Archive for February 2nd, 2011
WikiLeaks: Bermuda Ban on Iran Insurance
[Updated] Bermuda’s move to ban insurers providing coverage for the Iranian regime’s state fleet ”provides us with another opportunity to highlight the risks of doing business with IRISL [Islamic Republic of Iran Shipping Lines] and the international community’s efforts to protect themselves from those risks”, US Secretary... Read more of this article
Photos: Sailing Frostbite Series
In light and shifty conditions the Royal Hamilton Amateur Dinghy Club’s Frostbite Series 3 was held in Hamilton Harbor this past weekend [Jan 31]. In the 420 fleet the junior girls team of Hannah Horsfield and Ellie Wollmann lead the fleet winning the last race of the day, and sit tied in 1st place with Jesse DeCouto, both boats have 8 points, very... Read more of this article
Firm With Frozen Assets ‘A Disgrace’
A controversial Palestinian construction firm which had its Bermuda assets frozen in 2009 was branded “a complete disgrace” in the British High Court today [Feb.2] for failing to pay multi-million pound liabilities owed to a former partner. Consolidated Contractors Company — owned by the Palestinian Khoury family — is being... Read more of this article
Report: Re/insurers Require ‘Mega-Catastrophe’
The global catastrophe re/insurance industry is overcapitalised and requires “one unprecedented mega-catastrophe or several very large catastrophes in close succession” to turn rates hard similar to the 9/11 terror attacks or the devastating 2005 hurricane season which both propelled the Bermuda sector, says consultancy firm Advisen. In... Read more of this article
Photos & Video: Weekend Motocross
The 2010/11 Motocross Season continued at the Southside Moto Sports Park. Keon Glasford took the day’s honors in the Pee Wee Class, while Lazai Outerbridge won the 50cc 4 – 6 Age Group Class, while Logan Jones won the 50cc 7 – 9 Age Group Class. Zendai Ingham-Fubler won the 65cc 7 – 9 Class, while Jayden Ming won the 65cc 9 – 11 Class. The... Read more of this article
Health Minister Promotes End-to-End
This morning [Feb 2] Health Minister Zane DeSilva encouraged people to join in the 2011 Catlin End-to-End, and officially launched the Catlin End to End’s 12-week Get Ready, Get Fit training programme. This year’s event will held on Saturday, May 7, and eleven charities will benefit from the funds raised. Pictured below left to right: Minister... Read more of this article
ACE Acquires NY Life’s Operations in Korea
ACE Limited announced yesterday [Feb 1] that it has completed its acquisition of New York Life’s Korea operations for approximately $75 million in cash. The original October 2010 purchase agreement with New York Life was amended to allow for separate closings for the Korea and Hong Kong operations. The Hong Kong portion of the transaction is expected... Read more of this article
Pennies Add Up for Charity Donation
Now in its second year, “Cents for Life” was founded by Executive Director of Conference Services and Discover Bermuda at The Fairmont Southampton, Rochelle Quinn. Employees at both The Fairmont Southampton and The Fairmont Hamilton Princess were asked to donate their pennies to charity. At the end of the year, they select a charity and... Read more of this article
Bermuda Photos: World Wetlands Day
Today [Feb 2] is World Wetlands Day which marks the anniversary of the signing of the Convention on Wetlands [the Ramsar Convention] forty years ago, recognizing the importance of wetlands worldwide and the need to protect them. In 1999, seven of Bermuda’s wetlands were designated as Ramsar Sites. Minister of Public Works Derrick Burgess encouraged... Read more of this article
BDA Monetary Authority 2011 Business Plan
The Bermuda Monetary Authority today [Feb 2] published its 2011 Business Plan which sets out its regulatory priorities for the year. The Plan outlines the Authority’s goals for 2011 and the regulatory initiatives to be undertaken during the next 12 months. Jeremy Cox, the Authority’s CEO, presented the Plan to local stakeholders from the public... Read more of this article
Gerova Shares Plunge On NYSE
Shares in Bermuda-based Gerova have plunged in value after revelations the US Securities & Exchanges Commission had “serious doubts” about the worth of assets controlled by a money management firm the local insurer purchased last year. On the New York Stock Exchange, shares in Gerova closed at $21 yesterday [Feb.1] — down from a... Read more of this article
Mussenden Heads FIFA Appeal Panel
Former Bermuda Attorney General Larry Mussenden is presiding over a FIFA appeal hearing which opened today [Feb.2] in Zurich for five officials suspended over corruption allegations during the 2018 and 2022 World Cup bidding races. Mr. Mussenden, President of the Bermuda Football Association, was appointed to head the independent appeals committee last... Read more of this article
