed here, the Senate voted on a revised version of the $700 billion bailout bill last night.  After more than three hours of floor debate, it passed by a vote of 74 to 25.  The House is expected to vote on the Senate’s version of the legislation on Friday. 

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Read More UPDATE: Senate Passes Revised Bailout Bill, Now Up to the House

The United States District Court for the Southern District of New York recently dismissed for a second time a federal securities class action against American Express Co. (“Amex”).  The action, entitled In re: American Express Co. Securities Litigation, involves substantial losses by Amex from investments by one of its subsidiaries in high-risk, high-yield debt instruments. 

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Read More S.D.N.Y. Dismissal In Amex Indicates How Courts Should Analyze Suits Spawned By Credit Crisis

A case that began more than a decade ago has reached judgment in the Supreme Court of Bermuda.  The case, Lisa S.A. v Leamington Reinsurance Company Ltd and Avicola Villalobos S.A. 1999: No. 108/2001 No 79, concerned a Guatemalan company, Lisa SA (Lisa), which brought an action against Avicola Villalobos S.A. (AVSA) also a Guatemalan company and Leamington Reinsurance Company Ltd (Leamington) a Bermuda captive reinsurer which reinsured the companies in the Avicola group only. 

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Read More Bermuda Judge Rules on Guatemalan Companies’ Family Feud Case