Business

A subsidiary of Bermudian-based Arch Capital Group Ltd has obtained over $203 million of indemnity reinsurance on a pool representing approximately $30.5 billion of mortgages from Bellemeade Re 2024-1…

A Bermudian-based company that is engaged in the transportation of liquefied petroleum gas has sold its fleet of very large gas carriers in a deal worth $1.05 billion.
Avance Gas Holding Ltd has sold …

Improvements have been made to a partnership between the Bermuda Economic Development Corporation and law firm Cox Hallett Wilkinson Ltd aimed at providing BEDC clients with expanded and discounted le…

I recently purchased some tickets from Bermuda to New York’s John F Kennedy International Airport one way — I have a travel credit for the return portion — and I was blown away by the very reasonable …

Dear Dave,
How do you feel about people taking money out of savings to pay off credit cards? I have an emergency fund in place, like you recommend, and a savings account. I also have about $5,000 in c…

Privately insured losses from Hurricane Debby will be close to $1.4 billion in the US with approximately $845 million from wind, $130 million from storm surge and $440 million from inland flooding, a …

Fidelis Insurance Holdings Ltd has reported sharp declines in both net income and operating net income year-over-year in the second quarter of 2024.
Net income fell 36 per cent year-on-year to $53.7 m…

Bermudian university student and former co-captain of the U17 Bermuda Women’s National Football Team, Zorena Anderson, has been awarded the 2024 Axa XL Scholarship, awarded to students pursuing an und…

Retail sales volume in Bermuda increased by 0.6 per cent year-over-year in February, according to figures released today by the Ministry of Economy and Labour.
That figure was determined after adjusti…

Inflation remained flat after peaking in the second half of 2022, as new figures show the Consumer Price Index holding steady at 2.5 per cent this February, according to figures released by the Govern…

Bermuda insurer and reinsurer Aspen has reported net income of $55 million and operating income of $98 million for the three months to June 30.
It brings their half-year numbers to $154 million in net…

Bermuda’s economy has received an alarming wake-up call with new information on declining cargo arriving into the island, an important indicator of Bermuda’s fiscal health.
Container volume at Hamilto…

A primary healthcare practice owned by the Argus Group includes more than 40 per cent of all general practitioners in Bermuda, the organisation’s chairman has revealed.
David Brown was addressing shar…

Seadrill Ltd, the Bermudian-based offshore drilling company, has delivered a second quarter profit of $253 million and a half-year profit of $313 million to June 30, according to their unaudited conso…

The Ministry of Youth, Social Development and Seniors has made a pledge to empower overlooked business owners through a collaboration with Caribbean countries.
The Caribbean and the Bermuda Economic D…

Paysafe Ltd, the Bermudian-incorporated specialised payments platform, has reported a net loss of $1.4 million in the second quarter, which compares with a net loss of $1.8 million in the prior year q…

Accredited Insurance Program Management has appointed Stuart McMurdo as president of Accredited UK & Europe.
In this role, Mr McMurdo will be responsible for leading Accredited’s operations across…

Butterfield has announced the successful conclusion of its 2024 Summer Internship programme which provided 12 Bermudian students pursuing an undergraduate degree with an opportunity to gain direct exp…

A podcast that began with the goal of supporting the resilience of Bermudian entrepreneurs has demonstrated its own durability by publishing its 100th episode.
Marketing agency Two Four One Branding, …

Top executives of the dominant market leader emerging from the combination of Bermuda’s two leading domestic insurers will set their sights on new strategies for growth.
BF&M and Argus Group are n…

The Teekay Group has made changes at the senior management level following a strategic review designed to simplify its structure.
Teekay Tankers’ president and chief executive, Kevin Mackay, and chief…

A wholly-owned subsidiary of Enstar Group Ltd, the Bermudian-based insurer, has reached an agreement to provide a ground-up loss portfolio transfer with certain subsidiaries of QBE Insurance Group Ltd…

AM Best has removed from under review with developing implications and affirmed the financial strength ratings of A- (Excellent) and the long-term issuer credit ratings of “a-” (Excellent) of the Accr…

After a more than six-month closure, a North Shore, Hamilton Parish service station is back in business after a major refurbishment after storm damage a year ago.
The Crawl Hill Esso Tiger Market shut…

Polaris Holding Company Ltd is back in the black, reporting a net profit of $741,000 for the 2024 fiscal year ending March 31.
That is a turnaround from the prior fiscal year when a $1.1 million goodw…

