Business http://www.royalgazette.com Business en-us Expert warns of growing cybersecurity threat Hacking, cyberattacks, call it what you will. The phenomenon has been evolving for decades. And today, more than ever, it is imperative that businesses protect themselves robustly. With that in mind, Buddy Doyle, chief executive officer of Oyster Consulting LLC, has given a number of key pointers for businesses to consider when creating a. .. http://www.royalgazette.com/business/article/20160727/expert-warns-of-growing-cybersecurity-threat&source=RSS Wed, 27 Jul 2016 08:00:00 EST http://www.royalgazette.com/business/article/20160727/expert-warns-of-growing-cybersecurity-threat&source=RSS XL earnings beat expectations Bermudian-based XL Group beat analysts' estimates for second-quarter earnings, but profits were hit by catastrophe losses and expenses related to its integration with Catlin Group. http://www.royalgazette.com/re-insurance/article/20160727/xl-earnings-beat-expectations&source=RSS Wed, 27 Jul 2016 18:00:00 EST http://www.royalgazette.com/re-insurance/article/20160727/xl-earnings-beat-expectations&source=RSS Lancashire profits fall to 31.5m Lancashire Holdings made after-tax profits of 31. 5 million for the second quarter of the year down 7. 4 million on the same quarter last year. Gross premiums written for the period totalled 199. 8 million, an increase of 20. 5 million on the 179. 3 million recorded for the second quarter of 2015. Alex Maloney, group chief. .. http://www.royalgazette.com/re-insurance/article/20160727/lancashire-profits-fall-to-315m&source=RSS Wed, 27 Jul 2016 15:08:00 EST http://www.royalgazette.com/re-insurance/article/20160727/lancashire-profits-fall-to-315m&source=RSS Brown Chartered Surveyor career underrated The new head of professional services at real estate agents Rego Sothebys International Realty took a long and winding road to his profession. Shawn Brown originally graduated with a biology degree from the University of Toronto but, unable to find a job in Bermuda, he moved into computing. He said I worked in the IT industry for. .. http://www.royalgazette.com/local-business/article/20160727/brown-chartered-surveyor-career-underrated&source=RSS Wed, 27 Jul 2016 08:00:00 EST http://www.royalgazette.com/local-business/article/20160727/brown-chartered-surveyor-career-underrated&source=RSS Catalina agrees asbestos-linked run-off deal Bermudian run-off specialist Catalina Holdings Ltd has agreed to buy the UK operations of Hartford Financial Services Group. The businesses come with assets of more than 1 billion and carry risks tied to asbestos and environmental insurance policies issued more than 20 years ago. Catalina, which has shareholders equity of 533. .. http://www.royalgazette.com/re-insurance/article/20160727/catalina-agrees-asbestos-linked-run-off-deal&source=RSS Wed, 27 Jul 2016 08:00:00 EST http://www.royalgazette.com/re-insurance/article/20160727/catalina-agrees-asbestos-linked-run-off-deal&source=RSS Everest Re sells crop insurer Heartland Bermudian-based reinsurer Everest Re has struck a deal to sell its Heartland Crop Insurance subsidiary. CGB Enterprises, a provider of transportation and storage services, agreed to buy Heartland to expand its offerings to the agriculture industry. The terms of the deal were not disclosed, but Everest said it would continue to have. .. http://www.royalgazette.com/re-insurance/article/20160727/everest-re-sells-crop-insurer-heartland&source=RSS Wed, 27 Jul 2016 08:00:00 EST http://www.royalgazette.com/re-insurance/article/20160727/everest-re-sells-crop-insurer-heartland&source=RSS Johnson promoted at Sun Life Veteran Sun Life Financial International employee Merrilyn Johnson has been promoted to head of international life distribution. Ms Johnson, who has worked at the Hamilton-based firm, which serves wealthy clients around the world, for 14 years, moves to her new role from a position as director of international life insurance. .. http://www.royalgazette.com/re-insurance/article/20160727/johnson-promoted-at-sun-life&source=RSS Wed, 27 Jul 2016 08:00:00 EST http://www.royalgazette.com/re-insurance/article/20160727/johnson-promoted-at-sun-life&source=RSS Childs Brexit not a bad thing for Bermuda Hiscox