Author Archive: Bernews1

Sirius International Declares Dividend

The board of directors of Sirius International Group, Ltd., the Bermuda-based reinsurance unit of White Mountains Insurance Group, today [Nov.15] declared a dividend of $37.53 per share, payable in cash on or before January 3, 2012, to holders of record of its Fixed/Floating Perpetual Non-Cumulative Preference Shares as of the close of business on December... Read more of this article

Student Day Release To Learn Auto Repair

Bermuda Motors has partnered with T. N. Tatem Middle School to launch a day release programme aimed at providing students with work experience in the auto industry. Under the scheme, three students will spend one day a week throughout the school year working hands-on alongside qualified professionals in the company’s body and paint shop, mechanical... Read more of this article

Frontline Ltd. Sells Suezmax Tanker

Bermuda’s Frontline Ltd. announced today [Nov.15] it has entered into an agreement to sell its 1993-built double hull Suezmax tanker “Front Delta”. Delivery to the buyer is expected to take place in late November 2011 and the vessel will cease to operate in the tanker market. The sale will result in a net cash outflow of approximately... Read more of this article

White Mountains Issues Tender Offer Results

Bermuda-domiciled White Mountains Insurance Group announced today [Nov.15] the preliminary results of its “modified Dutch auction” tender offer. The tender offer expired at 12:00 midnight, New York City time, on November 14, 2011. Based on a preliminary count by the depositary for the tender offer, 4,474 shares were properly tendered and... Read more of this article

East End Plans Second ‘Art In The Park’ Show

Thanks to the great success of a similar event in August, St. George’s is hosting the second Art in the Park show on December 4 from 10 am- 4pm in Somers Garden. About 20 artists are participating including Milton Hill, Chris Grimes, Heidi Cowan, Vanese Gordon, Ami Zanders, Vanessa Redgrave and Calix Smith. On Saturday [Nov.12] hundreds of people... Read more of this article

Zacks Analysts Downgrade Montpelier Re

Bermuda’s Montpelier Re Holdings was downgraded by equities research analysts at Zacks Investment Research from a “neutral” rating to an “underperform” rating in a research note issued to investors on Monday [Nov. 14]. The analysts currently have a $16.00 price target on the stock. Zacks’ analyst wrote, “We are downgrading Montpelier... Read more of this article

Assured Guaranty’s Earnings Jump In Q/3

Assured Guaranty yesterday [Nov. 14] reported income of $762.2 million, or $4.13 per share, for its third quarter, a significant earnings jump for the Bermuda-based mortgage bond insurer. The monoline reported in the second quarter a loss of $57.7 million, or 31 cents per share, and third-quarter earnings increased from $164.6 million, or 88 cents per... Read more of this article

A.M. Best Issues Ratings For AmerInst

A.M. Best Co. has assigned an issuer credit rating [ICR] of “bbb-” to AmerInst Insurance Group, Ltd, which is the holding company of AmerInst Insurance Company Ltd (AmerInst). Both entities are domiciled in Bermuda. The ICR for AmerInst Insurance Group, Ltd, is derived from the ICR of “a-” and the financial strength rating... Read more of this article

Bermuda Hockey League To Kick Off

With the BHF 2011/2012 season finally kicking off this weekend, there are some new teams vying for position throughout the leagues. As with most sports played on the Island, hockey is not immune to the loss of members through players furthering their education abroad, increased family commitments and the loss of players who have left Bermuda. Unfortunately,... Read more of this article

Kuhn Appointed Chief Underwriting Officer

Bermuda’s AXIS Capital Holdings Limited yesterday [Nov.14] announced that John [Jack] Kuhn has been promoted to the new role of Chief Underwriting Officer of AXIS Insurance. In this position, Mr. Kuhn has responsibility for global property and casualty underwriting operations within AXIS Insurance and reports to Jack Gressier, Chairman of AXIS... Read more of this article

Olympus Used Bermuda Fund To ‘Invent’ Assets

An investment banker raised concerns about dubious accounting at Japan’s disgraced Olympus Corp as long ago as the 1990s, after he discovered it was using Bermuda-based funds to “invent” assets and patch up its balance sheet, news agency Reuter reports [today [Nov. 15]. The banker’s concerns, which he says were discussed inside... Read more of this article

Social Inquiry Report For Trespasser

19-year-old Akiri Trott will spend between now and 15th December in custody while he awaits a Social Inquiry Report. This decision by Senior Magistrate Archie Warner was the outcome of a charge of trespass that occurred on 16th October 2011 and to which Trott had pleaded guilty. Prosecutor Carrington Mahoney gave evidence that Trott had been knocking... Read more of this article