Author Archive: Bernews1

Bermuda’s Alliance In Russian Venture

Bermuda-based Alliance Oil Co. Ltd., with operations in Russia and Kazakhstan, today [Dec. 20] said it has agreed to form a joint venture with Spanish oil and gas giant Repsol YPF SA for exploration and production growth in Russia. Alliance and Repsol will own 51 percent and 49 percent stake in the JV respectively. The joint venture will have a total... Read more of this article

Argus Reports $3.9 Million Loss

Argus Group Holdings Limited reported a loss of $3.9 million for the six months ended September 30, 2011 — a sharp decline from the $9.9 million profit recorded for the corresponding period in 2010. Alison Hill, Chief Executive Officer of the Argus Group, comments: “This result, while disappointing, is viewed as a turning point marking the end... Read more of this article

Irish Bank Probed ACE-Owned Insurer

The Irish Central Bank has investigated an insurer owned by Bermuda- and Switzerland-based ACE for mis-selling and aggressive sales behaviour dating back to 2006 Dublin-based Combined Insurance of Europe sold policies to protect against accident and illness through a nationwide network of “tied agents”. According to a report in “The Irish... Read more of this article

Tokio Re Expands EQECAT Ties

Bermuda’s Tokio Millennium Re [TMR] has expanded its relationship with catastrophe modelling firm EQECAT by globally licensing EQECAT’s WORLDCATenterprise — a global catastrophe risk modelling platform that includes 181 natural hazard models for 95 countries and territories spanning six continents. In addition, TMR will be automating... Read more of this article

Validus Takeover Attempt Top Story

The long-running battle for control New York insurer Transatlantic — including the aggressive role played by Bermuda’s Validus – is one of the Top 10 re/insurance stories of 2011 according to a survey released by the National Underwriter industry news service today [Dec. 20]. The Transatlantic saga sits near the top of a list dominated... Read more of this article

Man Arrested For DUI After Accident

A 28-year-old man was arrested over the weekend on suspicion of drunk driving, after crashing his car into a wall on Point Finger Road. A police spokesperson said, “Around 12:30am on Saturday, police attended a reported single vehicle damage only road traffic collision at the junction of South Road and Point Finger Road in Paget. “It appears... Read more of this article

Results: Swim Age Group Champs

Despite record low temperatures this weekend, on Sunday [Dec.18] over 40 swimmers stripped down to bare skin in the driving rain to honour Roy Allan-Burch and the Bermuda Masters Swimming Association, by competing in the inaugural National Age Group Championships. And the much hyped “Roy Relay Race” where the swimmer took on five teams... Read more of this article

BHB: Executive Director of Wellness

Bermuda Hospitals Board announced the appointment of Mr Glenn Wachter as Executive Director of Wellness, a new position they said “aims to improve the health of BHB staff and, eventually, the community.” The main goal of the position is to reduce utilization of healthcare services and so help control healthcare costs, through improved wellness... Read more of this article

Armed Robbery At Henry VIII Pantry

Police officers converged upon Southampton earlier this evening [Dec.19] following reports of an armed robbery at Henry VIII Pantry. A man carrying what is believed to be a gun burst into the store, stealing a quantity of cash before escaping on foot with an accomplice who was waiting outside. A police spokesperson said, “Around 7:05pm on Monday,... Read more of this article

Two Men Charged With Assault

Two 20-year-old men appeared in Magistrates Court this morning [Dec.19], charged in connection with an incident last week on Dundonald Street in which a man was beaten and stabbed. The pair — Jamel Richardson and Ridge Souza-Mello — were charged with an indictable offence that alleged that on 15th December 2011, they had unlawfully assaulted... Read more of this article

Saucepan Attack: Suspended Sentence

A man who attacked his stepson with a saucepan was given a suspended sentence today [Dec.19], as well as 18 months probation during which he must take anger management courses, and refrain from using illegal drugs. 47-year old Jerry Eastmond Williams, dressed in prison garb, appeared in Supreme Court #1 facing Justice Carlyle Greaves earlier today. Mr... Read more of this article

Bail Denied: 18-Yr-Old Gun Suspect

Appearing in Magistrates Court this morning [Dec.19] was 18-year-old Derrion Simons who was charged with being in possession of a gun and ammunition. Mr Simons is alleged to have been in possession of Smith & Wesson revolver and ammunition in the area by the old Clayhouse Inn on North Shore Road in Devonshire on November 5th, 2011. As the matter... Read more of this article