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 these positive rating factors are Ardellis’ relatively high retention and limited profile as a single parent captive of Universal Forest Products Inc. (UFP). Ardellis provides coverage for general liability, auto liability, workers’ compensation, property and certain employee health benefits.

Ardellis has maintained very conservative underwriting leverage ratios as surplus has remained strong to support its business volume. The company has posted low loss and loss adjustment expense ratios, reflecting UFP’s effective risk management. The ratings also recognize Ardellis’ balance sheet strength and conservative underwriting leverage measures.

Rating drivers that could lead to a positive outlook or an upgrading of Ardellis’ ratings are material and sustained improvement in its underwriting performance and capitalization. Additionally, improved overall risk management and reduced overall net exposure could lead to an upgrade.

BTC partnered with Cisco utilising its Carrier Ethernet System, including the Cisco ASR 9000 Series to support new and upgraded services on a common IP infrastructure.

The Cisco Carrier Ethernet System is a pre-tested end-to-end network solution for service providers, minimizing the amount of time and technical resources required to test, implement, and validate the performance of the network.

Bermuda Telephone will also leverage Cisco’s Prime network management suite which will facilitate faster provisioning of customer services and reduce operational costs.

A statement from the Company said, “The PRISM network is a state of the art transport facility for data and voice communications. In the City of Hamilton it is a series of 5 fiber rings.

“This ring topology supports an automatic redirecting of information over to alternative routes should a break occur– this backup system is known as redundancy. Outside of Hamilton the fiber network extends to both ends of the island, although the ring structure is only in the City of Hamilton.”

CEO of BTC Lloyd Fray [pictured below] said, “International business is a primary driver of Bermuda’s economy, and reliable communications services play a vital role in that success. Many of the worlds most influential businesses call our shores home.

“As the islands largest communications provider, BTC is proud to be able to meet their needs. Our continued investment in local infrastructure tells the world that Bermuda is open for business and infinitely well equipped to service them.”

Mr. Fray continued, “PRISM is not only a secure, reliable platform for Hamilton businesses but also supports those challenged with multiple locations through the island, as the network extends to both the Eastern and Western ends of the island.

“Both the services and pricing of PRISM are highly scalable and will provide businesses of varying size and communications requirements with solutions that will assist them in making their day-to-day operations more efficient.

“The resulting partnership between BTC, Bermuda’s premier communications provider and Cisco, the world’s leading networking equipment vendor has resulted in the island’s most robust, furthest reaching network,” concluded Mr Fray.

Greg Skinner, Caribbean Area Manager, Cisco Systems, said, “We’re delighted that a Cisco Carrier Ethernet solution was selected by Bermuda Telephone Company for their new PRISM network.

“The new network will provide the foundation for highly available voice, video, data, and collaboration services both for BTC’s international business customers and local residents alike.”

Mr. Henry will continue to serve as Executive Vice President and Chief Financial Officer at XL Insurance, a position he has held since 2006, until he retires on May 31, 2012. From the time he joined XL in 2003 until 2006, Mr. Henry served as the Global Controller for XL Global Service and as the Corporate Controller for XL Capital.

Prior to joining XL, Mr. Henry served in various capacities at Meadowbrook Insurance Group including Chief Operating Officer and Chief Financial Officer. Mr. Henry began his career at KPMG where he became an Audit Partner before leaving to join the Hanover Insurance Companies as its CFO and Treasurer in 1987. Mr. Henry is a CPA and holds a B.B.A. in Accounting from Bernard M. Baruch College in New York.

Albert Benchimol, President and Chief Executive Officer of AXIS Capital, commented: “I am delighted that we have attracted such a highly seasoned professional to the position of Chief Financial Officer at AXIS Capital.

“With over 20 years of experience in finance and operations leadership roles in the insurance industry, Joe brings significant international finance and operations expertise as well as proven management skills to his new position. I am pleased to welcome Joe and look forward to having him work closely with me and our colleagues at AXIS Capital.”

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 doors of Global Travel Limited on May 31st, 2012 – another unfortunate consequence of the economic downturn in Bermuda.

“All tickets purchased through us to date will be honoured and we will continue to take bookings and issue tickets until May 14th. All cruise, tour and airline bookings made for the remainder of the year and next year will be honoured through an affiliate agency.”

“Please contact us at 296 7900 about any outstanding reservations in order that we might process them before we close.”

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 explained: “Our approach balances the need for a new power generation plant with economic concerns. The decision was made with the interests of the Bermudian people at heart.

“In fact, Belco itself recognized the difficult economic times when they elected in 2011 not to increase rates as per the rates approved back in 2007 by the former Price Commission. This speaks to Belco’s knowledge and sympathy for the economic hardships suffered by the rate payers, and unfortunately that hardship still continues.”

The Minister added: “While I respect and understand why Belco made their request, the recent article gives the impression that Belco is unable to undertake any infrastructure improvements due to the fact that the full tariff requested was not approved.

“That’s just not true. I am confident that we can protect the Bermudian people from harmful rate hikes during the economic recovery while moving forward with the new power plant.”

The Minister said of his formal decision on May 9: “We’ve allowed for multiple Belco increases in the past because we understood the global market and their expansion needs. The Commission made an imminently reasonable decision that ensures that Belco would have no problem financing the borrowing costs of building the North Power Plant.”

The Minister added: “When making their decision in February 2012 the Energy Commission examined both Belco’s capital needs and public interest – a fact which becomes evident when reading the Commission’s Decision.”

BELCO President Andrew Parsons said that the company is disappointed with the Minister of Environment, Planning and Infrastructure Strategy’s decision to reject the majority of BELCO’s appeal of the Energy Commission’s finding against a rate increase to support the building of a new North Power Station.

“The Energy Commission approved only 25% of the rate increase required to finance the North Power Station. While we understand the Minister’s reluctance to allow a rate increase during these tough economic times, this decision puts reliability of electricity supply into jeopardy.

“It also reduces opportunities to improve fuel efficiency to reduce costs in the mid-and-long-term, and limits the viability of conversion to less expensive liquefied natural gas as a possible long-term option for Bermuda’s electricity generation,” Mr. Parsons said.

BELCO said, “The application submitted to the Energy Commission in October 2011 was for an average increase of 4.3%, 3.9% and 4.1%, respectively, over the next three years to support the building of the North Power Station to replace inefficient, aging plant.

“While, under the application, rates would have increased for the larger energy consumers, the application included a restructuring of the rates schedule which would have resulted in the average residential customer using 700 kilowatts a month realising a decrease in their monthly bill of $10.72. Development of the North Power Station and the installation of the new engines would also create an estimated 100 construction jobs.

“The plan was for the company to install three, 14-megawatt diesel engines in a new power station building to be completed by summer 2013 at a cost of $70 million. Once the engines were up and running, their efficiency would result in a $7.5 million-per-year fuel savings which, as stated in the application, BELCO would return to customers through the fuel adjustment mechanism.”

Mr. Parsons explained, BELCO cannot build the North Power Station unless the company receives a rate that will support the debt financing of $70 million required to build the power plant.

“The power plant is not BELCO’s only large capital project obligation. Over and above the $70 million required to build the new power station, we have allocated in excess of $20 million for necessary capital projects in other areas, particularly the electricity transmission and distribution system. This is not unusually, as BELCO traditionally invests between $20-$30 million annually on electricity infrastructure and support systems.

