Royal Gazette | Bermuda News Updates

Clarien Bank raises rates by a quarter point following Fed

July 26, 2023

Clarien Bank will increase its base lending rates by a quarter percentage point on September 1, following a much-expected announcement from the Federal Reserve that US rates are rising by a quarter po…

Somerset Re agrees to $12.5 billion deal with Prudential

July 26, 2023

Bermudian-based Somerset Reinsurance has reached a third reinsurance agreement with Prudential Financial, the US-headquartered Fortune 500 company.
Making the announcement, Prudential said it has agre…

Nabors reports $5 million net profit in second quarter

July 26, 2023

Nabors Industries, the Bermudian-based energy technology company, has reported net income attributable to Nabors shareholders for the second quarter of $5 million.
That compares to net income of $49 m…

Conduit Re posts first profit

July 26, 2023

Conduit Re, the Bermudian-based pure-play reinsurer, has recorded its first profit ever.
Part of the “class of 2020” group of companies that set up in Bermuda to capitalise on rising rates, Conduit Re…

Chubb selects three students for internship programme

July 26, 2023

Chubb Bermuda has selected three students to participate in its Select Internship Programme, which is now in its 11th year.
The company said the prestigious and coveted internship targets Bermuda univ…

Axis Capital appoints Shaw and Trivitt

July 26, 2023

Bermudian-based Axis Capital Holdings has made two appointments, one on each side of the Atlantic.
The global specialty insurer and reinsurer has appointed Andy Shaw as specialty team leader for North…

Top Argus shareholder cool on purchase of BF&M stake

July 26, 2023

The largest shareholder of Argus Group Holdings is “unlikely” to support the insurer’s acquisition of a large stake in BF&M, a money-losing rival.
Without the blessing of Equilibria Capital Manage…

AM Best examining collateral due to ‘Vesttoo situation’

July 26, 2023

AM Best is taking a close look at the collateral of some rated insurers after reports of trouble at Vesttoo, an Israeli start-up that aimed to be the eBay of reinsurance, and which has a Bermuda entit…

Ignite’s programme for young entrepreneurs in full swing

July 26, 2023

Seventeen aspiring entrepreneurs between the ages of 18 and 25 have been selected to participate in the Young Adult Entrepreneurial Internship programme presented by Ignite Bermuda, the privately fund…

Argus Group reports 7.5% increase in net earnings

July 26, 2023

Argus Group Holdings reported a 7.5 per cent increase in net earnings in the year ended March 2023 as sales rose and interest income grew.
“Of particular note is how Argus continues to lead the way in…

Martello Re appoints Barings president Eric Lloyd to board

July 25, 2023

Bermudian-based Martello Re has appointed Eric Lloyd, president of Barings, to the company’s board of directors.
Mr Lloyd replaces Michael Baumstein who recently stepped down from the board to join Ma…

Kiniksa reports $15 million net profit for second quarter

July 25, 2023

Bermudian-headquartered Kiniksa Pharmaceuticals, a biopharmaceutical company with a portfolio of assets designed to modulate immunological pathways across a spectrum of diseases, has reported second q…

Conyers lawyers recognised in Chambers High Net Worth Guide

July 25, 2023

The private client and trusts practice in the Bermuda office of Conyers, the international law firm, has been ranked in Band 1 by the 2023 Chambers and Partners’ High Net Worth Guide.
Lawyers Helen C…

CG Insurance offers internship to four Bermudian students

July 25, 2023

Four Bermudian students are taking part in the summer internship programme at CG Insurance.
Under the guidance of CG professionals, Chiara Pesci, Sam Morris, Jya Ratteray-Smith and Casey Morris have e…

Somerset Pharmacy to close for good at month’s end

July 25, 2023

An iconic West End retailer that has played a huge role in the life of Somerset village for more than six decades is to close for good on Monday.
Somerset Pharmacy, on Mangrove Bay Road, is winding do…

Formerly targeted Mapeley goes into liquidation

July 25, 2023

Mapeley Steps Holdings is being wound up by liquidators, formally ending a long-running saga that was the stuff of broadsheet opprobrium in the early Noughties.
In 2001, HM Revenue and Customs transfe…

