Archive for December 23rd, 2011

Gerova Lawsuit Filed In California

A San Francisco law firm has filed a complaint on behalf of Noble Investment Fund Limited claiming millions of dollars in investment losses in Bermuda’s Gerova Financial Group as a result of a “short and distort,” or “reverse pump and dump,” scheme that had the purpose and effect of artificially depressing the company’s... Read more of this article

KeyTech Six Month Net Income

KeyTech’s consolidated net income for the six month period ended 30th September 2011 is $9,196,458 — three times the $3,145,031 net income the Bermuda telecommunications company reported for the same period last year. Included in the current six month period is a gain of $10,516,501 arising on the merger of M3 Wireless and CellularOne reflecting... Read more of this article

Tourism: “Feel the Love Month”

Sponsored by the Bermuda Department of Tourism, the “Feel the Love Month,” will take place from January 16 – March 3, 2012. This program offers romantic couples the chance to enjoy the island’s cultural offerings through dedicated daily activities such as a love cruise, champagne and strawberries museum reception, salsa dancing nights and more. Additionally,... Read more of this article

Enstar: GS Transaction Completed

Bermuda’s Enstar Group Limited yesterday [Dec.22] announced the simultaneous closing of the second and third tranches of an investment in the company by certain affiliated funds of GS Capital Partners, private equity funds managed by Goldman Sachs & Co. Enstar issued 134,184 voting ordinary shares and 1,975,768 non-voting ordinary shares... Read more of this article

S&P Affirms OIL Insurance Rating

Bermuda’s Oil Insurance Limited [OIL] announced today [Dec.23] that ratings analysts at Standard and Poor’s had affirmed its insurer financial strength rating of A- “Strong” with a Stable Outlook. “The insurer financial strength rating on the Bermuda-based Oil Insurance Limited (OIL) is based on OIL’s very strong... Read more of this article

Premier Donates To Christmas Drive

All that was missing was a partridge in a pear tree when Premier Cox on Tuesday [Dec. 21] presented two Christmas Hampers, three turkeys and a Market Place Gift certificate to radio personality Miss Thang’s Christmas charity drive. The HOTT1075 broadcaster told the Premier her donations had capped a full Christmas campaign that could only be characterised... Read more of this article

Everest: $100/125M In Flood Losses

Bermuda-based Everest Re Group, Ltd. said it expects to incur net losses of between $100 million and $125 million, after reinstatement premiums and taxes, for claims arising from floods in Thailand. This range of estimates is predicated on an industry loss estimate of between $10 billion and $15 billion. A statement issued said, “The Company’s... Read more of this article