Business

As a financial adviser for 14 years, Shane Helberg has seen all manner of clients, but they have one thing in common.
“Everyone needs a financial plan – it doesn’t matter who you are,” said Mr Helberg…

Two partners in the Bermuda office of law firm Walkers have been ranked in the 2024 Chambers and Partners FinTech Guide.
Natalie Neto, co-head of the global fintech group at Walkers, has received the …

One of the biggest obstacles to setting up a small business in Bermuda is the cost, according to one entrepreneur.
“It is insane,” said teacher Margot Shane, founder of WordCraft Tutorial Service. “Fo…

Avance Gas Holding Ltd, the Bermudian-based company engaged in the transportation of liquefied petroleum gas, has agreed to sell Venus Glory, the 2008-built very large gas carrier, for a gross cash co…

Bermudian-based PartnerRe has named William Strasser as head of aviation.
He succeeds Benjamin Weber, who is retiring early this year after 25 years with PartnerRe.
The company said Mr Strasser, who i…

As befits its name, The Red Carpet has always been a welcoming kind of place.
Over 40 years, the Reid Street, Hamilton restaurant has developed a loyal local clientele who are well known to a staff th…

When Jean Claude Garzia first took over the restaurant space in the Walker Arcade, he thought it would take three months to get it open again.
“I never imagined it would take more than a year,” Mr Ga…

This summer’s takeover of the Digicel Group by its bondholders is being considered by the Regulatory Authority of Bermuda after public input to the consultation ended overnight.
Written comments were …

A veteran of Bermuda’s captive insurance industry has joined US-based MSL Captive Solutions Inc as chief financial officer.
David Sykes was most recently managing director of Strategic Risk Solutions …

The RG/BSX Index closed on Tuesday unchanged at 2,370.71 after a day of no trading on the Bermuda Stock Exchange.
Overseas, Butterfield Bank closed up three cents (0.094 per cent) at $32.04 on the New…

American Overseas Group Ltd, the insurance holding company incorporated in Bermuda, has reported consolidated net income available to common shareholders of $4.3 million for the three months ended Sep…

Three new directors were elected, and four long-time directors did not stand for re-election, at the annual general meeting of Argus Group Holdings Ltd.
In a filing with the Bermuda Stock Exchange, Ar…

Bermudian-based R&Q Insurance Holdings Ltd has confirmed the retirement of cofounder Alan Quilter, who has also stepped down from the company’s board of directors.
R&Q, the non-life global spe…

This summer’s takeover of the Digicel Group by its bondholders is being considered by the Regulatory Authority of Bermuda, after public input to the consultation ends just before midnight.
Written com…

Steven Rees Davies, a partner at Carey Olsen Bermuda Ltd, has been recognised as one of the island’s leading practitioners in fintech and blockchain by Who’s Who Legal, the firm has announced.
Who Who…

Bermuda’s premier shopping mall expects to rebound in 2024 as it exits the occupancy slump of the pandemic years.
The Washington Mall expects retail occupancy to rise to 92 per cent in the new year – …

More people than expected continue to die since the Covid pandemic and a non-profit created by life insurance executives has proposed that insurers test policyholders for various common causes of morb…

The reinsurance community has rung in the new year with a responsive market for January 1 renewals, after an estimated 2023 increase in traditional capital of 12 per cent, an analysis by Guy Carpenter…

A top broker based in Bermuda will assume a senior specialty leadership position at a global reinsurance broker, leading a specialty aerospace unit.
Gallagher Re said that Richard Sammons is joining i…

Liquor store sales fell 36.8 per cent between March and July, according to the latest retail sales index figures, but drinks distributor Burrows
Lightbourn is doing just fine.
“Business has been very…

Scheduled pre-trial hearings for the Vesttoo bankruptcy begin the morning of January 16, in the US Bankruptcy Court for the District of Delaware.
The court allowed creditors of the Israeli insurtech t…

Bermuda has emerged from a difficult year, after global issues and domestic troubles combined to present a series of business challenges that will bleed into the new year.
The mature and developing ma…

The tide turned against inflation.
Artificial intelligence went mainstream — for good or ill.
Labour unions capitalised on their growing might to win more generous pay and benefits.
Elon Musk renamed …

Dear Dave,
My mum and dad always told me to live within my means. As an adult, I’ve made some mistakes with money, including falling right back into debt after paying off everything. I’m tired of this…

AM Best has affirmed the financial strength rating of A- (Excellent) and the long-term issuer credit ratings of “a-” (Excellent) of Bermudian-based Somers Re Ltd and its subsidiaries: Watford Insuranc…

