Business http://www.royalgazette.com Business en-us Its electric! No gas required Interest in all-electric vehicles is increasing in Bermuda, with a number of vendors reporting sales or higher numbers of enquiries from potential customers. And businesses that have brought the vehicles to the island are confident more people will switch to the electric option in the future as they become more familiar with the. .. http://www.royalgazette.com/business/article/20171117/its-electric-no-gas-required&source=RSS Fri, 17 Nov 2017 08:00:00 EST http://www.royalgazette.com/business/article/20171117/its-electric-no-gas-required&source=RSS RA requests an integrated plan from Belco The Regulatory Authority of Bermuda has issued a notice requesting the Bermuda Electric Light Company Limited submit an Integrated Resource Plan proposal to the Authority by February 15, 2018. Belco was issued with a Transmission, Distribution and Retail license on October 27. A spokesperson for the RA said An Integrated Resource. .. http://www.royalgazette.com/business/article/20171117/ra-requests-integrated-plan-from-belco&source=RSS Fri, 17 Nov 2017 16:35:00 EST http://www.royalgazette.com/business/article/20171117/ra-requests-integrated-plan-from-belco&source=RSS House moves US tax reform a step closer The United States moved a step nearer to enacting a sweeping overhaul of its tax system yesterday, as the House of Representatives approved a Bill that could have repercussions for Bermudas international business sector. The House voted 227 votes to 205 in favour of the Tax Cuts and Jobs Act, which would reduce the corporate tax rate for. .. http://www.royalgazette.com/re-insurance/article/20171117/house-moves-us-tax-reform-step-closer&source=RSS Fri, 17 Nov 2017 08:00:00 EST http://www.royalgazette.com/re-insurance/article/20171117/house-moves-us-tax-reform-step-closer&source=RSS RenaissanceRe hosts 42 female students RenaissanceRe Holdings Ltd hosted 42 female students from eight senior schools at a career day and mentoring event. The event was co-ordinated by the Bermudian reinsurers Womens Forum, an employee resource group focusing on providing activities and resources that empower women. Participating schools included Berkeley Institute,. .. http://www.royalgazette.com/business/article/20171117/renaissancere-hosts-42-female-students&source=RSS Fri, 17 Nov 2017 08:00:00 EST http://www.royalgazette.com/business/article/20171117/renaissancere-hosts-42-female-students&source=RSS Walk will raise scholarship funds Willis Towers Watson and JLT Specialty Bermuda are jointly promoting the 14th annual Bermuda Railway Trek, which raises money to support insurance-related studies for young Bermudians. The walk will take place on, November 30 from Somerset Bridge to the Swizzle Inn. The annual event was founded in 2004 by Gary Meggs of Southern. .. http://www.royalgazette.com/re-insurance/article/20171117/walk-will-raise-scholarship-funds&source=RSS Fri, 17 Nov 2017 12:30:00 EST http://www.royalgazette.com/re-insurance/article/20171117/walk-will-raise-scholarship-funds&source=RSS Rosewood to close for three-month renovation Rosewood Bermuda the hotel formerly known as Rosewood Tuckers Point will close for three months from the start of next year to undergo a 25 million overhaul. The renovation will include the redesign of the resorts guestrooms, Beach Club, golf clubhouse and spa. On reopening in April 2018, the property will debut as Rosewood. .. http://www.royalgazette.com/business/article/20171117/rosewood-to-close-for-three-month-renovation&source=RSS Fri, 17 Nov 2017 08:00:00 EST http://www.royalgazette.com/business/article/20171117/rosewood-to-close-for-three-month-renovation&source=RSS Butterfield Bank edges lower in New York Shares of Butterfield Bank were down nine cents, or 0. 24 per cent to 37. 50 on The New York Stock Exchange. There were no trades on The Royal GazetteBSX Index, which closed unchanged at 2,199. 35. The BSX Insurance Index was down 0. 2 of a point, or 0. 01 per cent, at 1,866. 