Business http://www.royalgazette.com Business en-us Daughter, 6, took money - what should we do? <img src="/storyimage/RG/20141220/BUSINESS08/141229997/AR/0/AR-141229997.jpg" width="100" align="left" /></a> Dear Dave,I gave my wife 350 for Christmas shopping. While she was at the store with our six-year-old daughter, she cashed her bonus cheque to put with the Christmas money. When she tried to check out, the money was gone. My wife even asked our daughter if she took the money out of mommys purse, and she said no. Later, we found the. .. http://www.royalgazette.com/article/20141220/BUSINESS08/141229997&source=RSS Fri, 19 Dec 2014 23:11:00 GMT http://www.royalgazette.com/article/20141220/BUSINESS08/141229997&source=RSS <img src="/storyimage/RG/20141220/BUSINESS08/141229997/AR/0/AR-141229997.jpg" width="100" align="left" class="main-image" /></a> Dear Dave,I gave my wife 350 for Christmas shopping. While she was at the store with our six-year-old daughter, she cashed her bonus cheque to put with the Christmas money. When she tried to check out, the money was gone. My wife even asked our daughter if she took the money out of mommys purse, and she said no. Later, we found the. .. Quiet day on BSX On a quiet day for The Royal GazetteBSX Index, 44,600 shares were traded, leaving the Index 0. 4 of a point 0. 03 per cent lower at 1,355. 62. Shares in Bermuda Aviation Services edged up five cents two per cent to close at 2. 55, after 5,000 shares were traded. BFampM stock closed at 18, up 40 cents 2. 27 per cent after 4,000. .. http://www.royalgazette.com/article/20141220/BUSINESS06/141229998&source=RSS Fri, 19 Dec 2014 23:11:00 GMT http://www.royalgazette.com/article/20141220/BUSINESS06/141229998&source=RSS On a quiet day for The Royal GazetteBSX Index, 44,600 shares were traded, leaving the Index 0. 4 of a point 0. 03 per cent lower at 1,355. 62. Shares in Bermuda Aviation Services edged up five cents two per cent to close at 2. 55, after 5,000 shares were traded. BFampM stock closed at 18, up 40 cents 2. 27 per cent after 4,000. .. Bermuda closer to Solvency II equivalence <img src="/storyimage/RG/20141219/BUSINESS/141219633/AR/0/AR-141219633.jpg" width="100" align="left" /></a> Bermuda has taken a step closer to getting in line with EU rules on insurance firms capital and solvency. The European Insurance and Occupational Pension Authority EIOPA endorsed key aspects of the Islands insurance and reinsurance regulatory regime with some reservations. The EU Solvency II directive is due to come into force. .. http://www.royalgazette.com/article/20141219/BUSINESS/141219633&source=RSS Fri, 19 Dec 2014 22:37:00 GMT http://www.royalgazette.com/article/20141219/BUSINESS/141219633&source=RSS <img src="/storyimage/RG/20141219/BUSINESS/141219633/AR/0/AR-141219633.jpg" width="100" align="left" class="main-image" /></a> Bermuda has taken a step closer to getting in line with EU rules on insurance firms capital and solvency. The European Insurance and Occupational Pension Authority EIOPA endorsed key aspects of the Islands insurance and reinsurance regulatory regime with some reservations. The EU Solvency II directive is due to come into force. .. Aspen Re renews subsidiary Silverton Re <img src="/storyimage/RG/20141219/BUSINESS04/141219640/AR/0/AR-141219640.jpg" width="100" align="left" /></a> Reinsurance firm Aspen Re has renewed its Silverton Re subsidiary for next year with 85 million in capital. Silverton Re set up to help investors with access to diversified catastrophe risk will be used to write a quota share of Aspen Res catastrophe portfolio. Aspen Re CEO Stephen Postlewhite said Our objective when we. .. http://www.royalgazette.com/article/20141219/BUSINESS04/141219640&source=RSS Fri, 19 Dec 2014 19:12:00 GMT http://www.royalgazette.com/article/20141219/BUSINESS04/141219640&source=RSS <img src="/storyimage/RG/20141219/BUSINESS04/141219640/AR/0/AR-141219640.jpg" width="100" align="left" class="main-image" /></a> Reinsurance firm Aspen Re has renewed its Silverton Re subsidiary for next year with 85 million in capital. Silverton Re set