Business http://www.royalgazette.com Business en-us BSX holds steady The Royal GazetteBermuda Stock Exchange Index was unchanged today as only Butterfield Bank and Argus Group Holdings Ltd traded. Butterfield remained on 1. 99 as 20,000 shares traded. Argus remained at 4. 83 as 1,000 shares changed hands. The Index closed unchanged on 1,416. 87. Turnover was 44,762. The BSX Insurance Index. .. http://www.royalgazette.com/article/20140416/BUSINESS06/140419773&source=RSS Wed, 16 Apr 2014 22:07:00 GMT http://www.royalgazette.com/article/20140416/BUSINESS06/140419773&source=RSS The Royal GazetteBermuda Stock Exchange Index was unchanged today as only Butterfield Bank and Argus Group Holdings Ltd traded. Butterfield remained on 1. 99 as 20,000 shares traded. Argus remained at 4. 83 as 1,000 shares changed hands. The Index closed unchanged on 1,416. 87. Turnover was 44,762. The BSX Insurance Index. .. Lancashire CEO Brindle announces retirement <img src="/storyimage/RG/20140416/BUSINESS04/140419779/AR/0/AR-140419779.jpg" width="100" align="left" /></a> Lancashire Holdings Ltds founder and chief executive officer Richard Brindle is to retire from the company at the end of this month. The Class of 2005 Bermuda start-up reinsurer announced today that Mr Brindle would retire from the Group and as a director with effect from the forthcoming annual general meeting on April 30. Alex. .. http://www.royalgazette.com/article/20140416/BUSINESS04/140419779&source=RSS Wed, 16 Apr 2014 21:14:00 GMT http://www.royalgazette.com/article/20140416/BUSINESS04/140419779&source=RSS <img src="/storyimage/RG/20140416/BUSINESS04/140419779/AR/0/AR-140419779.jpg" width="100" align="left" class="main-image" /></a> Lancashire Holdings Ltds founder and chief executive officer Richard Brindle is to retire from the company at the end of this month. The Class of 2005 Bermuda start-up reinsurer announced today that Mr Brindle would retire from the Group and as a director with effect from the forthcoming annual general meeting on April 30. Alex. .. US firm buys 37.5 stake in BSX <img src="/storyimage/RG/20140416/BUSINESS06/140419781/AR/0/AR-140419781.jpg" width="100" align="left" /></a> US investment advisory company FRMO Corporation has bought a 37. 5 percent stake in the Bermuda Stock Exchange. The Elmsford, New York-based company becomes the biggest shareholder in the BSX and its chairman Murray Stahl will be joining the BSX board of directors, the BSX said in a statement released today. Mr Stahl is also chairman. .. http://www.royalgazette.com/article/20140416/BUSINESS06/140419781&source=RSS Wed, 16 Apr 2014 19:41:00 GMT http://www.royalgazette.com/article/20140416/BUSINESS06/140419781&source=RSS <img src="/storyimage/RG/20140416/BUSINESS06/140419781/AR/0/AR-140419781.jpg" width="100" align="left" class="main-image" /></a> US investment advisory company FRMO Corporation has bought a 37. 5 percent stake in the Bermuda Stock Exchange. The Elmsford, New York-based company becomes the biggest shareholder in the BSX and its chairman Murray Stahl will be joining the BSX board of directors, the BSX said in a statement released today. Mr Stahl is also chairman. .. EY names Cangany as Bermuda senior partner <img src="/storyimage/RG/20140416/BUSINESS02/140419783/AR/0/AR-140419783.jpg" width="100" align="left" /></a> Pete Cangany has been promoted to Ernst amp Young Ltds senior partner in Bermuda, replacing Gil Tucker who will move into the role of chairman. The leadership changes will take effect on July 1. Since January 2013, Mr Cangany has served as insurance leader for the EY Bahamas, Bermuda, British Virgin Islands and Cayman Islands. .. http://www.royalgazette.com/article/20140416/BUSINESS02/140419783&source=RSS Wed, 16 Apr 2014 18:31:00 GMT http://www.royalgazette.com/article/20140416/BUSINESS02/140419783&source=RSS <img src="/storyimage/RG/20140416/BUSINESS02/140419783/AR/0/AR-140419783.jpg" width="100" align="left" class="main-image" /></a> Pete Cangany has been promoted to Ernst amp Young Ltds senior partner in Bermuda, replacing Gil Tucker who will move into the role of chairman. The leadership changes will take effect on July 1. Since January 2013, Mr Cangany has served as insurance leader for the EY