Category: Business
XL Announce 2016 Q2 Preliminary Loss Estimate
XL Group plc announced its preliminary net loss estimate in the second quarter of 2016 of approximately $240 million relating to natural catastrophes. “This preliminary estimate is pretax and net of reinsurance and reinstatement premiums and is split approximately $100 million in the Insurance segment and $140 million in the Reinsurance segment,”... Read more of this article
Minister Gibbons: Limited Liability Company Act
The Limited Liability Company Act 2016 will establish the first new corporate structure in Bermuda in over a century, Economic Development Minister Dr Grant Gibbons said in the House of Assembly on Wednesday [July 13]. “This much anticipated legislation is expected to benefit both local and international businesses in Bermuda. Currently, businesses... Read more of this article
Conyers Advises Markit: $13B Merger With IHS
Conyers Dill & Pearman advised Markit Ltd. on the Bermuda law aspects of its US$13 billion merger with IHS Inc. Markit Ltd. became the holding company for the combined groups and was renamed IHS Markit Ltd.. The merger was completed on 12 July and creates a global leader in critical information, analytics and solutions for major industries and markets... Read more of this article
Bermuda Stock Exchange Report: July 13 2016
Today [July 13] saw 114,300 shares trade on the Bermuda Stock Exchange, valued at $194,310.00 BD. All 114,300 shares were traded by Bank of N.T. Butterfield Ltd, closing even at $1.70 per share. The BSX finished at 1,225.28, also even on the day. There were 0 advances, 0 declines, and 59 remained unchanged. The full report for the day is available Read More →
Joint Liquidators Appointed Over Argyle Limited
Pursuant to a Court Order made by the Supreme Court of Gibraltar, Joint Liquidators have been appointed over Argyle Limited — a Gibraltar entity which is linked to the situation involving the missing $18 million. $18 Million Loan Not Paid Back MIF, an overseas company, extended an $18 million loan to Par-la-Ville Hotel and Residences Ltd [PLV],... Read more of this article
Aspen Initial 2016 Q2 Loss Estimate: $65 Million
Bermuda-based Aspen Insurance Holdings Limited announced an initial estimate of approximately $65 million in pre-tax losses, net of reinsurance and reinstatement premiums, related to natural catastrophes in the second quarter of 2016. “The estimated natural catastrophe losses are attributed approximately 75% to the Reinsurance segment and approximately... Read more of this article
BHA: ‘Car Rentals Would Enhance Experience’
Following the tabling of the Motor Car Amendment Act — which would allow for rental cars to be offered on the island — the Bermuda Hotel Association said they support the Amendments as they believe “the introduction of car rentals to visitors would greatly enhance the overall visitor experience.” Bill Tabled To Allow For Rental... Read more of this article
Global Fund Administrator Opens Bermuda Office
Bermuda Business Development Agency today welcomed a globally-recognised fund administration company that is opening a new office in the jurisdiction. Already established in London, Dublin, and New York with $12 billion under administration, Centaur Fund Services this week opened for business in the City of Hamilton and hopes to expand and hire over... Read more of this article
EY Bermuda To Host Student Networking Event
Global professional services firm EY will host a Bermuda student networking event on Tuesday July 19, 2016, from 5.30pm to 7.30pm at its offices at 3 Bermudiana Road. University students and graduate students interested in a career in professional services are invited to attend and learn more about opportunities across EY’s assurance, tax, transaction... Read more of this article
BTA Provides Overview Of CEO Search Process
The Bermuda Tourism Authority [BTA] recently hired Bermudian firm Performance Solutions Limited to manage the search for a new Chief Executive Officer [CEO], and has now provided an overview of the CEO search process. A BTA spokesperson previously said, “ Mr Hanbury is concluding his three-year contract at the end of 2016, but before his departure... Read more of this article
Photos: Vineyard Vines Store Opens In Hamilton
Last weekend Premier Michael Dunkley cut the ribbon as A.S. Cooper & Sons unveiled their new Vineyard Vines store at 27 Front Street, which marks the first overseas stand-alone location selling Vineyard Vines. The company — known for its preppy line of clothing and smiling pink whale logo – was founded in 1998 on Martha’s Vineyard... Read more of this article
Affordable D&O Insurance Available: Non-Profits
The Centre on Philanthropy and Freisenbruch Meyer Insurance Services Ltd. have partnered to offer affordable Directors & Officers Insurance for non-profits A spokesperson said, “As part of our expanded non-profits Benefits Alliance and Collaboration Platform, The Centre on Philanthropy in partnership with Freisenbruch Meyer Insurance Services... Read more of this article
