Archive for December 23rd, 2011

Christmas: $133 Million In Circulation

The Bermuda Monetary Authority said that over $133 million in Bermuda Dollar notes and coin will be in circulation over the coming holiday weekend. The $133.1 million is an increase of 2.54%, compared to $129.7 million at the same period last year. A spokesperson said, “The total amount of notes and coins issued to the banks by the Bermuda Monetary... Read more of this article

Craig Cannonier’s Christmas Message

Merry Christmas Bermuda! I hope this holiday season finds you well and with your loved ones. This is such a special time of year. We spend most of our days trying to make ends meet; getting jobs done, moving about, cleaning up… There seems never enough time to spend with the people who matter most in our lives. Christmas gives us that time. It allows... Read more of this article

Premier Cox’s 2011 Christmas Message

My fellow Bermudians and friends, Christmas is the time of the year when we reconnect with family and friends. Faith and fellowship also come to mind in this festive season. I love this time of the year. I appreciate the smiles, the warmth and our determined spirit.We have a wonderful diversity of religion, culture and races and we have an incredible... Read more of this article

Conyers Staff Spread Christmas Cheer

Conyers Dill & Pearman staff shared a bit of festive cheer this week, donating nearly $22,000 to charities and community initiatives across the island. International law firm Conyers donated to the Ocean Support Foundation in support of its work to combat the invasive lionfish species’ damage to Bermuda’s marine ecosystem and aquatic life. Graham... Read more of this article

Video: Curtis Associates Charged

[Note: Video will auto-play] Two Montana men, already in trouble with that state for bilking investors out of millions of dollars in a global investment scheme involving Bermuda’s Andre Curtis [pictured], are now facing federal criminal charges. Montana’s KAJ18 TV station reports today [Dec. 23] that Dan Two Feathers and Shawn Swor have... Read more of this article

Fitch: Hardy Could Begin M&A Wave

Analysts at ratings agency Fitch say UK insurer Beazley’s renewed interest in buying Hardy Underwriting Bermuda underlines expectation for increased mergers and acquisitions in the non-life insurance sector in 2012, driven by low valuations and the impact of the European Union’s new Solvency II regime. Fitch said those insurers that are... Read more of this article

Socius Invests In US Biotech Firm

Marina Biotech, Inc, a leading US biotechnology and drug development company, announced today [Dec. 23] it has entered into a $5 million private placement with Socius CG II, Ltd., a Bermuda-based subsidiary of Socius Capital Group, LLC, and that it filed an amendment to its certificate of incorporation to effect a one-for-10 reverse split of its common... Read more of this article

Amlin Sells $150M In Cat Bonds

Amlin, the biggest insurer in the Lloyd’s of London market, said it has sold $150 million of catastrophe bonds through a Bermuda subsidiary to protect itself against potential losses from US earthquakes and hurricanes and European storms. The bond issue, carried out through Bermuda-based vehicle Tramline Re, is double the $75 million of cover... Read more of this article

FIFA Rankings: Bermuda Up Two Spots

Bermuda has moved up two places and are now 107th in the latest rankings released earlier this week by FIFA – the world governing body of football. Bermuda has continued to climb up the rankings after starting the year off at 172nd. Last month Bermuda jumped up to 109th place, after being ranked 132nd in October 2011. In September 201l, Bermuda... Read more of this article

Governor’s 2011 Christmas Message

From Government House my wife, Diana, and I and our sons, James and Alexander who are out here for the Christmas holiday, wish you all a very Happy Christmas. At this time of year we share the joys and the sorrows of those who have seen both during the previous year. The joy, for example, of those footballers who played so well against Trinidad and... Read more of this article

Mark Byrne Terminates Omega Bid

Haverford, Bermuda, Ltd. today [Dec. 23] formally terminated its bid to acquire a 25 percent stake in Omega Insurance Holdings Ltd. following the rejection of a revised partial cash offer of 74 pence per share, announced earlier this month. Omega Insurance had announced its rejection on December 15, 2011. Earlier, HBL had made a partial cash offer... Read more of this article

Aviva Bermuda Re On S&P Credit Watch

Standard & Poor’s Ratings Services today assigned a rating of ‘AA-’ to Aviva Re Ltd. — also known as Aviva Re Bermuda — and placed it on credit watch with negative implications. S&P analysts said the Aviva Group has made changes to its legal structure and reviewed its internal reinsurance strategy in light of... Read more of this article