“In past years BELCO has been able to fund capital development from company income that otherwise could have been paid out to shareholders as greater dividends for return on their investment. However, during the last 15 years total capital expenditures have exceeded net income by an average of 41%, requiring BELCO to now move to debt.

“We have a dual responsibility of maintaining a reasonable level of return on our shareholders’ investment, and sensitivity to the impact our rates have on our customers and the Bermuda community. In North America the average rate of return for shareholders is 11%. In other island communities it averages between seven-and-18 percent.

“BELCO has consistently been well below most other jurisdictions, averaging between five-and-six percent over the past five years, while at the same time, re-investing $20-$30 million in the electricity infrastructure. BELCO’s 2011 rate of return was 3.79%, which is the rate the Minister has deemed should be allowed for 2012 and 2013.

This rate of return will not support BELCO pursuing debt financing in any form, bonds or otherwise, for the new power station,” Mr. Parsons said.

BELCO said, “After many years of public consultation and discussion, BELCO does have Planning and Environmental approvals for the building of the new North Power Station as it will replace old generating engines, now operating beyond what should have been their retirement date.

“The Company first submitted its re-development plan to Government in 2007. Since that time, numerous stakeholders in Government, the Opposition, Government ministries, Environmental and other groups have participated in the discussions. BELCO has also hosted and participated in several public consultation sessions, including a two-day open house at the Company’s power plant.

“Based on wide-ranging feedback, BELCO adjusted its original plan to allow time to consider alternatives, including renewable technology options. BELCO also brought forward Phase II of its original plan and installed three 4.5 megawatt gas turbines while it issued a formal Solicitation of Interest for large scale renewable alternatives in 2008.”

“While renewable technologies can supplement power requirements, the reality is, there is no renewable technology that can reliably replace fuel oil as the source for consistent power production in an isolated island environment. We are proud of our system performance and reliability, which is a function of our design factors and operating regime.

“We were surprised and remain concerned that the Energy Commission believes we should reduce our reliability safety margins which the Commission itself states, ‘has served Bermuda well.’

“A secure electricity system is the foundation of Bermuda’s infrastructure. Economic development and our reputation as a sophisticated business jurisdiction are dependent on our ability to continue to supply a reliable electricity service. As Government and the private sector promote Bermuda as an international business destination of choice, it must not be forgotten that confidence in the reliability of Bermuda’s electricity infrastructure is an important selling point.

“We are pleased that the Minister did reverse the portion of the Energy Commission’s ruling that purported to cap BELCO net earnings, a move the company believes goes beyond what is allowed under the Energy Act and sends a very negative signal to the business community and potential investors. There are other areas where we also question the scope of the ruling and the line between regulatory authority over electricity rates, and management’s ability and prerogative to make decisions in the best interest of the company. We will be seeking judicial review of the Commission’s decision.

“While the BELCO and Government agree that we need to replace aging power generation plant, and that Bermuda is going through difficult times, BELCO believes we need to invest in this infrastructure today to ensure safe and reliable power and greater cost efficiencies in the near-to-mid-term and future. We will continue to work with the Minister and Ministry to find a solution,” Mr. Parsons said.

All of the details regarding the Energy Commission’s decision are available here.

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 departments now make their home on Serpentine Rd., making it more convenient than ever for customers and staff alike to conduct their business.

The official opening of the completed building featured a ribbon-cutting ceremony performed by a representative from each Bermuda Gas department. It was followed by a reception with food prepared by local Chef Danny Lim in Bermuda Gas’ own kitchen.

“The building has been constructed to enhance the customer experience. We’re proud of our new building and wanted an opportunity to celebrate its opening with the Bermuda Gas family and suppliers who made it possible. This gives us an opportunity to thank all those involved with its completion,” comments General Manager Judith Uddin.

“We will also be hosting a Community Open House this weekend to welcome the public in to experience the Bermuda Gas facility firsthand.”

The new facility consists of an Appliance Showroom, Parts and Service Departments, Customer Care, including bill payments, and Administrative offices. The Gas Distribution Centre, where propane cylinders are maintained and filled, is right around the corner.

“We opted to celebrate our official opening on the 100th birthday of the introduction of propane gas as a tribute to this clean-burning, cost-effective fuel source. I take great pleasure in telling people that switching to a propane-powered appliance can reduce their energy costs by as much as 20%,” says Uddin.

Bermuda Gas is looking forward to the future applications that propane can be employed to deliver to Bermuda. They continue to look for ways to deliver value and believe the new facility will make it more convenient than ever for customers to conduct all of their Bermuda Gas business in one location.

“It has been a major undertaking and we have been extremely gratified by the early warm welcome we’ve received from customers. We look forward to receiving more customers in the days and weeks ahead,” comments Uddin.

They will host an Open House on Saturday, May 19th from 9:00 a.m. to 5 p.m. “With cooking demonstrations and door prizes, such as microwave ovens and window air conditioners to be won, there has never been a better time to pay us a visit,” according to Judith Uddin.

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 is effective June 18, 2012. She will report to XL’s Chief Executive Officer Michael S. McGavick and will serve on XL’s Leadership Team.

“We’re thrilled to welcome Eileen to XL,” said Mr. McGavick. “Our ability to address our clients’ needs is only as good as our people, and Eileen has a proven track record of attracting and retaining top talent and designing strategies to drive transformation and accountability at global companies. I’m sure she will only accelerate the already substantial pace with which we have been attracting the industry’s top leaders. We look forward to her contributions both to our Leadership Team and the entire Company.”

Mr. McGavick continued: “We are also sad to see Beth go. Beth joined XL at my request, to build out a critical function as Chief Human Resources Officer, at a most important time for the Company. Beth’s impact is clearly visible in the leaders and teams we’ve added and in the way we’ve re-thought our approach to talent and development. We wish Beth the best.”

Prior to her time at The Hartford, Ms. Whelley spent 17 years at General Electric where she held a number of human resources leadership roles, including serving as Executive Vice President of Human Resources at GE’s NBC Universal subsidiary from 2002 to 2006. In this position, she oversaw HR through acquisitions of Telemundo and cable channel Bravo and led the HR integration of NBC’s merger with Universal.

Before joining NBCU, Ms. Whelley was the Vice President of Human Resources Excellence for GE Capital. Before that she served in a variety of HR leadership roles at Employer’s Reinsurance and at GE’s corporate headquarters. Prior to GE, Ms. Whelley worked for Citicorp and Standard Oil of Ohio in a number of HR roles. She is a graduate of Potsdam College and has a master’s degree from Bowling Green State University.

The delegation will begin its tour in Singapore. They will engage in meetings with local business leaders before attending the Shorex Wealth Management Forum 2012 on 22 and 23 May. Shorex is Asia’s leading event for private bankers, asset managers and advisers to High Net-Worth Individuals (HNWIs).

Over 1500 wealth management professionals gather each year to meet their peers and discuss the latest asset management and tax planning strategies for HNWIs. Minister Wayne Furbert and Cheryl Packwood will make presentations on Bermuda’s strengths as an offshore financial center and the strong and developing business relationship between the two jurisdictions in wealth management.

Minister Furbert and Ms Packwood will then lead their delegation to Hong Kong for the fourth Bermuda Financial Services Conference, Hong Kong, on the 28 May. This will be the last leg of a China road show that saw the Minister and Cheryl Packwood lead business delegations to Shanghai and Beijing earlier in April.

