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Member, Beacon International Group, Ltd.
Bermudan reinsurers may have to make huge payouts following the recent chemical blast at a port in China's Tianjin city, reports The Royal Gazette.
Fitch Ratings Ltd. said in a report that losses from the explosion are likely to hit $1.5 billion. The Association of Bermuda Insurers and Reinsurers' deputy director Leila Madeiros said that the $1.5 billion estimates remained "speculative." "Commercial insurance markets are global and large losses like this likely will be distributed through those markets," said Ms. Leila.