Financial Services Industry
Industry: Email Alert RSS FeedBermuda Financial Guaranty Insurers Planned.
National Underwriter Property & Casualty-Risk & Benefits Management, October, 1998 by Lonkevich, Dan
EXEL Ltd. and Financial Security Assurance Holdings Ltd. is launching a joint venture to form two new Bermuda-based financial guaranty insurance companies, an area long seen by analysts as fertile ground for capital-rich Bermuda insurers. EXEL, based in Hamilton, Bermuda, and FSA, based in New York, said the new companies would each be capitalized with at least $100 million.
They said the venture was subject to regulatory approvals. The companies said one of the new startups, to be named Financial Security Assurance International Ltd., will be a subsidiary of FSA and its policies are expected to carry FSA's Aaa/AAA/AAA claims-paying ratings. The other company, to be named X.L. Financial Assurance Ltd., will be a subsidiary of EXEL and its policies are...
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