is ready to restructure in response to Britains impending departure from the European Union but Brexit is unlikely to do any harm to Bermuda as an insurance and reinsurance jurisdiction. That is view of Robert Childs, chairman of Hiscox, who was speaking with The Royal Gazette after Hiscox announced half-year profits that rose. .. http://www.royalgazette.com/re-insurance/article/20160726/childs-brexit-not-bad-thing-for-bermuda&source=RSS Tue, 26 Jul 2016 08:00:00 EST http://www.royalgazette.com/re-insurance/article/20160726/childs-brexit-not-bad-thing-for-bermuda&source=RSS Chubb reports 726m profit Chubb Ltds second-quarter net income was 726 million, down from 942 million in the same period last year. Earnings per diluted common share were 1. 54. Earnings adjusted for investment costs were 2. 25 per share. The consensus forecast of analysts tracked by Yahoo Finance was 2. 22. Gross written premiums were 9. 27 billion, up. .. http://www.royalgazette.com/re-insurance/article/20160726/chubb-reports-726m-profit&source=RSS Tue, 26 Jul 2016 19:38:00 EST http://www.royalgazette.com/re-insurance/article/20160726/chubb-reports-726m-profit&source=RSS Validus posts profit of 95m Bermudian-based Validus Holdingss second-quarter net income was 95 million, up from 65. 8 million in the same period last year. Net operating income per diluted common share was 66 cents, missing the 74 cents consensus forecast of analysts tracked by Yahoo Finance. Gross written premiums were 764 million, up 5. 2 per cent. .. http://www.royalgazette.com/re-insurance/article/20160726/validus-posts-profit-of-95m&source=RSS Tue, 26 Jul 2016 18:19:00 EST http://www.royalgazette.com/re-insurance/article/20160726/validus-posts-profit-of-95m&source=RSS Sarkozy steps down from Butterfield board Olivier Sarkozy has resigned as a director of Butterfield Bank. The move follows Mr Sarkozys resignation as head of the financial services group of private-equity form Carlyle Group, which is Butterfields largest shareholder. His resignation as a director of the bank, which was effective June 13, was announced in a filing with the. .. http://www.royalgazette.com/international-business/article/20160726/sarkozy-steps-down-from-butterfield-board&source=RSS Tue, 26 Jul 2016 13:26:00 EST http://www.royalgazette.com/international-business/article/20160726/sarkozy-steps-down-from-butterfield-board&source=RSS RenRe profits up despite catastrophe claims Bermudian-based reinsurer RenaissanceRe Holdings Ltd saw second-quarter profit rise despite taking a hit of more than 60 million from catastrophe claims. The company posted net income of 136. 3 million for the April-through-June period, up from 73. 2 million in the corresponding period last year. However, operating earnings of 66. 6. .. http://www.royalgazette.com/re-insurance/article/20160726/renre-profits-up-despite-catastrophe-claims&source=RSS Tue, 26 Jul 2016 18:53:00 EST http://www.royalgazette.com/re-insurance/article/20160726/renre-profits-up-despite-catastrophe-claims&source=RSS Axis profits climb to 119m Insurer and reinsurer Axis Capital Holdings tonight posted profits of 119 million for the second quarter up 56 million on the same quarter last year. The net income of 119 million, equivalent to 1. 29 per share, compared to 63 million and 63 cents per share recorded for the same period in 2015. Gross premiums written were also. .. http://www.royalgazette.com/re-insurance/article/20160726/axis-profits-climb-to-119m&source=RSS Tue, 26 Jul 2016 18:16:00 EST http://www.royalgazette.com/re-insurance/article/20160726/axis-profits-climb-to-119m&source=RSS Low profile boosts aircraft registry International terrorism could boost Bermudas aircraft registry. Julie McLean, a director at law firm Conyers Dill amp Pearman and an expert in the area, said that the islands registration marks were seen as neutral and low profile, while also recognised as high standard and internationally accepted for both commercial and private. .. http://www.royalgazette.com/international-business/article/20160726/low-profile-boosts-aircraft-registry&source=RSS Tue, 26 Jul 2016 08:00:00 EST http://www.royalgazette.com/international-business/article/20160726/low-profile-boosts-aircraft-registry&source=RSS Beating the