Business

Net realised and unrealised losses of a staggering $654 million, primarily in the fixed maturity investments portfolio, crashed Bermuda reinsurer RenaissanceRe to a startling 2022 Q2 net loss of $324….

The Bank of N.T. Butterfield & Son Limited has reported net income of $49.1 million for the second quarter of the year.
That is a 10.6 per cent increase compared with net income of $44.4 million i…

AM Best has affirmed the financial strength rating of A+ (Superior) and the long-term issuer credit rating of “aa” (Superior) of Bermudian-based Assured Guaranty Re Overseas Ltd.
The outlook of these …

Bermuda’s key advantages as an international business domicile were highlighted during a Commonwealth Chamber of Commerce of Hong Kong webinar.
David Burt, the Premier, used the occasion to discuss Be…

Allied World Bermuda is concluding a structured eight-week summer internship programme Friday July 29 for four talented Bermudians – Eden Robinson (McGill University), Grace Reeves (Queens University)…

Bermudian-based Fidelis Insurance Holdings Limited will create a new managing general underwriter that, subject to regulatory approval, will be separated from the existing balance sheet insurance comp…

Industry veteran Charlie Fry has rejoined American International Group Inc, the global insurance organisation.
After departing AIG in 2020, Mr Fry served as chief executive officer of Acacia Holdings …

Nayms, the Bermudian-based marketplace for crypto-native insurance, has appointed Nick Zagoreos as head of capital markets.
The company said Mr Zagoreos brings a wealth of experience in hedge funds, I…

Owning two beloved pooches, Tracy Lambert noticed a gap in the Bermuda retail market: not enough haute couture for pets.
“As a consumer, I’m always looking for stuff that is different or that you don’…

Fitch Ratings has upgraded Bermudian-based PartnerRe Ltd following its recent acquisition by Covéa Cooperations SA, the French mutual insurer.
Covéa acquired PartnerRe from EXOR NV for total cash cons…

Next month, The Youth Entrepreneurship Initiative, will be holding a special BizCamp for students in the new senior signature school.
This BizCamp is arranged in coordination with the Bermuda Signatur…

MSL Captive Solutions has appointed Meredith Watson as assistant vice-president and lead underwriter.
MSL is an independent, specialist underwriting and consulting services firm formed by Strategic R…

Convex US has launched as a managing general underwriter with a focus on writing primary insurance in the US E&S market.
The new operation is owned by Convex Insurance UK Limited, a specialty unde…

Nabors Industries Ltd, the Bermudian-based energy driller, has invested $7 million in Natron Energy Inc, a global leader in the manufacturing of sodium-ion batteries.
Natron plans to use the funds to …

The Association of Bermuda Insurers and Reinsurers member companies are hosting a record 91 paid interns in their Bermuda offices.
And to add value, Abir is facilitating an Intern working group for ne…

Here are my observations of a very interesting last week in the world of finance and economics and the implications for Bermuda.

Dollar dominates: the US dollar achieved parity with the euro. The …

With skyrocketing prices everywhere you turn these days, it’s more important than ever to take control of your money by making and sticking to a monthly budget. And I’m a big believer that every marr…

Butterfield has announced the return of Saturday banking and opened a new 24-hour ATM vestibule on Front Street in Hamilton.
Starting this weekend, the Reid Street banking centre in Hamilton will be o…

A new accessories brand has launched with a collection of Cup Match “head crowns” that show off the wearer’s team spirit.
Isabella Artuso’s first capsule collection of maximalist head crowns, also kno…

The RG/BSX Index finished unchanged at 2,230.73, as just one issue traded on the Bermuda Stock Exchange.
Argus Group Holdings Ltd closed unchanged at $6.30 after 5,019 shares ($31,619.70) changed hand…

AM Best has affirmed the long-term issuer credit ratings of “bbb-” (Good) of Bermudian-based R&Q Insurance Holdings Ltd.
Concurrently, AM Best has removed from under review with negative implicati…

Appleby Bermuda has handed out $60,000 in scholarship funds to local students pursuing degrees in law and business.
Appleby has been providing scholarships and bursaries since 1977 to qualified Bermud…

AM Best has affirmed the financial strength rating of A+ (Superior) and the long-term issuer credit rating of “aa-” (Superior) of Bermudian-based Top Layer Reinsurance Ltd.
The outlook of these credit…

The Bermuda Business Development Agency’s fourth annual Bermuda Tech Summit is now three months away, and registration is open.
The popular event will be held at the Hamilton Princess & Beach Clu…

AM Best has affirmed the credit ratings of Bermudian-based RenaissanceRe Holdings Limited and its main subsidiaries.
The ratings agency affirmed the financial strength rating of A+ (Superior) and the …

Ignite Bermuda is best known as an entrepreneurial accelerator but the programme also seeks to positively impact the island’s not-for-profit community.
Already, ten not-for-profit organisations have c…

Legislation designed to protect financial service customers was passed in the Senate.
The Bermuda Monetary Authority Amendment Act 2022 will mean that the BMA’s principal 1969 Act will include, among…

The RG/BSX Index remained unchanged, with no trading on the Bermuda Stock Exchange for the day.
The Bank of N.T. Butterfield & Son Limited was down a nickel (0.15 per cent), closing at $33.88 on t…

Bermudian-based Somers Limited, the financial services investment holding company, is to go private after its shareholders approved a merger with SNB Investments.
The company held a special general me…

The Bermuda Business Development Agency will support the 60th annual Florida Insurance Council Summer Symposium next week in Orlando, Florida.
The FIC programme will include state legislators, the Off…

Counterpart, the management liability insurtech, has announced the launch of its excess insurance product for small businesses.
Backed by Aspen Insurance Holdings Limited, the Bermudian-based re/insur…

Corvus Insurance, the specialty insurance MGA offering products powered by AI-driven risk data, has announced an expanded strategic partnership with SiriusPoint Ltd, the Bermudian-headquartered global…

Malika Serrar is always on the look out for novel ways to promote her hair salon, Pull My Hair, on Front Street.
Last month, she became the first local business owner to fully customise a Whip Ride S…

A Bill seeking to update definitions and correct fee structures incorrectly stated in the Bermuda Monetary Authority Act 1969 was passed in the House of Assembly.
The Bermuda Monetary Authority Amend…

The competition for Bermuda’s brightest minds is on.
The pandemic has highlighted the need to cultivate the supply of local talent for Bermuda companies.
Corporate Bermuda faces an ageing population …

Digicel has signed a landmark five-year deal with St Vincent and the Grenadines National Telecommunications Regulatory Commission, providing thousands in the region with high speed internet access.
T…

The RG/BSX Index closed unchanged at 2,230.73 with no trading on the Bermuda Stock Exchange for the day.
The Bank of N.T. Butterfield & Son Limited rose 90 cents (2.72 per cent) to close at $33.93…

A new report from KPMG says island governments are developing new or refreshed national economic strategies to get their countries on the right track, after being hard hit by the pandemic.
The report …

Ashly Turner has been appointed to lead US Energy Insurance and Steve Blackwell to lead US Life Sciences Insurance at Hamilton Select Insurance Inc., Hamilton’s newly-launched E&S insurer with a F…

Mandarin Oriental International Limited is selling the luxury and iconic Mandarin Oriental, Washington DC, for some $139 million with a post-tax, non-trading gain of approximately $45 million to be re…

Twenty Bermudian students received scholarships worth $605,000 to support their further education at the Association of Bermuda International Companies Education Awards.
One of the island’s largest an…