93. http://www.royalgazette.com/bermuda-stock-exchange/article/20171117/butterfield-bank-edges-lower-in-new-york&source=RSS Fri, 17 Nov 2017 18:48:00 EST http://www.royalgazette.com/bermuda-stock-exchange/article/20171117/butterfield-bank-edges-lower-in-new-york&source=RSS Bermuda outperforming peers in tourism Bermudas tourism sector has gained significant traction during the past three years, lifting the island above its Caribbean peers as measured by a number of performance indicators. This shows that the islands marketing model and endeavours aimed at growing its tourism appeal are bringing results, according to industry analyst Adam. .. http://www.royalgazette.com/business/article/20171116/bermuda-outperforming-peers-in-tourism&source=RSS Thu, 16 Nov 2017 08:00:00 EST http://www.royalgazette.com/business/article/20171116/bermuda-outperforming-peers-in-tourism&source=RSS Best alternative capital losses up to 25bn Alternative capital lost roughly the same amount as traditional reinsurers from a series of third-quarter catastrophes. That is the view of ratings agency AM Best, whose own surveys indicate that reinsurers are facing net catastrophe losses totalling 20 billion to 25 billion. Primary insurers are dealing with a roughly 45 billion. .. http://www.royalgazette.com/re-insurance/article/20171116/best-alternative-capital-losses-up-to-25bn&source=RSS Thu, 16 Nov 2017 19:37:00 EST http://www.royalgazette.com/re-insurance/article/20171116/best-alternative-capital-losses-up-to-25bn&source=RSS Retail sales rise for sixth successive month Building materials stores and vehicle distributors saw a spike in sales during August, playing a lead role in the 4. 7 per cent increase in retail sales for the month. Total sales were estimated at 98. 5 million in August, up from 94. 1 million in the same month in 2016, according to the Retail Sales Index report released by the Department. .. http://www.royalgazette.com/economy/article/20171116/retail-sales-rise-for-sixth-successive-month&source=RSS Thu, 16 Nov 2017 12:11:00 EST http://www.royalgazette.com/economy/article/20171116/retail-sales-rise-for-sixth-successive-month&source=RSS Interior decorator has learnt from the best Since a leap of faith led her to start her own business two years ago, interior decorator Kimberly Hughes has seen success and learnt from great designers. Ms Hughes, owner of Designs For Living, gained meaningful insight into her craft when she attended the High Point Furniture market in High Point, North Carolina. This event is. .. http://www.royalgazette.com/local-business/article/20171116/interior-decorator-has-learnt-from-best&source=RSS Thu, 16 Nov 2017 08:00:00 EST http://www.royalgazette.com/local-business/article/20171116/interior-decorator-has-learnt-from-best&source=RSS PartnerRe loss softened by reserve releases Bermudian reinsurer PartnerRe Ltd today reported a third-quarter net loss of 84 million, driven by 472 million in pre-tax catastrophe losses. The company, which is owned by Italian investment firm Exor, benefited from 187 million of favourable reserve development, which softened the impact of the quarters storm and earthquake claims. .. http://www.royalgazette.com/re-insurance/article/20171116/partnerre-loss-softened-by-reserve-releases&source=RSS Thu, 16 Nov 2017 14:40:00 EST http://www.royalgazette.com/re-insurance/article/20171116/partnerre-loss-softened-by-reserve-releases&source=RSS Hiscox CEO new ILS capital to be a trickle Those who expect the reinsurance industry to shrug off this years heavy catastrophe losses as new capital pours in from the sidelines have got it wrong. So says Bronek Masojada, chief executive officer of Bermudian-based Hiscox, who said that many companies balance sheets would be hit and that insurance-linked securities investors who. .. http://www.royalgazette.com/re-insurance/article/20171116/hiscox-ceo-new-ils-capital-to-be-trickle&source=RSS Thu, 16 Nov 2017 08:00:00 EST http://www.royalgazette.com/re-insurance/article/20171116/hiscox-ceo-new-ils-capital-to-be-trickle&source=RSS Butterfield Bank up in New York It was a quiet day on The Royal GazetteBSX Index, with only two stocks trading. A total of 1,834 shares of Butterfield Bank, and 1,162 shares of Somers Ltd, were exchanged, but with no movement to the respective closing prices. The Royal GazetteBSX Index was unchanged at 2,188. 