Archive for October, 2011

Analysts Upgrade Alterra From Hold To Buy

Bermuda’s Alterra Capital Holdings has today [Oct.28] been upgraded by TheStreet Ratings from hold to buy. The stock analysts say the company’s strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, attractive valuation levels and solid stock... Read more of this article

OneBeacon: Q3 Drop In Book Value Per Share

Bermuda-domiciled OneBeacon Insurance Group, Ltd. today [Oct.28] reported book value per share of $11.57, a decrease of 2.8 percent for the third quarter and an increase of 1.5 percent through nine months, including dividends. Mike Miller, CEO of OneBeacon, said, “Our decrease in book value in the quarter was driven by our equity portfolio losses... Read more of this article

British Airways Moves To Winter Schedule

British Airways transitions to its winter schedule this Sunday [Oct.30]. The winter schedule will operate five times weekly from this Sunday until March 25, 2012 . The two days it will not be operating during the winter months are Mondays and Saturdays. A BA spokesperson said, “Passengers are reminded to check departure times on their tickets... Read more of this article

Regional Tourism Officials Predict Upswing

Regional tourism officials are hoping the number of participants in an upcoming hospitality industry conference is indicative of a pending 2012 upswing in Bermuda and Caribbean visitor numbers. The Bahamas is set to play host to over 343 delegates representing 153 companies when the 30th Edition Caribbean Marketplace is held at the Atlantis on Paradise... Read more of this article

Endurance Reports $20 Million Q3 Net Loss

Bermuda’s Endurance Specialty Holdings Ltd this week reported a net loss of $20.0 million and $0.71 per diluted common share for the third quarter of 2011 versus net income of $139.1 million and $2.51 per diluted common share in the third quarter of 2010. For the nine months ended September 30, 2011, the net loss was $66.4 million and $2.07 per... Read more of this article

Validus Posts “Strong Financial Results”

Bermuda reinsurer Validus Holdings, Ltd. has reported net income available to Validus of $56.5 million, or $0.54 per diluted common share for the three months ended September 30, 2011, compared to $238.5 million, or $2.08 per diluted common share, for the three months ended September 30, 2010. Net (loss) attributable to Validus for the nine months ended... Read more of this article

Foreign Workforce Effect on GDP

[Written by Sir John Swan and Larry Burchall] We would like to thank the Bermuda Public for the support that the Regeneration of Bermuda’s Economy initiative has received. Coming out of all of the comments, suggestions and queries, one area that stood out as requiring further clarification is the aspect of why International Business (IB) and the foreign... Read more of this article

Hedge Fund Guru Plans Bermuda Reinsurer

Steven A. Cohen, who built one of the world’s biggest and most successful hedge funds, is branching out and plans to set up his own Bermuda reinsurance firm, two people familiar with the matter have told Reuter. Mr. Cohen [pictured], who runs $14 billion SAC Capital Advisors in Stamford, Connecticut, recently told investors he plans to launch... Read more of this article

Ethics Week 2011 Offers Food For Thought

Bermuda Hospitals Board’s Ethics Committee today invites the community to find out how each of us and our loved ones are impacted by ethical decisions relating to nutrition and feeding, and what we can do to ensure we are informed about the dietary decisions we make. Information will be available in the lobbies of King Edward VII Memorial Hospital... Read more of this article

Fairmont Hosts Annual Wellness Fair

The Fairmont Southampton on Tuesday October 25th held its 3rd annual Wellness Fair. Supported by community sponsors, this event provided free screenings for high blood pressure and diabetes as well as information on healthy eating, weight loss and fitness for employees at The Fairmont Southampton. “Life in the hotel industry can be demanding, and... Read more of this article

Photos: Police Car Crashes Into Wall

[Updated] This evening [Oct.27] a Police car was involved in an accident which saw it crash into a wall on Somerset Road. The incident was apparently a two vehicle collision involving the police car and a private car, with at least one of the car occupants sustaining minor injuries. Police presently have the road blocked off while they investigate... Read more of this article

Court Orders Digicel To Suspend Service

[Updated] Puisne Judge Ian Kawaley today [Oct. 27] ordered Digicel to drop its new long distance service until all legal disputes had been resolved. The judge made his ruling in the Supreme Court this afternoon after lawyers from the Attorney General’s Chambers argued Digicel was pre-empting forthcoming amendments to laws governing telecommunications... Read more of this article