Category: Business
Credit Suisse: Reinsurance Earning Estimates
Following discussions with nine reinsurers in Bermuda earlier this week, analysts at Credit Suisse find no reason to believe the growth trajectory of insurance-linked-securities reinsurance structures and the subsequent pressure it puts on pricing will dissipate for the foreseeable future. In a research not issued to investors on Friday, Credit Suisse... Read more of this article
TransAtlantic Petroleum On Q/1 Financial Results
Bermuda domiciled TransAtlantic Petroleum Ltd. this week [May 23] announced financial results for the quarter ended March 31, 2013, provided an operations update and scheduled an investor conference call and annual meeting. Total revenues were $35.5 million for the three months ended March 31, 2013, as compared to $37.5 million for the same period in... Read more of this article
Reinsurers: Tornado Claims Could Top $2 Billion
Although the tornado which struck the Oklahoma town of Moore this week [May 20] could become the largest single catastrophe insured loss event of the year in the US, Bermuda and global reinsurers are cautiously optimistic that the catastrophe will have no major impact on pricing in the market. A recurring concern after any large-scale disaster is whether... Read more of this article
BII Insurance Industry Awards Presented
The Bermuda Insurance Institute [BII] held its 15th annual Insurance Industry Awards Event on May 16, 2013 at the Bermuda Underwater Exploration Institute.The following persons were added to the BII roll of honor: Roger Gillett who received the Lifetime Achievement Award, Stephen Catlin who was the recipient of the Industry Leader Award, Chris Estwanik... Read more of this article
New Director Of Planning: Aideen Ratteray Pryse
The Ministry of Environment and Planning announced the appointment of Ms Aideen Ratteray Pryse to the post of Director of the Department of Planning, effective June 3rd 2013. Ms Ratteray Pryse will replace current Director Mr. Trevor Leach, whose contract concludes on May 31st 2013. Ms Ratteray Pryse is a former Assistant Director of Planning, and currently... Read more of this article
Google’s Schmidt On Bermuda Tax Arrangement
Google’s executive chairman Eric Schmidt yesterday [May 22] denied there was anything ”unethical” about the Internet search giant’s tax operations — which see most of its UK profits channelled to Bermuda — and argued it was up to governments to create unambiguous laws and regulations and for businesses to abide... Read more of this article
A.M. Best Analysts Affirms Montpelier Ratings
A.M. Best Co. this week [May 22] affirmed the financial strength rating of A [Excellent] and issuer credit rating [ICR] of “a” of Bermuda’s Montpelier Reinsurance Ltd. Additionally, A.M. Best has affirmed the ICR of “bbb” and debt ratings of the parent company, Bermuda-based Montpelier Re Holdings Ltd. The outlook for all ratings is stable. Best... Read more of this article
US ‘Bermuda Loophole’ Legislation Proposed
Two American lawmakers have introduced legislation to end a tax break they say favours foreign-based insurers — including those in Bermuda — over US insurers. Congressman Richard E. Neal [pictured], the ranking Democrat on the House Ways and Means Select Revenue Subcommittee, and Senator Robert Menendez, a Democrat member of the Senate Finance... Read more of this article
KFC Bermuda: ‘Reject BIU’s Recent Assertion’
KFC Bermuda said they “reject the BIU’s recent assertion” that they broke the terms of a temporary court injunction issued last year, and said the BIU is “engaging in public theatrics and making sensational and unsupported public accusations against the KFC companies.” The dispute between the two companies began back in 2011,... Read more of this article
XL Announces Plans For Global Day Of Giving
XL Group plc plans to hold its eighth Global Day of Giving on Thursday[May 23]. The company-wide employee volunteer day is dedicated to supporting the communities in which XL operates. Since inception in 2006, when XL celebrated its 20th anniversary, the Global Day of Giving has grown with XL employees donating more than 130,000 hours of community service... Read more of this article
