Business

Bermuda market veteran Gary Stockley has been appointed as an account executive in the island’s office of Miller, the specialist re/insurance broker.
Mr Stockley will report to Charlie Simpson, head o…

The announced sale of Argo Group International Holdings Ltd has been followed by AM Best placing under review with developing implications the long-term issuer credit rating of “bbb-” (Good) and the a…

The former site of Bermuda’s first cottage colony languishes on the property market a quarter of a century after it closed down, and some 15 years following its purchase for the purpose of redevelopme…

Bermudian-based re/insurer Lancashire Holdings Limited has reported a loss before tax of $2.8 million for fiscal year 2022 (2021: $56.8 million loss before tax).
Lancashire said strong premium growth …

Veteran insurance executive Andrew Brooks, just retired as the group chief executive officer at Bermudian-based Ascot Group, has been named deputy chairman of the Council of Lloyd’s.
Mr Brooks, an ele…

This is part two of commentary on the Pre-Budget Report 2023-24 — in part one, we covered the first four chapters.

A budget is not an actuality. It is a projected financial plan for an defined pe…

Dear Dave,
My parents are both in their seventies. They have been healthy and active all their lives, but in spite of them both having good jobs they neglected to plan and save for retirement. Is it m…

The RG/BSX Index climbed 107.26 points (4.58 per cent) to close at 2,339.21 for the week, driven solely by Bank of N.T. Butterfield Ltd. which rose $2 (6.6 per cent) to $32.50 on trading of 5,417 shar…

The trading volume on the Bermuda Stock Exchange decreased to 1.42 million shares and the value of shares traded totalled $13.13 million for 2022, the BSX has reported.
The Royal Gazette/BSX Index clo…

Axa XL, the Bermudian domiciled global commercial re/insurer, has put nature at the heart of its new, three-year sustainability strategy.
The company has published “Roots of resilience”, setting 23 am…

Essent Group Ltd, the mortgage re/insurer based in Bermuda, has reported net income for the fourth quarter and full year 2022 of $147.4 million (2021: $181 million) and $831.4 million (2021: $681.8 mi…

Dan Frusciano has been appointed to the post of North America head of cyber underwriting at Liberty Mutual Insurance, responsible for overseeing cyber underwriting strategy for the United States, Cana…

A new online directory for Bermuda small businesses has launched to connect companies and customers.
Kimwana Eve founded Lookie Lookie last year to encourage residents to find businesses, connect with…

There is rising concern about the affordability of the Bermuda dream of home ownership.
There is some evidence of shortages explored in the next RG Business edition of the Navigate Series — a podcast …

Brookfield Reinsurance, the island-domiciled organisation buying Bermudian-based Argo Group in a $1.1 billion transaction, has recorded net income of $140 million (2021: $43 million loss) and $492 mil…

A strong fourth quarter driven by continued underwriting margin improvement has propelled Bermudian-based Everest Re Group to net income of $597 million for fiscal year 2022.
But that was some way shy…

The RG/BSX Index remained unchanged at 2,339.21 after no trading on the main board of the Bermuda Stock Exchange.
Meanwhile, The Bank of N.T. Butterfield & Son Limited lost ground for the day, fal…

Bermudian-based Athene Holding Ltd, the financial services company, has announced a first close for Apollo / Athene Dedicated Investment Program II with approximately $2 billion in capital commitments…

A Dutch fintech firm that recently set up a Bermuda holding company has reported normalised net profit of €150.2 million for fiscal year 2022 (2021: €130.9 million).
Flow Traders is a global financial…

Bermudian Nicole Mitchell has joined the board of directors of Xceedance, the Bermudian-domiciled global provider of digital transformation solutions, technology, and analytical services to the insura…

Brookfield Reinsurance, the island-domiciled organisation buying Bermudian-based Argo Group in a $1.1 billion transaction, has recorded net income of $140 million (2021: $43 million loss) and $492 mil…

DHT Holdings Inc, the Bermudian-based crude oil tanker company, has reported net income of $62 million for fiscal 2022 largely owing to a strong fourth quarter.
That compares to a net loss of $11.5 mi…

A strong fourth quarter driven by continued underwriting margin improvement has propelled Bermudian-based Everest Re Group to net income of $597 million for fiscal year 2022.
But that was some way shy…

The annual budget breakfast hosted by the Bermuda Chamber of Commerce has completely sold out.
The Chamber said the entire complement of 350 seats sold in less than a week.
The event will be held on F…

Bermudian-based energy driller Nabors Industries Ltd has reported a net loss attributable to shareholders for the fourth quarter of 2022 of $69 million.
This compares to a loss of $14 million in the t…

