Royal Gazette

Howden, the global insurance group, is to unify its structure under a single global executive, with insurance broking, reinsurance broking and underwriting reporting directly to David Howden, the chie…

LOM, the international financial services company, has reported full year 2022 profits of $1,883,951 or $0.37 per share.
This decrease from the more than $9.5 million profit declared in 2021 is due t…

Surface Trends Ltd, the stone and tile contractors, have established Landscape Trends, a new design and build landscape company.
Jeff Sousa has joined as Vice President of Operations at the new subsid…

Security Associates Limited has promoted two members of its security training centre team.
Caleb J Crockwell becomes training and compliance officer and Ivan Outerbridge becomes lead training and comp…

The Bermuda Economic Development Corporation will be shedding light on small business debt in a free webinar series launching later this month.

Demystifying Debt: Building a Solid Foundation for S…

Mike Swan hopes to have 60 electric vehicles in his rental fleet at Localmotion Ltd on Happy Valley Road in Devonshire by next year.
“We are at 15 micro cars, and will be at 19 by July,” Mr Swan said….

Golden Ocean Group Limited, the world’s largest listed owner of large size dry bulk vessels, has posted a net loss of $8.8 million for the first quarter of 2023, after earning $68.2 million for the fo…

The Bermuda Monetary Authority confirmed the registration of five insurers in April, taking the yearly total to 19.
The BMA approved two Restricted SPI insurers — Purple Re Ltd and Bayou Re Ltd — as w…

Paysafe Limited, the Bermudian-incorporated specialised payments platform, has reported a net loss for the first quarter of $3.8 million.
That compares with a loss of $1.17 billion in the prior year q…

International General Insurance Holdings Ltd. has begun 2023 with a first quarter profit of nearly $40 million, an improvement over the same period to March 31, 2022.
IGI Chairman and CEO Mr Wasef Jab…

Law firm MJM Limited has promoted Mark Adams to the position of counsel.
Mr Adams’ practice, within the Corporate and Finance Team, focuses on all areas of corporate, finance and banking law.
His ext…

Bermudian-based Flex LNG Ltd, the liquefied natural gas shipping company, has reported net income of $16.5 million for the first quarter of 2023, a drop compared to net income of $41.4 million recorde…

Bermudian-based Vantage Group Holdings Ltd has appointed Richard Wall as head of US financial lines.
Mr Wall will be based in Connecticut and report to Alex Blanco, Vantage’s chief executive, insuranc…

Beth Boucher has been appointed as an independent non-executive director at Hiscox Ltd, the Bermudian-based international specialist insurer.
The company said the appointment is subject to regulatory …

Gross written premium is soaring for Convex Group Limited, the Bermudian-based international specialty re/insurer.
The company wrote 2022 GWP of more than $3 billion, up 43 per cent from $2,115 millio…

The increase in online shopping has meant an explosion in the courier business volume.
The percentage of overseas purchasing imported through courier companies continues to rise, as the total retail i…

Digital asset business publications are increasingly citing Bermuda‘s regulatory leadership, including articles this week pointing to the island as a viable home for cryptocurrency business.
One publi…

Legislation governing the island’s insurance sector is to be amended to empower the Bermuda Monetary Authority to require commercial insurers to develop a recovery plan.
The Insurance Amendment Act …

First quarter net profit at Bermudian-based SFL Corporation Ltd has plummeted year-over-year – from $47 million in 2022 to $6.3 million this year.
SFL, one of the world’s largest ship-owning companies…

The RG/BSX Index closed unchanged at 2,125.00 upon no trading on the Bermuda Stock Exchange on Monday.
The Bank of NT Butterfield & Son Ltd closed up 43 cents (1.82 per cent) at $24.10 on the New …

David A Brown has been appointed to the role of chairman of the board of directors at Hamilton Insurance Group Ltd, the Bermudian-headquartered global specialty re/insurer.
Mr Brown, a long-standing m…

AM Best has affirmed the financial strength rating of A (Excellent) and the long-term issuer credit ratings of “a” (Excellent) of Nectaris Re Ltd, the operating subsidiary of Nectaris Holdings Ltd, bo…

A series of safety training seminars were featured as Bermuda’s electricity provider held the company’s annual Occupational Health, Safety and Environment Day.
Belco said OHSE Day was held this year w…

Issues such as soaring wholesale food costs have struck restaurants hard, forcing menu price adjustments. And it is not just a Bermuda problem.
On both sides of the Atlantic the complaints are loud, w…

Bermudians pay more for internet than almost anyone else on the planet, a recently published UK study of 219 countries has found.
Cable.co.uk creates databases to allow UK buyers to compare broadband,…

