Royal Gazette

The Bermuda Monetary Authority confirmed the registration of two insurers in August, taking the yearly total to 39.
The BMA confirmed Gearbulk Captive Ltd in Class 2 and Prismic Life Reinsurance Ltd i…

Larissa Dziubenko and Ligaya Sanchez-Wilson have joined Appleby Bermuda’s corporate and dispute resolution departments, two of the largest practices on the island.
Ms Dziubenko, an associate in the co…

Tony Hay will retire as president and chief underwriting officer of Arch Insurance (Bermuda) at the end of the year, after over two decades with the organisation and over five years at the helm.
Mr Ha…

This summer Jessica Lightbourne left her job at the Bermuda Hospitals Board to focus on her own business.
The change was brought about by a near-death experience.
She was walking with a friend when s…

Bermudian-based Somers Group Holdings Ltd has appointed industry veteran John Patin IV as chief investment officer.
The company said Mr Patin is responsible for overseeing Somers’ overall investment s…

Inver Re, the Bermudian-based global reinsurance broking arm of the Ardonagh Group, has launched an integrated global index practice, following the appointment of Tom Johansmeyer earlier this year.
Mr…

The RG/BSX Index finished down 49.58 points (2.31 per cent) on Tuesday to close at 2,098.64.
Two stocks were traded on the Bermuda Stock Exchange, with 700 Bank of NT Butterfield shares changing hands…

Bermudian-based Legal & General Reinsurance has taken on an intern, and supported an education award for a deserving student.
Jahlika Berkeley, a recent graduate with a BSc in accounting and finan…

Embattled Bermuda-linked insurtech, Vesttoo, has won a court ruling in their bid to claw back $200 million from company founders and others alleged to be involved in a massive fraud that has crippled …

Harbourfront restaurant has reopened its newly renovated and refurbished lounge. Originally the Sushi Lounge, the new Coral Lounge now offers a full à la carte menu.
The space has been redone in pink …

Independent airline, BermudAir, has partnered with Discover the World, the global sales and marketing organisation, to grow awareness and sales with the USA travel trade.
Discover the World said it wi…

Hudson Structured Capital Management Ltd, doing its reinsurance business as HSCM Bermuda, has added to its support of Kin, the Chicago-based insurtech start-up.
Kin has closed a $33 million Series D e…

Bermuda is failing, and a large minority absolutely accepts that. The downward trajectory we are on is a story of defeatism, self-interest and complacency. We are propped up by a campaign of smoke and…

A jurisdictional battle between Bermuda and the United States may be brewing after a ruling from a Delaware court in what could be the biggest insurance bankruptcy in Bermuda.
On Monday, Judge Mary F…

The Bermuda Stock Exchange is looking at ways for traders to get their money faster.
Some are already pushing for immediate settlements.
Greg Wojciechowski, president and chief executive of the BSX, h…

AM Best has revised down its outlook for the US homeowner insurance segment from stable to negative in part as a result of “elevated reinsurance costs“.
The ratings agency also cited above-average cat…

The RG/BSX Index closed on Monday at 2,148.22, up 0.72 points (0.03 per cent).
Some 59,900 shares in Argus Group Holdings Ltd changed hands on the Bermuda Stock Exchange. The stock closed at $6.03, up…

SiriusPoint has formed a strategic partnership with Stockholm-based Nordic Marine Insurance.
The Bermudian-based global specialty re/insurer said the partnership with the company’s Stockholm-based und…

Teneo, the global CEO advisory firm, has appointed Mark Allitt as a senior managing director with the firm’s financial advisory business.
Mr Allitt was a partner at KPMG in Bermuda, head of its adviso…

New European leadership at Sompo International, the Bermudian-based global provider of commercial and consumer property and casualty re/insurance, has included a new team at the UK commercial P&C …

Everest Insurance, the insurance division of Bermudian-based Everest Group Ltd, has established a dedicated US wholesale and programmes division.
“This dedicated offering reflects Everest’s decades of…

Vesttoo Bermuda’s joint provisional liquidators have slammed the bankrupt insurtech, saying that the parent company is absurdly claiming victim status and inexplicably keeping some of its leadership i…

A new captive domicile is about to emerge on isolated islands in the northwestern Pacific Ocean.
A Bill has been introduced in the Commonwealth of the Northern Mariana Islands to establish captive ins…

The local insurance industry is generally supportive of the Bermuda Monetary Authority’s plans to enhance the regulatory and supervisory regime for commercial insurers and insurance groups.
This, from…

If you asked anyone, your friends, your family, the person on the street about what they feared or worried about the most, the most common answers would probably fall into just a few categories:
• Fea…

