Author Archive: Bernews1

OBA: ‘Questions Require Answering’

Speaking on the news last night [Nov.17] that Walter Roban resigned from his post as Minister of Public Works, OBA Senator Michael Fahy said, “We believe it was the right thing for Mr Roban to have resigned given recent revelations. There are however a number of outstanding questions that still require answering.” Mr Roban — who has... Read more of this article

Montpelier Increases Quarterly Dividend

Bermuda’s Montpelier Re Holdings Ltd. has declared an increased quarterly dividend of $0.105 per common share. The company’s board of directors has also declared a quarterly dividend of $0.554688 per 8.875% Non-Cumulative Preferred Share, Series A. The dividends are payable on or before January 15, 2012, to all shareholders of record as of... Read more of this article

Forum To Discuss Disability Discrimination Law

Minister of Youth, Families and Sports Glenn A Blakeney invites the public to attend a forum to discuss what Bermuda’s 2011 Unreasonable Hardship legislation means for the island’s employers and employees. The forum organised by The Human Rights Commission [HRC], will be held on Wednesday, 23 November from 12.30-1.30pm at Cathedral Hall,... Read more of this article

VimpelCom Plans To Broaden Investor Base

VimpelCom Ltd. — the Bermuda-domiciled Russian mobile phone operator with more than 200 million customers worldwide — is planning a share listing outside the US to broaden its investor base, the Bloomberg financial news service reports today [Nov. 18]. VimpelCom was formed last year after shareholders Telenor ASA TEL and Alfa Group combined... Read more of this article

Omega Gross Written Premiums Decline

Bermuda’s Omega Insurance Holdings today [Nov. 18] reported gross written premiums in the first 9 months of 2011 totalled $258.5 million — down from $308.5 million in 2010. In an interim management statement, Omega said while rates are improving in its two largest classes, property catastrophe and US small commercial property, the net loss... Read more of this article

New Public Works Minister: Michael Weeks

Premier Paula Cox announced this morning [Nov.18] that Michael Weeks will take over the Ministry of Public Works, following the Cabinet resignation of Walter Roban last night. In June of this year, Minister Weeks was appointed Minister of Community Development, a portfolio which previously came under Minister Glenn Blakeney’s responsibilities. The... Read more of this article

BSX Boss Discusses ILS Issuances In Canada

Expect insurance-linked securities [ILS] to be the next evolution of product support and development coming out of the Bermuda reinsurance market, says the CEO of the Bermuda Stock Exchange [BSX]. Greg Wojciechwski spoke to industry journal “Canadian Underwriter” while visiting with Canadian business leaders in Toronto this week in the third... Read more of this article

Facebook Updates Shown In Shooting Trial

Yesterday [Nov.17] during the Supreme Court attempted murder trial of Royunde Stevens Cyrus, the defence lawyer produced an 84 page printout of the victim’s Facebook page, questioning him about various postings as well as the amount of ‘friends’ he had. In March of this year, then 16-year-old Jahrockia Smith-Hassell was shot multiple... Read more of this article

Minister Minors: 10 Year Work Permit

Minister Minors spoke today [Nov.18] in the House of Assembly on the 10 year Work Permit, which was officially launched on 1st November 2011. Available to some key employees of companies which meet certain criteria, the permit costs $20,000. To qualify for a long-term Work Permit, the company must have a significant presence in Bermuda, at least 20... Read more of this article

Walter Roban Resigns From Cabinet

This evening [Nov.17] Walter Roban resigned from his position as Minister for Public Works. Mr Roban, who has recently come under fire for his decision to allow Planning appeals by two fellow Cabinet Ministers, submitted his resignation to the Premier this evening saying, “In recent days there has been heightened public criticism of my decisions... Read more of this article

Planning Appeals To Be “Reviewed Afresh”

Former Environment Minister Walter Roban’s decisions to allow Planning appeals by two fellow Cabinet Ministers to proceed have been declared void — because he had already left that portfolio before his Parliamentary colleagues had been notified. This evening the Ministry of Environment, Planning and Infrastructure Strategy said although... Read more of this article

Eight Cows Die, Farm Quarantined

The mass death of cows at a Devonshire farm in recent days is being probed by Government inspectors who today [Nov. 17] assured the public there is “no direct danger to the local milk supply.” The Department of Environmental Protection issued a statement this afternoon reporting that eight cows have died over the past three days at the Belhaven... Read more of this article