Author Archive: Bernews1

Recycle Mania 2011 School Winners

Yesterday [Jan.16] Minister of Public Works Michael Weeks presented Port Royal Primary with a $500 prize for winning the Recycle Mania Schools’ Aluminium Can Drive Contest & Curb Side Contest, while Junior Minister of Public Works Senator Vince Ingham presented a check to Middle School winners Mount St. Agnes. Recycle Mania was created to promote... Read more of this article

Gosling’s Installs Solar Energy System

Local company Alternative Energy Systems [AES] has been awarded by Gosling’s with the contract to engineer, design, supply and install a photovoltaic [PV] solar energy system to generate electricity at its head office in Hamilton. Gosling’s will be the first commercial customer to finance the project in full through The Bank of N.T. Butterfield... Read more of this article

Stratus Reports Decline In Profits

Stratus Technologies Bermuda Holdings Ltd., a global provider of uptime assurance, today [Jan.17] furnished its quarterly financial results with the United States Securities and Exchange Commission on Form 6-K for the fiscal quarter ended November 27, 2011. With operations in Maynard, Massachusetts, Hamilton-headquartered Stratus Technologies Bermuda... Read more of this article

Steven Douglas To Officiate In Singapore

Bermuda’s Steven Douglas has been selected to officiate at the ICC WCL Division 5 Tournament to be played in Singapore on February 18 – 25, 2012. Six teams including Argentina, Bahrain, Cayman Islands, Guernsey, Malaysia and hosts Singapore will compete in this tournament and the top two will gain promotion to the ICC World Cricket League... Read more of this article

Lehman To Sell Its Wilton Holding

Lehman Brothers Holdings Inc. received US bankruptcy court approval last week to sell its stock holding in Bermuda’s Wilton Re Holdings Ltd. for $390.2 million. Bermuda-based Wilton reinsures life insurance policies. Lehman invested $300 million in Wilton and owns about 5.66 million shares, representing 25 percent of the company’s stock,... Read more of this article

Replacement Bermuda Subsea Cable

GlobeNet, an international wholesale provider of submarine capacity, and a wholly-owned subsidiary of Oi, and TE SubCom, a TE Connectivity Ltd. company and an industry pioneer in undersea communications technology, announced today [Jan.17] they have commenced construction for the replacement of Segment 5 of GlobeNet’s high performance subsea cable... Read more of this article

Insurance Bill Could Top $1 Billion

The sinking of cruise liner “Costa Concordia” off the coast of Italy could leave insurers with a $1 billion bill — with Bermuda’s XL.Group plc reportedly liable for a large portion of the damages, MSN reports today [Jan. 17]. The “Costa Concordia” — which capsized after running aground on Friday [Jan. 13] —... Read more of this article

Minister & OBA On Moratorium Policy

[Updated] Last night Minister Patrice Minors admitted the the timeline issued by Government for guest workers to leave was “somewhat aggressive” and said that employers can appeal the decision. Yesterday the Royal Gazette reported that restaurateurs told them that “the Department had called them to say that the workers all of whose... Read more of this article

XL Appoints New CEO In Mexico

The insurance segment of XL Group plc has appointment of Alvaro Salamanca as Chief Executive Officer of its operation in Mexico, effective immediately. He will report to Bruno Laval, XL’s insurance segment’s Regional Manager for Iberia & Latin America. Prior to joining XL, Mr. Salamanca was the CEO of a Mexican management consultancy... Read more of this article

Premier Cox & Minister Visit Warwick Camp

Yesterday [Jan.16] Premier Paula Cox along with National Security Minister Wayne Perinchief attended Warwick Camp to visit with Commanding Officer Lt. Col. Brian Gonzalves, his management team and the Island’s newest recruits. The Premier visited ‘The Parade Square’, where she witnessed active soldiers marching, and she also took time out to tour... Read more of this article

Photos: Sunday’s Marathon Races

Chris Estwanik and Rolanda Bell ran away with the Male and Female International Race Weekend Half Marathon Titles this past weekend, while Ethiopia’s Tesfaye Dube captured the International Race Weekend Marathon title, while Elana Orlova won the women’s Marathon Title. In the half marathon, Estwanik crossed the line in a time of 1:08:35, with... Read more of this article

XL Group Repays Senior Notes

Bermuda-based re/insurer XL Group plc today [Jan.17] announced that its wholly-owned subsidiary, XL Capital Finance (Europe) plc, has repaid at maturity the $600 million principal amount of 6.5% Guaranteed Senior Notes due 2012 of XLCFE. Related Stories XL To Delist Outstanding Debt Securities Fitch Upgrades XLIT Following Acquisition Close BSX Suspends... Read more of this article