Author Archive: Bernews1

PartnerRe To Purchase California Reinsurer

Bermuda-based reinsurance services provider PartnerRe today [Dec. 18] said it has agreed to buy California-based specialty accident and health reinsurance and insurance writer, Presidio Reinsurance Group. PartnerRe will purchase the Presidio Reinsurance Group, comprised principally of a Managing General Agency and a reinsurance carrier. Under the terms... Read more of this article

Cox Resigns, Burgess New Acting PLP Leader

The PLP has confirmed that Paula Cox has tendered her resignation as Party Leader effective immediately, and Derrick Burgess will serve as Acting Party Leader. Ms Cox lost her Devonshire North West seat to the OBA’s Glen Smith, becoming the first sitting Premier to be defeated since the Westminster-style political system was introduced on the... Read more of this article

Top UK Dance Duo Salute Bermudian’s Work

British electronic dance sensations Basement Jaxx hope to strike the right chord with their fans by including a sample of a rousing church organ composition by Bermuda-born Brixton musician and community activist Joe Benjamin on their new track “People Of Planet Earth.” You can listen to the song here. Musicians and DJs Simon Ratcliffe... Read more of this article

Motocross Racing Season Gets Underway

The Bermuda Motocross Racing 2012-13 Season got underway at the Moto Sports Park in Southside this weekend The day was billed as Bermuda versus three overseas riders, Ryan Nolan and Brenden Carson from Canada and Garrett Sharp from Atlanta got more than they could handle as the Bermuda riders refused to let the visitors have it all their own way. Sharp... Read more of this article

Axis Capital Hit With $300M In Sandy Claims

Bermuda re/insurer Axis Capital Holdings Ltd. estimated that it will lose about $300 million paying claims from Superstorm Sandy. The projected setback announced Monday [Dec.17] wasn’t enough to deter Axis Capital from raising its quarterly stock dividend by four percent and announcing a new share buyback programme. Axis Capital based its estimated... Read more of this article

Best Ratings Raised For Hiscox Subsidiary

Ratings agency A.M. Best Co. today [Dec. 18] upgraded the issuer credit rating to “a+” from “a” and affirmed the financial strength rating of ‘A’ (Excellent) of Chicago-based Hiscox Insurance Company, Inc. [HICI], a subsidiary of Bermuda’s Hiscox. Both ratings have stable outlooks. Best said the ratings of HICI “reflect the consolidation... Read more of this article

Alterra Sidecar Receives Investment Boost

Bermuda re/insurer Alterra Capital Holdings Limited today [Dec.18] announced an increase in the total capital committed to New Point V Limited to $247 million. New Point V is a sidecar vehicle that was established to create additional capacity for the property catastrophe collateralised reinsurance marketplace. New Point V is sponsored by Alterra in... Read more of this article

Video: New Slanger Song ‘Bermuda Get Wise’

Bermudian singer Ronae Burgess — who performs under the name Slanger — has released his latest song ‘Bermuda Get Wise.’ The song and video was produced by Detrimental for Near Future Records Mr. Burgess served a number of years in jail after fatally stabbing a man in the 1990s, and began singing while in prison, performing for other... Read more of this article

Kim Swan Congratulates Nandi Davis, OBA

Independent candidate Kim Swan has congratulated his opponent Nandi Davis on her win, and congratulated the OBA on their overall victory. Mr Swan, who was the incumbent, ran in C#2 St. George’s West in a three way battle which saw the OBA win by by 4 votes. Nandi Davis [OBA] received 359 votes, Renee Ming [PLP] received 355, while Mr Swan received... Read more of this article

Catlin Announces $200M In Sandy Claims

Bermuda-based insurer Catlin, operator of the biggest syndicate at Lloyd’s of London, is set to absorb about $200 million in claims from Hurricane Sandy, the firm announced today [Dec. 18]. Rival Hiscox, which has its head office in Bermuda, meanwhile put its exposure at $25 million. Sandy, a 1,000-mile wide storm which killed 132 as it swept... Read more of this article

Chamber Welcomes New Government

Responding to the official election results, the Bermuda Chamber of Commerce issued a congratulatory statement to the One Bermuda Alliance and incoming Premier Mr. Craig Cannonier. Chamber President Mr. Ronnie Viera noted; “On behalf of the Chamber I wish to extend best wishes to the OBA on their historic election victory. “We look forward to... Read more of this article

Slideshow/Summary: 2012 Election Winners

The fledgling One Bermuda Alliance, contesting its first general election, denied the ruling Progressive Labour Party a fourth consecutive term tonight [Dec.17] when it claimed a bare majority in terms of parliamentary seats but a solid majority of the popular vote. Just after midnight OBA candidate Nandi Davis was declared the winner in St. George’s... Read more of this article