drum for female leadership Leadership styles and career advice were among the topics discussed by two reinsurance CEOs at a 100 Women in Hedge Funds event in Bermuda. The key speakers were Mary Forrest, president of Munich Res North America life, and Kathleen Faries, chief executive officer of Tokio Millenium Re. The Harbourside Chat was one of two events. .. http://www.royalgazette.com/re-insurance/article/20160726/beating-drum-for-female-leadership&source=RSS Tue, 26 Jul 2016 08:00:00 EST http://www.royalgazette.com/re-insurance/article/20160726/beating-drum-for-female-leadership&source=RSS Somers shares climb 5.7 The Royal GazetteBSX Index yesterday closed up 4. 99 points, or 0. 41 per cent, at 1,211. 87. The only trading of the day was 200 shares in Somers Ltd, parent company of Bermuda Commercial Bank, which left the companys price up 75 cents, or 5. 7 per cent, at 13. 75. The BSX Insurance Index ended the day down 0. 47 points, or 0. 03 per. .. http://www.royalgazette.com/bermuda-stock-exchange/article/20160726/somers-shares-climb-57&source=RSS Tue, 26 Jul 2016 19:37:00 EST http://www.royalgazette.com/bermuda-stock-exchange/article/20160726/somers-shares-climb-57&source=RSS Step back and focus on the big picture Contraction. As much as it might seem like a backwards step one sometimes has to contract what they are undertaking in order to create a more focused future. This normally occurs when your life or your business becomes too complicated to maintain your focus, your energy, and any aspect of fun! This stepping back provides much needed. .. http://www.royalgazette.com/booster-shot/article/20160726/step-back-and-focus-on-big-picture&source=RSS Tue, 26 Jul 2016 08:00:00 EST http://www.royalgazette.com/booster-shot/article/20160726/step-back-and-focus-on-big-picture&source=RSS Baking a sweet business success Human resources manager Bianca Harris has turned her love of baking into a business. Now she is set to launch Sugar Shack Cake amp Bake as a full-time operation to supply small bakers and individual customers with baking supplies. Ms Harris, a human resources manager with insurance giant AIG, said she was inspired to start the. .. http://www.royalgazette.com/local-business/article/20160725/baking-sweet-business-success&source=RSS Mon, 25 Jul 2016 08:00:00 EST http://www.royalgazette.com/local-business/article/20160725/baking-sweet-business-success&source=RSS Everest Re beats profit forecasts Bermudian-based reinsurer Everest Re Group Ltds second-quarter net income was 155. 7 million, down from 209. 1 million in the same period last year. However, earnings per diluted common share were 3. 67, easily beating the 2. 85 consensus forecast of analysts tracked by Yahoo Finance. Gross written premiums were 1. 4 billion, up 8. .. http://www.royalgazette.com/re-insurance/article/20160725/everest-re-beats-profit-forecasts&source=RSS Mon, 25 Jul 2016 18:10:00 EST http://www.royalgazette.com/re-insurance/article/20160725/everest-re-beats-profit-forecasts&source=RSS Butterfield profits rise to nearly 30m Butterfield Bank yesterday reported second-quarter profits of 29. 8 million up 6. 5 million on the same period last year. The figures are equivalent to a 27. 7 per cent increase in profit quarter on quarter and diluted earnings per share of 5 cents, up 1 cent on the same quarter last year. Michael Collins, the Butterfield chief. .. http://www.royalgazette.com/business/article/20160725/butterfield-profits-rise-to-nearly-30m&source=RSS Mon, 25 Jul 2016 15:53:00 EST http://www.royalgazette.com/business/article/20160725/butterfield-profits-rise-to-nearly-30m&source=RSS 8.7bn deal reflects confidence in Bermuda A multibillion dollar merger of two freight container companies, resulting in a Bermudian-based holding company, is a clear example of market confidence in Bermuda public companies. Thats the view of Steven Rees Davies, a Bermudian-based partner at law firm Appleby, which acted as an adviser in the 8. 