Business

Bermudian-based Mosaic Insurance has launched a suite of specialised financial institutions products, offering $25 million in investment management insurance, blended with cyber and other coverage for…

Some insurers are looking to expand existing reinsurance footprints in Bermuda through affiliated or independent companies, according to an article in the latest edition of Best’s Review.
The monthly …

The RG/BSX Index remained unchanged on Thursday at 2,213.87 in the absence of trading on the Bermuda Stock Exchange.
Meanwhile, Butterfield Bank was up 20 cents (0.66 per cent) on the New York Stock E…

The Coralisle Group is applauding the high marks its new subsidiary CG United Insurance Ltd received this week from credit ratings agency AM Best.

The CG Group acquired 100 per cent interest in Ma…

Conduit Holdings Ltd, the ultimate parent company of Bermudian-based Conduit Re, has appointed Rebecca Shelley as senior independent director.
Ms Shelley was appointed to the CHL board in July 2023. S…

Seven months after moving his eatery from Crystal Caves to the Hamilton Parish Workmen’s Club, chef Stefano Barioni said he would never go back.
He opened Mama Mia at 6 Workmen’s Lane in August.
“I wa…

Bermudian Amanda Wynne has been appointed divisional director to lead M&A insurance solutions for clients across the Middle East & Africa region at Gallagher, the global business insurance, ri…

Registration has opened for the RG Top Ten Employers Awards, presented by PwC Bermuda. The deadline to apply is April 12.

The awards scheme acknowledges local organisations that excel in employee eng…

There’s a changing of the guard at a high-end fashion boutique in Hamilton.
It comes as the owner reflects on the long-term success of her business and the weakened retail performance of today.
Debora…

For more than 20 years, Sonja Seaman loved running The Pie Factory.
She sold hundreds of traditional Bermuda pies on a daily basis, as well as other food items.
“I used to phone up the radio station t…

Butterfield Bank’s future growth will include consideration of more acquisitions, especially private trust fee-based businesses such as the one just completed with Credit Suisse.
This was the word dur…

AM Best affirmed the excellent ratings for one of Bermuda’s leading domestic insurance groups, the privately held Coralisle Group Ltd.
The affirmation came as Best upgraded the financial strength rati…

A newly formed long term Class C insurer in Bermuda has factored into the ratings of CNO Financial Group Inc and its life/health subsidiaries by AM Best.
The ratings agency has affirmed the financial …

The Government is on course to record its first Budget surplus in more than 20 years, the Premier told the House of Assembly yesterday.
Outlining the Budget for 2024-25, David Burt, who is also the Mi…

Dear Dave,
I’m a single mother, and I opened my own small business last year. The business is not growing at all, and my mum and dad are helping me with the bills. On top of all this, I don’t receive …

Flex LNG Ltd, the liquefied natural gas shipping company based in Bermuda, has reported net income of $19.4 million for the fourth quarter of 2023, which compares with net income of $45.1 million in t…

Bermudian-based SFL Corporation Ltd, one of the world’s largest ship-owning companies, has reported a net profit of $31.4 million for the fourth quarter of 2023.
The company received charter hire of $…

Bermudian-based airline BermudAir has added three new local partners for in-flight services.
Confections, Bermuda Trail Mix and Bermuda Gin Company are the latest suppliers providing products for the …

Offshore law firm Appleby has received top rankings in Bermuda in the 2024 Chambers Global Legal Guide.
Appleby’s Bermuda office has been ranked in Band 1, the highest tier, in three categories: corp…

Three practice areas at law firm Conyers Bermuda have secured Band 1 rankings in the Chambers and Partners Global Guide 2024.
The Corporate & Finance, Insurance, and Dispute Resolution practice ar…

Howden, the global insurance group, is to enter the captive management market with the announcement that it has agreed to acquire ARM Group Holdings Ltd, which has an office in Bermuda.
ARM is the par…

Palomar Holdings Inc, the parent company of Palomar Specialty Reinsurance Company Bermuda Ltd, has reported net income of $79.2 million for the 2023 fiscal year.
That compares with $52.2 million in 20…

Three practice teams at law firm Carey Olsen Bermuda Ltd have been recognised in the Chambers Global 2024 guide.
There is a promotion to Band 1 for the Dispute Resolution team and sustained Band 2 ran…

The Bermuda Hotel Association hopes the Budget speech tomorrow includes relief from rising electricity costs.
“Any assistance that can be provided for local hotels would be very welcome and appreciate…