Business Bermuda will meet the Hong Kong Trade and Development Council (HKTDC) for the second year running before holding a media briefing and cocktail reception at the Grand Hyatt Hong Kong. This year Minister Furbert and Ms Packwood will be speaking to the region’s top English language newspaper, the South China Morning Post (SCMP).

Business Bermuda’s 2012 international marketing drive has so far seen the organisation host and sponsor events in Shanghai, Beijing, London and Paris.

Commenting on the Singapore and Hong Kong meetings and events, Ms. Packwood said: “Following our successful trip to China earlier this year this is a great opportunity to come back to the region to refresh longstanding relationships with two of the most important international financial centers in Asia.

“The Asian market, with China at its center, is an incredibly important market for Bermuda and we need to make sure we keep coming back to maintain our relationships with the business communities in Hong Kong and Singapore.

“Shorex is an excellent platform for Bermuda to reach a broad audience of leading financial professionals in the region. Our financial services receptions in both cities are always well received and an excellent opportunity to meet old and new friends alike.”

She added, “We are very pleased to have been able to come back to Asia. I find the best way to build business relationships here is to come in person and talk to the people on the ground.

“Our participation in the CCPIT conference in Beijing this year for example began with a meeting in Hong Kong in April 2011. We look forward to discussing the benefits of wealth management and locating in Bermuda with the international business community in these two great cities.”

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 businesses afloat in a time of recession.

Phil Butterfield, HSBC Bermuda, Chairman, Board of Directors, opened the seminar by reaffirming the Bank’s support of local business. “In the long run”, he said, “Bermuda’s economic success will be determined by how our small and medium sized businesses perform”. “It’s therefore fundamental to the island’s economic health that we get it right in this sector”.

From left – Anthony Foster, Trina Roberts, Paula Marshall, David Hills and Phil Butterfield:

Mr. Butterfield noted that the entire world is experiencing unprecedented trying times economically, and that everyone has to have a survival plan in order to stay ahead of the curve rather than be overwhelmed by it.

David Hills, President of Small Business Advisors, presented a “Survival Guide for Small Business”. “To a pessimist an opportunity is a problem”, he stated. “To an optimist a problem is an opportunity”.

Hills went on to provide a road map to small businesses to help them go forward, remove their fears and gain a renewed sense of confidence. Key points on his road map were making a profit. “To make a profit”, Hills stated, “You have to keep close score of your numbers. This means having all your financial information at your fingertips, such as accounts receivable, current cash balance, operating forecast and knowledge of your revenue sources”.

Secondly, Hills emphasised the importance of properly managing your debt in order to prevent business paralysis, sleepless nights, lots of stress and bad decisions and presented ways in which small businesses can reduce their operational costs in order to optimise revenue. Finally Hills stated the importance of providing an excellent customer experience.

Participants also received “Money Makeover Tips” from Paula Marshall, Senior Business Development Manager in HSBC’s Retail Banking Wealth Management Division. Every small business owner, noted Marshall, actually has two businesses: their “official business” and their family household. Often the two get mixed up, to the detriment of the business.

Small business owners, Marshall noted, need to pay themselves a regular salary from their expense budget to avoid dipping into their business to subsidize their household. Their personal lifestyles need to be as strictly budgeted for as their business in order to keep making a profit.

Marshall’s money makeover tips include ensuring that you have an emergency fund that covers 6-9 months of your expenses, making a list before going shopping in order to only buy what you really need, switching off your electricity when you are not using appliances, leaving your credit card at home and having “Staycations” instead of travelling abroad.

Anthony Foster, CEO of Bermuda Sanitation Engineering Ltd and Chair of Bermuda Economic Development Corporation shared his own personal tips from life as a business owner. “In twenty years of running a business”, he noted, “I’ve never felt such great freedom. This is because I’m doing the work that is my own God-given gift and I love what I do”.

Foster pointed out the importance of competing on service, not price. “In Bermuda businesses cannot compete with US prices”, he said. “We have to have an attitude of being the best no matter what we do and gain customer loyalty through the value of our product or service”.

Foster encouraged business owners to network and associate with other business people in order to share services and strengthen their own offerings. “If we share, we’ll find we can help each other and the whole island becomes stronger”.

A joint initiative of HSBC Bermuda and the Bermuda Economic Development Corporation, the seminar series will cover a range of topics of interest to small businesses. The next seminar is scheduled for end of June 2012 on “Know your Numbers”.

Mr. Mengel said, “On behalf of the entire Board, I would like to express how grateful we are to Bob Lovejoy for his willingness to wear two hats as Interim CEO and Chairman of the Board over the past 10 months. The Board’s decision to combine the roles of the Chairman and Interim CEO was always intended to be a temporary one.

“The search has taken longer than we had originally anticipated when Bob agreed to serve as Interim CEO in addition to Chairman, and we have now decided once again to separate these two roles. As we continue to work diligently to identify the ideal candidate with the unique skill set necessary to lead Orient-Express, I am pleased to step in to the Interim CEO role.”

Mr. Lovejoy said, “I have truly enjoyed serving as Interim CEO, but the two roles added up to a heavy workload, and I appreciate the Board’s understanding of my decision to focus on my role as Chairman.

“I know Orient-Express will be in excellent hands with Philip at the helm in the coming months, supported by our outstanding management team, as we continue our search for a permanent CEO. Having served as Chairman of the Board’s Audit Committee for the past year, Philip has a deep understanding of our business, as well as many years of senior executive experience, which will enable him to hit the ground running.”

Mr. Mengel continued, “I am privileged to serve as Interim CEO of Orient-Express alongside such a talented and dynamic group of professionals. In the meantime, the Board will continue its work to identify a world-class leader to serve as Orient-Express’ chief executive on a permanent basis, and I am confident that the Company will continue to perform well during this interim period.

“Our recently announced first quarter results reflect the strength of the Orient-Express brand and the high-end luxury market. We will remain focused on continuing to drive growth and build value for shareholders.”

Mr. Mengel joined the Orient-Express Board in June 2011 and serves as the Chairman of the Audit Committee. A seasoned leader, Mr. Mengel has served as chief executive at a number of industrial companies throughout his career, including U.S. Can; English, Welsh & Scottish Railway; and Ibstock Plc. He is currently an Operating Partner of Snow Phipps Group, a New York-based private equity firm, and is a director of the Economist Newspaper Group.

Mr. Lovejoy, a director since 2000, was named Chairman of the Board in June 2011 and Interim CEO in July 2011. Formerly, he was a Managing Director and Partner at Lazard Freres & Co. for more than 15 years and served as Co-Head of General Banking at Lazard. Prior to that, Mr. Lovejoy was a Partner at Davis Polk & Wardwell LLP, where he practiced law for over 13 years.

Between February 2012 and March 2012, the average cost of goods and services in the Consumer Price Index rose 0.2%. The all-items index increased from 118.1 to 118.4 index points in March. This means that the basket of goods and services that cost $100.00 in April 2006 now cost $118.40

The Health & Personal Care sector continued to be the largest contributor to the twelve-month increase in the Consumer Price Index. This sector contains items suchas the cost of doctor’s visits, health insurance, prescribed & self-prescribed drugs and toiletries up 6.9% year-over-year.

The Food and Fuel & Power sectors also impacted strongly on the annual rate of inflation, advancing by 3.8% and 13.4%, respectively.

