Business Business en-us Flying car could make debut at Americas Cup A hi-tech flying car could make its world debut in Bermuda to coincide with next years Americas Cup. The makers of the three-wheel PAL-V, which converts from a road vehicle into an aircraft in minutes, said the island was the perfect place to launch the vehicle. Special launch models, with unique paintwork and luxury trim, are. .. Fri, 28 Oct 2016 08:00:00 EST Lloyds CEO claims island stole ILS business Bermuda yesterday hit back after the chief executive officer of Lloyds of London said Bermuda stole the insurance-linked securities market from the city. Ms Beale, speaking at an insurance industry conference in Germany earlier this week, said For whatever reason it happened, I feel that Bermuda stole the ILS market from. .. Fri, 28 Oct 2016 08:00:00 EST Cruise ship boost amazing for St George Businesses in struggling St George yesterday welcomed news that the Olde Towne will next year play host to 16 cruise ships. And they said that the callers up from the four ships that visited the port this year would bring a boost to the local economy in their wake. David Zuill, co-owner of Davidrose jewellery store in Water. .. Thu, 27 Oct 2016 08:00:00 EST Airport project internships to be offered An internship programme for Bermudians has been launched by Aecon Group, a partner in the proposed redevelopment of LF Wade International Airport. As part of the airport redevelopment project, seven internships will be offered to local graduates. The internships will be in mechanical, structural, electrical and civil engineering,. .. Thu, 27 Oct 2016 16:38:00 EST Validus profit up despite rocket explosion An exploding space rocket cost Validus Holdings 19 million in losses during the third-quarter, but the company still increased its profit to 89. 8 million, a rise of about 23 million year-on-year. A SpaceX Falcon-9 rocket that blew up while undergoing a test firing at Cape Canaveral on September 1, resulted in a net loss of 8. 1 million. .. Thu, 27 Oct 2016 18:43:00 EST RenRe announce finance team promotions James Fraser is to replace Mark Wilcox as chief accounting officer at RenaissanceRe Holdings. After 13 years with the company, Mr Wilcox is to return to the US to pursue an opportunity outside of RenRe. His successor, Mr Fraser, will take on responsibilities for forecasting, planning and analysis controls, financial reporting and. .. Thu, 27 Oct 2016 17:44:00 EST Voice of Belco Smith to retire Linda Smith, who for many is the voice of Belco, will retire from the company at the end of the year. She has worked for Ascendant Group, the parent company of Belco, for 24 years, mostly in communications and external relations roles. During Hurricane Nicole earlier this month she provided the Emergency Measures Organisations. .. Thu, 27 Oct 2016 15:36:00 EST Lower solar excess power rate next year A new lower rate for energy bought from solar power users will take effect from the start of next year. The new feed-in tariff of 17. 36 cents per kilowatt hour about half the previous rate will start next January. But Grant Gibbons, Minister for Economic Development, said that when the Regulatory Authority takes over policing of. .. Thu, 27 Oct 2016 08:00:00 EST BSX unchanged Bank of Butterfield preference shares fell 24. 99 to 1,075, on The Royal GazetteBSX Index. The drop of 2. 3 per cent came after 43 shares traded. Butterfields common shares on the New York Stock Exchange fell by 24 cents, or 0. 94 per cent, to 25. 26. The Royal GazetteBSX Index was unchanged at 1,617. 14. The BSX. .. Thu, 27 Oct 2016 18:51:00 EST Spectrum awards to enable superfast 4G Awards of radio spectrum will help to enable 4G mobile services in the Great Sound area in time for next years Americas Cup. The Regulatory Authority last night announced it had given both CellOne and Digicel bandwidth for the introduction of 4G superfast mobile broadband network and services across the island. Matthew Copeland,. .. Thu, 27 Oct 2016 08:00:00 EST XL earnings beat estimates XL Group beat analysts expectations as the global business insurer posted third-quarter operating income of 122. 5 million. The Bermuda company saw catastrophe losses more than triple to 97. 4 million, but still managed to generate earnings per share of 44 cents, beating the Wall Street consensus forecast of 37 cents. The property. .. Thu, 27 Oct 2016 08:00:00 EST Axis on a strong path forward says CEO Axis Capitals three businesses all achieved improved results in the third quarter as the Bermuda insurer and reinsurer recorded a double-digit operating return on equity. Operating earnings soared to 161 million compared to 51 million in the same quarter of 2015. And earnings per share of 1. 78 trounced the 1. 