Aspiring Bermudian lawyer Malcolm Hendrickson has been awarded the Carey Olsen Investing in People scholarship for 2024.
The scholarship was established four years ago to provide exceptional Bermudian…

Interns at a Bermuda insurer have had an “invaluable hands-on experience” with the firm and a chance to get a “comprehensive understanding of the insurance industry” this summer.
Allied World Bermuda …

Palomar Holdings Inc, the parent company of Palomar Specialty Reinsurance Company Bermuda Ltd, has announced the pricing of its underwritten public offering of common stock.
The 1.2 million shares of …

The Construction Association of Bermuda has awarded $16,000 in scholarships to three Bermudians to help them continue their education in construction-related fields.
Jaire Lawrence-Salaam is studying …

Hiscox Re & ILS has reported a first-half 2024 profit before tax of $86.5 million, a 57 per cent improvement on the 2023 figure of $55.1 million.
The division includes the group’s reinsurance busi…

Island airline, BermudAir, has started a new promotion offering customers a complimentary companion ticket.
Under the promotion, customers who book and complete a round-trip flight between now and Sep…

Bermudian-based RiverStone International has announced an agreement with QBE to provide a loss portfolio transfer reinsurance for various QBE subsidiaries, including their Lloyd’s syndicates.
The comp…

On an ever-changing streetscape in North East Hamilton, The New Universal Barber Shop has stood the test of time.
First launched as Stines Barber Shop more than 60 years ago, the business at 40 Court …

Valaris Ltd, the Bermudian-based offshore drilling services company, has been awarded a multiyear contract valued at nearly $500 million with Equinor Energy do Brasil Ltd, a subsidiary of Equinor ASA,…

A few years ago, I wrote an article on people who choose to retire outside the country in which they live. This is not only happening in Bermuda – a significant percentage of the global population are…

Dear Dave,
I was talking to some friends the other day about wills and trusts. They seemed to have a variety of opinions, so can you straighten things out for me? I don’t have a will or a trust, and m…

Two students have been recognised for their academic consistency and commitment to higher education with awards.
Zyon Minors and Ayr Cannonier have both received the Polaris Holding Company Ltd Educat…

Lancashire Holdings Ltd has appointed insurance industry veteran Linda Ventresca as a non-executive director.
The company said Ms Ventresca worked at Axis Capital from 2003 to 2023, most recently serv…

Lloyd’s has announced that ratings agency AM Best has revised its financial strength rating to A+ (superior) from A (excellent) and the long term issuer credit rating to ‘AA-’ (superior) outlook stabl…

Students taking a financial and insurance services signature course are being encouraged to sign up for a free business camp.
The Youth Entrepreneurship Initiative, in co-ordination with the Bermuda E…

Anthony Izzo has been appointed chief global broking officer to lead a new global broker management team at Bermudian-based Everest Group Ltd.
Mr Izzo assumes the position in addition to his role as h…

Losses from Tropical Storm Debby, which has claimed at least seven lives, are unlikely to affect reinsurers, according to Moody’s.
Debby made landfall near Steinhatchee, Florida, on Monday morning as …

The Government is planning a revamp of a jobs website to “better serve the evolving needs of both job seekers and employers”.

An RFP has been issued asking experienced web developers and design fi…

White Mountains Insurance Group Ltd, the financial services holding company domiciled in Bermuda, has reported a comprehensive loss attributable to common shareholders of $55 million in the second qua…

Bermudian-headquartered Hamilton Insurance Group Ltd reported an all-time low combined ratio as it announced second quarter net income of $131.1 million.
Gross premiums written were $603.3 million, an…

Twenty students have been awarded a total of $180,000 in Belco’s annual scholarship awards.
“On behalf of our entire team at Belco, congratulations to all the students who were successful in receiving…

Bermudian-based Lancashire Holdings Ltd delivered its best-ever half-year performance in the first six months of 2024, the company has reported.
It said profit after tax for the half-year was $200.8 m…

AM Best has assigned a financial strength rating of A- (Excellent) and a long-term issuer credit rating of “a-” (Excellent) to Bermudian-based Martello Re Ltd.
The outlook assigned to these credit rat…

Twenty-five Bermudian students have received scholarships worth $750,000 to support their further education.
They were presented at a recent Association of Bermuda International Companies education aw…

Everest Insurance, the insurance division of Bermudian-based Everest Group Ltd, has appointed Stephen Buonpane to lead the company’s US Wholesale and Programs business.
He will report to Bill Hazelton…