Business

Bermudian-based Somerset Reinsurance has reached a third reinsurance agreement with Prudential Financial, the US-headquartered Fortune 500 company.
Making the announcement, Prudential said it has agre…

Nabors Industries, the Bermudian-based energy technology company, has reported net income attributable to Nabors shareholders for the second quarter of $5 million.
That compares to net income of $49 m…

Conduit Re, the Bermudian-based pure-play reinsurer, has recorded its first profit ever.
Part of the “class of 2020” group of companies that set up in Bermuda to capitalise on rising rates, Conduit Re…

Chubb Bermuda has selected three students to participate in its Select Internship Programme, which is now in its 11th year.
The company said the prestigious and coveted internship targets Bermuda univ…

Bermudian-based Axis Capital Holdings has made two appointments, one on each side of the Atlantic.
The global specialty insurer and reinsurer has appointed Andy Shaw as specialty team leader for North…

The largest shareholder of Argus Group Holdings is “unlikely” to support the insurer’s acquisition of a large stake in BF&M, a money-losing rival.
Without the blessing of Equilibria Capital Manage…

AM Best is taking a close look at the collateral of some rated insurers after reports of trouble at Vesttoo, an Israeli start-up that aimed to be the eBay of reinsurance, and which has a Bermuda entit…

Seventeen aspiring entrepreneurs between the ages of 18 and 25 have been selected to participate in the Young Adult Entrepreneurial Internship programme presented by Ignite Bermuda, the privately fund…

Argus Group Holdings reported a 7.5 per cent increase in net earnings in the year ended March 2023 as sales rose and interest income grew.
“Of particular note is how Argus continues to lead the way in…

Bermudian-based Martello Re has appointed Eric Lloyd, president of Barings, to the company’s board of directors.
Mr Lloyd replaces Michael Baumstein who recently stepped down from the board to join Ma…

Bermudian-headquartered Kiniksa Pharmaceuticals, a biopharmaceutical company with a portfolio of assets designed to modulate immunological pathways across a spectrum of diseases, has reported second q…

The private client and trusts practice in the Bermuda office of Conyers, the international law firm, has been ranked in Band 1 by the 2023 Chambers and Partners’ High Net Worth Guide.
Lawyers Helen C…

Four Bermudian students are taking part in the summer internship programme at CG Insurance.
Under the guidance of CG professionals, Chiara Pesci, Sam Morris, Jya Ratteray-Smith and Casey Morris have e…

An iconic West End retailer that has played a huge role in the life of Somerset village for more than six decades is to close for good on Monday.
Somerset Pharmacy, on Mangrove Bay Road, is winding do…

Mapeley Steps Holdings is being wound up by liquidators, formally ending a long-running saga that was the stuff of broadsheet opprobrium in the early Noughties.
In 2001, HM Revenue and Customs transfe…

Equilibria Capital Management is now 23.90 per cent owner of Argus Group Holdings, according to an announcement from the insurer today.
The actual change in shareholding was not disclosed in the relea…

The RG/BSX Index closed on Monday at 2,211.59, down 32.18 points (1.43 per cent).
Some 2,985 shares in Bank of NT Butterfield changed hands. The stock closed at $29.60, down 60 cents (2.0 per cent) on…

Seven Bermudians have been taken on as interns at Liberty Mutual Bermuda, the company said in a statement.
The programme runs from May to September.
During their internships, each student is assigned …

Queue Associates, the international business solutions company, has opened an office in Hamilton.
The company said the move is “a significant milestone in its commitment to strengthening its presence …

Apex Group, the Bermudian-based global financial services provider, is to expand its presence in Japan.
The company has announced its agreement to acquire Axess Accounting Office, a provider of corpor…

Arch Reinsurance, part of Bermudian-based Arch Capital Group, has announced that Jonathan Schriber will join the company as president effective August 1.
Mr Schriber will be based in the company’s Mor…

Bermudian-based Assured Guaranty has transferred the ownership of its equity interest in Assured Healthcare Partners to an entity owned and controlled by its founder, Jim Pieri, the company announced….

