Business http://www.royalgazette.com Business en-us Ace buys Chubb for 28 billion <img src="/storyimage/RG/20150701/BUSINESS/150709970/AR/0/AR-150709970.jpg" width="100" align="left" /></a> Insurance firm Ace has agreed to buy out a major US-based insurer in a 28. 3 billion deal. The move means Ace, which has an office in Bermuda, will have a 70 per cent stake in New Jersey-based Chubb after the deal closes. The new firm will use the Chubb name ending the Ace brand. The acquisition will position Ace to to. .. http://www.royalgazette.com/article/20150701/BUSINESS/150709970&source=RSS Wed, 01 Jul 2015 23:30:00 GMT http://www.royalgazette.com/article/20150701/BUSINESS/150709970&source=RSS <img src="/storyimage/RG/20150701/BUSINESS/150709970/AR/0/AR-150709970.jpg" width="100" align="left" class="main-image" /></a> Insurance firm Ace has agreed to buy out a major US-based insurer in a 28. 3 billion deal. The move means Ace, which has an office in Bermuda, will have a 70 per cent stake in New Jersey-based Chubb after the deal closes. The new firm will use the Chubb name ending the Ace brand. The acquisition will position Ace to to. .. Butterfield shares traded A total of 13,500 shares in the Bank of Butterfield changed hands on The Royal GazetteBSX. The trade left the banks price unchanged at 1. 65. The Royal GazetteBSX also closed unchanged at 1,193. 97. The BSX Insurance Index was up 26. 24 points 1. 68 per cent at 1,586. 70. http://www.royalgazette.com/article/20150701/BUSINESS06/150709962&source=RSS Wed, 01 Jul 2015 22:41:00 GMT http://www.royalgazette.com/article/20150701/BUSINESS06/150709962&source=RSS A total of 13,500 shares in the Bank of Butterfield changed hands on The Royal GazetteBSX. The trade left the banks price unchanged at 1. 65. The Royal GazetteBSX also closed unchanged at 1,193. 97. The BSX Insurance Index was up 26. 24 points 1. 68 per cent at 1,586. 70. Meritus nominated for award <img src="/storyimage/RG/20150701/BUSINESS02/150709965/AR/0/AR-150709965.jpg" width="100" align="left" /></a> Bermuda-based Meritus Trust Company Ltd has been shortlisted for the Independent Trust Company of the Year category of the 20152016 Society of Trusts and Estate Practitioners STEP Private Client Awards. STEP is the leading worldwide professional body for practitioners in the fields of trusts, estates and related services. The STEP. .. http://www.royalgazette.com/article/20150701/BUSINESS02/150709965&source=RSS Wed, 01 Jul 2015 18:21:00 GMT http://www.royalgazette.com/article/20150701/BUSINESS02/150709965&source=RSS <img src="/storyimage/RG/20150701/BUSINESS02/150709965/AR/0/AR-150709965.jpg" width="100" align="left" class="main-image" /></a> Bermuda-based Meritus Trust Company Ltd has been shortlisted for the Independent Trust Company of the Year category of the 20152016 Society of Trusts and Estate Practitioners STEP Private Client Awards. STEP is the leading worldwide professional body for practitioners in the fields of trusts, estates and related services. The STEP. .. Update Public debt on a personal level <img src="/storyimage/RG/20150701/BUSINESS/150709994/AR/0/AR-150709994.jpg" width="100" align="left" /></a> Just three months into Governments fiscal year, the costs of servicing the enormous public debt have totted up to more than 840 per Bermudian man, woman and child. The figure is calculated by dividing Governments total debt servicing costs equally over 12 months of the fiscal year and dividing again by the number of Bermudians identified in. .. http://www.royalgazette.com/article/20150701/BUSINESS/150709994&source=RSS Tue, 30 Jun 2015 23:33:00 GMT http://www.royalgazette.com/article/20150701/BUSINESS/150709994&source=RSS <img src="/storyimage/RG/20150701/BUSINESS/150709994/AR/0/AR-150709994.jpg" width="100" align="left" class="main-image" /></a> Just three months into Governments fiscal year, the costs of servicing the enormous public debt have totted up to more than 840 per Bermudian man, woman and child. The figure is calculated by dividing Governments total debt servicing