Category: Business
Enstar Group Reports 2020 Year-End Results
Enstar Group Limited filed its annual report on Form 10-K with the SEC, reporting its earnings and financial position for the year ended December 31, 2020. “Enstar reported consolidated net earnings of $1.7 billion [or earnings of $78.80 per fully diluted ordinary share] for the year ended December 31, 2020, compared to consolidated net earnings... Read more of this article
Bermuda Stock Exchange Report: March 1 2021
March 1 saw 0 shares trade on the Bermuda Stock Exchange. The BSX finished at 2,416.18, even on the day. There were 0 advances, 0 declines, and 58 remained unchanged. The full report for the day is available here [PDF]. Related Stories Banker Larry Slaughter Joins Lazard Ltd. Canopius Merger With Tower Completed Chile’s Velasco Joins Lazard... Read more of this article
Large Scale Self Supply Licence Consultation
The Regulatory Authority [RA] is inviting the public to provide feedback regarding ‘Large Scale Self Supply,’ with feedback to be submitted before 11:59pm on March 15th. The document states, “Large Scale Self-Supply’ means the generation and own consumption of electricity using a system with an installed capacity at or above... Read more of this article
WTW Appoints Beasley As Interim Head Of Office
Willis Towers Watson Bermuda [WTW] announced that Kirsten Beasley has been appointed the Interim Head of Office for Bermuda effective March 1st. A spokesperson said, “As a global company, WTW is committed to striving for greater diversity and fostering an inclusive culture. In the lead up to International Women’s Day, we are very pleased to announce... Read more of this article
BPSU: ‘Budget Strikes The Appropriate Balance’
The Bermuda Public Services Union [BPSU] said the 2021/22 Budget ”strikes the appropriate balance” has a ”pragmatic approach provides relief for the unemployed and aims for economic recovery as well as financial reforms.” BPSU President Armell Thomas said, “The Bermuda Public Services Union [BPSU] believes that the Bermuda... Read more of this article
Bermuda Aviation Services Appoints Dhesi
Bermuda Aviation Services announced the appointment of Ms. Navdeep [Navi] Dhesi as Chief Operating & Financial Officer. In a filing with the Bermuda Stock Exchange, the company said: “Bermuda Aviation Services Limited [BAS] today announces the appointment of Ms. Navdeep [Navi] Dhesi as Chief Operating & Financial Officer, effective March... Read more of this article
SiriusPoint Launches With Over $3B In Capital
SiriusPoint Ltd., an international specialty insurance and reinsurance company, has launched with over $3 billion in initial capital. “The Bermuda-based Company has been formed as the result of the previously announced merger between Third Point Reinsurance Ltd., a specialty reinsurer, and Sirius International Insurance Group, Ltd., a global multi-line... Read more of this article
Finance Minister: Estimated Savings Of $20M
“In fiscal year 2021/22 I have determined to defund any vacant post unless the funding for it has been allocated in support of delivering a service or active recruitment for the post is underway” which “results in estimated savings to the public purse of approximately $20.0 million.” This was stated in the 2021/22 Bermuda Budget,... Read more of this article
ABIR Donates Over 100 Books To Local Schools
ABIR has donated more than 100 copies of Dr. Ibram X. Kendi’s book ‘How to be an Antiracist’ to 14 local public and private, middle and high schools, the Bermuda College and Bermuda public libraries. “The donation follows the ABIR-sponsored 2020 Dive-In Bermuda: How To Be An Anti-Racist: A Fireside Chat with AIG Bermuda’s Country... Read more of this article
GDP Decline Of 5.9% For 2020 Third Quarter
According to the Quarterly Gross Domestic Product [GDP] report from the Department of Statistics, during the third quarter 2020, GDP at “constant prices was estimated at $1,437.0 million, decreasing 5.9% year-over-year.” Minister for the Cabinet Office Wayne Furbert said, “After adjusting for inflation, the GDP in constant prices for the... Read more of this article
$10M Guarantee For Bermudiana Beach Resort
There will be a $10 million guarantee to “support funding necessary for the completion of the next phase of works,” Minister of Finance Curtis Dickinson said in reference to the former Grand Atlantic property. This was stated in the 2021 budget speech, with Minister Dickinson saying, “Another example of target stimulus is the planned... Read more of this article
Chamber Of Commerce Budget Response
The Bermuda Chamber of Commerce released a response to the 2021 Budget, saying that “increasing economic activity is a critical aspect of our island’s future success. ” A spokesperson said, “The Chamber of Commerce would like to commend the Minister on the budget as he battles through these difficult times. We support the stated... Read more of this article