The credit ratings of Bermudian-based Assured Guaranty Re Overseas Ltd have been affirmed by AM Best, the credit ratings agency.
AM Best affirmed the ‘A+“ rating for financial strength and the ”aa“ lo…

BF&M’s board has put into place a controversial but highly effective takeover defence less than two months after Argus Group Holdings agreed to buy more than a third of the insurer.
The measure h…

Bermuda had the second most expensive electricity in the world in July 2023, according to ElectricRate.com.
Island residents paid 37 cents per kilowatt hour, far above the 14.2 cent global average.
…

Just 19 months after its launch, Pronto is processing more than 6,000 orders per month — and the best is yet to come, its founder promises.
Colin Rego, who heads Pronto and Sargasso Sea, the on-demand…

A record number of students in Bermuda are gaining summer work experience at local insurers and reinsurers.
According to the Association of Bermuda Insurers and Reinsurers, its members are hosting 103…

Altamira Therapeutics, a Bermudian-headquartered biotechnology company, has announced the publication of detailed results from its clinical trial with Bentrio nasal spray in house dust mite allergic r…

A Privy Council case that clarified the boundaries of trustee powers in Bermuda has been featured in a prestigious law journal in the Far East.
An article in Asia Business Law Journal by Helen Wang, a…

Bermuda’s international re/insurance industry headlines continue to increase — and amaze. Here are just a very few sample headlines of business activity in 2023 alone.
July 3: Catastrophe bond and rel…

Dave,
My husband is an entrepreneur. He has a very hard-driving, energetic personality and way of doing things, while I’m more laid back and soft-spoken. How can I support him best in terms of encoura…

PwC Bermuda has awarded scholarships to D.S Malachi Dates and Riley Morbey.
Mr Dates (Sheridan College, Pilon School of Business) is the winner of the Peter Mitchell Scholarship, worth $20,000 annuall…

The RG/BSX Index closed on Friday at 2,243.77, up 32.18 points (1.46 per cent).
Two thousand shares in Bank of NT Butterfield Ltd changed hands. The stock closed at $30.20, up 60 cents (2.0 per cent) …

Five Bermudian students have been selected from a competitive field of candidates to participate in Allied World Bermuda’s eight-week summer internship programme.
The global insurer and reinsurer said…

Jada Rogers-Ingemann and Jonathan Jervis have received legal education awards from MJM.
Ms Rogers-Ingemann has been selected for MJM’s 2023 Legal Scholarship, a $10,000 award, and Mr Jervis has been g…

Five lawyers from Appleby’s global private client & trusts practice, including two from the Bermuda office, have been recognised in the 2023 edition of the Chambers and Partners High Net Worth Gui…

A humble green-and-peach snack shack at John Smith’s Bay was ordered closed after being open for years and recently receiving a three-year extension to operate.
Trena Riley, the establishment’s propri…

The Bermuda Monetary Authority is monitoring troubles at Vesttoo, an innovative insurance marketplace that is dealing with issues related to collateral that may have been forged.
“The Bermuda Monetar…

The seventh cohort of Ignite Bermuda, the privately funded entrepreneurial accelerator, has launched with a two-day boot camp for the 30 entrepreneurs selected for the organisation’s core programme.
I…

The Bermuda Electric Light Company has awarded a total of $215,000 to 19 Bermudians at the organisation’s annual scholarship awards ceremony.
William Gardner is the recipient of the Hon C. Eugene Cox …

The RG/BSX Index closed on Thursday at 2,211.59, down 21.45 points (0.96 per cent).
Some 1,845 shares in Bank of NT Butterfield changed hands. The stock closed at $29.60, down 40 cents (1.3 per cent) …

Carey Olsen, the international law firm with an office in Bermuda, has been recognised in the Chambers High Net Worth Guide 2023 with three Band 1 rankings and 14 individual rankings, it has reported….

Robin Lang is to assume the role of group chief risk officer at RenaissanceRe Holdings on a permanent basis, the Bermudian-based company has announced.
Mr Lang, who has been RenRe’s interim chief risk…

An insurtech with a business model built around a new and innovative Bermuda licence being tested as collateral, key to the business, is being called into question.
Neither Vesttoo, the Goldman Sachs-…

Prototypes of an air-conditioner innovation developed by a man with decades of experience in the business flew off the shelves when first manufactured locally with the help of an auto body shop.
“Ever…

The RG/BSX Index closed on Wednesday at 2,233.05, up 21.45 points (0.97 per cent).
Six thousand shares of Argus Group Holdings changed hands. The stock closed at $6, unchanged on the day.
One thousand…

Darag Group, the international legacy acquirer, has concluded two transactions with undisclosed North American captive insurance companies.
The company said the transactions, one in each of May and Ju…

Chaucer, the international specialty insurance and reinsurance group with a presence in Bermuda, has promoted Chris Baker to head of global reinsurance, overseeing all lines of reinsurance business an…

The credit ratings of three companies operating under the Accredited banner remain under review with negative implications, AM Best has reported.
The ratings agency said that applies to the A- financi…

The e-tax filing deadline for the second quarter of the year has been extended until Thursday, the Office of the Tax Commissioner has reported.
Mandatory e-filers are required to file online, which ca…