Equilibria now owns 23.9% of Argus

July 24, 2023

Equilibria Capital Management is now 23.90 per cent owner of Argus Group Holdings, according to an announcement from the insurer today.
The actual change in shareholding was not disclosed in the relea…

Butterfield up $1.03 on NYSE

July 24, 2023

The RG/BSX Index closed on Monday at 2,211.59, down 32.18 points (1.43 per cent).
Some 2,985 shares in Bank of NT Butterfield changed hands. The stock closed at $29.60, down 60 cents (2.0 per cent) on…

Liberty Mutual Bermuda hosts seven interns

July 24, 2023

Seven Bermudians have been taken on as interns at Liberty Mutual Bermuda, the company said in a statement.
The programme runs from May to September.
During their internships, each student is assigned …

Queue lines up Bermuda office

July 24, 2023

Queue Associates, the international business solutions company, has opened an office in Hamilton.
The company said the move is “a significant milestone in its commitment to strengthening its presence …

Apex Group expands Japan presence

July 24, 2023

Apex Group, the Bermudian-based global financial services provider, is to expand its presence in Japan.
The company has announced its agreement to acquire Axess Accounting Office, a provider of corpor…

Schriber appointed Arch Reinsurance president

July 24, 2023

Arch Reinsurance, part of Bermudian-based Arch Capital Group, has announced that Jonathan Schriber will join the company as president effective August 1.
Mr Schriber will be based in the company’s Mor…

Assured Guaranty sells Assured Healthcare stake

July 24, 2023

Bermudian-based Assured Guaranty has transferred the ownership of its equity interest in Assured Healthcare Partners to an entity owned and controlled by its founder, Jim Pieri, the company announced….

Agro ratings affirmed by AM Best

July 24, 2023

The credit ratings of Bermudian-based Assured Guaranty Re Overseas Ltd have been affirmed by AM Best, the credit ratings agency.
AM Best affirmed the ‘A+“ rating for financial strength and the ”aa“ lo…

BF&M initiates ‘poison pill’ defence

July 24, 2023

BF&M’s board has put into place a controversial but highly effective takeover defence less than two months after Argus Group Holdings agreed to buy more than a third of the insurer.
The measure h…

Bermuda’s electricity second most expensive in the world

July 24, 2023

Bermuda had the second most expensive electricity in the world in July 2023, according to ElectricRate.com.
Island residents paid 37 cents per kilowatt hour, far above the 14.2 cent global average.
…

Evolution of Pronto continues

July 24, 2023

Just 19 months after its launch, Pronto is processing more than 6,000 orders per month — and the best is yet to come, its founder promises.
Colin Rego, who heads Pronto and Sargasso Sea, the on-demand…

Abir: record number of insurance internships

July 24, 2023

A record number of students in Bermuda are gaining summer work experience at local insurers and reinsurers.
According to the Association of Bermuda Insurers and Reinsurers, its members are hosting 103…

Island-headquartered Altamira gets double dose of good news

July 24, 2023

Altamira Therapeutics, a Bermudian-headquartered biotechnology company, has announced the publication of detailed results from its clinical trial with Bentrio nasal spray in house dust mite allergic r…

Privy Council trustee powers decision featured in law journal

July 24, 2023

A Privy Council case that clarified the boundaries of trustee powers in Bermuda has been featured in a prestigious law journal in the Far East.
An article in Asia Business Law Journal by Helen Wang, a…

Bermuda punches above its weight in global risk business

July 22, 2023

Bermuda’s international re/insurance industry headlines continue to increase — and amaze. Here are just a very few sample headlines of business activity in 2023 alone.
July 3: Catastrophe bond and rel…

Different personality types can work well together

July 22, 2023

Dave,
My husband is an entrepreneur. He has a very hard-driving, energetic personality and way of doing things, while I’m more laid back and soft-spoken. How can I support him best in terms of encoura…

PwC awards two scholarships

July 21, 2023

PwC Bermuda has awarded scholarships to D.S Malachi Dates and Riley Morbey.
Mr Dates (Sheridan College, Pilon School of Business) is the winner of the Peter Mitchell Scholarship, worth $20,000 annuall…