The full report is below, click ‘Fullscreen’ got greater clarity:

The Chairman put to the vote of the meeting a resolution that the meeting be adjourned to a time, date and place to be set by the Board, the date of such adjourned meeting to be no later than 31 December 2012 and the resolution was duly passed.

As announced on 26 April 2012, the resolution to approve the acquisition was passed at the Special General Meeting and accordingly the completion of the acquisition now remains subject only to the receipt of necessary regulatory consents.

The theme, ‘Going Global – Boldly Breaking Barriers’, focused on the changing role of International Financial Centres [IFCs], such as Bermuda, at a time when economic uncertainty affects the mood of trust practitioners on a global scale.

By discussing the key issues and relevant strategies, STEP Caribbean Conference was able to draw its largest group to date with over 325 people in attendance.

Seen in the photo below representing Business Bermuda were Ms. Yelena Packwood, Marketing and Sales Executive of Business Bermuda and Mr. Randall Krebs, Executive Vice President and General Counsel of Meritus Trust Company Ltd.

Also in attendance were over 25 delegates from Bermuda’s business community representing at least 10 different companies, showing a strong Bermuda presence.

Mr. Krebs stated, “The STEP Caribbean Conference represented an excellent opportunity to meet with private client advisors from the UK, United States, and other IFCs from the Caribbean and around the globe.

“Not only is Bermuda’s participation in conferences like this a key to increasing the flow of business to Bermuda, but it is also fundamental to creating the united front in the IFCs’ struggle to promote a fair competitive environment for international business.”

The STEP Caribbean Conference brings the latest information in professional development and learning while creating an opportunity for discussion, dialogue, and networking for the trust practitioner. The STEP Caribbean Conference attracts numerous world-class speakers who provide leading edge information and indicators of the latest in industry trends.

Delegates traveled to Grand Cayman to attend the conference from the Caribbean as well as Latin America, Asia, Canada, Europe, and the US. The opportunities for networking and the quality of the information provided have the delegates, sponsors, and organisers considering the event to be an overwhelming success.

Business Bermuda is looking forward to the opportunity again next year when the conference will be held in St. Kitts and Nevis.

Ms Richardson said: “After my life experiences I’ve learned that with every situation, whether negative or positive, there is a significant purpose behind it…you just have to allow yourself to see beyond the actual event to not miss the lesson or opportunity attached to it”.

The 32 year old, divorced mother of 3 didn’t see the opportunity of entrepreneurship immediately. “Within a week of being unemployed I was actively seeking other jobs, it wasn’t until one day it hit me that my personal circumstances would make the job hunt even more difficult than what the average person is experiencing these days.”

Flexibility, which most desire in a career, was more a necessity for Ms Richardson. “As a mother of a two, eleven and thirteen year old I had the typical struggle of any responsible parent of working and having to take time out for your kids’ doctor appointments, sports days, sick days, etc. on top of that my eldest who has severe cerebral palsy had extensive needs and is often home sick or in the hospital locally or overseas.

“I myself had brain surgery overeats in 2006 and 2008 as a result of a chronic illness and found myself on bed rest periodically. My former employer was very understanding. I also had a great deal of appreciation for them and worked from home the majority of the times I was out of the office, including while overseas for my daughter or myself.

“Turning up at work even when it was physically ailing was not uncommon for me so I knew I could find a new job and as usual put my needs on the back burner, however, my daughter’s situation isn’t changing and I knew that in this economic climate finding a job, let alone one that would accept the chance that I may be called out to her within months or even days of starting.

“With all of this in mind I started thinking of ways that I could earn a living, utilize my skills and still maintain the flexibility for the needs of all three children, and Panacea Virtual Administration was born.”

“The word Panacea, which is also the name of the Greek goddess of Universal remedy, is used in modern English as a remedy claimed to be curative of all problems or disorders or a cure-all. As described in our tagline our aim is to be “your Panacea…the solution to every problem.”

Panacea Virtual Administration provides Virtual Assistance, Concierge & Administration services to all facets of the community including individuals, small and large businesses and service providers, charities, churches, sports clubs, promoters and overseas visitors.

By taking care of the tasks that businesses may have lacked the human or financial resources to undertake, took up too much time of the self employed business owner or was simply neglected, Panacea VA enables its clients to focus on growing their business while getting things done quickly, cheaply and accurately while still maintaining or improving their professional look and feel.

“The need is out there but many fear that they can’t afford the service of a Virtual Assistant. However, a Virtual Assistant [VA] is generally self-employed and provides professional administrative, technical, or creative assistance to clients from a home office”, Ms Richardson said.

“Because Virtual Assistants are independent contractors rather than employees, clients are not responsible for any employee-related taxes, insurance or benefits. Clients also avoid the logistical problem of providing extra office space, equipment or supplies.

“Rates are generated based on the client’s individual needs and financial abilities and the skill, resources and time required. Essentially the client only pays for the productive time Panacea VA spends on them, so if we work for half an hour on a particular assignment, you only pay for half an hour.

“Additionally there are instances where Panacea is retained for longer periods or on a monthly basis where the client is guaranteed a set amount of hours or general availability for an ongoing period of time i.e. Projects, Phone support, and email management. There are also various discounts offered and an Affiliate Program where Panacea itself would refer its clients to for services we may not offer.

“Because it is part of our goal to assist in maintaining our client’s goals and objectives, we ensure that we are conversant in and understanding of their purposes, practices and needs.

“When working as an intermediary for a client, their customer’s are generally never even aware that they are dealing with a third party through phone or e-mail as it is all handled using the client’s own phone numbers, email addresses or stationary, however we do have the capabilities to set up or create and offer these or additional items to assist them in looking more professional.

“Entrepreneurship has been an eye opener to the other side of business. Communicating and networking is paramount to finding ways to get your business out there. With one sibling who has an established Website and Graphic Design business and another who is launching a Property Management Company, Panacea also became a potential fit for their clients as well as theirs for Panacea’s.”

Anyone interested in learning more can make contact through the website, email [info@panaceava.com] or phone 296 4505.

In February 2012, BELCO received notice from Government’s Energy Commission that its October 2011 submission to increase basic tariff rates with effect from 1 January 2012 had been rejected.

“The rates increase is essential for BELCO to secure financing for the North Power Station project,” said BELCO.

“The Commission’s decision was appealed by BELCO to the Minister of Environment, Planning & Infrastructure Strategy and on 9 May 2012, BELCO received notification that the appeal had been rejected by the Minister with respect to the basic tariff rates increase.”

BELCO said they are considering their legal options, as if the Minister’s decision stands, then the North Power Station project will not proceed, leaving BELCO with “no choice but to continue to meet Bermuda’s future energy demand with older, less efficient and less reliable generation plant.”

The rejection of the rates increase will also have an impact on other capital projects, BELCO said.

Speaking on their declining income, the Company said the “significant decrease of 11.58 million kWh is directly related to the economic downturn, as the number of active, metered residential units has declined due to a weak economy and increased numbers of non-Bermudian work permit holders leaving the Island, as some businesses either moved operations out of Bermuda or reduced staffing levels.”

Sales in the commercial sector were down 1.3%, which BELCO said was due to “business closures, reduced hours of operation, lower occupancy levels and concerted efforts by many businesses to reduce operating costs through energy conservation, due to the Island’s economic downturn.”