costs equally over 12 months of the fiscal year and dividing again by the number of Bermudians identified in. .. Ace Foundation awards scholarships <img src="/storyimage/RG/20150701/BUSINESS/150709995/AR/0/AR-150709995.jpg" width="100" align="left" /></a> Two Bermudian students yesterday received scholarships in an awards ceremony hosted by the Ace Foundation Bermuda. Jacqueline Riley Correia was unveiled as the 2015 Robert ClementsAce Scholar, while Shannon Davis was the 2015 ACEBermuda College Education Award recipient. Ms Correia, graduate of the Saltus Grammar School, will be. .. http://www.royalgazette.com/article/20150701/BUSINESS/150709995&source=RSS Tue, 30 Jun 2015 23:32:00 GMT http://www.royalgazette.com/article/20150701/BUSINESS/150709995&source=RSS <img src="/storyimage/RG/20150701/BUSINESS/150709995/AR/0/AR-150709995.jpg" width="100" align="left" class="main-image" /></a> Two Bermudian students yesterday received scholarships in an awards ceremony hosted by the Ace Foundation Bermuda. Jacqueline Riley Correia was unveiled as the 2015 Robert ClementsAce Scholar, while Shannon Davis was the 2015 ACEBermuda College Education Award recipient. Ms Correia, graduate of the Saltus Grammar School, will be. .. Tucker retires after nearly 40 years with EY <img src="/storyimage/RG/20150701/BUSINESS02/150709996/AR/0/AR-150709996.jpg" width="100" align="left" /></a> The chairman of Bermuda professional services firm EY stepped down yesterday after nearly 40 years with the company. The firm said Gil Tucker, made chairman last year after seven years as managing partner, had decided to retire. Now EY has announced a special scholarship in his name. Pete Cangany, EYs Bermuda senior partner,. .. http://www.royalgazette.com/article/20150701/BUSINESS02/150709996&source=RSS Tue, 30 Jun 2015 23:32:00 GMT http://www.royalgazette.com/article/20150701/BUSINESS02/150709996&source=RSS <img src="/storyimage/RG/20150701/BUSINESS02/150709996/AR/0/AR-150709996.jpg" width="100" align="left" class="main-image" /></a> The chairman of Bermuda professional services firm EY stepped down yesterday after nearly 40 years with the company. The firm said Gil Tucker, made chairman last year after seven years as managing partner, had decided to retire. Now EY has announced a special scholarship in his name. Pete Cangany, EYs Bermuda senior partner,. .. Clothes alteration business booming for Hill <img src="/storyimage/RG/20150701/BUSINESS03/150709997/AR/0/AR-150709997.jpg" width="100" align="left" /></a> Designer Rene Hill has stitched up a major cut of the market in clothes alterations. Now shes had to take a studio space in Hamilton and leave her job as in-house tailor at a Hamilton clothes store last month to cope with demand. She has also had to hire an assistant to deal with the demand for her expert services. Ms Hill. .. http://www.royalgazette.com/article/20150701/BUSINESS03/150709997&source=RSS Tue, 30 Jun 2015 23:29:00 GMT http://www.royalgazette.com/article/20150701/BUSINESS03/150709997&source=RSS <img src="/storyimage/RG/20150701/BUSINESS03/150709997/AR/0/AR-150709997.jpg" width="100" align="left" class="main-image" /></a> Designer Rene Hill has stitched up a major cut of the market in clothes alterations. Now shes had to take a studio space in Hamilton and leave her job as in-house tailor at a Hamilton clothes store last month to cope with demand. She has also had to hire an assistant to deal with the demand for her expert services. Ms Hill. .. Glaze to open new eatery <img src="/storyimage/RG/20150701/BUSINESS03/150709998/AR/0/AR-150709998.jpg" width="100" align="left" /></a> Bakery firm Glaze is set to turn up the heat in Devonshire with a drive-through option and longer hours. For the firm which opened its first store in Hamilton less than a year ago has applied for planning permission to turn the former Howards mini-mart into a second branch. Glaze owner Marico Thomas, who operates the. .. http://www.royalgazette.com/article/20150701/BUSINESS03/150709998&source=RSS Tue, 30 Jun 2015 23:28:00 GMT