Royal Gazette

Oliver Wyman, the global management consulting firm and business of Marsh McLennan, has announced the opening of a new actuarial office in Bermuda under the leadership of Faisal Haddad.
“As demand for…

LOM Financial Limited’s net profit for the first half of 2022 fell 90 per cent year-on-year to $823,493.
That compares with a profit of $8,052,398 for the same period in 2021.
In a letter to sharehold…

The RG/BSX Index remained unchanged at 2,230.73 at day’s end, after no trading on the Bermuda Stock Exchange.
The Bank of N.T. Butterfield & Son Limited finished the day down 30 cents (0.89 per ce…

Bermudian-headquartered Ardmore Shipping Corporation, which owns and operates product and chemical tankers, has reported a net profit of $28.8 million for the second quarter of the year.
That compares…

LOM Financial Limited’s net profit for the first half of 2022 fell 90 per cent year-on-year to $823,493.
That compares with profit of $8,052,398 for the same period in 2021.
In a letter to shareholder…

An American biosciences company has launched Aanika Re in Bermuda with initial backing from Adit Ventures, the global venture capital firm.
Aanika Biosciences was accepted into the Bermuda Monetary Au…

Bermudian-based Triton International Limited, the world’s largest lessor of intermodal freight containers, has reported net income attributable to common shareholders for the second quarter of $184.6 …

ATN International Inc, the Massachusetts-based parent company of One Communications and Fireminds, has reported a net loss of $500,000 for the second quarter of the year.
That compares with net income…

Ascot has announced the launch of a marine cargo and war facility which will provide coverage for vital grain and food products transitioning through safe corridors established by the newly signed Bla…

The announcement by Bermudian-based Fidelis Insurance Holdings Limited that it is to create a managing general underwriter has impacted the ratings of the company and its subsidiaries with AM Best.
Th…

The Bermuda Foundation for Insurance Studies has awarded $287,000.00 in scholarship funding to 12 students focused on careers in Bermuda’s insurance sector.
This brings the total amount of funding th…

The Bank of N.T. Butterfield & Son Limited increased interest rates on loans by half a percentage point (0.5 per cent), absorbing a third of the rise of the 75 basis point increase in the target r…

Bermuda’s fintech-friendly atmosphere and strong technological infrastructure has led to the formation of a new cyber-risk modelling company.
DeNexus founder Jose Seara and senior adviser Jeffrey Sir…

Bermuda has been ranked second in the world for its regulation of the digital-asset sector.
The first-of-its kind Global Crypto Regulation Index has been launched by Solidus Labs, which bills itself a…

Veteran realtor Larry Sticca says that the 0.75 per cent US federal funds rate rise announced on Wednesday may dampen the real estate market in Bermuda, but probably will not bring it to a complete st…

Aristotle had a lot to say about our moral development, but it turns out he also talked a good deal about something called situational luck. For Aristotle, all our habits — good or bad, learnt or not …

Dear Dave,
I finished college a couple of years ago, and I have a good job making $65,000 a year. The only debt I have is about $5,000 remaining on a car loan, and I am paying that off as quickly as p…

Bermuda’s Cup Match holiday is half over. It always reminds me of the Crown and Anchor booth, legalised betting allowed on one of the few events a year in Bermuda – for just about everyone participati…

Bermuda exempted company Arch Capital Group Ltd posted second quarter profits of some $404 million, with net income available to Arch common shareholders of $394.2 million ($663.8 million – 2021).
Gro…

Everest Re Group second quarter 2022 results include net income of $123 million (2021 – $680 million).
Gross written premium was up 8.1 per cent over the comparative period to $3.4 billion.
Combined r…

The RG/BSX Index closed unchanged at 2,230.73 with no trading on the Bermuda Stock Exchange for the three days of the short week.
The Bank of N.T. Butterfield & Son Limited closed 57 cents (1.69 p…

The US Federal Reserve, the country’s central bank, boosted its benchmark overnight interest rate by 75 basis points today as it seeks to control runaway inflation in the world’s largest economy.
The …

Lancashire Holdings Limited had a $7.1 million loss for the six months ended 30 June 2022, after strong growth of 34.6 per cent in gross premiums written year-on-year to $938.1 million.
“We continue t…

Axis Capital Holdings Ltd has reported second quarter net income available to common shareholders of $27 million.
That compares to net income available to common shareholders of $228 million for the s…

The Bermuda International Long Term Insurers and Reinsurers organisation has formed a global advocacy committee to engage on international issues that affect the island’s life insurance sector.
The co…