The relevant portion of the Ascendant Group’s press statement is below:

BELCO’s net income declined $1.49 million to $14.54 million from 2010 results of $16.03 million. Sales of electricity, net of fuel adjustment income, decreased $3.22 million in 2011 to $150.75 million, down from the $153.97 million achieved in 2010. Basic tariff rates and facility charges remained unchanged from 2010, following management’s decision, which was ratified by the Board of Directors, not to increase these rates due to the economic downturn, although entitled to do so, given prior approval from the Price Control Commission in 2006.

Residential kilowatt hour (kWh) sales decreased 4.2% in 2011, following an increase in 2010 of 1.9%. Average consumption per customer decreased 4.2% during the year to an average monthly consumption of 678.5 kWh. A significant decrease of 11.58 million kWh is directly related to the economic downturn, as the number of active, metered residential units has declined due to a weak economy and increased numbers of non-Bermudian work permit holders leaving the Island, as some businesses either moved operations out of Bermuda or reduced staffing levels.

Sales in the commercial sector were down 1.3%, or 4.17 million kWh, compared to a decrease of 1.9% in 2010. Primary factors responsible for the reduction are business closures, reduced hours of operation, lower occupancy levels and concerted efforts by many businesses to reduce operating costs through energy conservation, due to the Island’s economic downturn.

Fuel is BELCO’s most significant expense. In 2011, total fuel costs increased $14.71 million from $107.34 million in 2010 to $122.05 million. This increase is due primarily to a 17.7% increase in the average cost of fuel or an additional $18.05 per barrel, up from $101.83 per barrel in 2010 to $119.88 per barrel in 2011. The increase in fuel costs resulted in an additional $18.12 million being spent on fuel during the current year. The increase was also due to a 34.0% increase in the average price paid to the Bermuda Government for kWh generation received from the Tynes Bay incineration plant during the year as BELCO paid $1.79 million for 11.94 million kWh (2010: $1.39 million for 12.36 million kWh).

Increases noted were offset in part by improved Central Plant efficiency and decreased generation volumes related to lower kWh demand. Average efficiency for 2011 was 702.5 kWh per barrel of fuel consumed, as compared to 689.9 kWh per barrel in 2010. This translates to 18,295 fewer barrels consumed and fuel savings of $1.86 million. BELCO tries to take advantage of temporary declines in world fuel prices by purchasing fuel shipments ahead of their delivery date. In 2011, these forward purchases of fuel resulted in savings of approximately $5 million in comparison to what would have been paid had the fuel been purchased at contract prices. Also during 2011, BELCO entered into a new contract with a new supplier of fuel oil for its generation plant, resulting in fuel cost savings of $2.54 million. The total savings of approximately $7.54 million enabled BELCO to charge its customers a lower fuel adjustment rate.

BELCO invested $21.7 million in capital projects in 2011 compared to $29.5 million in 2010.
Included in the 2011 amount was some $3.6 million, for the North Power Station project. This project was budgeted to cost approximately $70 million over four years, involving the design and construction of three 14 megawatt (MW) diesel generating units plus associated work. These engines were scheduled to begin commercial operation in July 2013 and formed an integral part of a multi-phase Central Plant development plan that supported the future introduction of large-scale renewable energy obtained through wind, solar and waste-to-energy production.

The introduction of these engines is essential to meet Bermuda’s future energy demand, as three less efficient existing engines are scheduled for retirement in 2013, as are all East Power Station Phase I engines in 2017. However, in February 2012, BELCO received notice from Government’s Energy Commission that its October 2011 submission to increase basic tariff rates with effect from 1 January 2012 had been rejected. The rates increase is essential for BELCO to secure financing for the North Power Station project. The Commission’s decision was appealed by BELCO to the Minister of Environment, Planning & Infrastructure Strategy and on 9 May 2012, BELCO received notification that the appeal had been rejected by the Minister with respect to the basic tariff rates increase.

At the time of writing, BELCO is considering its legal options. If the Minister’s decision stands, then the North Power Station project will not proceed, leaving BELCO with no choice but to continue to meet Bermuda’s future energy demand with older, less efficient and less reliable generation plant. The rejection of the rates increase will also have an impact on other capital projects. For example, in 2011 BELCO commenced logistical work in preparation for the Prospect-to-Flatts transmission cable replacement in 2012; however, as a result of the Minister’s decision this project has been deferred. This project is considered extremely important, as it would allow very old, problematic and operationally expensive 22 kV cables on the eastern portion of the Island to be retired, providing a more secure link to the Flatts substation and mitigating possible overloads on Fort Hamilton feeds to Flatts.

The full release from Ascendant is below:

Today, Ascendant Group Limited announced financial results for 2011. Ascendant Group’s subsidiaries are Bermuda Electric Light Company Limited (BELCO), Bermuda Gas & Utility Company Limited, inVenture Limited, PureNERGY Renewables, Ltd. and Sigma Corporate Services Company Limited.

Ascendant Group’s consolidated net earnings for 2011 declined to $11.12 million from 2010 results of $16.02 million. The decrease reflects the impact of the Island’s economic challenges, which resulted in Ascendant Group operating subsidiaries experiencing reduced sales.

Results for 2011 also include the effect of significant one-time charges totalling approximately $3.88 million, which arose from decisions regarding both the company’s pension plan and employee early retirements. Effective 1 January 2012, BELCO staff who joined the company prior to 1 January 2006 were transitioned from a Defined Benefit Pension Plan to the Defined Contribution Pension Plan in which the majority of staff currently participate; as a result, a one-time, non-cash expense of $3.38 million was incurred.

Also in 2011, a number of long-serving employees throughout Ascendant Group received early retirement compensation packages totalling approximately $1.5 million. The net cost of early retirement, after considering employment costs avoided for 2011, was approximately $500,000. Although Ascendant Group incurred significant one-time costs with the decisions to offer early retirement and freeze the Defined Benefit Pension Plan, the company anticipates there will be substantial future savings as a result of both of these actions.

Net parent company operating expenses increased $2.47 million during the current year to $3.55 million, from total net 2010 expenditures incurred of $1.08 million. The increase was due in part to administrative costs associated with hiring an international consulting firm to assist with succession planning, and an energy consulting firm to prepare a cost-of-service study and assist with the review of tariff rate alternatives, rate case preparation and development of BELCO’s interconnection policy.

Capital expenditures of Ascendant Group companies were also affected by the economic downturn as investment in property, plant and equipment decreased from $29.5 million in 2010 to $25.7 million in 2011.

Bermuda Gas
Bermuda Gas’ net income results decreased 26.8%, or $353,916, to $969,104 from net income of $1.32 million reported in 2010. Gas sales were 2.5% higher than 2010 sales, as price increases offset decreased volumes in both residential and commercial markets, directly related to the downturn in the local economy.

However, net income was negatively impacted as lower sales margins were realised in 2011, following management’s decision not to pass on increased costs to consumers in deference to the economic realities facing the Island. Appliance sales decreased 3.0% when compared to 2010 sales. Service sales decreased 3.2% and parts sales were also down 9.5% on 2010, again due directly to the economy.

Bermuda Gas capital expenditures incurred in 2011 totalled $1.95 million, as compared to $661,000 in 2010, as this company spent $1.56 million during the year to finalise building leasehold improvements, bringing its Warehouse, Parts & Service Departments, Administration, Customer Care and Appliance Showroom under one roof.

