Author Archive: Bernews1

Platinum Estimates SuperStorm Loss: $30M

Bermuda-based Platinum Underwriters Holdings, Ltd. said it expects Hurricane Sandy will have a net negative impact of approximately $30 million on the Company’s results for the quarter ended December 31, 2012. The net negative impact from Hurricane Sandy includes a preliminary estimate of losses and loss adjustment expenses, net of retrocessional... Read more of this article

Coalition: ‘Corporal Punishment Is Not Effective’

“There is ample research to prove corporal punishment is not an effective method for discipline and has both short and long term detrimental effects on children,” the Coalition for the Protection of Children said. The Coalition was speaking after following news that the police are investigating what they termed “the alleged assault... Read more of this article

Video: Bacardi Marks 150 Yrs With Time Capsule

Bacardi Limited celebrated its 150th anniversary by sealing a commemorative time capsule that is to be opened on Bacardi’s 200th anniversary in 2062. Local dignitaries attended the sealing ceremony held earlier this week; including Governor George Fergusson, Premier Paula Cox, and Opposition Leader Craig Cannonier. Trumpeters from the Bermuda... Read more of this article

Weekend Arrests: 14 For Warrants & DUI

Over the past weekend [Dec 8/9], police officers arrested eleven people for outstanding warrants. Officers also arrested three people on suspicion of impaired driving and conducted liquor license checks at various liquor licensed premises throughout the island. Related Stories Six People Arrested For Impaired Driving Man Arrested For Suspected Impaired... Read more of this article

Hiscox Appoints Justin Keith As Healthcare VP

In response to growing opportunities in the US healthcare liability insurance market, Hiscox Bermuda’s healthcare team has appointed Justin Keith as Vice President – Healthcare. Based in Hiscox’s Hamilton office from the 1 January, 2013, Justin Keith joins from Ironshore where he was Vice President – Underwriter, with a wide range of responsibilities... Read more of this article

White Mountains To Acquire American Fuji

White Mountains Solutions Holding Company has entered into a definitive agreement to acquire American Fuji Fire and Marine Insurance Company, a small runoff subsidiary of American International Group, Inc. [AIG]. The transaction is expected to close during the first quarter of 2013 subject to customary closing conditions and regulatory approval from... Read more of this article

OBA: “Rally An Endless Stream Of Attacks”

[Updated w/PLP response] Last night’s [Dec 11] PLP rally was an “endless stream of negative attacks aimed at the One Bermuda Alliance,” OBA C#27 Warwick North Central candidate R. Wayne Scott said. The rally featured the candidates from Constituencies 24 through 36 including Michael Scott, Dennis Lister, Kim Wilson, Randy Horton, Scott... Read more of this article

Webcast Replay: PLP Town Hall Meeting

The PLP is hosting a Town Hall Meeting — ”Standing Strong for Hamilton Parish” — this evening [Dec 12] at the Francis Patton Primary School. The Town Hall is being hosted by Tareek Somner, and the panelists are Leroy Bean [C#4 St. George’s South,] Derrick Burgess [C#5 Hamilton East,] Wayne Furbert [C#6 Hamilton West,] and Diallo Rabain... Read more of this article

Google On Tax Savings: “It’s Called Capitalism”

Google chairman Eric Schmidt has defended the company’s policies — which involve using a Bermuda shell company to save $2B in taxes — saying: “It’s called capitalism”. Mr Schmidt said: “We pay lots of taxes; we pay them in the legally prescribed ways. I am very proud of the structure that we set up. We did it... Read more of this article

XL Expect $350M Loss From Hurricane Sandy

XL Group plc today announced its preliminary net loss estimate related to Storm Sandy of $350 million, pretax and net of reinsurance and reinstatement premiums. Approximately 60% of the Company’s estimated loss relates to the Reinsurance segment. Within the Reinsurance segment, the loss estimate is comprised of approximately 20% for Marine and... Read more of this article

Over 2,500 Free Books Distributed At Festival

Over 2,500 free books were distributed at last Saturday’s Children’s Reading Festival [CRF] held in Victoria Park by the ladies of Delta Sigma Theta Sorority, Bermuda Alumnae Chapter. From newborns to Primary 6 students, each child received a free book with complimentary activities and refreshments. In its 13th year, the CRF is the Sorority’s... Read more of this article

Cayman Premier On Bail, Equipment Seized

Earlier today [Dec 12] Cayman Premier McKeeva Bush was released on police bail until early February 2013. The Cayman police said further investigation will take place both in the Cayman and abroad in connection with the allegations made against him. The Cayman police also confirmed that a “considerable amount of property, including computer equipment,”... Read more of this article