35. On the New York Stock Exchange, shares of. .. http://www.royalgazette.com/bermuda-stock-exchange/article/20171116/butterfield-bank-up-in-new-york&source=RSS Thu, 16 Nov 2017 17:46:00 EST http://www.royalgazette.com/bermuda-stock-exchange/article/20171116/butterfield-bank-up-in-new-york&source=RSS HSCM leads 15m Goji investment round A Bermudian-based firm has led a 15 million investment round in an online personal lines insurance agency in the US. Hudson Structured Capital Management Ltd, which does business as HSCM Bermuda and which invests in reinsurance and insurance-linked assets, said Goji was a leader in the technological transformation of insurance. .. http://www.royalgazette.com/re-insurance/article/20171116/hscm-leads-15m-goji-investment-round&source=RSS Thu, 16 Nov 2017 08:00:00 EST http://www.royalgazette.com/re-insurance/article/20171116/hscm-leads-15m-goji-investment-round&source=RSS Rims backs Houses flood programme vote A decision by the US House of Representatives decision to reauthorise the National Flood Insurance Programme has been welcomed by the Risk Management Society. Rims has also urged the US Senate to do likewise before the programmes expiration on December 8. The organisation has also launched a NFIP grass roots advocacy initiative. http://www.royalgazette.com/re-insurance/article/20171116/rims-backs-houses-flood-programme-vote&source=RSS Thu, 16 Nov 2017 08:00:00 EST http://www.royalgazette.com/re-insurance/article/20171116/rims-backs-houses-flood-programme-vote&source=RSS Airbnb wants level playing field On the face of it, having representatives of Airbnb and Expedia speak at a hotel investment conference was unusual. Indeed, the first question asked of them at the Caribbean Hotel Investment Conference and Operations Summit was how they respond to accusations that their businesses are bad for hotels. The friend or foe? question. .. http://www.royalgazette.com/business/article/20171115/airbnb-wants-level-playing-field&source=RSS Wed, 15 Nov 2017 08:00:00 EST http://www.royalgazette.com/business/article/20171115/airbnb-wants-level-playing-field&source=RSS Multinationals facing radical tax changes US companies that make billions of dollars from patents and other intellectual property held offshore would be eligible for a special 12. 5 per cent tax rate on those earnings under the Senate tax plan. Thats a potential gold mine for some multinationals, said Michael Mundaca, co-director of Ernst amp Youngs National Tax Practice . .. http://www.royalgazette.com/international-business/article/20171115/multinationals-facing-radical-tax-changes&source=RSS Wed, 15 Nov 2017 08:00:00 EST http://www.royalgazette.com/international-business/article/20171115/multinationals-facing-radical-tax-changes&source=RSS FAC expands services into Central America Payments technology company First Atlantic Commerce has expanded its online card-processing services across Central America. The Bermudian-based payment gateway can now offer payment solutions to merchants in Costa Rica, Honduras, El Salvador, Guatemala and Nicaragua through a new integration to a processor in the region. FAC said. .. http://www.royalgazette.com/international-business/article/20171115/fac-expands-services-into-central-america&source=RSS Wed, 15 Nov 2017 17:54:00 EST http://www.royalgazette.com/international-business/article/20171115/fac-expands-services-into-central-america&source=RSS PwC brings home Bermudian leaders PwC has turned to home-grown talent among a slew of leadership appointments. Three of the Bermudians appointed have spent most of their careers abroad and have now returned home to the island to join PwC Bermudas leadership team. The professional-services firm announced appointments and promotions in the areas of cyber and. .. http://www.royalgazette.com/business/article/20171115/pwc-brings-home-bermudian-leaders&source=RSS Wed, 15 Nov 2017 08:00:00 EST http://www.royalgazette.com/business/article/20171115/pwc-brings-home-bermudian-leaders&source=RSS Argus Group up 2.6 Shares worth almost 1 million were traded on The Royal GazetteBSX Index, but only one stock moved during the day. Argus Group was up 10 cents, or 2. 6 per cent, to 3. 95 after 500 shares changed hands. There was trading of 1,100 shares of BFampM Ltd, but with no change to the stocks closing price. And 24,900 shares of. .. http://www.royalgazette.com/bermuda-stock-exchange/article/20171115/argus-group-up-26&source=RSS Wed, 15 Nov 2017 17:41:00 EST http://www.royalgazette.com/bermuda-stock-exchange/article/20171115/argus-group-up-26&source=RSS Look forward with optimism Opportunities. If you look forward with optimism then you will always identify great opportunities. The future is always ahead of you and what you do with that is up to each one of us. I always recall the story that back in about 1900 the head of the US Patent Office felt they should close the office as nothing more could be