05 consensus forecast of. .. Thu, 27 Oct 2016 08:00:00 EST Reinsurance drives Aspen premium growth Aspen Insurance Holdings Ltd reported earnings in line with analysts estimates as it overcame 24. 9 million in catastrophe losses. The Bermuda insurer and reinsurer posted operating income after tax of 69. 3 million in the third quarter, or 97 cents per share. Net income was 95. 6 million, or 1. 40 per share. The company wrote more. .. Thu, 27 Oct 2016 08:00:00 EST PartnerRe posts 240m profit Reinsurance firm PartnerRe yesterday unveiled operating earnings of 185 million for the third quarter of the year. That compares to a figure of 211. 6 million for the same quarter of 2015. Net income for the quarter totalled 240. 3 million an annualised net income return on equity of 15. 4 per cent. The net loss for the. .. Thu, 27 Oct 2016 08:00:00 EST Arch sees strong mortgage insurance growth Arch Capital Group Ltd bettered the forecast of Wall Street analysts, as it posted 247. 4 million of net income for the third quarter. The Bermuda insurer and reinsurers profit represented an annualised return on average common equity of 15. 3 per cent. And Arch grew book value per common share to 53. 62 at September 30, a 3 per. .. Thu, 27 Oct 2016 08:00:00 EST Orange Bay throws party to help Haiti Consignment store Orange Bay Company will tonight throw a party to celebrate the opening of its childrens department with an emphasis on giving. For Orange Bay has teamed up with Bermudas Feed My Lambs Ministry, which helps orphans in Haiti, which was devastated by Hurricane Matthew earlier this month, to host the Give thanks, Give. .. Thu, 27 Oct 2016 08:00:00 EST Expert warns of coming stagflation Be prepared for a period of stagflation in the US, a Wall Street veteran warned an audience of asset management professionals in Southampton yesterday. Joesph McAlinden said inflationary pressures in the US are building up and this is likely to lead to multiple interest rate increases by the US Federal Reserve next year. Mr. .. Wed, 26 Oct 2016 08:00:00 EST Never start your speech with good morning It might sound like heresy but a public speaking expert said yesterday that public talks should not start with the traditional Bermudian good morning. Jan Fraser, owner of Jan Fraser Business Training, said Its a wonderful thing, but when I first came to Bermuda and started doing sessions at the Chamber of Commerce, I had a little. .. Wed, 26 Oct 2016 08:00:00 EST Butterfield shares slip 0.2 Butterfield Bank shares slipped 0. 2 per cent today, as the bank dominated trading on the Bermuda Stock Exchange. The bank closed at 25. 10, down 5 cents, as 25,930 shares traded, the day after it announced a 24 million third-quarter profit. Butterfields shares on the New York Stock Exchange remained unchanged on. .. Wed, 26 Oct 2016 19:39:00 EST Chubb reports record-breaking earnings Insurance giants Chubb Ltd reported record operating income for the third quarter of 1. 356 billion. The figure is equivalent to 2. 88 per share and is up by more than 51 per cent from the 897 million, or 2. 74 per share, for the same period last year. Chubb Ltd, which was formed after Ace acquired US insurer The Chubb Corporation. .. Wed, 26 Oct 2016 08:00:00 EST XL announces senior role changes XL Group Ltd announced a string of senior role changes in connection with what the insurer called a planned realignment of its property and casualty operating model, all of which will be effective January 1, 2017. Paul Brand, currently the chief underwriting officer, insurance, will lead a new internal innovation team, Accelerate. Greg. .. Wed, 26 Oct 2016 11:09:00 EST Vesting options hit Butterfield profits Butterfield Bank has reported net income of 24 million in the third-quarter, down 4. 8 million year-on-year. However, its core earnings improved to 33. 4 million, up 4. 1 million. The bank has announced an interim dividend of 10 cents per common share. It is the first set of results Butterfield has issued since it listed on the New. .. Tue, 25 Oct 2016 18:13:00 EST Vendors to get New York-inspired tips Market stall holders are to get a lesson in how to inject some New York pizazz into their businesses. Bermuda Economic Development Corporation staff Raymond Lambert and William Spriggs aim to pass on the lessons learnt at an international conference on public markets held in New York at a special seminar next month. Mr Lambert said. .. Tue, 25 Oct 2016 08:00:00 EST Inflation rate falls to 1.3 Inflation dropped to 1. 3 per cent in August, down 0. 3 per cent on the previous month. The consumer price index also decreased from July to August, nudging lower by 0. 5 per cent. The all-items index dropped to 101. 7, which means a basket of goods that cost 100 in April 2015, cost 101. 70 during August. Higher prices for fresh. .. Tue, 25 Oct 2016 11:56:00 EST Everest profits climb despite hurricane loss Reinsurance firm Everest yesterday reported after tax operating income of 273. 