A.M. Best Affirms Ratings of Ardellis Ltd.

A.M. Best Co.has affirmed the financial strength rating of A- (Excellent) and issuer credit rating of “a-” of Ardellis Insurance Ltd. (Ardellis) (Bermuda). The outlook for both ratings is stable. The ratings of Ardellis reflect its conservative underwriting leverage, strong level of capitalization and profitable operating results driven by its excellent underwriting performance. Partially offsetting [...]

Launch Of BTC’s New PRISM Network

The Bermuda Telephone Company [BTC], launched its new fiber based network — called PRISM — which BTC said will “provide both the highest capacity on the island and the end-to-end Quality of Service performance necessary to ensure that one network can deliver a mix of voice, video, mobile, and data traffic along with mission critical [...]

Henry To Join AXIS As Chief Financial Officer

Joseph Henry will join Bermuda based AXIS Capital Holdings Limited as Chief Financial Officer on June 18, 2012. Mr. Henry will also join the Company’s Executive Committee and report directly to Albert Benchimol, President and Chief Executive Officer of AXIS Capital. Mr. Henry will continue to serve as Executive Vice President and Chief Financial Officer [...]

Travel Agency Closing Due To ‘Economic Downturn’

Citing the “economic downturn” , travel agent Global Travel will close its Reid Street doors permanently at the end of this month, with two full time staff members to lose their jobs. An email sent to their customers said, “It is with sadness that we write to you to inform you that we will be closing the [...]

BELCO: Decision Puts Reliability Into Jeopardy

The Minister’s reluctance to allow a rate increase during these tough economic times “puts reliability of electricity supply into jeopardy,” BELCO President Andrew Parsons said yesterday [May 17]. On May 9th 2012 the Minister of Environment, Planning and Infrastructure Strategy Marc Bean rejected an appeal from BELCO to raise rates for residential customers. Minister Bean [...]

Bermuda Gas Officially Opens New Building

Bermuda Gas celebrated the 100th anniversary of the introduction of propane gas yesterday [May 17], with the Official Opening of its custom-built facility at 25 Serpentine Road. Inviting staff, building contractors, major vendors, Company directors and the media, the official opening event heralds a new phase for Bermuda Gas. For the first time ever all [...]

Flagstone Declares $0.04 Quarterly Dividend

Flagstone Reinsurance Holdings, S.A. announced today [May 18] that its Board of Directors declared a quarterly dividend of $ 0.04 per Common Share. The dividend is payable on June 15th, 2012 to shareholders of record at the close of business on June 1st, 2012.

XL Names Eileen Whelley As Executive VP

XL Group plc announced the appointment of Eileen Whelley as Executive Vice President, Chief Human Resources Officer. Ms. Whelley succeeds Elizabeth L. Reeves, who is retiring. Since 2006, Ms. Whelley has been Executive Vice President, Human Resources for The Hartford Financial Services Group, a diversified financial services company with approximately 24,000 employees. Ms. Whelley’s appointment [...]

Delegation To Travel To Singapore & Hong Kong

The Ministry of Business Development and Tourism and Business Bermuda are leading a trade delegation to international conferences in Asia as well as hosting high level promotions in the region’s two leading financial centers. The delegation will begin its tour in Singapore. They will engage in meetings with local business leaders before attending the Shorex [...]

“Surviving The Economic Slowdown” Seminar

Small business owners convened this morning [May 17] at HSBC Bermuda’s Harbourview Centre in a business seminar entitled “Surviving the Economic Slowdown”. Organised by HSBC Bermuda in collaboration with the Bermuda Economic Development Corporation, the seminar was attended by over 60 business owners and featured a panel of expert speakers who shared crucial tips on how to keep [...]

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