invented. http://www.royalgazette.com/booster-shot/article/20171115/look-forward-with-optimism&source=RSS Wed, 15 Nov 2017 08:00:00 EST http://www.royalgazette.com/booster-shot/article/20171115/look-forward-with-optimism&source=RSS Gym aims for expansion in new home Alchemy Fitness Studio is introducing new services for next year after settling into its new home on Reid Street. The fitness centre, which relocated earlier this year from its former home at the corner of Church Street and Par-la-Ville Road, moved to a bigger premises to make room for expansion as clients numbers grow. Alchemy has. .. http://www.royalgazette.com/business/article/20171114/gym-aims-for-expansion-in-new-home&source=RSS Tue, 14 Nov 2017 08:00:00 EST http://www.royalgazette.com/business/article/20171114/gym-aims-for-expansion-in-new-home&source=RSS LOM House opens in Bahamas LOM Financial Ltd has bought a building to host its Bahamas office. And Scott Lines, the companys chairman and chief executive officer, believes that smaller boutique financial-services firms like LOM can gain market share as larger players withdraw from offshore markets. The Bermudian-based financial-services firms Bahamas. .. http://www.royalgazette.com/international-business/article/20171114/lom-house-opens-in-bahamas&source=RSS Tue, 14 Nov 2017 16:59:00 EST http://www.royalgazette.com/international-business/article/20171114/lom-house-opens-in-bahamas&source=RSS Vendors lax security could let in hackers Companies could be hacked because of the weak cyberdefences of people they do business with. That is the warning from Stephen Bull, managing director of Bermudian firm Independent Consulting Solutions, who added that even a careless act by a vendor could result in an expensive breach. However, he said too few companies were paying. .. http://www.royalgazette.com/technology/article/20171114/vendors-lax-security-could-let-in-hackers&source=RSS Tue, 14 Nov 2017 08:00:00 EST http://www.royalgazette.com/technology/article/20171114/vendors-lax-security-could-let-in-hackers&source=RSS Butterfield shares rise 5 Butterfield Bank shares shot up 5 per cent in light Bermuda Stock Exchange trading. The bank gained 1. 75 on the trading of 228 shares to close on 37. Butterfields New York Stock Exchange-listed shares also had a positive day, climbing 82 cents, or 2. 2 per cent, to close on 37. 64. Ascendant Group was the only other issuer. .. http://www.royalgazette.com/bermuda-stock-exchange/article/20171114/butterfield-shares-rise-5&source=RSS Tue, 14 Nov 2017 17:26:00 EST http://www.royalgazette.com/bermuda-stock-exchange/article/20171114/butterfield-shares-rise-5&source=RSS Butterfield weighs on BSX The Royal GazetteBSX Index fell 3. 6 per cent last week, largely because of a tumble in the price of Butterfield Bank shares. The Bermuda Stock Exchange was closed yesterday for the Remembrance Day public holiday. Butterfield slipped 1. 75, or 4. 7 per cent, over the five days of trading to close on 35. 25, as 8,823 shares changed. .. http://www.royalgazette.com/bermuda-stock-exchange/article/20171114/butterfield-weighs-on-bsx&source=RSS Tue, 14 Nov 2017 08:00:00 EST http://www.royalgazette.com/bermuda-stock-exchange/article/20171114/butterfield-weighs-on-bsx&source=RSS Third Point Re prices secondary offering Third Point Reinsurance Ltd has announced a secondary public offering of 14 per cent of the Bermudian companys outstanding shares. The offering involves 15 million shares being sold by major shareholders KIA TP Holdings and KEP TP Holdings, managed by New York private-equity firm Kelso amp Co. Kelso owns 25 million shares of. .. http://www.royalgazette.com/re-insurance/article/20171113/third-point-re-prices-secondary-offering&source=RSS Mon, 13 Nov 2017 18:54:00 EST http://www.royalgazette.com/re-insurance/article/20171113/third-point-re-prices-secondary-offering&source=RSS Sompo bolsters casualty reinsurance team Sompo International has bolstered its casualty reinsurance team with two new hires. The Bermudian-based company, a subsidiary of Japanese insurance giant Sompo Holdings, said Alison Wood and Lorene Phillips would be based in London as both in the role of senior vice-president, international casualty underwriter. Ms Wood, who has. .. http://www.royalgazette.com/re-insurance/article/20171113/sompo-bolsters-casualty-reinsurance-team&source=RSS Mon, 13 Nov 2017 14:40:00 EST http://www.royalgazette.com/re-insurance/article/20171113/sompo-bolsters-casualty-reinsurance-team&source=RSS