Global executive assistant advocate Melba Duncan will be the main speaker at the Sixth Annual Administrative Professionals Development Conference in Bermuda next month.
The event is usually held in A…

The RG/BSX Index rose 26.82 (1.16 per cent) Wednesday to close at 2,339.21, pushed higher by N.T. Butterfield & Son Limited, which closed at $32.50, up 50 cents (1.6 per cent) on trading of 1,571 …

Bermudian-based energy driller, Nabors Industries Ltd, has reported a net loss attributable to shareholders for the fourth quarter of 2022 of $69 million.
This compares to a loss of $14 million in the…

Argo Group International Holdings Ltd, the Bermudian-based specialty insurer, has entered into a definitive merger agreement with Brookfield Reinsurance that will see the company acquire Argo in an al…

There have been recent indications from the Bermuda Government that Bermuda’s Personal Information Protection Act 2016 may come into full force in May or June.
Since Pipa was enacted in 2016, the Gove…

An executive with a Bermudian-based organisation has been named global chief risk officer at Antares Global, the multinational group of insurance and related service companies.
Faraz Khalid has been t…

The St Regis Bermuda Resort has been named as the best hotel on the island in the annual rankings by US News & World Report.
Rounding out the top five, in order of their ranking, are Rosewood Berm…

An executive with a Bermudian-based organisation has been named global chief risk officer at Antares Global, the multinational group of insurance and related service companies.
Faraz Khalid currently …

White Mountains Insurance Group Ltd, the Bermudian-domiciled financial services holding company, has reported comprehensive income attributable to common shareholders of $40 million and $788 million i…

This month, St George’s entrepreneur Astoria Smith has reason to celebrate.
Exactly three years ago, she opened the eco-conscious spa and boutique Lacquered Lounge on Somer’s Wharf in St George.
Sinc…

The premium power couple have done it again.
Just before Beyoncé won her record-breaking Grammy Award Sunday, her impresario husband, Jay-Z, closed a mega deal with Bacardi, ending a business feud tha…

New mobile communications company Paradise Mobile has named the Texas-headquartered company Mavenir as their technology provider powering a new 4G and 5G network.
The network software company will use…

Entrepreneur Marico Thomas and his Food Hub’s job fair Monday and Tuesday, is being extended to Wednesday.
The goal is to hire 70 Bermudian employees for the organisation’s new drive-through restauran…

Marsh McLennan has donated $10,000 in gifts, operational supplies and food to Teen Haven/Teen Services residents, the company has announced.
Teen Haven’s residential programme offers transitional hous…

Veteran Bermudian lawyer Alex Collis has returned home to join Carey Olsen Bermuda Limited as counsel in the firm’s corporate practice.
The firm said Mr Collis has more than a decade of experience in …

Two Bermudian-based companies are among the new owners of Traxys Group, a Luxembourg-headquartered global physical trader and merchant in metals and natural resources.
An investor group active in mini…

Jason Chlup has joined LOM Financial Group as an investment adviser.
Previously working for one of the largest banks in Africa, LOM said he has more than six years’ experience as a top performing priv…

Jonathan Zaffino has been appointed to the position of group president and chief executive officer at Ascot Group following the retirement of Andrew Brooks from the group CEO role.
Currently group pre…

Bermuda’s electric rental car pioneers will soon add a third model to their fleet.
Current Vehicles is to import the XEV Yoyo, an electric micro car manufactured in Shanghai, China, by Hong Kong-based…

The Government will seek to curb employers improperly classifying staff as “independent contractors”.
The move, the Government said, came as employee benefits are being compromised, leading to dispute…

James Matusiak, a former resident of Bermuda who worked in the island’s professional services and re/insurance industries, has died after a brief illness.
Mr Matusiak, a resident of Frisco, Texas, was…

AM Best has expressed concern with regard to the business profile of Fidelis Insurance Holdings Limited (Bermuda) and related companies, as a result of risks inherent in establishing a new corporate s…

Argo Group International Holdings Ltd has completed its previously announced sale of Argo Underwriting Agency Limited and its Lloyd’s Syndicate 1200 to Westfield.
Under the terms of the sale, announce…

The RG/BSX Index fell 41.24 points (1.84 per cent) to 2,231.95 for the week, as Bank of N.T. Butterfield Ltd. closed down 50 cents (1.6 per cent) at $30.50 after a total of 6,154 of its shares were tr…

The Bermuda Government issued the Pre-Budget Report for perusal and discussion just prior to the 2022 Christmas season at a time of generally serious financial stress, and heightened family holiday ac…