Archive for February 28th, 2011

BEST Calls For SDO Debate To Be Postponed

The Bermuda Environmental Sustainability Taskforce [BEST] released a statement about the proposed Special Development Order [SDO] for Tucker’s Point Resort, calling on Government “to postpone debate on the SDO until after the the Budget debate has cleared and MPs are able to devote adequate attention to this important and complex issue.... Read more of this article

Hiscox: ‘Tested By Mother Nature’ In 2010

Bermuda-based specialist insurer Hiscox today [Feb. 28] announced Hiscox the firm paid out £165 million in claims relating to global catastrophes last year — but signalled its confidence in the future with a 10 percent increase in its dividend. Gross written premiums were little changed at £1,433 million in 2010 from £1,435 million in 2009,... Read more of this article

Butterfield Bank Introduces New Visa Card

The Bank of N.T. Butterfield & Son Limited has introduced the Butterfield British Airways Business Visa Card for business banking customers. Sean Lee, Butterfield’s Executive Vice President and Head of Bermuda Retail Banking said: “The new BA Business Visa Card is more than just a credit card,” Mr. Lee said. “Butterfield’s partnership... Read more of this article

Diana Judge Appointed To Appeal Court

The British judge who finally brought the curtain down on the death of Princess Diana, presiding over the 2007/2008 London inquest which determined there was not “not a shred of evidence” to suggest the former wife of Prince Charles and companion Dodi Fayed died in a Paris car accident as a result of a conspiracy, has been appointed... Read more of this article

Ship Detours Due to Injured Crew Member

Last week the Swiss Registered Cargo Vessel SCL Bern [pictured] detoured to Bermuda to obtain medical care for a crew member who sustained a broken arm due to an accident with a metallic door. Bermuda Radio received an e-mail from the crew of the ship, which was located 620 nautical miles south east of Bermuda, advising of the injured crew member, and... Read more of this article

UBP: Tucker’s Point Price Tag Too High

[By Cole Simons, Shadow Minister of Business Development and Tourism] As far as I know, today [Feb. 28] the House of Assembly will be moving ahead and debating Tucker’s Point Resort Residential Development [Hamiliton and St. George's Parishes] Special Development Order 2011. This will be one of the most controversial debates we have had for some... Read more of this article

XL Group Declares Quarterly Divided

XL Group plc today [Feb.28] said that its Board of Directors declared a quarterly dividend on February 25, 2011 of $0.11 per ordinary share payable on the Company’s ordinary shares. This action increases the quarterly dividend to $0.11 per ordinary share from $0.10 per ordinary share. The dividend will be payable on March 31, 2011 to Ordinary Shareholders... Read more of this article

Seadrill Adding New Tender Rigs To Fleet

Bermuda-based oil and gas exploration firm Seadrill has today [Feb. 28] entered into an agreement for the construction of two tender rigs with the COSCO Nantong Shipyard in China. The two new units, T15 and T16, are scheduled for delivery in the first quarter and third quarter 2013, respectively. Total project price is estimated at $225 million, which... Read more of this article

Videos & Results: Swimming Time Trials

This past Friday [Feb.25] a visiting team from Canada’s Mount Allison University took part in a swimming time trial along with local swimmers at the BASA Pool. Local swimmers Sophie Froud and Shannon Botelho successfully made the Carifta qualifying standards, to swell the team ranks to 12. The Carifta Swimming Championships will be held in Barbados... Read more of this article

Flagstone: Australia Disaster Estimates

Flagstone Reinsurance Holdings, S.A. — which has a significant Bermuda presence – today [Feb. 28] announced that its preliminary estimate from loss events that have occurred in Australia in the first quarter of 2011 is expected to be between $60 to $80 million, net of reinstatement premiums and retrocession. These events — estimated... Read more of this article

Validus: Preliminary NZ Losses Estimate

Bermuda reinsurer Validus Holdings, Ltd. today [Feb. 28] said it expects losses from the recent New Zealand earthquake [pictured] to range between $25 and $50 million. On February 22, 2011, an earthquake with a magnitude of 6.3 on the Richter Scale struck the South Island of New Zealand near Christchurch causing significant loss of life and damage... Read more of this article

Hamilton Parking Rate Hike Next Week

The City of Hamilton today [Feb. 28] announced new rates for both on street parking and parking lots, and also said that parking voucher booklets will be phased out, and Easy Park electronic meters will become mandatory in the City of Hamilton. Effective next week Monday [Mar.7], on street parking will be $2.00 an hour [$0.25 increase], car parks will... Read more of this article