Following a period of rapid growth and strategic acquisitions, the global financial services provider, Apex Group Ltd. has partnered with, AlphaCentrix to bring powerful data management solutions to i…

The war in Ukraine and failed investments crashed the first half year results for Conduit Holdings Ltd to a comprehensive loss of $61.4 million.
This included the $24.6 million estimated loss in relat…

Melanie Fullerton has been promoted to senior counsel in the Bermuda regulatory and risk advisory team of Walkers (Bermuda) Limited.
A Bermudian called to the bar in 2014, she joined Walkers from the …

Cricketers won’t be the only people stepping up to the wicket over Cup Match.
Pronto, the micro fulfilment centre that offers “daily essentials, delivered fast”, launched a new app on Monday — and exp…

A lot of records fell as Chubb reported reduced second quarter net income of $1.22 billion, down from $2.27 billion from the same period in 2021.
Net income in the quarter was adversely impacted by re…

The RG/BSX Index remained unchanged for the day at 2,230.73, with no trading on the Bermuda Stock Exchange.
The Bank of N.T. Butterfield & Son Limited fell 75 cents (2.17 per cent) to close at $33…

Butterfield is offering a free class in money management and financial literacy to college and university students between the age of 18 and 30.
The hour-long Butterfield 101 Money Management Programm…

Net realised and unrealised losses of a staggering $654 million, primarily in the fixed maturity investments portfolio, crashed Bermuda reinsurer RenaissanceRe to a startling 2022 Q2 net loss of $324….

The Bank of N.T. Butterfield & Son Limited has reported net income of $49.1 million for the second quarter of the year.
That is a 10.6 per cent increase compared with net income of $44.4 million i…

AM Best has affirmed the financial strength rating of A+ (Superior) and the long-term issuer credit rating of “aa” (Superior) of Bermudian-based Assured Guaranty Re Overseas Ltd.
The outlook of these …

Bermuda’s key advantages as an international business domicile were highlighted during a Commonwealth Chamber of Commerce of Hong Kong webinar.
David Burt, the Premier, used the occasion to discuss Be…

Allied World Bermuda is concluding a structured eight-week summer internship programme Friday July 29 for four talented Bermudians – Eden Robinson (McGill University), Grace Reeves (Queens University)…

Bermudian-based Fidelis Insurance Holdings Limited will create a new managing general underwriter that, subject to regulatory approval, will be separated from the existing balance sheet insurance comp…

Industry veteran Charlie Fry has rejoined American International Group Inc, the global insurance organisation.
After departing AIG in 2020, Mr Fry served as chief executive officer of Acacia Holdings …

Nayms, the Bermudian-based marketplace for crypto-native insurance, has appointed Nick Zagoreos as head of capital markets.
The company said Mr Zagoreos brings a wealth of experience in hedge funds, I…

Owning two beloved pooches, Tracy Lambert noticed a gap in the Bermuda retail market: not enough haute couture for pets.
“As a consumer, I’m always looking for stuff that is different or that you don’…

Fitch Ratings has upgraded Bermudian-based PartnerRe Ltd following its recent acquisition by Covéa Cooperations SA, the French mutual insurer.
Covéa acquired PartnerRe from EXOR NV for total cash cons…

Next month, The Youth Entrepreneurship Initiative, will be holding a special BizCamp for students in the new senior signature school.
This BizCamp is arranged in coordination with the Bermuda Signatur…

MSL Captive Solutions has appointed Meredith Watson as assistant vice-president and lead underwriter.
MSL is an independent, specialist underwriting and consulting services firm formed by Strategic R…

Convex US has launched as a managing general underwriter with a focus on writing primary insurance in the US E&S market.
The new operation is owned by Convex Insurance UK Limited, a specialty unde…

Nabors Industries Ltd, the Bermudian-based energy driller, has invested $7 million in Natron Energy Inc, a global leader in the manufacturing of sodium-ion batteries.
Natron plans to use the funds to …

The Association of Bermuda Insurers and Reinsurers member companies are hosting a record 91 paid interns in their Bermuda offices.
And to add value, Abir is facilitating an Intern working group for ne…

Here are my observations of a very interesting last week in the world of finance and economics and the implications for Bermuda.

Dollar dominates: the US dollar achieved parity with the euro. The …

With skyrocketing prices everywhere you turn these days, it’s more important than ever to take control of your money by making and sticking to a monthly budget. And I’m a big believer that every marr…