Boat worth £1.7m catches fire while moored in the US Virgin Islands Dramatic footage of a £1.7m yacht going up in flames has been captured at Charlotte Amalie Harbour in the US Virgin Islands. Thick black smoke and huge flames were seen coming from the 26ft boat, which was moored in the Yacht Haven Grande marina on the island of St Thomas. There were no reported injuries. According to local media reports, a number of flammable items on board caused the large billowing black s

Gerald Hadeed Gerald Hadeed is a man who has existed in two worlds. As a businessman and chief executive officer of Beacon Insurance company, he has shepherded the company’s growth from an asset base of $35 million in 1996, to over $500 million today... See link below to read more. http://www.guardian.co.tt/business-guardian/2016-03-17/be-more-private-sector

AM Best has proposed revisions to its core credit rating methodology, Best’s Credit Rating Methodology (BCRM). Concurrently, the firm has released proposed revisions for the criteria procedure for the US property/casualty (P/C) Best’s Capital Adequacy Ratio (BCAR). AM Best is requesting comments from all interested parties on these draft documents, which are currently available in the methodology section of the rating firm’s website. Written comments should be submitted to th

The current near-record El Niño event appears on the wane, with conditions attributed to the phenomenon said to be in decline, but its effects set to be felt for some time to come, with insurance and reinsurance firms now turning their heads to the possible development of La Niña conditions. The forecasts last year were correct, that the 2015/16 El Niño would be stronger and last longer into 2016 than had initially been expected. Weather and climatic events such as the rece

Analysts at Morgan Stanley have predicted further, albeit slower, reinsurance rate declines at mid-year as market headwinds persist. However, the firm does highlight an opportunity for insurers and reinsurers created by the flurry of merger and acquisition (M&A) activity witnessed in 2015. The global reinsurance industry remains under significant pressure, and despite 2015 benefiting from a continuation of benign cat losses and reserve releases, Morgan Stanley highlights th