http://www.royalgazette.com/article/20150701/BUSINESS03/150709998&source=RSS <img src="/storyimage/RG/20150701/BUSINESS03/150709998/AR/0/AR-150709998.jpg" width="100" align="left" class="main-image" /></a> Bakery firm Glaze is set to turn up the heat in Devonshire with a drive-through option and longer hours. For the firm which opened its first store in Hamilton less than a year ago has applied for planning permission to turn the former Howards mini-mart into a second branch. Glaze owner Marico Thomas, who operates the. .. Willis and Towers Watson to merge <img src="/storyimage/RG/20150630/BUSINESS04/150639967/AR/0/AR-150639967.jpg" width="100" align="left" /></a> Two firms with a Bermuda presence are to merge in an 8. 7 billion deal. Insurance and reinsurance broker Willis Group Holdings is to join forces in an all-stock transaction with professional services firm Towers Watson to add consulting operations and position itself to take on bigger US rivals. The new company will be based in. .. http://www.royalgazette.com/article/20150630/BUSINESS04/150639967&source=RSS Tue, 30 Jun 2015 23:28:00 GMT http://www.royalgazette.com/article/20150630/BUSINESS04/150639967&source=RSS <img src="/storyimage/RG/20150630/BUSINESS04/150639967/AR/0/AR-150639967.jpg" width="100" align="left" class="main-image" /></a> Two firms with a Bermuda presence are to merge in an 8. 7 billion deal. Insurance and reinsurance broker Willis Group Holdings is to join forces in an all-stock transaction with professional services firm Towers Watson to add consulting operations and position itself to take on bigger US rivals. The new company will be based in. .. Argus climbs 2.7 A total of 2,000 shares in insurance group Argus today changed hands on the Bermuda Stock Exchange. The trade left the firms price up ten cents, or 2. 7 per cent, at 3. 80. The Royal GazetteBSX Index closed up 1. 99 points 0. 17 per cent at 1,193. 97. The BSX Insurance Index was also up, by 4. 35 points 0. 29 per cent at. .. http://www.royalgazette.com/article/20150630/BUSINESS06/150639960&source=RSS Tue, 30 Jun 2015 22:31:00 GMT http://www.royalgazette.com/article/20150630/BUSINESS06/150639960&source=RSS A total of 2,000 shares in insurance group Argus today changed hands on the Bermuda Stock Exchange. The trade left the firms price up ten cents, or 2. 7 per cent, at 3. 80. The Royal GazetteBSX Index closed up 1. 99 points 0. 17 per cent at 1,193. 97. The BSX Insurance Index was also up, by 4. 35 points 0. 29 per cent at. .. Bermuda firm reveals 2bn green power plan <img src="/storyimage/RG/20150630/BUSINESS/150639995/AR/0/AR-150639995.jpg" width="100" align="left" /></a> A Bermuda company has a 2 billion plan to lead the Island to energy independence within ten years. The ambitious project, which aims to give the Island an electricity supply fuelled entirely by renewable sources, has been in the works for two years. Urban Maximum Industries UMI, headed by founder Craig Looby, is spearheading the. .. http://www.royalgazette.com/article/20150630/BUSINESS/150639995&source=RSS Mon, 29 Jun 2015 23:37:00 GMT http://www.royalgazette.com/article/20150630/BUSINESS/150639995&source=RSS <img src="/storyimage/RG/20150630/BUSINESS/150639995/AR/0/AR-150639995.jpg" width="100" align="left" class="main-image" /></a> A Bermuda company has a 2 billion plan to lead the Island to energy independence within ten years. The ambitious project, which aims to give the Island an electricity supply fuelled entirely by renewable sources, has been in the works for two years. Urban Maximum Industries UMI, headed by founder Craig Looby, is spearheading the. .. New party store brightens up King Street <img src="/storyimage/RG/20150630/BUSINESS03/150639996/AR/0/AR-150639996.jpg" width="100" align="left" /></a> With its brightly coloured shop front it is virtually impossible to miss the new party supplies store B4 The Party on King Street and that is precisely the effect owner Shadai Simmons wanted to create. The bold, multicoloured stripes on the outside wall were the first sign that something