The RG/BSX Index fell 14.06 points (0.65 per cent) for the week to close at 2,147.51 on share volume of 35,423 valued at $185,446.50. Declines led advances two to zero.
LOM Financial Limited fell a ni…

Christopher Harris has resigned as a director of BF&M as of Friday, September 15, the board has announced.
Mr Harris joined the board in May 2018 after his stint as CEO of Montpelier Re for seven …

Cayman Islands Tourism officials have been ordered to hand over documents linked to a controversial sponsorship strategy, following a 20-month freedom of information battle with the Cayman Compass, th…

In support of Climate Week NYC, Axa XL is hosting a live webinar focused on water, a valuable resource greatly impacted by climate change, but often overlooked in organisations’ risk management plans….

The global specialty insurer and reinsurer, Bermudian-headquartered SiriusPoint has appointed Stephen Smyth as head of marine in London, and active underwriter for Syndicate 1945, subject to Lloyd’s a…

Captives are performing far better than “commercial line insurers”, according to an AM Best report, and the ratings company expects the trend to continue.
Over the past five years, captive insurers ha…

Mutual property and casualty insurance companies in the US recorded $31 billion in underwriting losses in 2022 despite a solid rise in premiums, according to a recent AM Best report.
Higher claims and…

Fitch Ratings has affirmed the long-term issuer default ratings of Resolution Life Group Holdings and RLGH Finance Bermuda at ‘BBB’.
In addition, Fitch has affirmed the insurer financial strength rat…

Anthony Dagostino has become Axa XL’s first global chief cyber underwriting officer, commercial lines.
In the new role, Mr Dagostino will report to Libby Benet, Axa XL’s chief underwriting officer in …

Powertranz, sister company to First Atlantic Commerce, has jointly launched with Miura Systems, a unique, semi-integrated payment solution in the Caribbean and Central America.
First Atlantic is a le…

On the verge of hosting the World Federation of Exchanges 62nd Annual Meeting, the Bermuda Stock Exchange has announced they will brave the tropical storm winds of Hurricane Lee and remain open for bu…

The promotion of Mike Penrose to associate partner has further boosted EY Bermuda’s growing strategy and transactions team in the region, the firm said in a statement.
It said the appointment reflects…

HSBC Bermuda has joined Butterfield and Clarien in closing early today, out of an abundance of caution due to the approaching Hurricane Lee.
All three will close at 2pm today, Thursday September 14, a…

AM Best affirmed its ratings for Renaissance Reinsurance and said all of the ratings have a stable outlook.
In a statement, the New Jersey-based agency said that the ratings reflected the balance she…

The only trading on the Bermuda Stock Exchange Wednesday involved 423 shares ($8,696.50) of BF&M Ltd, with the stock closing at $20.50, down $1.50 or 6.8 per cent.
It left the RG/BSX Index down 13…

Butterfield has advised that due to Hurricane Lee, all Butterfield Banking Centres in Bermuda will be closing at 2pm Thursday.
Due to hurricane preparations, some ATM’s will be temporarily unavailable…

The Bermuda law firm Appleby, sponsors of the 62nd World Federation of Exchanges annual meeting, said it is an honour that Bermuda is host to the event this month.
The firm, together with its speciali…

Vesttoo’s Bermuda entity is getting its day in court next month.
Petitioners and contributors in the winding-up of Vesttoo P&C can be heard on October 13 at the Supreme Court of Bermuda.
Vesttoo…

Marsh, the world’s leading insurance broker and risk adviser, has announced two Bermudian-based leadership appointments within its Marsh Captive Solutions operation.
Michelle Sivanayson has returned t…

As senior vice-president of business transformation at Renaissance Re, Richard Prior sometimes uses artificial intelligence programmes to summarise the many 50 to 90-page reports he reads daily.
It …

Life reinsurance leaders provided insights on key issues during the 11th annual Bermuda International Life and Annuity Conference at Pier 6 in Hamilton.
Some 300 delegates attended discussions focused…

Since an American crisis in March when three banks failed over the course of five days and $42 billion was withdrawn in 24 hours, depositors have been much more curious about what goes on behind the c…

Life reinsurance companies are being buffeted by a number of trends and forces following the Covid-19 pandemic, with the upshot being that they are well positioned and well priced for any uncertaintie…

In an effort to address the growing challenges of waste management and environmental sustainability in the Caribbean region, a regional training and technical exchange activity opened yesterday and wi…

The end of a marriage can cause anxiety for everyone involved. A common concern is about maintaining a certain lifestyle that may have been enjoyed during the marriage.
The recent celebrity divorce of…