PureNERGY
PureNERGY Renewables, Ltd. sustained a loss of $1.39 million in the current year, following a 2010 loss of $405,276. Although recent announcements regarding financing, tax relief and other incentives for small-scale renewable energy systems are encouraging for PureNERGY, the operation of this company will be assessed during 2012, if these do not result in opportunities.
.
inVenture
inVenture Limited reported a consolidated net loss of $184,560 in 2011, as compared to a 2010 consolidated net loss of $72,035. inVenture, which was formed to pursue new investment opportunities outside of the energy business, incorporated two new organisations, iFM Limited and iEPC Limited during 2011.

iFM is a joint venture company that is 60% owned and controlled by inVenture and 40% owned and controlled by a Bermuda-registered, exempted subsidiary of Black & McDonald Limited, a privately held Canadian company. iEPC, which was incorporated on 11 July 2011, is a wholly owned subsidiary of inVenture, established to provide engineering, procurement, construction and consulting services for Ascendant Group companies, as well as third parties. As at 31 December 2011, neither company had any financial activity.

Sigma
Sigma, which provides corporate services to Ascendant Group and its subsidiaries, recorded net income in 2011 of $28,670 from training courses offered externally, after breaking even in 2010. Sigma provides legal, external relations, human resources and corporate communications services primarily to Ascendant Group.

BELCO
BELCO’s net income declined $1.49 million to $14.54 million from 2010 results of $16.03 million. Sales of electricity, net of fuel adjustment income, decreased $3.22 million in 2011 to $150.75 million, down from the $153.97 million achieved in 2010. Basic tariff rates and facility charges remained unchanged from 2010, following management’s decision, which was ratified by the Board of Directors, not to increase these rates due to the economic downturn, although entitled to do so, given prior approval from the Price Control Commission in 2006.

Residential kilowatt hour (kWh) sales decreased 4.2% in 2011, following an increase in 2010 of 1.9%. Average consumption per customer decreased 4.2% during the year to an average monthly consumption of 678.5 kWh. A significant decrease of 11.58 million kWh is directly related to the economic downturn, as the number of active, metered residential units has declined due to a weak economy and increased numbers of non-Bermudian work permit holders leaving the Island, as some businesses either moved operations out of Bermuda or reduced staffing levels.

Sales in the commercial sector were down 1.3%, or 4.17 million kWh, compared to a decrease of 1.9% in 2010. Primary factors responsible for the reduction are business closures, reduced hours of operation, lower occupancy levels and concerted efforts by many businesses to reduce operating costs through energy conservation, due to the Island’s economic downturn.

Fuel is BELCO’s most significant expense. In 2011, total fuel costs increased $14.71 million from $107.34 million in 2010 to $122.05 million. This increase is due primarily to a 17.7% increase in the average cost of fuel or an additional $18.05 per barrel, up from $101.83 per barrel in 2010 to $119.88 per barrel in 2011.

The increase in fuel costs resulted in an additional $18.12 million being spent on fuel during the current year. The increase was also due to a 34.0% increase in the average price paid to the Bermuda Government for kWh generation received from the Tynes Bay incineration plant during the year as BELCO paid $1.79 million for 11.94 million kWh (2010: $1.39 million for 12.36 million kWh).

Increases noted were offset in part by improved Central Plant efficiency and decreased generation volumes related to lower kWh demand. Average efficiency for 2011 was 702.5 kWh per barrel of fuel consumed, as compared to 689.9 kWh per barrel in 2010. This translates to 18,295 fewer barrels consumed and fuel savings of $1.86 million. BELCO tries to take advantage of temporary declines in world fuel prices by purchasing fuel shipments ahead of their delivery date.

In 2011, these forward purchases of fuel resulted in savings of approximately $5 million in comparison to what would have been paid had the fuel been purchased at contract prices. Also during 2011, BELCO entered into a new contract with a new supplier of fuel oil for its generation plant, resulting in fuel cost savings of $2.54 million. The total savings of approximately $7.54 million enabled BELCO to charge its customers a lower fuel adjustment rate.

BELCO invested $21.7 million in capital projects in 2011 compared to $29.5 million in 2010. Included in the 2011 amount was some $3.6 million, for the North Power Station project. This project was budgeted to cost approximately $70 million over four years, involving the design and construction of three 14 megawatt (MW) diesel generating units plus associated work. These engines were scheduled to begin commercial operation in July 2013 and formed an integral part of a multi-phase Central Plant development plan that supported the future introduction of large-scale renewable energy obtained through wind, solar and waste-to-energy production.

The introduction of these engines is essential to meet Bermuda’s future energy demand, as three less efficient existing engines are scheduled for retirement in 2013, as are all East Power Station Phase I engines in 2017. However, in February 2012, BELCO received notice from Government’s Energy Commission that its October 2011 submission to increase basic tariff rates with effect from 1 January 2012 had been rejected.

The rates increase is essential for BELCO to secure financing for the North Power Station project. The Commission’s decision was appealed by BELCO to the Minister of Environment, Planning & Infrastructure Strategy and on 9 May 2012, BELCO received notification that the appeal had been rejected by the Minister with respect to the basic tariff rates increase.

At the time of writing, BELCO is considering its legal options. If the Minister’s decision stands, then the North Power Station project will not proceed, leaving BELCO with no choice but to continue to meet Bermuda’s future energy demand with older, less efficient and less reliable generation plant. The rejection of the rates increase will also have an impact on other capital projects.

For example, in 2011 BELCO commenced logistical work in preparation for the Prospect-to-Flatts transmission cable replacement in 2012; however, as a result of the Minister’s decision this project has been deferred. This project is considered extremely important, as it would allow very old, problematic and operationally expensive 22 kV cables on the eastern portion of the Island to be retired, providing a more secure link to the Flatts substation and mitigating possible overloads on Fort Hamilton feeds to Flatts.

Finally, in releasing its year-end results, Ascendant Group noted that A.L. Vincent Ingham, who was responsible for the company’s strategic direction as a Director, President and Chief Executive Officer, retired at year end, on 31 December 2011. Plans to replace Mr. Ingham are well underway.

As the global economy recovers, Bermuda needs to adopt a truly global perspective and be in a position to offer an outstanding environment in which to do business. Ascendant Group intends to be a source of support and growth, building on strong relationships and entering into public-private partnerships to ensure the success of our businesses and Island.

Ascendant Group is proud to be an employer, service provider, business partner and purchaser of goods and services. Ascendant Group is also a corporate citizen that enhances quality of life, and is committed to being an attractive investment.

Ascendant Group Limited is a publicly traded investment holding company whose shares trade on the Bermuda Stock Exchange (ticker AGL.BH). The mission of Ascendant Group is to maximise shareholder value through growth in existing energy-related businesses and investment in utility and infrastructure companies.

Ascendant Group Limited is the parent company of operating companies Bermuda Electric Light Company Limited (BELCO), Bermuda Gas & Utility Company Limited, PureNERGY Renewables Ltd., Sigma Corporate Services Company Limited and inVenture Limited, as well as BELCO Properties Limited and BTS Limited.

Mr Jones is now business development and marketing manager for three Bermuda-based MediaHouse subsidiaries – Bermuda Sun, Island Press and bermuda.com.

MediaHouse Chairman & CEO Randy French said: “Glenn is an important part of our company-wide effort to be nimble and agile in the face of a significantly changed economic landscape in Bermuda.

