Archive for November 7th, 2011
Catastrophe Software Launched In US
NIIT Insurance Technologies Limited, a leading global IT solutions organisation, today [Nov.7] announced the official launch in the US of its highly successful Exact Advantage software application for management of global exposure to potential losses arising from man-made and natural disasters, such as terrorism or chemical hazard, as well as windstorm,... Read more of this article
Bad Weather Delays Cruise Ship’s Arrival
Strong winds and rough seas generated by the low-pressure front off Bermuda have delayed the arrival of the “Carnival Pride” cruise ship. Bermuda Maritime Operations this morning [Nov. 7] said it had been informed that “Carnival Pride has been delayed by the bad weather. The cruise ship will now arrive on Wednesday [Nov.9] rather... Read more of this article
Bermuda Swim Coaches Pick Season’s Top 10
The Bermuda Amateur Swimming Associaiton had another successful season in the pool both locally and overseas. Although BASA is proud of all of its swimmers and their performances, there are certain swims which stand out. So Bermuda’s National coaches have selected what they consider to be the top 10 swims of the season. “Please join us in... Read more of this article
Videos Part #2: 2011 Premier’s Fashion Show
On Saturday night [Nov.5] the Bacardi Building played host to glitz, glamour and style as the Premier’s Fashion Designer Expo featured the designs of various Bermudian artists. Those designers and artists participating included Amethyst, Ashley Aitken, Dana Cooper, Rene Hill, Tabitha Hollis, Nicole Iris, Manuel Palacio, Edith Rookes, Calix Socrates... Read more of this article
Validus Criticises ‘Misleading Statements’
Bermuda’s Validus Holdings, Ltd. today [Nov.7] addressed “certain statements” made by Transatlantic Holdings, Inc. in a recent US Securities & Exchange Commission filing. Validus has been engaged in a long-running effort to purchase the New York-based insurer. Edward J. Noonan, Validus’ chairman and CEO [pictured] said: “Despite... Read more of this article
Winds Force East End Ferry Service Suspension
Government announced this morning [Nov. 7] that until further notice the St. George’s ferry service has been suspended due to the inclement weather. Dockyard may also experience interruptions and an announcement will be made if services are to be suspended, said a Government spokesman. Both a gale warning and a small-craft warning are currently in... Read more of this article
Nordic Atlantic Tankers Issues Dividend
Bermuda-registerd Nordic American Tankers Limited today [Nov.7] announced it has declared a dividend of $0.30 per share for the third quarter of 2011. Because of the weak tanker market during the quartere operating cash flow was negative. In a statement, NAT said it believes paying the dividend is in the best interest of the company and its shareholders. NAT... Read more of this article
Day #1: Open Ten Pin Bowling Classic
The Bermuda Open Ten Pin Classic got underway at the Warwick Lanes yesterday [Nov.6], with Jermaine DeSilva and Mike Taylor both bowling 2020 Pins after 10 games. DeSilva bowled a top game of 248 in his first game, while Taylor bowled a top game of 256 in his second game. Lamar Richardson bowled a 2011 Pins with a top round of 258 in his sixth game,... Read more of this article
Report: ‘Neal Bill Will Hurt US Consumers’
Calling the so-called “Bermuda Tax Loophole” in the US tax code “a sophisticated means of tax avoidance”, Massachusetts Congressman Richard Neal says his recently introduced legislation will add billions of dollars to Washington’s revenues. However, if the Neal Bill passes both the House of Representatives and the Senate,... Read more of this article
NHC Warns Of Possible Sub-Tropical Cyclone
The low-pressure system currently located 400 miles southwest of Bermuda which is producing gale-force winds now pummeling the island has a one-in-three chance of developing into a sub-tropical cyclone, the US National Hurricane Centre [NHC] says. Sharing some characteristics with hurricanes, these storms can have maximum winds extending farther... Read more of this article
Island ‘Unlikely To See Another Start-Up Wave’
Bermuda likely has seen its last significant class of catastrophe reinsurance companies form in the aftermath of huge catastrophe losses, as simpler and cheaper alternatives have become more attractive than full-blown startups, industry journal “Business Insurance” reported recently. The island’s catastrophe reinsurance market was... Read more of this article
ABIR Watches American Collateral Debate
The US National Association of Insurance Commissioners voted to adopt an amended version of the proposed Credit for Reinsurance Model Law in a unanimous voice vote, marking the culmination of an issue that has been before the organisation for the past decade, A.M. Best’s news service reports today [Nov.7]. Bermuda re/insurers have been following... Read more of this article