Butterfield up 18 cents on NYSE

July 21, 2023

The RG/BSX Index closed on Friday at 2,243.77, up 32.18 points (1.46 per cent).
Two thousand shares in Bank of NT Butterfield Ltd changed hands. The stock closed at $30.20, up 60 cents (2.0 per cent) …

Bermudian interns join Allied World for eight weeks

July 21, 2023

Five Bermudian students have been selected from a competitive field of candidates to participate in Allied World Bermuda’s eight-week summer internship programme.
The global insurer and reinsurer said…

MJM presents education awards to Bermudian students

July 21, 2023

Jada Rogers-Ingemann and Jonathan Jervis have received legal education awards from MJM.
Ms Rogers-Ingemann has been selected for MJM’s 2023 Legal Scholarship, a $10,000 award, and Mr Jervis has been g…

Appleby lawyers recognised in Chambers High Net Worth Guide

July 21, 2023

Five lawyers from Appleby’s global private client & trusts practice, including two from the Bermuda office, have been recognised in the 2023 edition of the Chambers and Partners High Net Worth Gui…

Bermudian entrepreneur exasperated with bureaucracy

July 21, 2023

A humble green-and-peach snack shack at John Smith’s Bay was ordered closed after being open for years and recently receiving a three-year extension to operate.
Trena Riley, the establishment’s propri…

Bermuda monitoring Vesttoo troubles

July 21, 2023

The Bermuda Monetary Authority is monitoring troubles at Vesttoo, an innovative insurance marketplace that is dealing with issues related to collateral that may have been forged.
“The Bermuda Monetar…

Ignite kicks off seventh cohort

July 21, 2023

The seventh cohort of Ignite Bermuda, the privately funded entrepreneurial accelerator, has launched with a two-day boot camp for the 30 entrepreneurs selected for the organisation’s core programme.
I…

Belco awards scholarships to 19 Bermudian students

July 21, 2023

The Bermuda Electric Light Company has awarded a total of $215,000 to 19 Bermudians at the organisation’s annual scholarship awards ceremony.
William Gardner is the recipient of the Hon C. Eugene Cox …

Butterfield up 48 cents on NYSE

July 20, 2023

The RG/BSX Index closed on Thursday at 2,211.59, down 21.45 points (0.96 per cent).
Some 1,845 shares in Bank of NT Butterfield changed hands. The stock closed at $29.60, down 40 cents (1.3 per cent) …

Carey Olsen recognised in Chambers High Net Worth Guide

July 20, 2023

Carey Olsen, the international law firm with an office in Bermuda, has been recognised in the Chambers High Net Worth Guide 2023 with three Band 1 rankings and 14 individual rankings, it has reported….

Robin Lang to assume group CRO role at RenaissanceRe

July 20, 2023

Robin Lang is to assume the role of group chief risk officer at RenaissanceRe Holdings on a permanent basis, the Bermudian-based company has announced.
Mr Lang, who has been RenRe’s interim chief risk…

Bermuda at centre of brewing Vesttoo collateral storm

July 20, 2023

An insurtech with a business model built around a new and innovative Bermuda licence being tested as collateral, key to the business, is being called into question.
Neither Vesttoo, the Goldman Sachs-…

Local entrepreneur going global with Cool Roof innovation

July 20, 2023

Prototypes of an air-conditioner innovation developed by a man with decades of experience in the business flew off the shelves when first manufactured locally with the help of an auto body shop.
“Ever…

Butterfield up 47 cents on NYSE

July 19, 2023

The RG/BSX Index closed on Wednesday at 2,233.05, up 21.45 points (0.97 per cent).
Six thousand shares of Argus Group Holdings changed hands. The stock closed at $6, unchanged on the day.
One thousand…

Darag Bermuda writes two deals

July 19, 2023

Darag Group, the international legacy acquirer, has concluded two transactions with undisclosed North American captive insurance companies.
The company said the transactions, one in each of May and Ju…

Chaucer appoints Chris Baker head of global reinsurance

July 19, 2023

Chaucer, the international specialty insurance and reinsurance group with a presence in Bermuda, has promoted Chris Baker to head of global reinsurance, overseeing all lines of reinsurance business an…

Accredited companies remain under review, AM Best says

July 19, 2023

The credit ratings of three companies operating under the Accredited banner remain under review with negative implications, AM Best has reported.
The ratings agency said that applies to the A- financi…