“We expect the same kind of business growth and marketing strategies Glenn brought to bermuda.com he will now bring to all of our Bermuda-based media companies.”

Glenn Jones took over as general manager of bermuda.com in January 2010, and since then, has managed the redesign of bermuda.com as well as the launch of bermuda.com Deals, bermuda.com Shop, bermudaCupMatch.com and bermuda.com 12 Days of Christmas.

Before running bermuda.com Mr. Jones was Press Secretary to Bermuda’s Premier from 2007 to 2009 and a journalist in the United States and Bermuda from 1999 to 2007. Mr Jones is the recipient of an EMMY Award for television journalism.

“MediaHouse is a great Bermuda media institution with a Bermuda-born CEO and a collection of skilled Bermudian company members,” said Mr. Jones, “I’m honored to be asked to take on a greater leadership role here and help usher in a new spirit of innovation.”

Mr. Jones officially began his new role as MediaHouse business development and marketing manager earlier this month immediately following a ten-week assignment working in Kingston for Jamaica Yellow Pages, another company in the MediaHouse family.

The day-to-day operation of bermuda.com now rests with Jorgen Clausen, who ran bermuda.com from 2004 to 2008.

[Photo credit: Kageaki Smith]

BCB reported a profit of $3.23 million for the six months ended March 31, 2012 equating to fully diluted earnings per share of $0.44. This compares with a profit of $1.35 million ($0.20 per share) for the six months ended March 31, 2011.Total revenue for the period was $10.17 million compared to $5.74 million in the prior year period.

The Bank’s Chairman, Michael Collier, stated that “Our improved earnings reflect solid customer deposits and strong interest earnings on our investments and to a lesser extent our loan portfolios.”

Mr. Collier stated that “The Bank’s profit together with the unrealised growth of our investment portfolio boosted shareholders’ equity to $93.56 million at March 31, 2012 compared with $82.92 million at September 30, 2011.

“Our tier one capital ratio, which is a measure of strength and stability, was 25.52% at period end, significantly higher than general industry standards and a clear indication of the strength of BCB’s balance sheet. Our total capital ratio was 21.66%.”

“The Bank seeks to build value for our shareholders by generating consistent and sustainable earnings while adhering to our conservative risk profile.

“We are therefore pleased with the steady growth in profit levels and the strengthening of the deposit base since the completion of the sale of the Bank two years ago. BCB has become Bermuda’s bank of choice for clients that demand traditional service excellence along with a conservative approach to business.”

Retail Division Chair Paula Clarke noted; “We are very excited about this initiative which will bring shops from all areas within the City limits together with participating restaurants to promote our Go Local campaign.

“A total of 60 stores and restaurants will be participating; all the stores will be open late and the restaurants involved in the promotion will all be offering special late shopper discounts.”

Ms. Clarke, who is also the CEO of Gibbons Company, went on to state that there will also be many in-store activities and promotions from Front Street to Court Street. “It is all about having a fun, interactive shopping experience.

“At Gibbons Company for instance, we will be featuring models at ‘Style Stations’ throughout the store, as well as offering super saver pre-May 24th deals and complimentary wine tastings.”

Supporting the event Chamber EVP Joanne MacPhee noted, “The Chamber’s Retail Division is always very active, looking for creative ways to promote the Go Local concept and we are delighted that they have partnered with our restaurant division to offer this City-wide experience.

“Our stores are full of wonderful merchandise, at very competitive prices, so we urge shoppers to come into the City on Thursday night and get into the holiday spirit. “

The booklet was designed to be used during the insurance career presentations BFIS makes during the year to Bermuda’s high school students, but it will also be of interest to parents and teachers as well as anyone interested in learning more about Bermuda’s insurance industry.

Divided into easy to read sections, ‘Careers In Insurance’ answers the questions: Why is the insurance industry important to Bermuda? What is insurance? What can and cannot be insured? What is the history of insurance? How did the insurance industry get started in Bermuda? It also explains how the business works, what kind of jobs there are and what it takes to pursue a career in insurance.

Founded in 1996, BFIS is a Bermuda Registered Charity which has awarded almost $4 million in scholarships to date, in addition to running mentoring, networking, intern and career information and career guidance programmes.

The booklet is below [PDF here] click ‘Fullscreen’ for greater clarity:

Mr. Sobel has 14 years of experience in the insurance industry. Prior to joining Allied World, he was mostly recently responsible for overseeing the East Coast territory for the Public Entity Department at ACE USA (ACE). Mr. Sobel previously held various senior management roles at both ACE and the Kemper Corporation in their Environmental Divisions.

Mr. Bowden commented, “Opening an office in Philadelphia has been a strategic objective for Allied World. Since 2008, we have focused on building-out a national branch network, which now includes 10 offices, to better serve our clients and trading partners in the U.S. Mike’s industry experience and local connections will be a strong asset as we look to expand in the region.”

“Furthermore, the outlook and fundamentals for the oil and gas industry remain strong. Encouraging exploration successes in established as well as frontier basins are leading to an increasing backlog of appraisal and development drilling projects.

“These strong fundamentals support the expectation of continued strength in all sectors of the contract drilling industry for the foreseeable future. As a consequence we have ordered six newbuilds in the last three months and the Company now has 18 drilling units under construction. We remain bullish on the outlook for drilling services, in particular related to the demand for high-specification equipment.”

Highlights

• Seadrill generates first quarter 2012 EBITDA*⁾ of US$595 million
• Seadrill reports first quarter 2012 net income of US$439 million and earnings per share of US$0.89
• Seadrill increases the ordinary quarterly cash dividend by 2 cents to US$0.82. In addition, Seadrill will pay a one-off dividend of US$0.15 per share related to an equal cash distribution from our investment in SapuraCrest
• Seadrill subsidiary North Atlantic Drilling Limited (“North Atlantic Drilling”) completes a private placement raising US$300 million
• Seadrill secures new contracts with a total revenue potential of US$870 million

Subsequent events

• Seadrill orders two ultra-deepwater harsh environment semi-submersible rigs, at Jurong and Hyundai, for a total consideration of US$1.3 billion. As part of these construction agreements, the Company has received options for further units
• Seadrill orders a ultra-deepwater drillship at Samsung for an estimated total cost of US$600 million with delivery in the second quarter 2014. The Company has also received a fixed price option for one additional unit
• Seadrill secures a three-year contract with revenue potential of US$710 million for the ultra-deepwater semi-submersible rig West Leo
• Seadrill secures a five-year contract for the tender rig T18 with a US$235 million revenue potential
• Seadrill continues to monitor Master Limited Partnership (“MLP”) opportunities

Condensed consolidated income statements

Consolidated revenues for the first quarter of 2012 amounted to US$1,050 million as compared to US$1,059 million in the fourth quarter 2011.

Operating profit for the quarter was US$456 million compared to US$436 million in the preceding quarter. Net financial items for the quarter showed a gain of US$24 million compared to a loss of US$501 million in the previous quarter.

The previous quarter included a US$463 million impairment charge on our 39.9 percent ownership in Archer. While this quarter includes a gain of US$91 million on derivative financial instruments compared to a gain of US$33 million in the previous quarter.

