Business

A Bermudian-based company has issued the first-ever catastrophe bond to cover losses arising from sustained cloud outage risk.
The Cumulus Re cat bonds with a value of $13.75 million were issued by Ha…

Digicel Group has appointed Leopoldo Gutierrez as group chief financial officer, effective May 1.
The company said Mr Gutierrez is an experienced finance executive with 20-plus years in global operati…

A new Front Street real estate firm is expecting buyers to “appear out of the woodwork” if the Federal Reserve cuts interest rates this summer.
“We already have quite a lot of buyers on the sidelines…

The International financial services company, LOM Financial Limited, has announced that the company purchased a total of 10,000 shares at an average price of $6.25 for cancellation during the month of…

Apex Group, the Bermudian-based global financial services provider, has appointed Navita Yadav as the Super Regional Head of Europe and member of the group executive committee.
The company said this s…

Sebastian Cook has been appointed as deputy CEO of Howden Re International.
The broker said Mr Cook will be supporting Massimo Reina, CEO Howden Re International, in the leadership of its internationa…

Digicel has appointed Marcelo Cataldo as group chief executive, effective May 1.
Originally from Paraguay, the company said, Mr Cataldo has diverse international experience having worked across Latin …

Dear Dave,
My husband and I are in a bad situation, and we’re thinking about taking my parents up on their offer to move in with them. We both work two jobs. I’m a medical transcriptionist with a smal…

The Bermuda Monetary Authority confirmed the registration of nine insurers and one broker in March, taking the yearly combined total to 20.
The BMA approved five Restricted SPI insurers – Charles Rive…

Appleby Bermuda partner Nicola Bruce will be among the featured speakers at the second annual Citywealth Forum next month in London.
Ms Bruce, who works in the Private Client and Trusts department at …

Hudson Structured Capital Management Ltd, conducting its insurance business as HSCM Bermuda, has closed on its continuation fund, HS Mohawk Fund I LP with more than $175 million of capital commitments…

The Crawl Hill Esso Tiger Market is closed for at least a month, as it undergoes a critical phase of repairs, triggered by storm damage last year.
“To go back to last September, we cracked our canopy…

One Business Unveils Brava: A customer-centric provider of simple, accessible, and user-friendly business technology and IT solutions.
Hamilton, Bermuda. 11 April 2024 – One Business proudly announces…

Arch Insurance International, part of Bermudian-based Arch Capital Group Ltd, has promoted Sebastian Terry to head of Accident & Health and Georgina Raeburn to senior A&H underwriter.
Mr Terry…

Bermudian-based Axis Capital Holdings Ltd has announced that Alistair Robson, head of Underwriting for Axis Global Markets, and chief underwriting officer of Axis Managing Agency, is to retire.
He wil…

Bermudian-based James River Group Holdings Ltd has announced that the Supreme Court, New York County, Commercial Division has granted the company’s request for a preliminary injunction against Fleming…

A popular annual summer motor festival has become the Scooter Mart Motor Fest, after the cycle company took on the title sponsor for the next three years.
“This rebranding underscores the significance…

Applications are open for Ignite Bermuda’s fourth Young Adult Entrepreneurial Internship Programme.
The part-time, paid summer programme, which is sponsored by HSBC Bank Bermuda, runs from July 9 unti…

Sustained strong pricing levels for reinsurance capital is among the factors that helped generate a record-breaking year for the insurance-linked securities market in 2023, according to the AM Best re…

Gemma Rochelle has been promoted to to executive vice president, group general counsel and chief compliance officer at BF&M Limited. She has also been promoted to the group executive committee.
Ab…

Howden Tiger, the global reinsurance arm of Howden, is to be renamed Howden Re.
This strategic change follows Howden’s rebrand in October last year, which united its broking operations under one name….

Dear Dave,
My mother died about a year and a half ago, and she left me and my younger sister $75,000 each. My sister is 16, and she plans on enlisting in the military after high school, then going to …

The Bermuda current account recorded a surplus of $361 million in the third quarter of 2023, representing a $96 million increase year-over-year from the $265 million surplus in the third quarter of 20…

Hurricane researchers from Colorado State University agreed with the recent prediction by AccuWeather that the Atlantic will face a bumpy ride this hurricane season.
They are also forecasting a substa…

Blue Owl Capital Incorporated, the New York-headquartered alternative asset manager, has purchased $250 million preferred equity in Kuvare UK Holdings, the parent company of Kuvare Life Re (Bermuda).
…

Ascot Group has appointed industry veteran Charles Craigs as managing principal overseeing the company’s third-party capital initiatives in Bermuda.
Mr Craigs will report to Ian Thompson, chief execut…

