Royal Gazette

The credit ratings of Validus Reinsurance Ltd have been placed under review with developing implications by AM Best in the wake of its upcoming acquisition by fellow Bermudian reinsurer RenaissanceRe …

Digicel Limited, the embattled international telecoms provider, still believes a consensual and comprehensive restructuring of the company is achievable in the near term, although it has now had to ob…

The RG/BSX Index closed on Monday unchanged at 2,070.08 after a day that saw no trading.
Overseas, the Bank of NT Butterfield & Son Ltd was unchanged Monday as the New York Stock Exchange was clos…

Bermuda’s national money laundering threat rating has been raised to high in the latest report authored by the National Anti-Money Laundering Committee.

Bermuda – Report on 2020 Money Laundering a…

Carey Olsen, the international law firm with an office in Bermuda, has been named Offshore Law Firm of the Year at the Chambers Europe Awards 2023, taking home the award for the second year running.
T…

A top civil servant is to leave government for the private sector.
Randy Rochester has been appointed to replace Warren Jones as the next chief executive of Polaris Holding Company Ltd
The senior civi…

As a new minimum wage is introduced this week, one community advocate is praising the Government for trying, but said it has not gone far enough.
The rule coming into effect on Thursday requires emplo…

The ratings of telecom provider Digicel have been lowered by a major rating agency.
These are the latest developments as the troubled company has hung on for a billion-dollar takeover by creditors, wh…

AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of “a+” (Excellent) of the members of Athen…

Ordered by the Bermuda Supreme Court to pay hundreds of millions of dollars to a defrauded Georgian billionaire, the embattled Swiss bank, Credit Suisse, has now met a similar fate in a related case i…

Bermudian-based Everest Re Group Ltd has appointed Ricardo Anzaldua as executive vice-president and group general counsel, effective June 12.
Mr Anzaldua will report to president and CEO Juan C Andrad…

Shareholders of the The Bank of N.T. Butterfield & Son Limited held their annual general meeting in virtual format Wednesday morning, re-electing the bank’s board.
Returned as directors were Micha…

Nestor Lopez has become chief technology officer at Bermudian-based global specialty insurer SiriusPoint.
Mr Lopez was most recently chief Information officer, and replaces Darryl Siry, who will be le…

Bermudian-based Signet Jewelers Limited, the world’s largest retailer of diamond jewellery, has named Rob Ballew as SVP, investor relations effective May 30.
He will report to Joan Hilson, chief finan…

The 19th Bermuda Captive Conference September 12 and 13 at the Hamilton Princess Hotel & Beach Club will feature a novel dimension this year with the newly-launched Bermuda Captive Network.
Organi…

Lloyd’s has appointed Rachel Turk in the new role of chief underwriting officer.
She will report to Lloyd’s chief of markets, Patrick Tiernan, and her start date will be announced in due course, the o…

Trust in our institutions and in each other has been in decline since the 1970s, according to much research. This applies to governments, politicians, businesses, religions, media and related informat…

Dear Dave,
I’m 61, and I hope to be able to retire soon, but I’m watching my retirement savings completely eroding away day after day. The only place I’m not losing money is $180,000 I have sitting in…

Argo Group International Holdings Ltd, the Bermudian-based specialty insurer, is revamping and growing its surety business.
Argo has an agreement with North American insurer, Trisura Group Ltd, to sup…

More than 70 speakers have been lined up for Transcontinental Trusts: Bermuda 2023, the annual conference of the trusts industry.
The three-day conference, July 5-7, will be held at the Hamilton Princ…

Thursday was a busy day at the board level of a Bermuda-domiciled financial services holding company.
Weston M. Hicks was elected chairman of the board of White Mountains Insurance Group, Ltd., replac…

After days of inertia, the RG/BSX Index had a busy end to the week, with $222,500 worth of shares trading on Thursday on the Bermuda Stock Exchange.
The BSX was scheduled to be closed for the Bermuda …

Controversial minimum wage rules come into effect on June 1, requiring employers to pay employee wages of no less than $16.40 an hour.
Some of the poorest-paid workers, however, may find a shock.
For …

A year and a half into operations, the English Market grocery store in Hamilton is launching a delivery app.
“We want to reach everyone on the island,” managing director Fabio Iannone said. “All our…

The Bermuda Economic Development Corporation is encouraging entrepreneurs to submit applications for the Global Atlantic Re Foundation pitch competition.
To be held on September 28, entrepreneurs will…

The Bermuda Economic Development Corporation is encouraging entrepreneurs to submit applications for the Global Atlantic Re Foundation pitch competition.
To be held September 28, entrepreneurs will sh…

