RSSCategory: Business

Fitch Ratings: Solvency II Will Increase Demand

Fitch Ratings: Solvency II Will Increase Demand

Reinsurers’ trading updates following the crucial January renewals period reinforce their view that Solvency II [S2] will increase demand for reinsurance products as European insurers attempt to strengthen their capital position through risk transfers, Fitch Ratings said. “The main beneficiaries are likely to be the financially strongest... Read more of this article

A.M. Best On Shifting Tides In Global Regulation

A.M. Best On Shifting Tides In Global Regulation

Regulatory risk is growing for reinsurance companies, which could represent a mix of favorable and unfavorable changes for offshore domiciles should U.S. tax reforms be adopted, according to a new A.M. Best briefing. The Best’s Briefing — titled “Shifting Tides in Global Regulation Present Challenges and Opportunities” — states... Read more of this article

Qatar Re Announces Changes To Leadership

Qatar Re Announces Changes To Leadership

Qatar Re announced the promotions of Luke Roden and Michael van der Straaten to Chief Underwriting Officer [CUO] positions. Previously they were Deputy CUOs to Alastair Speare-Cole, who resigned earlier this month. Gunther Saacke, CEO, said: “We thank Alastair for his relentless efforts during his stint at Qatar Re. Generational change in our company... Read more of this article

Enstar To Sell Pavonia To Global Bankers

Enstar To Sell Pavonia To Global Bankers

Enstar Group Limited  has entered into an agreement to sell its subsidiary Pavonia Holdings [US], Inc. for a total purchase price of $120 million to an affiliate of Global Bankers Insurance Group, the insurance and reinsurance group of companies of Eli Global, LLC. Pavonia owns Pavonia Life Insurance Company of Michigan, Pavonia Life Insurance Company... Read more of this article

Govt Policy Review On Free-To-Air Broadcasting

Govt Policy Review On Free-To-Air Broadcasting

Developments over the past decade have affected how consumers access news, information and entertainment, and light of these changes, a review of the Government’s existing policies and legislation relating to free-to-air broadcasting will take place, Minister of Economic Development Dr Grant Gibbons said in the House of Assembly.Minister Gibbons... Read more of this article

Photos: 2017 Coldwell Banker Home Show

Photos: 2017 Coldwell Banker Home Show

Coldwell Banker Bermuda Realty is hosting its 14th annual Coldwell Banker Home Show at CedarBridge Academy this weekend with the event wrapping up at 4.00pm today [Feb 18]. Businesses and community service groups have joined to display their products and services. Visitors can expect to play games to win prizes or discounts, door prizes, food, and much... Read more of this article

Minister: Meetings With NASA & Satellite Industry

Minister: Meetings With NASA & Satellite Industry

Speaking in the House of Assembly, Minister of Economic Development Dr Grant Gibbons provided an overview on meetings he attended in Washington DC, where he discussed a number of topics including the relationship between NASA and Bermuda, the Cybersecurity framework, satellite networks and more. The Minister said, “While in Washington, I also... Read more of this article

Court Rules In Favour Of Retired BELCO Workers

Court Rules In Favour Of Retired BELCO Workers

Over 100 retired BELCO employees brought legal action over a change to their health insurance policies, with the Court ruling that none of the other options offered by BELCO would satisfy the Promise the company had made to them, adding that the Plaintiffs seek an order that BELCO shall continue to honour the terms of the Promise and “they shall... Read more of this article

A.M. Best Revises PMG Outlook To Stable

A.M. Best Revises PMG Outlook To Stable

A.M. Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating of A- [Excellent] and the Long-Term Issuer Credit Rating of “a-” of PMG Assurance Ltd. [PMG] [Bermuda]. A statement from the ratings agency said, “The ratings reflect PMG’s excellent capitalization, historically strong operating performance... Read more of this article

Bermuda Stock Exchange Report: Feb 17 2017

Bermuda Stock Exchange Report: Feb 17 2017

February 17 saw 3,416 shares trade on the Bermuda Stock Exchange, valued at $72,584.10 BD. 1,466 shares were traded by Bank of N.T. Butterfield Ltd, closing even at $32.60 per share, while another 950 shares were traded by BF&M Ltd, closing even at $20.75 per share. 500 shares were traded by Bermuda Aviation Services Ltd, closing at an even... Read more of this article

William Francis To Retire From Government

William Francis To Retire From Government

The Cabinet Office this afternoon announced the retirement of Mr. William G. Francis, saying that his last day with the Bermuda Government will be today [Fri 17]. “Mr. Francis started his public service career in the Telecommunications department, becoming the Director in 2003,” the Government said. “His positions within government... Read more of this article

BELCO To Take Meter Readings On Saturdays

BELCO To Take Meter Readings On Saturdays

BELCO said they “would like to advise customers that Meter Readers will be taking readings on Saturdays for the foreseeable future to ensure that customer billing cycles do not extend pass the normal 30-day meter reading cycle.” “Meter Readers will be in their BELCO uniform and will always carry Company ID, which is available to customers... Read more of this article

XL Group $1 Billion Share Buyback Program

XL Group $1 Billion Share Buyback Program

XL Group Ltd announced today that the Board of Directors of the Company approved a new share buyback program, authorizing the Company to buy back up to $1 billion of its common shares. The previous share buyback program, which had approximately $349 million remaining, was canceled. “The Company expects the purchases to be made from time to time... Read more of this article