Island Boat Club is expanding both its fleet and its peak season operating hours.
The fleet now totals six boats, with a seventh to be added soon and an eighth boat due to be secured by the end of the…

Several Bermudians are among 13 staff promoted at global reinsurer, Ariel Re.
Seven of the 13 are in the Bermuda office and the other six are in London, including two who relocated from the island.
L…

“If you fail to plan, you are planning to fail.”
— Author unknown

When I first read about the $10 million grant pledged to the Bermuda Housing Corporation in the 2024 Budget, I couldn’t help but be …

The Supreme Court of Bermuda has ordered the winding-up of Bittrex Global (Bermuda) Ltd, the failed digital asset platform.
The company presented a petition for its winding-up to the court on March 8….

Dear Dave,
My wife and I owe about $40,000 on our mortgage. My father-in-law, who is a very nice and generous man, said he wants to pay off the house for us, then let us pay him back over time. We’ve …

Recovery efforts continued in Baltimore for the missing, after the collapse of the Francis Scott Key Bridge in Baltimore, closing one of the busiest US ports.
And analysts are already saying the bridg…

BF&M Limited has posted net income of $27.2 million for the year ended December 31, 2023, with the company noting the significant turnaround to a restated net loss for the comparative fiscal 2022 …

A team of five executive MBA students from Cornell University will provide 450 hours of consulting to Coldwell Banker Bermuda Realty.
Announcing the collaboration, Bermuda Realty said the consulting t…

Financial institutions are pushing the envelope on emerging technologies and McKinsey & Company, the global management consulting company, is advising they should act now to future-proof themselve…

S&P Global Ratings has assigned an Insurer Financial Strength Rating of “A” with stable outlook to Bermudian-based Cavello Bay Reinsurance Ltd, the wholly-owned subsidiary of Enstar Group Ltd.
The…

Bermudian-based Aspen Insurance Holdings Ltd has promoted Sacha Karlsson, ACII, to the head of Credit and Political Risk.
The company said Ms Karlsson, joined Aspen in 2018 and has more than 14 years …

Marsh, the international insurance broker and risk adviser, has created a cyber-only group captive insurer in Bermuda.
The company said Edgware Re Ltd is for organisations seeking more control and sta…

Anna Van Poucke, global head of Healthcare at KPMG, is to deliver the keynote presentation at the annual meeting and luncheon of the Bermuda Chamber of Commerce April 17 at the Hamilton Princess Hotel…

Bermuda reinsurer PartnerRe Ltd has reported a $2.3 billion net profit for fiscal 2023, a return on equity of 32 per cent.
Operating income was nearly $1.5 billion as net premiums earned grew by 9 per…

The Bermudian-based captive reinsurer of Colombia’s leading oil and gas producer has had its ratings affirmed by AM Best.
The agency has affirmed the financial strength rating of B++ (Good) and the lo…

Emmanuel Brulé, chief risk officer of Sompo International Holdings Ltd., is joining the board of directors of the Association of Bermuda Insurers and Reinsurers.
The board change comes after the Bermu…

Dave,
My husband is a good, hard-working man, who has been stuck in a job he really does not like for almost ten years. He came to me the other day with an idea to cash out his retirement savings and …

Bermudians are flying all the way to the Dominican Republic in search of cheaper cosmetic surgery procedures such as Brazilian butt lifts, liposuction and tummy tucks.
“About 30 per cent of my client…

Allied World Bermuda has promoted 11 employees in recognition of their talent and hard work.
“Congratulations to our employees that have been promoted this year. Allied World is very proud of our tale…

Axis Capital Holdings Ltd has promoted Kyle Freeman to the post of head of Axis ILS.
The company said Mr Freeman’s responsibilities will include overseeing the company’s activities related to third pa…

Bermudian-based Signet Jewelers, the world’s largest retailer of diamond jewellery, had decreased total sales for the year to February 3, down $671 million or 8.6 per cent from the previous year to $7…

Customers of Bittrex Global (Bermuda) Ltd, the failed cryptocurrency exchange, will be able to claim their funds, the company’s joint provisional liquidators have revealed.
Bittrex Global, which had o…

The managing director of Axa XL has praised Bermuda for doing “a good job” promoting insurance as a career, but said globally, the industry is lagging.
“Bermuda does not really have any issues attra…

Insurance industry veteran Emmanuel Clarke, the former president and CEO of Bermudian-based PartnerRe, has joined the global advisory board of Cytora, the London-headquartered insurtech company.
Cytor…