Re/Insurer Arch Capital Invests In Morgan’s Point
Morgan’s Point Ltd. — the company developing the hotel at Morgan’s Point in Southampton — announced that it has received a commitment in financing from Bermuda-based international re/insurer Arch Capital Group Ltd. towards the cost of the first phase of the project.
Arch’s investment, with an initial tranche of $5 million, represents lead financing from a group of other Bermuda international insurance and reinsurance companies who have expressed their interest in a similar agreement, the company said this evening.
Arch’s Preston Hutchings and Morgan’s Point CEO Craig Christensen. Photo by Ann Spurling
Preston Hutchings, Senior Vice President and Chief Investment Officer of Arch, said: “We are pleased to invest in the first phase of the Morgan’s Point development.
“This is a project that is important to Bermuda’s residents and businesses: its success will benefit both our shareholders and our employees. Once the project’s plans are fully prepared, submitted and approved, we expect to be in a position to expand our commitment.”
“We extend our sincere appreciation to Arch for embracing the vision we have for Morgan’s Point,” said Morgan’s Point CEO and President Craig Christensen.
“Arch’s support for a new, luxury tourism product underscores their belief in Bermuda’s future and their willingness to invest in our community.”
Mr. Christensen noted that information regarding other insurers and reinsurers who will be investing in Morgan’s Point will be made public before year end.
Full plans, together with an environmental impact statement, have been developed by lead architectural firm Cooper Gardner working with SB Architects, an award-winning US-based firm that specializes in the design of hotels, resorts and destination resort communities.
Mr. Christensen said that it’s expected that plans will be ready for submission to the Department of Planning early next year, adding that full construction will commence once planning approval has been received.
Earlier this year, Minister of Public Works Patricia Gordon-Pamplin said that Morgan’s Point intends to construct two hotels, a boutique hotel in phase 1 consisting of 235 units and a luxury hotel with 416 keys in a later phase.
Wow, I feel kind of excited … lol and I never feel excited. This might actually be happening and with the AC coming (?), well ….. wow
Good start for sure! That $5m should only just about cover the clean-up of all that
oil that was left there when the base closed!!
Yeah your right but you can blame the U.B.P/O.B.A for that mess that should have been dealt with before the bases left and they should have been made to clean up their own mess, or finance the clean up project, no now we get stuck with it among other things, the then, now government did not do.
Didn’t you notice? It’s the PLPubp now.
Duane, I dont know who drivels more, YOU or ALVIN???? First off, the U.S. bases were put here in an effort to stop the Germans taking over the world!!!! Secondly the final negations with the U.S. bases pulling out of here was under YOUR plp government!!! Selective memory you seem to be suffering from???? Your plp government accepted I think it was $11 million for the US departure and thought they died and went to heaven with that money!!! We all know now they woke up and realized that was small potatoes and the rest is HISTORY with the now unaccountant for $800 million that hopefully now is being traced to its whereabouts????
If memory serves they were also supposed to take that $11m and fix the swing bridge but instead spent it elsewhere. 16 years later the swing bridge is still broken.
No such thing as unaccounted money. Minister Richards is already on record dismissing that. For proof just read everyhting he has said on the matter since coming into the office.
I guess you missed the Port Royal thing that is just beginning to surface??? I bet there is a few plp members feeling a little nervous about now??? And more to come my friend!!!!
It was the PLP who let the US off the hook for the mess. While the bases lands were closed down during the UBP, it was the PLP who concluded the negotiations that gave the US the all clear, and Bermuda a $30m+ clean up bill… And what did the PLP get for us, $11m for repairs to the bridge that never got done. Nice try deflecting, but this mess lands squarely and solely on the PLP.
The PLP cheerleaders have either very poor or extremely selective memory when it comes to certain issues.
Curious… How did you people manage to make this about OBA/UBP/PLP???
Ask Duane about that.
Rock Watcher, hate to tell you this but $5 million won’t begin to cover the cost of cleanup.
And, for the benefit of Mr Santucci, as others have pointed out, while the bases closed under the UBP the negotiations re cleanup were handled entirely by the PLP. Rather than requiring the US to live up to the law (under US law America was completely responsible for the cleanup, not just there but at the airport as well) the PLP accepted a paltry sum ($11 million) which was intended for repairs to the swing bridge – instead they applied it elsewhere so they could pretend that they had balanced the budget and the bridge still hasn’t been repaired.
I believe the cost of the cleanup pre 2000 was around the 30m mark. Well, that was the figure that was thrwn around by both sides of the government at the time. Curious to know how that figure has changed over the year though.
Fantastic news…. Thank you Arch for believing in Bermuda…. Well done Morgans Point Ltd, capital is highly competitive nowadays
Well, look at that! Two Warwick Academy byes. Congratulations, both of you.
Sad what some will click ‘dislike’ on.
Nice to see another sign of confidence in the outlook for Bermuda. Finally things are beginning to slowly turn around. Sounds like there is more good news on its way too. Great to hear.
Indeed, it is nice to see…”The journey of a thousand miles begins with the first step”.
Stability and hope are coming back to Bermuda and bringing in investors. All good news for Bermuda’s future. More jobs, more trickle down economics, more confidence in the island.
Thanks to Arch and the rest of the IB financing group. Much appreciated.