Author Archive: Bernews1

Throne Speech ‘Cliffs Notes’

Saying Bermuda is facing “historic challenges”, Governor Sir Richard Gozney said Government’s top priority will be job creation when he delivered the Throne Speech this morning [Nov.4]. Outlining Government’s legislative plans and programmes for the coming Parliamentary year, Sir Richard said at no time in its recent history had... Read more of this article

Full Text: 2011 Bermuda Throne Speech

This morning [Nov.4] Governor Sir Richard Gozney delivered the Throne Speech, which outlines Government’s legislative agenda for 2012. The full text follows below: Bermuda today is facing historic challenges. The Government is strongly convinced that the time has come for all who love Bermuda to recognise the obligation to work to build one another,... Read more of this article

Photos: 2011 Reconvening Of Parliament

[Updated] The Reconvening of Parliament is underway this morning [Nov.4], with all the pomp and circumstance that surrounds it. Senators, Ministers, Members of Parliament and other dignitaries attended the proceedings, and Governor Sir Richard Gozney is reading the Throne Speech, which outlines Government’s Legislative Agenda for 2012. Always a fashion... Read more of this article

A.M Best Upgrades Tokio Millennium Re

A.M. Best Co. today [Nov.4] upgraded the financial strength rating to A++ [Superior] from A+ [Superior] and the issuer credit rating to “aa+” from “aa-” of Bermuda’s Tokio Millennium Re Ltd. The outlook for both ratings is stable. Based on Pitts Bay Road, TMR is a wholly owned subsidiary of Tokio Marine & Nichido Fire... Read more of this article

Textainer Holdings ‘Achieved Solid Results’

Bermuda’s Textainer Group Holdings Limited, the world’s largest lessor of intermodal containers based on fleet size, today reported results for the third quarter and nine months ended September 30, 2011. Total revenue for the third quarter 2011 was $109.5 million, which was an increase of $33.9 million, or 45%, compared to $75.6 million for... Read more of this article

Soros Pulls Backing From Bermuda’s Q Re

Bermuda reinsurer Q Re is set to close as American billionaire backer George Soros pulls back from the sector, industry journal “Trading Risk” reports this week. A Q Re spokesman told Trading Risk that Mr. Soros’ managers felt current market conditions in the catastrophe reinsurance space did not meet their expectations for returns.... Read more of this article

Richardson To Launch CD At City Hall Shows

A leading Bermudian musician has strived to make his mellifluous work a thing of beauty — and, to stick with the proverb, he’s now hoping audiences will find it a joy forever when he premieres numbers from his upcoming CD at two Hamilton concerts. Twenty-year Bermuda music veteran James Richardson is presenting “The Beautiful Things... Read more of this article

Videos: Dale Butler’s Economic Forum

Last night [Nov.3] PLP MP Dale Butler hosted a public forum at Warwick Workman’s Club, with the theme of “You, Me & The Economy.” Mr Butler introduced the panel which included Premier & Minister of Finance Paula Cox; newly appointed Attorney General Kim Wilson; and Bermuda College lecturer Craig Simmons. Minister Wilson previously served... Read more of this article

Old Mutual: ‘Bermuda Unit’s Good Management’

Old Mutual’s Bermuda unit balance is still worrying investors but the UK-based global chief of the international long-term savings group says the Hamilton-based subsidiary has rebounded and is now performing well. Established in 1845 in South Africa, Old Mutual now operates in 33 countries. Old Mutual said this week third-quarter revenue rose eight... Read more of this article

Argo: ‘Challenging Year For The Company’

Argo Group International Holdings, Ltd., the Bermuda international underwriter of specialty insurance and reinsurance products, today [Nov. 4] announced financial results for the three and nine months ended September 30, 2011. Highlights for the three months ended Sept. 30, 2011: Total revenue was $303.5 million versus $333.3 million in the third quarter... Read more of this article

Lancashire’s Net Operating Profits Fall

Bermuda insurer Lancashire today [Nov.4] posted net operating profits of $87.7 million for the three months to the end of September — down from $97.4 million last time. Gross premiums written rose to $142.9m from $135.0m but net premiums written fell slightly to $133.6m from $134.0m. Richard Brindle, Group Chief Executive Officer, commented: ”Lancashire... Read more of this article

Stacee Smith: Youth Conference In Kenya

[Written by Stacee Smith] I never would’ve thought that my involvement in the Duke of Edinburgh’s Award programme since the age of fourteen, would’ve lead to a once in a lifetime opportunity to attend a youth conference in Kenya! From September 2nd to 16th of this year Jovanna Douglas and I were selected as delegates for the International Gold... Read more of this article