2 million for the third quarter of this year. The figure is equivalent to 6. 53 per common share and compared to operating income of 200. 2 million or 4. 53 per share for the same period in 2015. Dominic Addesso, Everest Res CEO, said We are very. .. Tue, 25 Oct 2016 08:00:00 EST QIC profits rise in first nine months Regional economic and investment headwinds, together with softening trading conditions have impacted the performance of Qatar Insurance company during the first nine months of this year, but not enough to stop it boosting its profit for the period by 5 million to 195 million. Qatar Insurance Company is the parent of Bermudian-based. .. Tue, 25 Oct 2016 12:45:00 EST Growing Qatar Re undeterred by soft market The key to riding out a soft market in reinsurance is expansion, a top executive at Bermuda-based Qatar Re argues. And Luke Roden, head of ceded reinsurance and global head of catastrophe at Qatar Re, which redomiciled to Bermuda less than a year ago, added that cybercrime offered a chance to boost business but only with care and expert. .. Tue, 25 Oct 2016 08:00:00 EST Butterfield shares edge higher Bank of Butterfield shares today rose on both the Bermuda Stock Exchange and the New York Stock Exchange ahead of its third-quarter earnings release last night. In Bermuda, the bank rose 10 cents to 25. 15, equal to 0. 4 per cent, after 14,216 shares sold. The NYSE price was up 18 cents or 0. 71 per cent at 25. 50. Insurance. .. Tue, 25 Oct 2016 17:47:00 EST Mitsui takes 15 stake in XL-backed venture NEW YORK Bloomberg Mitsui amp Co, Japans second-biggest trading house, agreed to purchase a 15 per cent stake in New Ocean Capital, the asset manager that was founded by XL Group Ltd and Stone Point Capital to make insurance-related bets. Mitsui also committed 100 million of investment capital to the private fund platform,. .. Tue, 25 Oct 2016 08:00:00 EST Motives help you reach your goals Motive. Before you can make progress and move ahead you need to have a motive. Your motives are what make you act in a certain way or act on certain things. It takes motive to move to gain motivation and then develop the series of steps and actions that will utilise your skills, experience, resources, and energy to make things. .. Tue, 25 Oct 2016 08:00:00 EST US airlines to start Cuba flights next month Travellers from Bermuda who want to visit Havana will soon be able to choose from three US airlines that fly connections to the Cuban capital. Last month, American Airlines, JetBlue and Delta Air Lines, were among a group of carriers cleared by the US Department of Transportation to operate scheduled flights to Havana. For decades. .. Mon, 24 Oct 2016 08:00:00 EST Neon Bermuda hires Hunt from Chubb Neon has lured Bermudian underwriter Dwayne Hunt from Chubb as the London-based insurer expands its new Bermuda office. Mr Hunt will join Neon as senior vice-president, property insurance, and will be based in the Victoria Street office Neon opened in June this year. With the appointment of Mr Hunt, effective December 1, Neon. .. Mon, 24 Oct 2016 11:08:00 EST Insurers brace for driverless car transition Vehicles without the human touch could pose a future risk to the insurance industry, a legal expert in the field has warned. Richard Geddes said that pilotless drones, driverless cars and risks from cyber attacks on the technology that runs automated systems could become more common. Mr Geddes, a lawyer with Sedgwick Chicago, said. .. Mon, 24 Oct 2016 08:00:00 EST Argus shares surge 13.5 per cent higher Shares of insurer Argus Group surged today, rebounding from a double-digital fall in Bermuda Stock Exchange trading last week. Argus closed up 54 cents, or 13. 5 per cent, at 4. 55 after 2,000 changed hands. Bank of Butterfield dropped 5 cents to 25. 05. The 0. 2 per cent fall came as 14,200 shares traded. The bank also fell on. .. Mon, 24 Oct 2016 18:16:00 EST Hedge fund event starts today Hundreds of fund managers and investors will descend on the Fairmont Southampton this week for the third holding of the Global Fund Forum. The event brings together those who manage money and those who are looking to get a return from their capital for three days of panel discussions, networking events and private meetings. A. .. Mon, 24 Oct 2016 08:00:00 EST Argus shares slump but Ascendant continues climb Argus Group Holdings, West Hamilton Holdings and KeyTech Ltd all saw their stock prices suffer substantial falls after a Bermuda Stock Exchange trading week with a multimillion-dollar turnover. Argus suffered the largest slump, sinking 59 cents, or 12. 8 per cent, to close on 4. 01, during the five days of trading as 4,195 of the insurers. .. Mon, 24 Oct 2016 08:00:00 EST