Business

Dear Dave,
My husband and I want to do a live-in and flip real estate purchase. The idea is to buy a fixer-upper and rent out the basement to help with the mortgage payments. How do you feel about ide…

Retail sales volume in Bermuda decreased for the seventh consecutive month in June, falling by 0.5 per cent year-over-year, according to figures released on Friday by the Ministry of Economy and Labou…

Bermuda College student Kanji Robinson has received the 2023/24 Global Atlantic Re Scholarship.
The Bermuda College Foundation said Mr Robinson received a merit-based scholarship from Global Atlantic …

The RG/BSX Index finished at 1,910.17 on Thursday, down 99.22 points (4.94 per cent). The only stock to move on the Bermuda Stock Exchange was Butterfield Bank, which closed at $24.05, down $1.85 (7.1…

SiriusPoint Ltd, the Bermudian-headquartered global specialty reinsurer, has reported third quarter net income available to common shareholders of $58 million.
The company reported core income of $50 …

Veteran insurance executive Albert Benchimol is to be nominated as a non-executive member of the board of directors at Aegon Ltd, the international financial services holding company that has changed …

Bermudian-based insurer Enstar Group Ltd has reported third quarter net earnings attributable to ordinary shareholders of $38 million.
That compares with a net loss attributable to ordinary shareholde…

Robert A Bailenson will be appointed chief operating officer of Bermudian-based bond insurer Assured Guaranty Ltd effective on January 1.
Chief actuary Benjamin G Rosenblum will succeed Mr Bailenson a…

The RG/BSX Index fell 22.73 points (1.12 per cent) to 2,009.39, with share volume trading of 2,600, representing a cash value of $59,190.
BF&M Ltd. closed down $2.49 (10.2 per cent) at $22, as the…

Brookfield Infrastructure Partners LP has reported third quarter net income of $104 million, which compares with $113 million in the prior year quarter.
Current year results benefited from the contrib…

A wholly-owned subsidiary of Bermudian-based insurer Enstar Group Limited has closed the previously announced transaction with American International Group Inc to provide protection to AIG on its reta…

Government has admitted digital payment solutions for public transportation have been delayed too long.
The blueprint for the new legislative session says a measure will soon be taken to Parliament to…

Long-term (re)insurers in Bermuda need not fear impending changes to the regulations that govern them, leaders of a global business advisory firm have said.
Senior managing director Simon Grout and di…

The Bermuda Clarity Institute is to offer a workshop series on generative artificial intelligence for the benefit of the island’s corporate leaders.
The workshops are to begin during the week of Novem…

The recent birth of generative AI represents a pivotal moment, akin to the industrial revolution’s adoption of steam power or the informational age’s embrace of the internet.
Its abilities extend far…

AM Best has affirmed the credit ratings of Bermudian-based Hiscox Ltd and its subsidiaries.
The agency affirmed the financial strength rating of A (Excellent) and the long-term issuer credit ratings o…

An expert in the field has provided valuable insights into financial planning tailored for women at a special event organised by 100 Women in Finance Bermuda.
Members and invited guests gathered for a…

The Bermuda Business Development Agency is expected to shift gears in the next financial year, and take on new responsibilities, in an enhanced effort to promote direct inward investment into the isla…

Tim Mardon will become Aspen Insurance Holdings Limited’s new global head of property catastrophe reinsurance on November 14.
He will also become chief underwriting officer of Aspen Bermuda Limited an…

Palomar Holdings Inc, the parent company of Palomar Specialty Reinsurance Company Bermuda Ltd, has reported third quarter net income of $18.4 million, which compares with net income of $4.3 million in…

Bunge, the American agribusiness and food company, has completed the previously announced move of the place of incorporation of its group holding company to Switzerland from Bermuda.
With the redomest…

SiriusPoint Ltd has sold its stake in Parameter Climate, the New York-based climate risk advisory, distribution and analytics firm.
The Bermudian-headquartered global specialty (re)insurer was a seed …

AM Best has upgraded the financial strength rating to A (Excellent) from A- (Excellent) and the long-term issuer credit ratings to “a” (Excellent) from “a-” (Excellent) of Arizona-headquartered Oceanv…

Dear Dave,
My fiancée and I plan to get married in May, and we are preparing to buy a house. We both work in sales, and combined we bring home about $7,400 a month before commissions. Our average comm…

The RG/BSX Index closed on Friday unchanged at 2,030.93.
Some 111 shares in Bank of NT Butterfield Ltd changed hands on the Bermuda Stock Exchange. The stock closed unchanged at $25.90.
For the week, …

Essent Group Ltd, the mortgage (re)insurer based in Bermuda, has reported third quarter net income of $178.0 million, which compares with $178.1 million in the prior year quarter.
“We are pleased with…

The RG/BSX Index closed on Thursday at 2,030.93, down five points (0.25 per cent).
Some 3,800 shares in Bank of NT Butterfield Ltd changed hands on the Bermuda Stock Exchange. The stock closed at $25….

