Business

Retail sales volume in Bermuda dipped by 0.9 per cent year-over-year in September, according to Retail Sales Index figures released today by the Ministry of Economy and Labour.
That figure was determi…

Inflation eased slightly to 1.8 per cent in September according to the latest Consumer Price Index figures released by the Ministry of Economy and Labour.
However, there were large rises in some key a…

A retired Bermuda Monetary Authority executive is making waves in the tech world by developing software, named Ac28R, which writes software for you.
Gary Thomas, former BMA director of actuary, has pr…

American insurers will continue to seek reinsurance solutions from offshore — and predominantly from Bermuda reinsurers — delegates to an annual insurance gathering have been told.
Concerns were also …

Three veterans of the Bermuda insurance and reinsurance market who have come together to form Radix Insurance Linked Strategies have had an eventful first week of business.
Hanni Ali, formerly of Hami…

A new insurance company has launched in Bermuda providing digital wallet insurance for certain cryptocurrencies.
Blockchain Deposit Insurance Corporation is the international entity of Palm Beach, Flo…

AM Best has affirmed the financial strength rating of A- (Excellent) and the long-term issuer credit ratings of “a-” (Excellent) of the rated operating subsidiaries of Bermudian-based James River Grou…

Bermudian-based Brookfield Infrastructure Partners LP has reported net income attributable to the partnership of $391 million for the 2024 fiscal year.
That compares with $432 million in the prior yea…

Recommendations from friends, family, neighbours or even colleagues at work have become a significant influence on many aspects of our lives, including investments. Friends often share their insights …

Dear Dave,
I want to start handling my money better and speed up the process of getting out of debt. Should I lower the amount I’m contributing to my retirement savings so I can pay off my car and hou…

A new consultation relating to the legislation for the Corporate Income Tax is under way for the next three weeks, a government spokeswoman said late today.
David Burt, Premier and Minister of Finance…

A former immigration minister who proved a lightning rod for controversy during the One Bermuda Alliance administration has been announced as an OBA candidate in the General Election.
Michael Fahy is …

At only 21 years old, Bermudian Kairo Morton has a dream job in California, working in artificial intelligence.
The Massachusetts Institute of Technology graduate’s tech background began here at home …

Changes in the C-suite of Lloyd’s are to continue with the appointment of Alexandra Cliff as its chief financial officer.
Ms Cliff, who will start in her new role on May 1, will succeed Burkhard Keese…

Ryan Taylor has joined Appleby’s dispute resolution practice as an associate.
The firm said Mr Taylor has broad experience with commercial disputes and regulatory matters.
Prior to joining Appleby, th…

Arch Insurance International has promoted Michael O’Neill to the post of onshore power and renewables underwriting manager as part of the company’s expansion of its open market renewable energy proper…

The Government aims to introduce cooperative legislation this year, after seven years of planning and research.
The aim is to create a system of cooperatives on the island, with the assistance of the …

The third-party capital vehicle launched last year by Bermudian-based Ariel Re has successfully completed its first fund raise.
The company said Ariel Re Capital Partners platform was launched to give…

The Bermuda Business Development Agency is moving forward in its mission to attract high-value foreign direct investment with the launch of an investment promotion agency model.
The BDA said this tra…

Artificial intelligence development has more potential to impact the way LOM invests money, than does a new president in Washington DC.
That was the word today from James Balfour and Bryan Dooley of l…

Bermudian-based Axis Capital Holdings Ltd has reported net income available to common shareholders of $1.1 billion for the 2024 fiscal year.
Announcing its year-end and fourth quarter results, the com…

The US Federal Open Market Committee will hold the target federal funds rate at 4.25 per cent to 4.5 per cent, the US central bank announced this afternoon.
The widely expected news followed the concl…

Ron-Michel Davis has been appointed immigration manager within the law firm, Conyers, following the retirement of Belinda Wright, who had been in the role for 16 years.
Mr Davis has been with Conyers …

World on Wireless Ltd, the television subscription provider that was wound up in the Supreme Court nearly three years ago, has been dissolved.
Larry Mussenden, now the Chief Justice, was acting as a P…

Bermudian-based Axa XL has appointed Tim Whisler to lead its wholesale business in the Americas.
Reporting to Lucy Pilko, chief executive, Americas, Mr Whisler will be responsible for developing and e…

Two Bermudian-based organisations have teamed up to serve the insurance-linked securities sector.
Jireh Risk Advisers Ltd and Strategic Risk Solutions said that as part of their strategic partnership,…

