Archive for November 2nd, 2011

American Safety Insurance Issues Results

Bermuda holding company American Safety Insurance Holdings, Ltd. yesterday [Nov.2] reported net earnings of $5.8 million for the three months ended September 30, 2011, or $.54 per diluted share, as compared to $7.2 million, or $0.68 per diluted share, for the same period of 2010. Financial highlights for the quarter included: Gross written premiums... Read more of this article

Maiden Holdings: “Very Pleased With Results”

Bermuda’s Maiden Holdings, Ltd. today [Nov. 2] reported third quarter 2011 net income of $16.0 million, or $0.22 per diluted share compared with $18.5 million or $0.26 per diluted share in the third quarter of 2010. Net operating earnings for the third quarter of 2011 were $21.4 million, or $0.29 per diluted share compared with $18.0 million,... Read more of this article

FMG Hires/ Promotes Seven Staff

Freisenbruch-Meyer Group [FMG] has hired two new employees and promoted five employees. Vice President and General Manager William Madeiros said, “We are thrilled to have found such exceptional staff members. The success of this company is directly related to the wonderful team that we have. ” “It is a difficult time for all of us in... Read more of this article

CEOs: Rate Increases Won’t Off-Set Losses

Investment yields, low interest rates, less-favorable reserves and high catastrophe losses are working together to create a market hardening, according to Bermuda reinsurance and specialty-insurance executives. However, rate increases are not enough to offset losses, according to a report in re/insurance journal “Property Casualty 360″ today... Read more of this article

Woman Injured In Handbag Snatch Struggle

Last night [Nov.1] a 49-year-old woman was walking in the Spring Hill, Warwick area when two men on a motorcycle rode alongside her, with the passenger of the bike grabbing her handbag. A brief struggle ensued between the two, before the suspects escaped with her handbag leaving her with minor injuries. A police spokesperson said, “Around 9am... Read more of this article

Bermuda Deemed Safe For Filipino Workers

Bermuda is one of 125 countries deemed safe for Filipino migrant workers — with Libya, Afghanistan and Iraq among the the 41 countries the Philippine Overseas Employment Administration [POEA] named yesterday [Nov. 1] where overseas Filipino workers [OFWs] are barred from going. The Philippine government agency declared the ban due to the countries’... Read more of this article

Bermuda’s Canada Briefing Schedule Unveiled

Business Bermuda and the Bermuda Stock Exchange will host their 3rd Annual Bermuda Briefing in Toronto on Thursday, November 17th beginning at 2 p.m. and closing with a networking cocktail event. The briefing will be held in the offices of co-sponsor, Bennett Jones LLP, 34th Floor, First Canadian Place, Toronto. Canada and Bermuda are active trading... Read more of this article

Brian Duperreault: “Double-Digit Growth”

Marsh & McLennan Companies, Inc., the global professional services firm headed by Bermudian Brian Duperreault, today [Nov.2] reported financial results for the third quarter ended September 30, 2011. Mr. Duperreault, President and CEO, said: “Third quarter results reflect our ongoing strong performance. All of our businesses continued to... Read more of this article

Microsoft Seeks To Expand Benefit Risks

The Microsoft Corp. is seeking US Labour Department approval to expand the benefit risks funded through an American branch of its Bermuda captive. Microsoft, based in Washington State, wants to use the Vermont subsidiary of its captive, Bermuda-based Orcas Ltd., to reinsure life insurance and accidental death and dismemberment policies written by Prudential... Read more of this article

Elbow Beach General Manager To Leave

Confirming speculation, Elbow Beach has confirmed that their General Manager Frank Stocek will be leaving his position, with the hotel saying he is “being transferred to one of our sister properties in Malaysia, the Mandarin Oriental, Kuala Lumpur.” Mr. Stocek first joined Mandarin Oriental Hotel Group as a management trainee in 1983 and... Read more of this article

Newport Bermuda Race Schedule Announced

As the June 15, 2012 start of the 48th Newport Bermuda Race — affectionately known by sailors as “The Thrash to the Onion Patch” — approaches, the organising committee has created a schedule and programme that includes some interesting innovations, such as a novel approach to the safety-at-sea seminar that allows different levels of... Read more of this article

Alterra Reports Third Quarter 2011 Results

Bermuda ‘s Alterra Capital Holdings Limited yesterday [Nov.1] reported net income of $48.4 million, or $0.46 per diluted share, for the third quarter of 2011, compared to net income of $82.8 million, or $0.70 per diluted share, for the same quarter of 2010. Net operating income for the third quarter of 2011 was $50.1 million, or $0.47 per diluted... Read more of this article