Author Archive: Bernews1

OBA On Cabinet Shuffle: ‘No Clear Theme’

The Opposition has reacted to yesterdays’ Cabinet shuffle saying, “There is no clear theme other than the dictates of the Premier – in this instance the need to build up internal support for her leadership.” Ministers moved to new portfolios in the Premier’s Cabinet reshuffle were: Derrick Burgess from Public Works to Transport;... Read more of this article

Pompano Couple’s Golf Classic Day #2

Ideal Conditions made for an exciting second round at Riddell’s Bay Golf & Country Club with many couples taking advantage of a calm and “Bermudaful” day. TEAM NET DIVISION – “Dark n Stormy Flight” Barbara and John Wellard, [North Bay, ON] extend their lead to four shots after recording a 4 under 66 today at Riddell’s Bay giving... Read more of this article

Teekay LNG Announces Major Public Offering

Bermuda-based Teekay LNG Partners L.P. announced yesterday [Nov. 2] that it plans to offer 5,500,000 common units representing limited partner interests in a public offering. Teekay LNG expects to grant the underwriters a 30-day option to purchase an additional 825,000 common units. The partnership intends to use a portion of the net proceeds from... Read more of this article

Bermuda’s UCG Launches New St. Lucian App

Bermuda’s Ultra Concepts Group of Companies Ltd. [UCG] has teamed up with Saint Lucia’s Ministry of Tourism and Civil Aviation and Tourist Board to provide the official mobile guide for Saint Lucian visitors called “Go Explore Saint Lucia.” “Go Explore Saint Lucia” is a free location-based, multimedia, mobile phone application... Read more of this article

Upcoming: CEA Dressage Challenge

This Saturday, Bermuda’s dressage riders will be competing in the CEA Dressage Challenge at the National Equestrian Center at Vesey Street in Devonshire. Bermuda will be competing against riders from Jamaica, Cayman, Barbados and Trinidad & Tobago with the judge, Susan Kolstad of the USA, traveling to the different countries to judge. All competitors... Read more of this article

Validus’ Latest Transatlantic Offer Rejected

Bermuda’s Validus Holdings has increased its bid for Transatlantic Holdings Inc., though the reinsurance company has again turned down its offer in the latest step in a long-running takeover battle. The new bid, worth up to about $3.51 billion in cash and stock, values New York-based Transatlantic at about $55.35 a share, a six premium over yesterday’s... Read more of this article

Hiscox Appoints Damien Smith To Bermuda Role

Damien Smith has been appointed as Underwriting Director/Executive Vice President, for Hiscox’s Bermuda reinsurance business. Reporting to Charles Dupplin, Hiscox Bermuda’s CEO, Damien Smith joined Hiscox in 1994 and has held a variety of re/insurance roles for the company, most latterly as Head of Non-Marine Treaty. In Bermuda he will be responsible... Read more of this article

American Safety Insurance Issues Results

Bermuda holding company American Safety Insurance Holdings, Ltd. yesterday [Nov.2] reported net earnings of $5.8 million for the three months ended September 30, 2011, or $.54 per diluted share, as compared to $7.2 million, or $0.68 per diluted share, for the same period of 2010. Financial highlights for the quarter included: Gross written premiums... Read more of this article

Maiden Holdings: “Very Pleased With Results”

Bermuda’s Maiden Holdings, Ltd. today [Nov. 2] reported third quarter 2011 net income of $16.0 million, or $0.22 per diluted share compared with $18.5 million or $0.26 per diluted share in the third quarter of 2010. Net operating earnings for the third quarter of 2011 were $21.4 million, or $0.29 per diluted share compared with $18.0 million,... Read more of this article

FMG Hires/ Promotes Seven Staff

Freisenbruch-Meyer Group [FMG] has hired two new employees and promoted five employees. Vice President and General Manager William Madeiros said, “We are thrilled to have found such exceptional staff members. The success of this company is directly related to the wonderful team that we have. ” “It is a difficult time for all of us in... Read more of this article

CEOs: Rate Increases Won’t Off-Set Losses

Investment yields, low interest rates, less-favorable reserves and high catastrophe losses are working together to create a market hardening, according to Bermuda reinsurance and specialty-insurance executives. However, rate increases are not enough to offset losses, according to a report in re/insurance journal “Property Casualty 360″ today... Read more of this article

Woman Injured In Handbag Snatch Struggle

Last night [Nov.1] a 49-year-old woman was walking in the Spring Hill, Warwick area when two men on a motorcycle rode alongside her, with the passenger of the bike grabbing her handbag. A brief struggle ensued between the two, before the suspects escaped with her handbag leaving her with minor injuries. A police spokesperson said, “Around 9am... Read more of this article