Existing and aspiring entrepreneurs have been encouraged to attend the third annual Small Business Expo presented next month by the Bermuda Economic Development Corporation.
The free event will be hel…

More than 150 industry professionals attended the Bermuda Captive Network’s annual Captive Education Summit at the Bermuda Underwater Exploration Institute.
The BCN said one key focus was the implicat…

A local graphic design and web development firm has launched an AI-powered chatbot service for Bermuda.
SJD World founder and creative director Stephan Johnstone said there are firms using chatbots on…

Chubb, the reinsurer with operations in Bermuda, today reported a record $9.27 billion in net income, up 2.7 per cent.
Its core operating income stood at $9.2 billion, or a record $11.08 billion and $…

RenaissanceRe has reported net income available to common shareholders of $1.8 billion for the 2024 fiscal year, despite recording a fourth quarter net loss.
The company reported $2.2 billion of opera…

Latifah Smith is now the senior account manager at mobile phone company Paradise Mobile.
The Reid Street firm said Ms Smith’s promotion is part of Paradise’s ongoing commitment to fostering Bermudian …

Bermudian-based Everest Group Ltd expects to report full-year 2024 net income in the range of $1.3 billion to $1.4 billion, the company revealed as it announced preliminary commentary on its full-year…

Pier Six will be the central location for the opening of a high-powered gathering of leaders in the next generation of high tech.
The island is to host a new conference focused on blockchain adoption …

Bermudian-headquartered Hiscox Ltd, the global specialist insurer, has appointed Lynne Biggar and June Yee Felix as independent non-executive directors, subject to regulatory approval.
Hiscox said Ms …

Bermudian-based Oceanview Reinsurance Ltd has appointed Muhamed Majeed as chief actuary.
The company said he will oversee Oceanview Re’s actuarial functions, including product development, pricing str…

Bermuda insurers and reinsurers will be impacted by California wildfires in a meaningful way, a ratings agency has determined.
Fitch Ratings said the companies they follow on the island can expect det…

The total value of commercial properties for sale on the island will double in the first half of 2025, a prominent real estate broker has predicted.
Brian Madeiros, president and chief executive of Co…

Bermuda market veteran Stephen Weinstein is behind a new entrant into the Florida property insurance market.
Mr Weinstein, formerly of RenaissanceRe and now chairman of the board at Bermudian-based It…

Claire van Overdijk KC, a partner in the Bermuda office of law firm Appleby, is to join a panel discussion at next month’s Trust and Estates Litigation Forum in Morocco.
The firm said she will join ot…

Envelop Risk, the data-driven cyber reinsurance and analytics specialist with an office in Bermuda, has promoted Graeme Bell to group chief operating officer and Simon Welton to the role of executive …

Concerns about the company’s balance sheet strength and enterprise risk management have prompted AM Best to downgrade the credit ratings of Bermudian-based Berking Re Ltd and place the new ratings und…

Marsh McLennan’s support of Hamilton Seventh Day Adventist Church’s feeding programme will continue, a Marsh statement has said.
Staff have been volunteering time and resources since 2020, helping to …

For Donna DeSilva, the hardest thing about running an Earth-friendly retail store is convincing people that they need her products.
She set up Gotta Go Green in Sandys a few months ago, selling organi…

The Bermuda banking sector’s net profit after tax amounted to $138.7 million in the third quarter of 2024, an increase of 6.1 per cent, or $8 million, compared with the previous quarter, a report by t…

A Bermudian-based specialty insurance carrier that supports emerging and innovative industries has launched a new product to address the growing risk of crypto exchange defaults.
Relm Insurance said F…

Prudential Financial Inc has agreed to reinsure a portion of its recently originated Japanese whole life policies with a subsidiary of Bermudian-based Prismic Life, the life and annuity reinsurance co…

Ascot, the Bermudian-based insurer and reinsurer, has made two leadership appointments to support the group’s US marine business.
Jon Mosby has been appointed deputy chief underwriting officer, US mar…

Former PartnerRe president and chief executive Emmanuel Clarke is to take up the post of chief executive, global specialty lines, at Canada’s Intact Financial Corporation.
He will succeed Michael Mill…

Over the past decade, the emergence and rise of cryptocurrencies have marked one of the most significant developments and shifts within the financial sector. Bitcoin, ethereum and countless altcoins h…