A.M. Best has affirmed the financial strength rating of ‘A’ (Excellent) and the long-term issuer credit rating of ‘a’ (Excellent) of Lumen Re, based in Bermuda.
Bermuda Monetary Authority (BMA) licensed three new captives between January and April 2024, taking the total number in the domicile to 630.
S&P indicates that Bermuda’s economy is on track to continue growing, reflecting the strength in the international business sector, particularly (re)insurance.
Fitch anticipates that while the majority of insurers will remain in Bermuda, some on the margin may prefer other regulatory regimes with less strict capital standards.
Aspen will be the sole cedant to Pando Re and Pimco will be the investment manager.
He will report to Tony Fox, CEO and chairman of reinsurance solutions Bermuda, who will remain as chairman
AM Best has affirmed the financial strength rating of “A” (Excellent) and the long-term issuer credit rating of “a+” (Excellent) for Bermuda-headquartered PMG Assurance
Riihiluoma currently serves as vice president and will succeed Richard Sammons in the role