up to help investors with access to diversified catastrophe risk will be used to write a quota share of Aspen Res catastrophe portfolio. Aspen Re CEO Stephen Postlewhite said Our objective when we. .. BSX will close for festive holidays <img src="/storyimage/RG/20141219/BUSINESS06/141219642/AR/0/AR-141219642.jpg" width="100" align="left" /></a> The Bermuda Stock Exchange BSX will shut up shop for Christmas at 2pm on Wednesday, Christmas Eve. The BSX will be closed on Christmas Day and Boxing Day and reopen for business on Monday, December 29. The exchange will also be closed on New Years Day and be open for business again on Friday, January 2. http://www.royalgazette.com/article/20141219/BUSINESS06/141219642&source=RSS Fri, 19 Dec 2014 18:13:00 GMT http://www.royalgazette.com/article/20141219/BUSINESS06/141219642&source=RSS <img src="/storyimage/RG/20141219/BUSINESS06/141219642/AR/0/AR-141219642.jpg" width="100" align="left" class="main-image" /></a> The Bermuda Stock Exchange BSX will shut up shop for Christmas at 2pm on Wednesday, Christmas Eve. The BSX will be closed on Christmas Day and Boxing Day and reopen for business on Monday, December 29. The exchange will also be closed on New Years Day and be open for business again on Friday, January 2. AM Best affirms Tokios financial strength <img src="/storyimage/RG/20141219/BUSINESS04/141219646/AR/0/AR-141219646.jpg" width="100" align="left" /></a> Ratings firm AM Best has given its seal of approval to Tokio Millennium Re TMR. AM Best has affirmed Tokios financial strength at A superior and issuer credit rating at aa with a stable outlook on both. The ratings agency said The ratings reflect TMRs superior financial strength, its solid risk management, favourable. .. http://www.royalgazette.com/article/20141219/BUSINESS04/141219646&source=RSS Fri, 19 Dec 2014 16:02:00 GMT http://www.royalgazette.com/article/20141219/BUSINESS04/141219646&source=RSS <img src="/storyimage/RG/20141219/BUSINESS04/141219646/AR/0/AR-141219646.jpg" width="100" align="left" class="main-image" /></a> Ratings firm AM Best has given its seal of approval to Tokio Millennium Re TMR. AM Best has affirmed Tokios financial strength at A superior and issuer credit rating at aa with a stable outlook on both. The ratings agency said The ratings reflect TMRs superior financial strength, its solid risk management, favourable. .. Swiss Re Global catastrophe losses below normal <img src="/storyimage/RG/20141219/BUSINESS04/141219672/AR/0/AR-141219672.jpg" width="100" align="left" /></a> Global reinsurer Swiss Re has estimated that the insurance industry was hit by 34 billion in catastrophe losses in 2014 a lower-than-normal tally in recent years and 11 billion less than in 2013. The Zurich-based company said its preliminary estimates suggested total economic losses of 113 billion, of which just over a third were. .. http://www.royalgazette.com/article/20141219/BUSINESS04/141219672&source=RSS Thu, 18 Dec 2014 23:46:00 GMT http://www.royalgazette.com/article/20141219/BUSINESS04/141219672&source=RSS <img src="/storyimage/RG/20141219/BUSINESS04/141219672/AR/0/AR-141219672.jpg" width="100" align="left" class="main-image" /></a> Global reinsurer Swiss Re has estimated that the insurance industry was hit by 34 billion in catastrophe losses in 2014 a lower-than-normal tally in recent years and 11 billion less than in 2013. The Zurich-based company said its preliminary estimates suggested total economic losses of 113 billion, of which just over a third were. .. BIAS receives double accolade <img src="/storyimage/RG/20141219/BUSINESS/141219673/AR/0/AR-141219673.jpg" width="100" align="left" /></a> Bermuda Investment Advisory Services Ltd BIAS has received a double accolade from magazines covering the financial services industry. Captive Review magazine awarded BIAS the US Captive Services Award 2014 for Innovation in Investment Management. Selection criteria included innovation excellence in investment strategy, unique solutions. .. http://www.royalgazette.com/article/20141219/BUSINESS/141219673&source=RSS Thu, 18 Dec 2014 23:45:00 