Archive for October 12th, 2011

Alterra Estimates Q3: $20/30M

Bermuda-based Alterra Capital Holdings Limited today [Oct.12] announced that its initial loss estimate from Hurricane Irene and other catastrophe events that occurred during the third quarter of 2011 is in the range of $20 million to $30 million, pretax and net of reinsurance and reinstatement premiums. Alterra believes that its estimated losses from... Read more of this article

Dr. Saul’s Deep-Sea Treasure Odyssey

Florida-based Odyssey Marine Exploration, co-founded by former Bermuda Premier Dr. David Saul, has located two shipwrecks carrying millions of dollars worth of silver. One vessel was sunk off Ireland in 1917, when a German torpedo crippled the British steamer “Mantola” — sending the ship and its cargo of an estimated 20 tons of silver... Read more of this article

Endurance Promotes Bermudian Executive

Endurance Specialty Holdings Ltd., a Bermuda-based specialty provider of property and casualty insurance and reinsurance, yesterday [Oct. 11] announced that Rene Lamer will assume the role of senior vice-president and head of US Property Catastrophe Treaty Reinsurance. Mr. Lamer, a Bermudian, will continue to report to Stephen Young, executive vice-president... Read more of this article

Photos: Kings of Construction Challenge

There were no 97-pound weaklings in evidence on Sunday [Oct.9] for the Construction Association Of Bermuda’s Fun Day at Clearwater Beach. The featured event was the Kings of Construction Challenge — a strong-man type competition pitting teams of construction workers against each other in feats such as the Truck Pull, Block Load, Tire Flip... Read more of this article

Catlin Bermuda Donates To Chewstick

Catlin Bermuda has made a significant donation to The Chewstick Foundation to aid with operational expenses and to help the fledgling non-profit to continue making a positive impact in the community. “These funds will be applied to supporting The Chewstick Foundation’s facility, staff, and programs and will go a long way towards assisting us in... Read more of this article

Enstar Is New Transatlantic Suitor

Bermuda-based reinsurer Transatlantic Holdings Inc.,which has been at the centre of a months-long buyout battle, this week began negotiations with a fourth, unnamed suitor. A source familiar with the talks has told the Reuter news agency the new bidder is Bermuda-based Enstar Group, which buys insurers that are no longer writing new business. Insurers... Read more of this article

Insurer Surrenders License To BMA

A.M. Best Co. yesterday [Oct. 11] withdrew the financial strength rating [FSR] of A [Excellent] and issuer credit rating [ICR] of “a” of Hatherley Insurance Ltd. due to its business being transferred into Park Assurance Company. Concurrently, A.M. Best has affirmed the FSR of A and ICR of “a” of Park. The outlook for both ratings is stable. Hatherley’s... Read more of this article

Photos: Bermuda vs Guyana

[Updated] An invigorated Bermuda held table-topping Guyana to a 1-1 draw last night [Oct. 11] in a World Cup CONCACAF Qualifier match played at the National Sports Centre. The stadium was awash with national pride as the Bermuda squad prepared to take on the Central American Group B leaders. There was no shortage of Bermuda flags on display in stands... Read more of this article

Tech Issues Affect Blackberry Messenger

[Updated] Technical issues are affecting BlackBerry Messenger, email and web browsing this morning [Oct.12], due to a service issue being experienced by BlackBerry maker Research in Motion. A Digicel spokesperson said, “Digicel wishes to advise the public that Research in Motion (RIM) is experiencing a service issue affecting BlackBerry Messenger,... Read more of this article

Bank Robber’s Bermuda Escape Plan

A suspect arrested in connection with a Chicago bank robbery was planning to flee to Bermuda after the heist according to the newly-unsealed criminal complaint. Kenneth Conley, who worked at a Windy City strip club is accused of robbing a suburban bank, allegedly arriving at work shortly after the robbery to repay $500 he owed another club employee... Read more of this article

Jermal Woolridge Advances To Quarter-Finals

At the 11th World Wushu Championships in Ankara, Turkey, Bermuda’s Jermal Woolridge [pictured to the left in red] earned a place in the Quarter-Finals by defeating Yousef Abu Shreehk of Jordan. Woolridge busted his opponent’s nose in the first round but actually lost the round by being forced off of the leitai twice. He came back well in the... Read more of this article

Cruiser: Conditional Discharge For Weed

In yesterday morning’s [Oct.11] Plea Court, Senior Magistrate Archie Warner granted a Conditional Discharge to an American cruise ship passenger who had pleaded guilty to a charge of possessing 5.0 grams of cannabis resin. The charge arose out a Bermuda Customs searching of the “Nordic Empress” on Monday 10th October 2011. The drugs were found... Read more of this article