The RG/BSX Index remained static at 2125.12 on Wednesday for the eighth day in a row, with no shares trading on the Bermuda Stock Exchange.
Meanwhile, the Bank of N T Butterfield closed down 33 cents …

Bermudian Daniel Rance has been promoted to the role of chief underwriting officer, at Liberty Mutual Bermuda.
Mr Rance will be responsible for driving underwriting strategy across all Bermuda lines a…

Sompo International, the Bermudian-based global provider of commercial and consumer property and casualty re/insurance, has opened its first Canadian branch in Toronto.
Industry veteran Rohan Dixon is…

Bermudian-based Cool Company Ltd, the liquefied natural gas shipping company, has reported net income of $70.1 million for the first quarter of the year.
That compares with net income of $33.1 million…

Suzanne Johnson, senior adviser to the United Nations Global Compact Ocean Stewardship Coalition, is to be among the keynote speakers at the second annual Bermuda Climate Summit next month.
The event,…

Bermudian-based RenaissanceRe Holdings Ltd has announced the pricing of an underwritten public offering of 6.3 million of its common shares at $192 per share, before underwriting discounts and commiss…

Axa XL has appointed Vicky Roberts-Mills as head of energy transition.
The company said this new role will bring together the full capabilities of Axa XL and Axa Group to enable the business to be an …

Butterfield’s postponed Wednesday May 24 open house at the reopened Front Street Banking Centre, due to bad weather, has been rescheduled for next week Wednesday night.
The public may attend next Wedn…

The definitive agreement to sell its treaty reinsurance business to RenaissanceRe Holdings Ltd in a deal valued at nearly $3 billion is strategically significant for both American International Group …

The RG/BSX was unchanged on Tuesday, for the seventh day in a row, at 2,125.12 in the absence of any trading on the Bermuda Stock Exchange.
Meanwhile, the Bank of N T Butterfield rose 73 cents (2.85 p…

Bermuda’s gross domestic product increased 2.4 per cent in the fourth quarter of 2022, according to Jason Hayward, the Minister of Economy and Labour.
Newly released figures from the Ministry included…

New government figures have the Bermuda current account recording a surplus on trade with non-residents of $161 million in the fourth quarter of 2022, representing a $64 million decrease year-over-yea…

Seasoned agent Fiona Hatfield and relative newcomer Rachael Correia were the big winners as Coldwell Banker Bermuda Realty held its annual awards breakfast.
The event recognised outstanding achievemen…

Seadrill Limited has reported an operating profit of $51 million in the first quarter of 2023, a dramatic improvement on the operating loss of $7 million in the fourth quarter of last year.
The Bermud…

Apex Group Ltd, the Bermudian-based global financial services provider, has closed the acquisition of the data and analytics division of MJ Hudson Plc, a provider of services to the asset management i…

Borr Drilling Limited, the Bermudian-based oilfield services company, has reported a net loss of $7.4 million in the first quarter of the year, a decrease in loss of $13.9 million compared to the four…

BF&M celebrated their 120th Anniversary by hosting a special Customer Appreciation Day event outside its office.
The insurer said it wanted to acknowledge their customers’ continued trust and loy…

RenaissanceRe Holdings Ltd has entered into a definitive agreement with American International Group Inc to acquire AIG’s treaty reinsurance business, which includes Validus Reinsurance Ltd, in a near…

Butterfield is to host a Harbour Nights open house on Wednesday to mark the 100th anniversary of the bank building at 65 Front Street.
The public is invited from 7-9pm.
The bank said the design of the…

The Bermuda Monetary Authority is soliciting feedback on the rules that will govern its recovery plan initiative for the island’s commercial insurance sector.
Bermuda’s financial services regulator is…

The RG/BSX Index closed on Monday unchanged at 2,125.12 after a day that saw no trading.
Overseas, the Bank of NT Butterfield & Son Ltd closed up 46 cents (1.83 per cent) at $25.60 on the New York…

Sompo International, the Bermudian-based global provider of commercial and consumer property and casualty re/insurance, has named Risa Ryan as chief underwriting officer and a member of its executive …

Compre Group Holdings Limited, the Bermudian-headquartered international legacy group, has signed agreements to acquire a workers’ compensation legacy portfolio of SUNZ Insurance Company for an undisc…

Bermudian-based Aspen Insurance Holdings Limited has appointed industry veteran Tay Boon Chuan as head of Singapore, effective June 1.
He joins Aspen after 12 years at Tokio Marine Kiln as part of the…