GMT http://www.royalgazette.com/article/20141219/BUSINESS/141219673&source=RSS <img src="/storyimage/RG/20141219/BUSINESS/141219673/AR/0/AR-141219673.jpg" width="100" align="left" class="main-image" /></a> Bermuda Investment Advisory Services Ltd BIAS has received a double accolade from magazines covering the financial services industry. Captive Review magazine awarded BIAS the US Captive Services Award 2014 for Innovation in Investment Management. Selection criteria included innovation excellence in investment strategy, unique solutions. .. Third Point Re to wind down cat fund <img src="/storyimage/RG/20141219/BUSINESS04/141219674/AR/0/AR-141219674.jpg" width="100" align="left" /></a> Third Point Reinsurance Ltd is winding down its catastrophe reinsurance fund and diverting resources to Hiscoxs Kiskadee insurance-linked securities ILS platform, in changes announced to the relationship between the two Bermuda firms. Third Point Re, backed by Daniel Loebs Third Point hedge fund, teamed up with fellow Bermuda-based. .. http://www.royalgazette.com/article/20141219/BUSINESS04/141219674&source=RSS Thu, 18 Dec 2014 23:44:00 GMT http://www.royalgazette.com/article/20141219/BUSINESS04/141219674&source=RSS <img src="/storyimage/RG/20141219/BUSINESS04/141219674/AR/0/AR-141219674.jpg" width="100" align="left" class="main-image" /></a> Third Point Reinsurance Ltd is winding down its catastrophe reinsurance fund and diverting resources to Hiscoxs Kiskadee insurance-linked securities ILS platform, in changes announced to the relationship between the two Bermuda firms. Third Point Re, backed by Daniel Loebs Third Point hedge fund, teamed up with fellow Bermuda-based. .. Ace CEO US Congress irresponsible over TRIA <img src="/storyimage/RG/20141219/BUSINESS04/141219675/AR/0/AR-141219675.jpg" width="100" align="left" /></a> Ace Ltd chief executive officer Evan Greenberg has described the US Congress as irresponsible for adjourning without renewing a US Government programme to backstop terrorism insurance losses. TRIA the Terrorism Risk Insurance Act is due to expire on December 31, after the US Senate failed to pass legislation to extend it for six. .. http://www.royalgazette.com/article/20141219/BUSINESS04/141219675&source=RSS Thu, 18 Dec 2014 23:44:00 GMT http://www.royalgazette.com/article/20141219/BUSINESS04/141219675&source=RSS <img src="/storyimage/RG/20141219/BUSINESS04/141219675/AR/0/AR-141219675.jpg" width="100" align="left" class="main-image" /></a> Ace Ltd chief executive officer Evan Greenberg has described the US Congress as irresponsible for adjourning without renewing a US Government programme to backstop terrorism insurance losses. TRIA the Terrorism Risk Insurance Act is due to expire on December 31, after the US Senate failed to pass legislation to extend it for six. .. Bacardi gives cautious welcome to US-Cuba thaw <img src="/storyimage/RG/20141219/BUSINESS02/141219676/AR/0/AR-141219676.jpg" width="100" align="left" /></a> Beverage giant Bacardi has given a cautious welcome to the normalisation of diplomatic relations between the US and Cuba but played a straight bat to the question of whether it would consider moving its headquarters from Bermuda to the Caribbean island. The Bacardi family that owns the company fled Cuba in 1959 in the wake of Fidel. .. http://www.royalgazette.com/article/20141219/BUSINESS02/141219676&source=RSS Thu, 18 Dec 2014 23:43:00 GMT http://www.royalgazette.com/article/20141219/BUSINESS02/141219676&source=RSS <img src="/storyimage/RG/20141219/BUSINESS02/141219676/AR/0/AR-141219676.jpg" width="100" align="left" class="main-image" /></a> Beverage giant Bacardi has given a cautious welcome to the normalisation of diplomatic relations between the US and Cuba but played a straight bat to the question of whether it would consider moving its headquarters from Bermuda to the Caribbean island. The Bacardi family that owns the company fled Cuba in 1959 in the wake of Fidel. .. Private jet revenue expected to soar <img src="/storyimage/RG/20141219/BUSINESS/141219677/AR/0/AR-141219677.jpg" width="100" align="left" /></a> Private