Bermuda’s largest telecoms firm, One Communications, is putting up the prices for its internet and TV services.
Customers have started receiving letters giving them notice of an “important billing upd…

AM Best has affirmed the credit ratings of Bermudian-domiciled Harrington Re Ltd and Harrington Reinsurance Holdings Ltd.
The agency affirmed the financial strength rating of A- (Excellent) and the lo…

White Mountains Insurance Group Ltd, the financial services holding company domiciled in Bermuda, has announced that Ark Insurance Holdings Ltd, its specialty property and casualty reinsurance and ins…

Some light-hearted, seasonal reflection on the major economic and investment market events of the past 12 months

‘Twas the market before Christmas,
So, let’s gather around the tree,
To note some …

The RG/BSX Index closed on Friday at 2,341.51, down 10.73 points (0.46 per cent).
Some 83,100 shares in Argus Group Holdings Ltd changed hands on the Bermuda Stock Exchange. The stock closed at $6.30,…

Bermudian-headquartered Hamilton Insurance Group Ltd has appointed Wilfred Chin as chief actuary at Hamilton Global Specialty, the company’s underwriting platform written by Syndicate 4000 at Lloyd’s …

The Bermuda Brickyard has raised more than $100,000 for charity by selling Christmas trees over the past 14 years.
They have sold all of the more than 1,500 trees they brought in for the season.
Their…

Bermudian-based Everest Group Ltd has appointed industry veteran Glen Browne as global head of Accident & Health.
Mr Browne, who most recently served as head of international corporate strategy at…

Axa XL Insurance has appointed Julijana Sumner as chief claims officer, APAC & Europe and XL Insurance Company SE, subject to regulatory approvals.
In her new role, Ms Sumner will be responsible f…

Hamilton Insurance Group Ltd has appointed Peter Riihiluoma as senior vice-president, head of specialty reinsurance at Hamilton Re, the company’s Bermudian-based insurance and reinsurance underwriting…

Building material sales volume shot up by 43.8 in July, while the value increased by 46.3 per cent, according to the latest Retail Sales Index figures released by the Ministry of Economy and Labour.
T…

The Argus Group has reported IFRS net income of $5.0 million for the six months ended September 30.
That result compares with $9.2 million in the prior year as restated for IFRS 17.
The company said t…

The Hamilton Princess and Beach Club has featured in the list of top 25 holiday traditions and spectacular displays by Historic Hotels Worldwide.
The organisation represents more than 300 historic hot…

Two restricted SPI insurers were among four whose registrations were confirmed by the Bermuda Monetary Authority in November.
East Lane Re VII Ltd and Fish Pond Re Ltd were registered in the restricte…

A Mount Saint Agnes team is maintaining its lead in KPMG’s Senior School Investment Challenge, although it is becoming more competitive at the top.
In the second month of the challenge, the Wallstreet…

Bermuda-domiciled reinsurers, the parent for which is partly owned by RenaissanceRe Holdings Ltd, have been highlighted by a rating agency for an expected profitable future.
Fontana Reinsurance Ltd an…

The Government of Bermuda has advised the Bermuda Stock Exchange of the maturity and redemption of its BSX-listed 4.750 per cent senior notes, due December 16 of this year.
The BSX said: “The Exchange…

Bermuda has dropped five places to sixth in an annual report of the best places in the world for multinationals to operate, based on cost and speed of operation.
The island was top-ranked in 2022, fol…

A Bermuda insurance and reinsurance company is among a group of companies that are continuing with excellent credit ratings from AM Best.
Starr Insurance & Reinsurance Limited (Bermuda) is an insu…

Bermudian vendors have been given a place to showcase and sell their goods by entrepreneur Kimwana Eve, who has opened a pop-up store in the Washington Mall.
Ms Eve, who founded the online business di…

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

It’s the most wonderful – and most expensive – time of the year! And if you are like so many others who are struggling to get out of debt, this season can cause a lot of stress and completely derail y…

The RG/BSX Index closed on Friday unchanged at 2,344.88 after a day of no trading on the Bermuda Stock Exchange.
For the week, the Index was up 90.88 points (3.87 per cent) on share volume of 41,000 a…

AM Best has revised the outlook to stable from negative for the long-term issuer credit rating and affirmed the financial strength rating of A (Excellent) and the long-term ICR of “a+” (Excellent) of …

The ratings of SiriusPoint Ltd’s operating subsidiaries are unchanged following published reports that CMIG International Holding Pte Ltd – the parent of SiriusPoint’s key shareholder CM Bermuda Ltd -…