new was coming to the east end of Hamilton, and. .. http://www.royalgazette.com/article/20150630/BUSINESS03/150639996&source=RSS Mon, 29 Jun 2015 23:37:00 GMT http://www.royalgazette.com/article/20150630/BUSINESS03/150639996&source=RSS <img src="/storyimage/RG/20150630/BUSINESS03/150639996/AR/0/AR-150639996.jpg" width="100" align="left" class="main-image" /></a> With its brightly coloured shop front it is virtually impossible to miss the new party supplies store B4 The Party on King Street and that is precisely the effect owner Shadai Simmons wanted to create. The bold, multicoloured stripes on the outside wall were the first sign that something new was coming to the east end of Hamilton, and. .. Assured shares plunge 13 <img src="/storyimage/RG/20150630/BUSINESS/150639997/AR/0/AR-150639997.jpg" width="100" align="left" /></a> Shares of Bermuda-based bond insurer Assured Guaranty plunged more than 13 per cent in New York trading yesterday after Puerto Ricos Governor described the islands 72 billion debt as unpayable. Assured had 4. 9 billion of par exposure to Puerto Rico and its agencies as of March 31, according to a regulatory filing. Governor. .. http://www.royalgazette.com/article/20150630/BUSINESS/150639997&source=RSS Mon, 29 Jun 2015 23:36:00 GMT http://www.royalgazette.com/article/20150630/BUSINESS/150639997&source=RSS <img src="/storyimage/RG/20150630/BUSINESS/150639997/AR/0/AR-150639997.jpg" width="100" align="left" class="main-image" /></a> Shares of Bermuda-based bond insurer Assured Guaranty plunged more than 13 per cent in New York trading yesterday after Puerto Ricos Governor described the islands 72 billion debt as unpayable. Assured had 4. 9 billion of par exposure to Puerto Rico and its agencies as of March 31, according to a regulatory filing. Governor. .. Slow and steady retirement strategy is a winner <img src="/storyimage/RG/20150630/BUSINESS/150639998/AR/0/AR-150639998.jpg" width="100" align="left" /></a> Most of us have heard of the famous Aesop fable, The Tortoise and The Hare. The boastful hare always bragged how fast he was, until one day a tortoise, tired of hearing the hare boast, challenged him to a race. The hare, thinking he had things under control and would never lose a race to a slow tortoise, decided he had plenty of. .. http://www.royalgazette.com/article/20150630/BUSINESS/150639998&source=RSS Mon, 29 Jun 2015 23:16:00 GMT http://www.royalgazette.com/article/20150630/BUSINESS/150639998&source=RSS <img src="/storyimage/RG/20150630/BUSINESS/150639998/AR/0/AR-150639998.jpg" width="100" align="left" class="main-image" /></a> Most of us have heard of the famous Aesop fable, The Tortoise and The Hare. The boastful hare always bragged how fast he was, until one day a tortoise, tired of hearing the hare boast, challenged him to a race. The hare, thinking he had things under control and would never lose a race to a slow tortoise, decided he had plenty of. .. Davidson and Rogers join OBM International <img src="/storyimage/RG/20150629/BUSINESS03/150629670/AR/0/AR-150629670.jpg" width="100" align="left" /></a> A Bermudian landscape architect has signed up with the Island-based arm of an international firm. Jennifer Davidson switched from a career in business and banking to study landscape architecture at the University of Cape Town in South Africa. She has now joined Hamilton-based architectural firm OBM International. I believe. .. http://www.royalgazette.com/article/20150629/BUSINESS03/150629670&source=RSS Tue, 30 Jun 2015 15:03:00 GMT http://www.royalgazette.com/article/20150629/BUSINESS03/150629670&source=RSS <img src="/storyimage/RG/20150629/BUSINESS03/150629670/AR/0/AR-150629670.jpg" width="100" align="left" class="main-image" /></a> A Bermudian landscape architect has signed up with the Island-based arm of an international firm. Jennifer Davidson switched from a career in business and banking to study landscape architecture at the University of Cape Town in South Africa. She has now joined Hamilton-based architectural firm OBM International. I believe. ..