Business

A cheeky video on YouTube, available to the near 17 million subscriber base of the news product Vice, profanely paints Bermuda as “a tax black hole”.
Titled Exposing How Apple and Nike Made Billions i…

Bermuda’s banks recorded growth in their combined net income as the sector’s net after-tax income amounted to $154.2 million in the first quarter of 2023.
That was up by $18.2 million from the prior q…

New government figures show the Bermuda current account recording a surplus on trade with non-residents of $309 million in the first quarter of 2023, representing a $45 million decrease year-over-year…

These are healthcare facts in Bermuda. According to the the Government’s Bermuda Health Strategy 2022-2027, in a total population of 63,634 of Bermuda islanders:
• 8,274 (13 per cent) of residents a…

Dear Dave,
Is there any flexibility in your rule about not spending more than 25 per cent of your take-home pay on rent or monthly mortgage payments? I live downtown in Washington, DC, and I’m finding…

The RG/BSX Index closed on Friday unchanged at 2,226.67.
Some 2,400 shares in Argus Group Holdings Ltd changed hands. The stock closed unchanged at $6.
For the week, the Index closed down 113.64 point…

Five entrepreneurs have graduated from the Bermuda Economic Development Corporation’s Enterprise Bermuda Acclerator programme.
The graduates of the EBA’s eighth cohort are John Lee, general manager of…

Twenty-two Bermudian students received scholarships worth a total of $630,000 at the annual Association of Bermuda International Companies Education Awards luncheon.
Funded by donations from Abic memb…

The Bermuda Monetary Authority confirmed the registration of four insurers in July.
The BMA has registered 37 insurers and four intermediaries to date this year.
The BMA registered Mackinlay Insurance…

The Construction Association of Bermuda recently awarded $16,000 in scholarships to Bermudians, to help them continue their education in construction related fields.
The funds were raised at the asso…

Crude oil tanker company DHT Holdings, Inc. has declared a second quarter profit of $57.1 million (Q2 2022: $10 million) on shipping revenues of $152 million Q2 2022: $99.2 million).
Quarterly highlig…

Vesttoo, the insurance risk transfer platform just forced to layoff most of its staff, say investigators have identified the external factors which led directly to their current crisis, including the …

Cayman residents have been conned out of millions of dollars through a “pig butchering” scam, as crypto criminals target the Caribbean Island.
Authorities are warning the schemes are so sophisticated,…

Analysts see Bermuda’s proposed corporate income tax as “a modest but manageable negative” for insurers and reinsurers domiciled on the island, according to reporting from Business Insurance.

The Gov…

The latest financial figures for Hiscox show a sharp elevation in pretax profit on rising premium rates during the first half of the year, rising to $265.8 million compared to $25.4 million during th…

SiriusPoint Ltd, the Bermudian-headquartered global specialty re/insurer, has entered into a standstill agreement with the company’s billionaire board member Daniel Loeb.
The entry by the parties into…

The RG/BSX Index closed on Thursday at 2,226.67, down 113.64 points (4.86 per cent).
Some 3,000 shares in BF&M Ltd changed hands. The stock closed at $22.25, down 70 cents (3.1 per cent).
Some 2,8…

Brookfield Reinsurance, soon to be the owner of Argo Group, has reported a staggering increase in second quarter net income year-on-year.
The company recorded net income of $360 million for the three …

Bermudian-based re/insurer Lancashire Holdings Limited is to expand its international footprint by setting up an operation in the United States.
The news comes as Lancashire reports a first-half profi…

A new set of custom office suites has opened in Hamilton.
The “Suites at Russell Eve” have been launched by Jardine Gibbons Properties Ltd.
Located on the corner of Church Street and Washington Street…

Energy industry veteran Christopher Huskilson has been appointed interim chief executive officer of Canada’s Algonquin Power & Utilities Corp.
He succeeds Arun Banskota, who has stepped down as pr…

The Bermuda Red Cross is offering a psychosocial first aid training course for individuals and organisations to help in the establishment of community teams capable of providing assistance after traum…

Bacardi, the Bermudian-based drinks giant, is capitalising on demand in Russia, as other Western businesses are moving away.
Since the invasion of Ukraine in February last year, companies have been fl…

Severe thunderstorms accounted for up to 70 per cent of all insured natural catastrophe losses in the first half of 2023, according to a new report from the Swiss Re Institute.
The report revealed tha…