7 billion deal. Appleby was. .. http://www.royalgazette.com/business/article/20160725/87bn-deal-reflects-confidence-in-bermuda&source=RSS Mon, 25 Jul 2016 08:00:00 EST http://www.royalgazette.com/business/article/20160725/87bn-deal-reflects-confidence-in-bermuda&source=RSS XL Group completes redomestication to island Bermuda is officially home for the XL Group Ltd after it completed its redomestication to the island today, a move that was announced at the beginning of the year. The international insurer and reinsurer started operations in Bermuda in the mid-1980s, and has maintained offices on Bermudiana Road. However, its holding company was always. .. http://www.royalgazette.com/re-insurance/article/20160725/xl-group-completes-redomestication-to-island&source=RSS Mon, 25 Jul 2016 13:07:00 EST http://www.royalgazette.com/re-insurance/article/20160725/xl-group-completes-redomestication-to-island&source=RSS Denim Day boosts 10,000 scholarship effort Fundraising efforts by the BFIS Alumni Association over the past year have raised enough money to fund a scholarship worth 10,000. That scholarship has been was awarded to Zoe Wright at the Bermuda Foundation for Insurance Studies awards reception. The associations Denim Day in May proved to be particularly successful, raising. .. http://www.royalgazette.com/re-insurance/article/20160725/denim-day-boosts-10000-scholarship-effort&source=RSS Mon, 25 Jul 2016 11:58:00 EST http://www.royalgazette.com/re-insurance/article/20160725/denim-day-boosts-10000-scholarship-effort&source=RSS Aima network establishes Bermuda committee The Bermuda network of an alternative investment organisation has set up a new executive committee. Craig Bridgewater, managing director at professional-service firm KPMG, has become the first chairman of the island branch of the Alternative Investment Management Association. Aima is a global organisation with a head office in. .. http://www.royalgazette.com/business/article/20160725/aima-network-establishes-bermuda-committee&source=RSS Mon, 25 Jul 2016 08:00:00 EST http://www.royalgazette.com/business/article/20160725/aima-network-establishes-bermuda-committee&source=RSS Butterfield edge up The Royal GazetteBSX Index closed up 4. 50 points, or 0. 37 per cent, at 1,206. 88. The only share to trade was Bank of Butterfield, which was up 1 cent, or 0. 6 per cent, to 1. 66 after 2,000 shares moved. The BSX Insurance Index ended the day up 11. 24 points, or 0. 68 per cent, at 1,662. 14. http://www.royalgazette.com/bermuda-stock-exchange/article/20160725/butterfield-edge-up&source=RSS Mon, 25 Jul 2016 18:22:00 EST http://www.royalgazette.com/bermuda-stock-exchange/article/20160725/butterfield-edge-up&source=RSS BFIS interns present on what they learnt Sixteen Bermuda Foundation for Insurance Studies interns made presentations to more 50 insurance professionals on what they learnt in their taste of the industry this summer. The four teams of university students experienced the insurance markets of Atlanta, Bermuda, Chicago and London. The BFIS intern programmes are short but. .. http://www.royalgazette.com/re-insurance/article/20160725/bfis-interns-present-on-what-they-learnt&source=RSS Mon, 25 Jul 2016 16:06:00 EST http://www.royalgazette.com/re-insurance/article/20160725/bfis-interns-present-on-what-they-learnt&source=RSS Law firm invites students to open house Law firm Conyers Dill amp Pearman is to hold an open house for current and prospective law students. The event will take place at the firms Richmond Road offices, and is designed to promote the profession and let students meet CDP associates and directors. Lisa Spencer-Arscott, head of human resources at the firm, said Were. .. http://www.royalgazette.com/business/article/20160725/law-firm-invites-students-to-open-house&source=RSS Mon, 25 Jul 2016 08:00:00 EST http://www.royalgazette.com/business/article/20160725/law-firm-invites-students-to-open-house&source=RSS Ascendant up for the week The Royal GazetteBSX Index edged down to 1,202. 38 last week, a fall of 0. 41 points, or 0. 03 per cent. Ascendant Group shares were up for the week at 5. 45. A total of 4,326 shares were traded with the price increasing 10 cents, or 1. 9 per cent. KeyTech lost ground, dropping 10 cents, or 3. 3 per cent, to 2. 95 after 2,931 shares. .. http://www.royalgazette.com/bermuda-stock-exchange/article/20160725/ascendant-up-for-week&source=RSS Mon, 25 Jul 2016 08:00:00 EST http://www.royalgazette.com/bermuda-stock-exchange/article/20160725/ascendant-up-for-week&source=RSS