Royal Gazette

Howden Group Holdings, the global insurance intermediary group with an office in Bermuda, has reported a 33 per cent increase in revenue in fiscal year 2023 to £2,443 million (approximately $3,068 mil…

Howden, the global insurance group, has appointed David Shalders as group chief operating officer.
Mr Shalders will join as an executive member of the Howden group board as well as joining the global …

Hannah Charnaud has been promoted to the post of deputy head of Marine at Fidelis MGU, the privately owned Bermudian-based managing general underwriter.
Ms Charnaud, who joined Fidelis in 2018, most r…

The Bermudian-based captive insurer of the Japanese conglomerate, Sony Group Corporation, continues to receive top ratings from AM Best.
The agency affirmed the financial strength rating of A (Excelle…

Bermudian-based Monument Re’s Luxembourg subsidiary Monument Assurance Luxembourg SA has completed the transfer of the closed book portfolio of long term life insurance business from Integrale Luxembo…

Dave,
My husband and I have run our own small business for nearly ten years. Our largest client, who is also a friend, is almost three months behind on the bill. He has always been good in the past ab…

Bermudian-based Somerset Reinsurance Ltd, a provider of reinsurance solutions to the US life insurance and annuity market, has appointed Thomas Porter as chief underwriting officer.
Mr Porter will be …

Six lawyers from across Appleby’s global Private Client & Trusts and Dispute Resolution practices, including three from Bermuda, have been recognised in the 2024 edition of the Private Client Glob…

Andrew Wheeler and Russ McGuire have been appointed as interim co-CEOs of BMS Re, the specialty reinsurance arm of global broker BMS Group.
The company said the appointments follow Pete Chandler stepp…

Darag Group, the international legacy acquirer, has concluded the acquisition of a Hawaii-based captive insurer.
The company said the portfolio of workers compensation business which went into run off…

Last December, David Burt, the Premier, tabled Bermuda’s answer to the global minimum tax, the Corporate Income Tax Act 2023, which will impose a 15 per cent tax on multinational enterprises with …

Bermudian-based Axis Capital Holdings Ltd has reported net income available to common shareholders for fiscal year 2023 of $346 million.
That compares with net income available to common shareholders …

Bermudian-based RenaissanceRe Holdings Ltd recorded a $593.8 million net deferred tax asset in the fourth quarter of 2023, which it says is expected to be utilised predominantly over a ten-year period…

Canopius Group has made four appointments to its global credit and political risk team.
The global specialty insurer and reinsurer has appointed Angelos Deftereos as head of structured credit and Bori…

Tired of long commutes, patisserie owners Joerg and Esther Rudolph have left the West End.
A month ago, the couple sold the Dockyard Pastry Shop, known for its European pastries and cakes, and this we…

Having started as an accounts clerk, Joan Williams is celebrating 40 years working with the Little Venice Group.
To honour her achievement, a special lunch was held on Monday to celebrate the mileston…

Bermudian-based Jireh Connect, the new digital platform that allows reinsurance brokers to manage the placement process online and on their mobile phones, has successfully facilitated its first indust…

London-based Carbon Underwriting Ltd, the specialist, independent managing general underwriter and Lloyd’s syndicate, has appointed Dale Willetts, formerly of Bermudian-headquartered Sompo Internation…

Dear Dave,
My wife and I have always accepted that we would have a mountain of debt to pay off after the holidays. Having to deal with it all seemed more frustrating this year than ever before. Can yo…

The Bermuda International Long Term Insurers and Reinsurers organisation has appointed Suzanne Williams-Charles to the newly-created position of chief executive officer.
The organisation also named Da…

London Market Group has appointed two new board members as representatives of the different market associations for 2024.
Jane Warren, active underwriter for Liberty Specialty Markets’ Syndicate 4…

The Royal Gazette/BSX Index closed unchanged at 2,135.79 on Friday.
The only stock to trade was LOM Financial Ltd, which closed unchanged on $5.45 as 25,000 shares changed hands.
For the week, the ind…

Environmental awareness is not yet “baked” into Bermuda’s culture and legislation.
Kaiya Richards, founder of green product business Choice Era, thinks that should change.
“Other countries are very g…

Bermudian-based Axis Capital Holdings strengthened its prior year reserves in the fourth quarter by $425 million, pre-tax, and $361 million, post-tax, the company said.
The announcement came as Axis r…

The Bermuda Risk Summit is to kick off on March 13 with a keynote conversation between David Burt, the Premier, and Marc Grandisson, the chief executive of Arch Capital Group Ltd.
The three-day event …

A European boutique managing general agent has launched a new marine underwriting business backed by a panel of insurance partners including Bermudian-based SiriusPoint and Sompo International as well…

Strategic Risk Solutions, the world’s largest independent insurance company manager, has appointed experienced industry leader Tom Keist as chief commercial officer of SRS Altitude, effective April 1….