The RG/BSX Index was quiet on Wednesday with no trading on the Bermuda Stock Exchange.
Meanwhile the Bank of N T Butterfield was up seven cents (0.23 per cent) on the New York Stock Exchange finishing…

Auto Solutions, the Pembroke vehicle dealership, has launched a certified pre-owned department.
The new initiative allows customers to trade-in or sell their pre-owned car, eight years and younger, to…

KPMG is a co-title sponsor of the seventh Caribbean Infrastructure Forum 2023, which will be held in Miami next month.
As we move out of the pandemic, KPMG said, the Caribbean is experiencing a new ur…

Aspiring Bermudian lawyer Kaliyah Lee-Tucker has been awarded the Carey Olsen Investing in People scholarship for 2023.
The firm said it has provided scholarships for the past three years to exception…

Peter Spires has stepped down as general counsel of Lloyd’s to pursue fresh challenges in the Lloyd’s market, the organisation has announced.
Mr Spires joined Lloyd’s in 1995 and spent the early part …

White Mountains Insurance Group Ltd, the Bermudian-domiciled financial services holding company, has reported comprehensive income attributable to common shareholders of $21 million and $201 million i…

A new interim chief executive officer, Ami Barlev, has been installed at scandal-plagued Vesttoo, the insurance risk transfer platform, facing market and regulatory pressure after alleged irregulariti…

Six Bermuda reinsurance groups are among the top 20 global franchises listed by market research firm, Skyquest Technology in its latest report on the reinsurance market.
The report analysed the drive…

Online AI programs such as ChatGPT can now build websites in seconds, write resumes and answer burning questions.
They can also be reverse-engineered to lighten the workload for hackers by providing …

Bermudian-based holding Assured Guaranty Ltd has reported net income attributable to AGL of $125 million for second quarter 2023.
It compares with a net loss of $47 million in the prior year quarter f…

A merger between Bermudian-based insurers Apollo Global Management and Athene Holding has meant big gains for all sides, but the relationship is worth monitoring.
This, from Financial Times Wall Stree…

Bermuda’s corporate income tax rate for the targeted multinational companies is likely to be somewhere between nine and 15 per cent, a consultation document suggests.
The proposed corporate income tax…

The RG/BSX Index was unchanged on Tuesday in the absence of trading on the Bermuda Stock Exchange.
Meanwhile, the Bank of N T Butterfield was down 84 cents (2.69 per cent) on the New York Stock Exchan…

Bermudian-based James River Group Holdings Ltd has reported second quarter net income available to common shareholders of $21.1 million.
That compares with net income available to common shareholders …

Zyon Minors has been named recipient of the 2023 Polaris Holding Company Ltd Education Award, for the second consecutive year.
Zyon, the daughter of Otis Minors, a dedicated twenty-one-year veteran at…

David Burt, the Premier and Minister of Finance, is expected to make a major announcement to update the island on the international tax issue.
The media briefing comes as the Organisation of Economic …

Bermudian-based Argo Group, purchased in February by Brookfield Reinsurance for $1.1 billion, has reported a second-quarter net loss attributable to common shareholders of $500,000.
That compares with…

Bermudian-based Sompo International, the global provider of commercial and consumer property and casualty re/insurance, has appointed Cornelia Röskau as chief executive officer of its European legal e…

SiriusPoint has partnered with Eaton Gate, a London-based managing general underwriter, to primarily focus on British property casualty insurance business.
The Bermudian-headquartered global specialty…

Nominations are open for the annual Technology Innovation Awards, the Government’s Economic Development Department has announced.
Since 2007, the EDD said, it has taken great pride in recognising Berm…

Six Bermudian students have been selected to participate in a summer internship programme at Ariel Re, the global reinsurer.
The company said Alison Hyland, Emma Stegmann, Giovanni Hollis, Kieran Malo…

The RG/BSX Index closed on Monday unchanged at 2,340.31.
Some 11,900 shares in Argus Group Holdings changed hands for a total turnover of $71,400. The stock closed unchanged at $6.
Overseas, Butterfie…

Hiscox, the global specialist insurer headquartered in Bermuda, is to provide capacity for FloodFlash, the first insurance technology company to offer sensor-enabled parametric flood insurance.
Announ…

Essent Group, the mortgage re/insurer based in Bermuda, has reported second quarter net income of $172.2 million, down from $231.8 million in the prior year quarter.
New insurance written for the quar…

The Corporation of St George has launched a social-media campaign to entice new business in advance of new redevelopment expected soon for the old town.
One advertisement raises the prospect of a busi…