US$63 million of the gain is related to the sale of our holdings in Ensco plc. The rest is related to unrealized gains on currency forward contracts, total return swap arrangements and interest rate swaps. Income taxes for the first quarter were US$41 million unchanged from the fourth quarter. Net income for the quarter was US$439 million or basic earnings per share of US$0.89.

All three technicians are A1-qualified – the industry’s highest professional qualification – and Bermuda Motors’ customers will benefit from their more-than 100 years of experience in the automotive trade.

Centre, left to right: New employees Leon James, Michael Dill and Michael Yarde Far right is Bodyshop Manager Craig Trott. Far left is Larry Robinson, Assistant Bodyshop Manager:

Michael Butler, General Manager of Bermuda Motors, said: “We’re delighted to add three such experienced technicians to our paint and body department. We always aim to provide fast, top quality repairs and their experience and expertise can only help us improve our customer service.”

Mr. Butler said that with a staff of 13, Bermuda Motors was now the Island’s premier paint and body shop. “We’d like drivers to know that we not only repair the cars we sell – BMW, Fiat, Ford, Kia, Mini and Toyota – but all makes and models on the Island, from Chevrolet to Volkswagen.”

Dividends on both issues will be paid in cash on June 15, 2012 to the holders of record on June 1, 2012. The company currently has 8,000 shares of its 7.25% Convertible Perpetual Preferred Stock outstanding and 814,220 shares of its 5.625% Convertible Perpetual Preferred Stock outstanding.

Aquiline Capital Partners LLC ) a New York-based private equity firm investing in financial services, acquired Juniperus in January of this year to capture growing investor demand for insurance-linked securities. In April of this year, Juniperus announced that Marsh & McLennan Companies  had taken a minority partnership stake, joining existing partners Aquiline and the company’s management team.

Mr. McKeown has over 25 years of experience in the insurance industry and has recently served as Vice Chairman of North America Broking at Guy Carpenter, a leading global risk and reinsurance intermediary.

Prior to joining Guy Carpenter, Mr. McKeown was President and CEO of CIG Reinsurance Ltd. and New Castle Reinsurance Co. Ltd., companies founded in 2004 and 2005, and capitalized by investor funds managed by Citadel Investment Group LLC. Between the two companies, Mr. McKeown and his team deployed over $1 billion of investor capital dedicated to the reinsurance market.

In conjunction with this new sponsorship and a broader vision, Juniperus has announced plans to rebrand itself as Pillar Capital Management in the coming weeks.

“I am excited to lead Juniperus in our next phase of growth. The existing management team and I look forward to partnering with Aquiline, Marsh & McLennan Companies and investors to participate in the collateralized reinsurance and catastrophe insurance-linked securities market,” said Mr. McKeown. “The collateralized reinsurance market has grown significantly since 2004, and Juniperus is well-positioned as an independent asset manager dedicated to reinsurance risk.”

Mr. McKeown will succeed Phil Lotz, who will remain with the company as Executive Chairman.

“We are very excited for Chris to join our team as he will be a tremendous asset in this new chapter of the company’s growth,” said Mr. Lotz. “I look forward to collaborating with Chris and our partners.”

Jeff Greenberg, Chief Executive of Aquiline, said, “Chris brings a unique blend of operating experience and underwriting expertise in the alternative reinsurance space. I believe he is ideally-suited to lead Juniperus. With Chris at the helm, we hope to create an industry leading platform to satisfy varying investor appetites to deploy assets in the reinsurance arena. I look forward to working with Chris and the management team going forward.”

“The Double Taxation Agreement (DTA) signed today enters Bermuda among Qatar’s impressive DTA network of 50 DTAs and positions us to market Bermuda as an interconnecting domicile for Bermuda and investment from and to those 50 countries with which Qatar has DTAs.”

The Premier’s full statement follows below:

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The courses are facilitated by wealth managers from AFL Investments.

AFL Investments has developed a number of one-hour education courses that offer general guidance regarding financial and investment planning, which can be offered as a complete series or employers can select particular sessions to be delivered to their employees during their lunch break.

The core seminars on offer are: Financial Planning, Budgeting, Investing 101, Building a Better Portfolio and Retirement Planning.

In addition, AFL Investments can also create customised seminars upon request such as ‘Women & Wealth’ to suit the demographics of the company’s workforce.

An example of key topics covered in the financial planning sessions include: understanding your needs and goals, current net worth and cash flow, capital accumulation and growth, asset allocation, contingency planning, estate planning and retirement planning.

Cindy Campbell, Chief Operating Officer of AFL Investments [pictured], says: “We have designed these free courses to help employers pass on added value to their employees in this competitive environment where attracting and retaining talent is imperative. Helping employees develop sustainable financial plans is one of the most enduring and valuable benefits a company can provide to its employees.

“The seminars are designed to help employees understand the various focus areas that have to be addressed to achieve financial wellness. Employees can undertake planning on their own or one of our qualified financial planners can work individually with a person to create a personal financial road map. Anyone who attends one of our seminars is eligible for a free 30-minute no obligation review session.

“We have already delivered the courses to a number of large employers in Bermuda as part of a test phase and the feedback has been overwhelmingly positive.”

A spokesperson said, “Financial Planning is a service, not a product, and AFL Investments has a fiduciary responsibility to provide unbiased information and planning strategies. AFL Investments is unique in Bermuda in that it does not require an individual to be an investor with the company in order to arrange for a comprehensive financial plan.

“To reduce the administrative burden of offering these courses, AFL Investments will provide and manage customised email invitation and reminders for the sponsoring company. To arrange a course for your company, ask a Human Resources representative to contact Theresa Santos on AFL Investments on 294-5737 or email: tsantos@aflinvestments.bm.”

Commenting on the Group’s performance, Stephen Catlin, Chief Executive of Catlin Group Limited, said, “Catlin performed well during the first quarter of 2012, thanks to continued growth in gross premiums written and the absence of catastrophe losses. Nearly all areas of the business continue to grow, including our US and International underwriting hubs.

“It is gratifying that the market is heading in the right direction for nearly all classes of business after last year’s unprecedented series of catastrophe losses. I am also pleased to report that rates for Japanese reinsurance renewals at 1 April were slightly ahead of our expectations. We expect market conditions to continue to improve as the year progresses.

“Finally, I would like to thank Sir Graham Hearne for his many contributions to Catlin whilst serving as the Group’s Chairman for the past nine years. We will all miss his counsel, charm and experience. On behalf of the Board and Catlin’s employees, I wish Sir Graham well in his future endeavours.

“John Barton succeeded Sir Graham as the Group’s Chairman following yesterday’s Annual General Meeting. John brings with him a wealth of experience at the top levels of companies in the insurance industry and other sectors, and we at Catlin look forward to working with John to continue to build a business for the future.”

Highlights at 31 March 2012

• 12 per cent increase in gross premiums written
• 54 per cent of total gross premiums written by non-London/UK underwriting hubs
• Average weighted premium rates for catastrophe exposed business increased by 10 per cent; average weighted premium rates across entire portfolio increased by 4 per cent
• No catastrophe losses incurred during first quarter
• 0.6 per cent year-to-date total investment return
• Investment portfolio remains liquid and defensively positioned

The dividend on Endurance’s outstanding ordinary shares will be payable on June 29, 2012 to the ordinary shareholders of record on June 15, 2012 and the dividend on Endurance’s Series A and Series B Preferred Shares will be payable on June 15, 2012 to the Series A and Series B Preferred shareholders of record on June 1, 2012.