Liberty Global, the sprawling global telecommunications conglomerate, expects to complete its re-domiciliation to Bermuda by month-end.
The news came in the company’s third quarter earnings report.
CE…

Sometimes good news is bad news in terms of market reactions. In this case, Fed watchers have been closely watching economic data for signs of softness.
Following an almost unprecedented level of mon…

The Federal Reserve held off on further hikes to the Federal Funds Rate, refusing to continue raising interest rates, after the two-day meeting of the Federal Open Market Committee concluded Wednesday…

Bermudian-based Relm Insurance Ltd has appointed Temar Richards as vice-president, actuary.
The company said Mr Richards will contribute to the execution of Relm’s strategic vision as well as optimisi…

Chopping its work force by nine per cent will save Butterfield Bank $13 million annually, the bank’s chairman and chief executive officer has told analysts.
Michael Collins said: “During the third qua…

Kroll Bond Rating Agency LLC has affirmed the AA+ insurance financial strength ratings of the subsidiaries of Bermudian-based Assured Guaranty Ltd.
The rated subsidiaries are Assured Guaranty Corp, As…

Bermudian-based R&Q Insurance Holdings Ltd has signed a loss portfolio transfer reinsurance agreement with a UK motor insurer covering net reserve of approximately $80 million, the company announc…

Business on the island have been left in a “position of wait and see” as talks continue over the rate of an electricity price rise, according to the Chamber of Commerce.
Initially, the Regulatory Auth…

Greg Wojciechowski, president and CEO of the Bermuda Stock Exchange, has been re-elected to a three-year term as director, Americas region, of the World Federation of Exchanges.
The announcement this …

Markel, the insurance operations within Markel Group Inc, has announced that Bryan Sanders, president of its Markel Specialty division, plans to retire by December 31, 2024.
Effective December 1, 2023…

Growing up without money affects how you live on a daily basis in childhood, and it can have long-term effects into adulthood, even when you begin to have enough money to make ends meet.
When you move…

Dear Dave,
I know when it comes to personal finance, you’re a big fan of living on a written, monthly budget. Should you do a small-business budget the same way you do your household budget?

— Jos…

BE Solar, Bermuda’s clean energy provider, has appointed Robbie Godfrey as its new chief executive officer.
With a career spanning more than two decades as an engineer and operations manager in Bermud…

The Association of Bermuda Insurers and Reinsurers hosted US National Association of Insurance Commissioners president-elect Andrew Mais and Massachusetts Division of Insurance commissioner Gary Ander…

Talcott Financial Group, the Bermudian-based international life insurance group, has appointed Imran Siddiqui as chief executive officer.
The organisation said Mr Siddiqui is a proven industry executi…

Everest Group Ltd, the Bermudian-based (re)insurer, has reported net income of $678 million in the third quarter of the year.
That compares with a third quarter 2022 net loss of $319 million.
Operatin…

Nabors Industries, the Bermudian-domiciled energy technology company, has reported a net loss attributable to shareholders for the third quarter of $49 million, which compares with net income of $5 mi…

The Economic Substance Act 2018 came into force on December 31, 2018, pursuant to which Bermuda companies conducting a “relevant activity” are required to submit declarations to the Registrar of Compa…

Arch Insurance has furthered its European expansion with two cyber appointments in France.
Sergio Pierro joins as senior cyber underwriter and Roxanne Deslandes as cyber underwriter.
They join Arch In…

Sompo International, the Bermudian-based global provider of commercial and consumer property and casualty (re)insurance, has made two appointments for its UK Commercial P&C Insurance business unit…

AM Best has revised its ratings for Accredited, the programme management business of Bermudian-based R&Q Insurance Holdings Ltd that is to be sold to funds advised by Toronto-based Onex Corporatio…

Chubb Limited has reported third quarter net income and core operating income were each $2.04 billion, up 157.8 per cent and 55.4 per cent, respectively.
For the first nine months, net income was $5.7…

Joining a highly-regarded research hub will assist in the management and understanding of risk, a Bermuda-based executive at Axa XL has said.
Andrew MacFarlane, the head of climate at Axa XL, was spea…