AM Best, the credit-rating agency has expressed confidence in a Bermuda reinsurer, spun off from Athene Holding Ltd. (now Apollo Global Management, Inc.) in 2018.
Athora Life Re Ltd. is now a European…

AM Best has affirmed the financial strength rating of A (Excellent) and the long-term issuer credit rating of “a” (Excellent) of Bermudian-based Lumen Re Ltd.
The outlook of these credit ratings is st…

Billionaire Daniel Loeb is “no longer exploring” an acquisition of Bermudian-headquartered global specialty re/insurer, SiriusPoint Ltd.
In a filing on Friday with the US Securities and Exchange Commi…

Dear Sir,
I am writing as I see a Gencom advertisement in favour of passing the second special development order for the Fairmont Southampton hotel development on the Royal Gazette website. Only four …

Dear Dave,
I’m hearing more and more about “de-dollarisation” and how several countries are moving away from the US dollar as their basis of international trade. Will this affect the strength of the d…

In 1951, a seriously ill young Black woman, Henrietta Lacks, from a small town named Turner Station (now Dundalk), Baltimore County, Maryland, went to Johns Hopkins, one of few hospitals in the area …

The RG/BSX Index rose 15.09 (0.71 per cent) to close at 2,125.00 after 12,100 shares, valued at $106,965.00, traded on the Bermuda Stock Exchange.
This included 400 shares of Bank of N.T. Butterfield …

Bermudian-based Fortitude Re has opened a representative office in Tokyo and appointed Hajime Kawafuji as its chief representative.
The company said Mr Kawafuji is a leader in the Japanese business co…

The next stop for the Bermuda Business Development Agency is Toronto, building on earlier promotional work accomplished in September, David Hart, the agency CEO has said.
He said it was an opportunity…

Bermudian entrepreneurs Gina Spence and daughter, Isis Benjamin, need $450,000 to scale up their Florida-based business House of Isis.
And they think people back at home in Bermuda can help them do th…

The Bermuda Business Development Agency is positioning Bermuda as a world capital for climate risk finance, based on the island’s international markets for re/insurance, Insurance-Linked Securities an…

The RG/BSX Index was unchanged on Thursday in the absence of any trading on the Bermuda Stock Exchange, closing at 2,109.91.
Meanwhile on the New York Stock Exchange, the Bank of N T Butterfield fell …

Brookfield Reinsurance, which is buying the Argo Group for $1.1 billion, has reported a net loss of $93 million for the first quarter of the year (Q1 2022: $156 million).
Brookfield said the loss was …

Digicel Bermuda has transformed its retail store into a carnival extravaganza, to bring Carnival 23 to the heart of the city.
Revel the Retail drew crowds a week ago to join in festivities. The sixth …

Axis Capital Holdings Limited, the Bermudian-based global specialty underwriter, has created two new leadership positions within its specialty insurance business.
Mark Gregory has been appointed as he…

Bermudian-based Maiden Holdings Limited has reported a net loss attributable to Maiden common shareholders of $11.3 million for the first quarter of 2023.
That compares to net income available to Maid…

Mosaic Insurance, the Bermudian-based global specialty insurer, is underwriting primary cyber insurance globally, offering $20 million in capacity across its network of underwriting hubs.
It launched …

Teekay Tankers Ltd, the Bermudian-based owner and operator of mid-sized crude oil tankers, has reported GAAP net income of $169.4 million in the first quarter of the year.
Teekay posted net income of…

Fortitude Re this week celebrated the completion of a $2 million renovation project at their Chesney House, Pitts Bay Road headquarters.
They marked the modernisation of their open-plan workspace with…

For ZipX, business has been going in one direction since the pandemic began – up.
“We have seen a steady increase in volume in not only shipments, but also in weight over the last year,” said IBC/Zip…

Uncertainty surrounds the future business prospects for a Bermuda reinsurer and its long-troubled American insurer after recent regulatory and credit rating action, AM Best has concluded.
And the rati…

The RG/BSX Index was unchanged on Wednesday closing at 2,109.10 with 2,400 shares changing hands on the Bermuda Stock Exchange at a value of $22,200.
Of those shares, 2,000 were Argus Group Holdings w…

The news that Digicel intends to raise their Bermuda internet rates was a cause of concern among some subscribers.
But some have raised further alarm because of Regulatory Authority requirements t…

Polaris Holding Company Limited has increased the security of the operations of a company unit through two transactions, acquiring one property and disposing of others.
The company said it has complet…

The Department of Workforce Development has unveiled updates and improvements to the Bermuda Job Board online that government says will enhance the user experience and make the site more productive.
T…