Author Archive: Bernews1

Locals Line Up For Cake Shop’s Hot Cross Buns

With less than 24 hours to go until Good Friday begins, Bermudians are in full preparation mode, with a line forming outside the Cake Shop on Curving Avenue this morning [Apr 17] as locals queued up to purchase hot cross buns from the popular bakery. There are a host of events happening tomorrow including Chewstick’s Kitefest at Horseshoe Bay... Read more of this article

Lancashire Founder Richard Brindle To Retire

Lancashire Holdings Limited announced that Richard Brindle, the Group’s Chief Executive Officer since he founded the business in 2005, has notified the Board of his retirement from the Group and as a director with effect from the forthcoming AGM on 30th April 2014. Alex Maloney, currently the Group’s Chief Underwriting Officer and Chief... Read more of this article

Platinum Reports Net Income Of $63.7 Million

Bermuda-based Platinum Underwriters Holdings, Ltd. reported net income of $63.7 million and diluted earnings per common share of $2.27 for the quarter ended March 31, 2014. The results for the quarter include net premiums earned of $126.3 million, net favorable development of $47.0 million and net investment income of $17.7 million. Michael D. Price,... Read more of this article

Allied World Opens Branch Office in Canada

Allied World Assurance Company Holdings, AG will be opening a branch office in Toronto, Ontario to further expand its North American insurance operations. Gord Kerr has been appointed Senior Vice President, Chief Agent & Branch Manager for the region. President and Chief Executive Officer Scott Carmilani commented, “Opening an office in Canada... Read more of this article

OBA, PLP Trade Words On Sewage, Propaganda

The OBA has accused the PLP of having their “propaganda machine in full swing over the issue of sewage being pumped out to sea,” while the PLP said that “instead of complaining about press releases the OBA should get on with solving the problem.” The issue has been in the headlines recently following the U.S. Consulate issuing... Read more of this article

Ministry Provides Update On “Greaseball” Issue

The Ministry of Health and Environment provided the an update regarding the “greaseballs” which have been spotted washing ashore this week on several South Shore beaches. The full statement from the Ministry is below: The Ministry of Health and Environment would like to provide the general public with an update regarding greaseballs which... Read more of this article

EY Names Pete Cangany As Senior Partner

EY announced today [Apr 16] two leadership changes effective 1 July 2014. Pete Cangany has been named its Senior Partner in Bermuda, and Gil Tucker has been named Chairman of the firm. Since January 2013, Cangany has served as Insurance Leader for the EY Bahamas, Bermuda, British Virgin Islands and Cayman Islands region, and he will continue to lead... Read more of this article

Minister Dunkley: ‘Mr Scott Has A Short Memory’

[Updated with PLP response + video] The National Security Ministry called Michael Scott’s recent comments “reckless and irresponsible,” while Minister of National Security Michael Dunkley said that Mr. Scott “has a short memory” as the process that led to the recommendation of BAS/SERCO as the CCTV service provider was... Read more of this article

FRMO Corp. Purchases 37.57% Stake In BSX

FRMO Corporation has purchased a 37.57% stake in the Bermuda Stock Exchange [BSX], making them the largest shareholder of the BSX. Murray Stahl, chairman of FRMO, will be joining the BSX board of directors [Council]. Mr. Stahl is also chairman of Horizon Asset Management LLC, a registered investment adviser. A private equity fund managed by Horizon... Read more of this article

Solar Panel Rebate Programme Ends This Month

The Department of Energy’s Solar Photovoltaic Rebate Initiative which began in 2009 will end this month following five years of steady growth and a notable increase in solar panel and residential solar hot-water installations. A spokesperson said, “The rebate scheme began as an incentive to offer residents up to $5,000 for the installation of... Read more of this article

Man Pleads “Guilty With An Explanation”

Appearing in Magistrates Court yesterday [Apr 15], a 55-year-old man pleaded “guilty with an explanation” to a charge he assaulted another man. Mr Basil Stewart pleaded guilty with an explanation to a charge of unlawfully assaulting another man and causing him bodily harm following an incident took place at the Salvation Army Shelter in... Read more of this article

Grand Atlantic To Become All-Suite Condo Hotel

[Updated with video/statement/PLP response] The Grand Atlantic property will be taken over by MacLellan & Associates who plan to turn it into a condo hotel, Minister of Public Works Patricia Gordon-Pamplin announced today [Apr 16]. Speaking at a press conference held this morning, Minister Gordon-Pamplin said that Caribbean-based MacLellan &... Read more of this article