Author Archive: Bernews1

Report: Re/insurers Require ‘Mega-Catastrophe’

The global catastrophe re/insurance industry is overcapitalised and requires “one unprecedented mega-catastrophe or several very large catastrophes in close succession” to turn rates hard similar to the 9/11 terror attacks or the devastating 2005 hurricane season which both propelled the Bermuda sector, says consultancy firm Advisen. In... Read more of this article

Photos & Video: Weekend Motocross

The 2010/11 Motocross Season continued at the Southside Moto Sports Park. Keon Glasford took the day’s honors in the Pee Wee Class, while Lazai Outerbridge won the 50cc 4 – 6 Age Group Class, while Logan Jones won the 50cc 7 – 9 Age Group Class. Zendai Ingham-Fubler won the 65cc 7 – 9 Class, while Jayden Ming won the 65cc 9 – 11 Class. The... Read more of this article

Health Minister Promotes End-to-End

This morning [Feb 2] Health Minister Zane DeSilva encouraged people to join in the 2011 Catlin End-to-End, and officially launched the Catlin End to End’s 12-week Get Ready, Get Fit training programme. This year’s event will held on Saturday, May 7, and eleven charities will benefit from the funds raised. Pictured below left to right: Minister... Read more of this article

ACE Acquires NY Life’s Operations in Korea

ACE Limited announced yesterday [Feb 1] that it has completed its acquisition of New York Life’s Korea operations for approximately $75 million in cash. The original October 2010 purchase agreement with New York Life was amended to allow for separate closings for the Korea and Hong Kong operations. The Hong Kong portion of the transaction is expected... Read more of this article

Pennies Add Up for Charity Donation

Now in its second year, “Cents for Life” was founded by Executive Director of Conference Services and Discover Bermuda at The Fairmont Southampton, Rochelle Quinn. Employees at both The Fairmont Southampton and The Fairmont Hamilton Princess were asked to donate their pennies to charity. At the end of the year, they select a charity and... Read more of this article

Bermuda Photos: World Wetlands Day

Today [Feb 2] is World Wetlands Day which marks the anniversary of the signing of the Convention on Wetlands [the Ramsar Convention] forty years ago, recognizing the importance of wetlands worldwide and the need to protect them. In 1999, seven of Bermuda’s wetlands were designated as Ramsar Sites. Minister of Public Works Derrick Burgess encouraged... Read more of this article

BDA Monetary Authority 2011 Business Plan

The Bermuda Monetary Authority today [Feb 2] published its 2011 Business Plan which sets out its regulatory priorities for the year. The Plan outlines the Authority’s goals for 2011 and the regulatory initiatives to be undertaken during the next 12 months. Jeremy Cox, the Authority’s CEO, presented the Plan to local stakeholders from the public... Read more of this article

Gerova Shares Plunge On NYSE

Shares in Bermuda-based Gerova have plunged in value after revelations the US Securities & Exchanges Commission had “serious doubts” about the worth of assets controlled by a money management firm the local insurer purchased last year. On the New York Stock Exchange, shares in Gerova closed at $21 yesterday [Feb.1] — down from a... Read more of this article

Mussenden Heads FIFA Appeal Panel

Former Bermuda Attorney General Larry Mussenden is presiding over a FIFA appeal hearing which opened today [Feb.2] in Zurich for five officials suspended over corruption allegations during the 2018 and 2022 World Cup bidding races. Mr. Mussenden, President of the Bermuda Football Association, was appointed to head the independent appeals committee last... Read more of this article

A.M. Best Revises Arch’s Outlook to Positive

A.M. Best Co. has revised the outlook to positive from stable and affirmed the financial strength rating of A (Excellent) and issuer credit ratings [ICR] of “A+” of Bermuda based Arch Reinsurance Ltd. and its strategic affiliates. A.M. Best also has revised the outlook to positive from stable and affirmed the ICRs of “bbb” and “bbb+” of... Read more of this article

Bermuda Arts Centre: Garbage In, Art Out

Garbage in, art out. That’s what the Bermuda Arts Centre hopes to achieve by encouraging artists to use beachfront trash for a unique found object show aimed at heightening awareness of pollution in the island’s waters. “We are hoping that you might help us make a difference,” said an Arts Centre spokesman. “Next Saturday,... Read more of this article

Rugby Match Reports: Ladies & Mens

[Written by Ian Henderson] Ladies: In the ladies action, Renegades ladies secured their 4th consecutive league title with 3 games remaining and extended their impressive unbeaten run in the meantime with victory over a stuffy Mariner’s side. After a nervy start, scores from Melissa Field and Nicky Jones settled the defending champions into their... Read more of this article