Rising prices have left many food businesses scrambling to stay afloat.
After many sleepless nights setting up the Bermuda Pie Company in 2017, owner Kris Furbert thought he could relax, a little. He …

Christian Roberts has joined Arch Reinsurance Ltd in Bermuda as a portfolio manager.
He said on Linkedin: “I look forward to working with the talented team here as we continue to build out the third-p…

Bermudian-based Ascot Group is to make four leadership appointments to its US Excess Casualty team this month, the company announced.
Ashley Hofler Hunley joins as vice-president, Southeast, based in …

Companies must develop cutting-edge solutions to “help them thrive in a continually shifting and interconnected economic landscape”, according to the chief executive of the Bermuda Monetary Authority….

Chubb Bermuda has combined its Financial Lines and Excess Liability product lines under a single leader, Richard Porter, who has been promoted to an expanded leadership role as executive vice-presiden…

Retail sales volume in Bermuda fell for the eighth month in the past nine in August, decreasing by 3.4 per cent year-over-year, according to figures released yesterday by the Ministry of Economy and L…

Dear Dave,
We have paid off all our debts, except for our home, and our fully funded emergency fund of six months of expenses is in place. In talking to people, it seems there are lots of different op…

• Reduced Land Tax rates
• Lower application fees for BEDC products
• Preferential interest rates on BEDC microloans
• Payroll Tax Relief for up to 30 months for start-ups or businesses relocating to …

Shareholders of Bermudian-based Textainer Group Holdings Ltd are to meet next month to consider the company’s proposed sale to Stonepeak, the alternative investment firm specialising in infrastructure…

The Bermuda Monetary Authority issued a warning and added Bitzelex Global (Bermuda) Ltd to a listing of companies that are not incorporated in Bermuda and/or are not licensed to conduct any form of re…

Xceedance, the Bermudian-registered technology company, has appointed Peter Flynn as senior vice president, Personal Lines, Americas.
The company said this strategic move underscores the company’s com…

Insurance company ratings will not be directly affected by proposed IFRS 17-related changes, according to Fitch.
IFRS 17 requires a company to measure insurance contracts using updated estimates and a…

Everest Insurance, the insurance division of Bermudian-based Everest Group Ltd, has appointed Bill Hazelton to head of US Retail Casualty in North America.
Mr Hazelton will be based in Everest’s Warre…

A specialty supply store for Bermuda’s commercial construction industry has become the exclusive distributor of Flex Tools on the island.
Builders Depot said Flex’s battery-powered line is known for i…

A former executive in the Bermuda insurance market has been added to the claims advisory board at Verisk, the global data analytics and technology provider.
Grace Hanson spent seven years in Bermuda, …

Bermuda’s balance of payments current account surplus was $357 million in the second quarter of 2023, down $25 million from the same period in 2022, the latest figures show.
The 2023 Q2 Balance of Pay…

Businesses in Bermuda, and globally, must reinvent themselves if they are to survive and thrive, an island-based business leader has said.
Arthur Wightman, PwC Bermuda leader, said: “Despite rising op…

Valaris Ltd, the Bermudian-based offshore drilling services company, has new contracts and contract extensions, with associated contract backlog of approximately $1.14 billion.
Contract backlog exclud…

Bermudian-based Axis Capital Holdings Ltd has promoted Conrad Brooks to chief administrative and legal officer and G Christina Gray-Trefry to the post of general counsel.
In Mr Brooks’s expanded role,…

Dear Dave,
My wife and I have started teaching our 5-year-old son about money. Do you feel we should step in and fix things when he makes mistakes, or let him experience the consequences of his action…

The CFA Society of Bermuda kicks off its financial literary series next week, for the sixth year in a row.
The course, which offers an introduction to setting financial goals and managing personal fin…

Global reinsurance results were better than expected last year, after significant losses in 2022, according to a new report from AM Best.
Early in 2023, the ratings agency projected an increase in tra…

Bermudian-based Somerset Reinsurance Ltd, a provider of reinsurance solutions to the US life insurance and annuity market, has appointed Manisha Dias as head of New Business Development.
Ms Dias will …