Two teams at law firm MJM Ltd have been recognised by Chambers and Partners, the international law firm rating agency.
MJM maintained a strong ranking in Band 2 for practice areas of Corporate & F…

Cornelius Vanderbilt died in 1877 with legendary wealth, which his son quickly doubled, becoming the richest man on earth — yet, within a generation, the vast majority of the family’s fortune was lost…

A start-up led by veteran Bermudian insurance executive Brian Duperreault has been assigned a preliminary credit assessment by AM Best.
Mereo Insurance Ltd was assigned a financial strength assessment…

Red roses have not only held their own as a key Valentine offer but it appears they have also held their value in an era of rising prices.
A bouquet of a dozen red roses sells for about $170, or under…

A Python user group has been founded on the island by Gareth Maddock, an analyst and software engineer at Ascot, the specialty insurer and reinsurer.
Mr Maddock, who relocated to Bermuda in 2022, said…

Property, commercial and speciality insurer and reinsurer, IQUW, today announced three senior appointments to its property team.
Mike Barrett joins as lead underwriter for property direct and facultat…

BermudAir has caught the eye of the Wall Street Journal, which has included the start-up carrier in an article about alternatives to long-established airlines.
The newspaper profiled “four upstarts ta…

New ownership and upcoming changes in the executive suite have had no impact on Bermudian-based PartnerRe Ltd’s credit outlook, a leading ratings agency said.
AM Best has affirmed the financial streng…

The net income of Essent Group Ltd, the mortgage insurer and reinsurer based in Bermuda, fell by $135 million year-over-year in fiscal 2023, the company reported today.
Full year net income was $696.4…

Here are some not-so-fun facts for you to noodle on: Almost eight in ten Americans live paycheque to paycheque. And according to a study by Ramsey Solutions, just over half of Americans have had diffi…

Dear Dave,
Our 21-year-old son is in college, and we’ve always warned him to stay away from credit cards. Despite our warnings, we recently learnt he got a store-branded credit card. The good news is …

Bermudian-headquartered Fidelis Insurance Holdings Ltd has appointed James Dumelow as communications director.
Reporting to Miranda Hunter, head of Investor Relations, the company said Mr Dumelow will…

Ten people have successfully graduated from an intensive nine-month non-profit management course.
Sponsored by the Bermuda Foundation, it involved weekly online learning and monthly live cohort sessio…

Bermudian-based bond insurer Assured Guaranty Ltd has appointed Nicholas Proud as global head of Origination for its financial guaranty business.
The company said Dominic Nathan will assume Mr Proud’s…

When Kelly Sullivan opened the About Face Aesthetics and Wellness clinic, she faced a saturated market, full of competition.
A business category that generates $100 billion a year in global revenue, e…

Bermudian-based Axa XL has announced that Anne Marie Elder will take on the newly-created role of global chief underwriting officer, Specialty, effective April 1.
The company said Ms Elder will collab…

AM Best has improved its outlook for Bermudian-based Canopius Reinsurance Ltd and Canopius US Insurance Inc of Delaware.
The two entities are wholly-owned subsidiaries of Jersey-based Canopius Group L…

The Bermuda Economic Development Corporation is calling their most recent annual Small Business Expo a success.
This event, the second of its kind held in the Somerset Economic Empowerment Zone, promo…

Bermuda could see a more active hurricane season, fuelled by warmer ocean temperatures, journalists learnt at an online briefing by ratings agency Moody’s.
In the central Atlantic, the sea surface tem…

RiverStone International has completed the acquisition of Catalina Insurance Ireland, an insurance company regulated by the Central Bank of Ireland.
The acquiring company is an industry-leading acquir…

Howden Group Holdings, the global insurance intermediary group with an office in Bermuda, has reported a 33 per cent increase in revenue in fiscal year 2023 to £2,443 million (approximately $3,068 mil…

Howden, the global insurance group, has appointed David Shalders as group chief operating officer.
Mr Shalders will join as an executive member of the Howden group board as well as joining the global …

Hannah Charnaud has been promoted to the post of deputy head of Marine at Fidelis MGU, the privately owned Bermudian-based managing general underwriter.
Ms Charnaud, who joined Fidelis in 2018, most r…

The Bermudian-based captive insurer of the Japanese conglomerate, Sony Group Corporation, continues to receive top ratings from AM Best.
The agency affirmed the financial strength rating of A (Excelle…

Bermudian-based Monument Re’s Luxembourg subsidiary Monument Assurance Luxembourg SA has completed the transfer of the closed book portfolio of long term life insurance business from Integrale Luxembo…