air travel boosted Bermudas income by more than 50 million in just six months last year, according to a jet-setters magazine. The Island came seventh in the top ten Caribbean area airports for private jet arrivals in a survey by Elite Traveler. Bermuda pulled in the cash from 726 private jet arrivals to the LF Wade. .. http://www.royalgazette.com/article/20141219/BUSINESS/141219677&source=RSS Thu, 18 Dec 2014 23:41:00 GMT http://www.royalgazette.com/article/20141219/BUSINESS/141219677&source=RSS <img src="/storyimage/RG/20141219/BUSINESS/141219677/AR/0/AR-141219677.jpg" width="100" align="left" class="main-image" /></a> Private air travel boosted Bermudas income by more than 50 million in just six months last year, according to a jet-setters magazine. The Island came seventh in the top ten Caribbean area airports for private jet arrivals in a survey by Elite Traveler. Bermuda pulled in the cash from 726 private jet arrivals to the LF Wade. .. Sun Life plans 30 new jobs over two years <img src="/storyimage/RG/20141219/BUSINESS02/141219678/AR/0/AR-141219678.jpg" width="100" align="left" /></a> Financial services firm Sun Life is planning to more than double its staff on the Island over the next few years. And the Canadian-founded firms international arm aims to boost the number of Bermudians in top jobs with an international training programme. The firms international office already has plans to boost staff numbers from. .. http://www.royalgazette.com/article/20141219/BUSINESS02/141219678&source=RSS Thu, 18 Dec 2014 23:40:00 GMT http://www.royalgazette.com/article/20141219/BUSINESS02/141219678&source=RSS <img src="/storyimage/RG/20141219/BUSINESS02/141219678/AR/0/AR-141219678.jpg" width="100" align="left" class="main-image" /></a> Financial services firm Sun Life is planning to more than double its staff on the Island over the next few years. And the Canadian-founded firms international arm aims to boost the number of Bermudians in top jobs with an international training programme. The firms international office already has plans to boost staff numbers from. .. BSX Index edges up A total of 34,900 shares valued at 112,000 sold yesterday on The Royal GazetteBSX. Bank of Butterfield saw 26,000 shares sold, leaving its closing price unchanged at 1. 99. The Ascendant Group, which includes power firm Belco, saw 7,900 shares sold, leaving it 40 cents up on the day eight per cent at 5. 40 per share. And. .. http://www.royalgazette.com/article/20141219/BUSINESS06/141219679&source=RSS Thu, 18 Dec 2014 22:36:00 GMT http://www.royalgazette.com/article/20141219/BUSINESS06/141219679&source=RSS A total of 34,900 shares valued at 112,000 sold yesterday on The Royal GazetteBSX. Bank of Butterfield saw 26,000 shares sold, leaving its closing price unchanged at 1. 99. The Ascendant Group, which includes power firm Belco, saw 7,900 shares sold, leaving it 40 cents up on the day eight per cent at 5. 40 per share. And. .. Sun Life announces new jobs, expansion in Bermuda <img src="/storyimage/RG/20141218/BUSINESS/141219696/AR/0/AR-141219696.jpg" width="100" align="left" /></a> Sun Life Financial International today announced plans to hire more Bermudians and accelerate expansion in its Bermuda operation. Top executives with the company are meeting with the Premier Michael Dunkley this week for discussions on the moves. The Bermuda office of the financial services organisation has been adding to its. .. http://www.royalgazette.com/article/20141218/BUSINESS/141219696&source=RSS Thu, 18 Dec 2014 17:32:00 GMT http://www.royalgazette.com/article/20141218/BUSINESS/141219696&source=RSS <img src="/storyimage/RG/20141218/BUSINESS/141219696/AR/0/AR-141219696.jpg" width="100" align="left" class="main-image" /></a> Sun Life Financial International today announced plans to hire more Bermudians and accelerate expansion in its Bermuda operation. Top executives with the company are meeting with the Premier Michael Dunkley this week for discussions on the moves. The Bermuda office of the financial services organisation has been adding to its. ..