Bahamas, Bermuda, British Virgin Islands and Cayman Islands. .. Willis placed liability cover on South Korean Ferry report In a breaking news alert, The Insurance Insider are reporting that Willis Singapore brokered a 100 million passenger liability cover that will respond to the loss of the South Korean ferry that sank earlier today with more than 450 passengers on board. The London-based publication stated that marine sources have said it was likely that. .. http://www.royalgazette.com/article/20140416/BUSINESS/140419789&source=RSS Wed, 16 Apr 2014 17:11:00 GMT http://www.royalgazette.com/article/20140416/BUSINESS/140419789&source=RSS In a breaking news alert, The Insurance Insider are reporting that Willis Singapore brokered a 100 million passenger liability cover that will respond to the loss of the South Korean ferry that sank earlier today with more than 450 passengers on board. The London-based publication stated that marine sources have said it was likely that. .. Retail sales rise for fourth month in five <img src="/storyimage/RG/20140416/BUSINESS03/140419784/AR/0/AR-140419784.jpg" width="100" align="left" /></a> Retail sales rose for the fourth month in five in February, raising hopes of better times ahead for Bermuda stores. Total retail sales in February 2014 climbed 1. 4 percent, according to the Department of Statistics Retail Sales Index, released today. Retail sales volume, which accounts for the one percent rate of inflation in. .. http://www.royalgazette.com/article/20140416/BUSINESS03/140419784&source=RSS Wed, 16 Apr 2014 16:38:00 GMT http://www.royalgazette.com/article/20140416/BUSINESS03/140419784&source=RSS <img src="/storyimage/RG/20140416/BUSINESS03/140419784/AR/0/AR-140419784.jpg" width="100" align="left" class="main-image" /></a> Retail sales rose for the fourth month in five in February, raising hopes of better times ahead for Bermuda stores. Total retail sales in February 2014 climbed 1. 4 percent, according to the Department of Statistics Retail Sales Index, released today. Retail sales volume, which accounts for the one percent rate of inflation in. .. TBi offers unlimited local calls <img src="/storyimage/RG/20140416/BUSINESS03/140419786/AR/0/AR-140419786.jpg" width="100" align="left" /></a> TBi TeleBermuda International is offering unlimited local calls to mobile and fixed numbers via a phone that works through the internet as part of an internet and phone bundle. Todays announcement marks the latest salvo in the battle for market share since deregulation of the telecommunications industry lifted restrictions and allowed. .. http://www.royalgazette.com/article/20140416/BUSINESS03/140419786&source=RSS Wed, 16 Apr 2014 15:53:00 GMT http://www.royalgazette.com/article/20140416/BUSINESS03/140419786&source=RSS <img src="/storyimage/RG/20140416/BUSINESS03/140419786/AR/0/AR-140419786.jpg" width="100" align="left" class="main-image" /></a> TBi TeleBermuda International is offering unlimited local calls to mobile and fixed numbers via a phone that works through the internet as part of an internet and phone bundle. Todays announcement marks the latest salvo in the battle for market share since deregulation of the telecommunications industry lifted restrictions and allowed. .. Texas issues first captive insurance licences AUSTIN, Texas Bests News Service The Texas Department of Insurance has issued its first three licences to captive insurers one that formed in the state and two that redomesticated from outside Texas since the state became a captive domicile in 2013. The department approved a licence application submitted by Commerce Way Insurance. .. http://www.royalgazette.com/article/20140416/BUSINESS04/140419805&source=RSS Tue, 15 Apr 2014 23:20:00 GMT http://www.royalgazette.com/article/20140416/BUSINESS04/140419805&source=RSS AUSTIN, Texas Bests News Service The Texas Department of Insurance has issued its first three licences to captive insurers one that formed in the state and two that redomesticated from outside Texas since the state became a captive domicile in 2013. The department approved a licence application submitted by Commerce Way Insurance. .. Argo hires former Endurance executive Elia <img src="/storyimage/RG/20140416/BUSINESS04/140419806/AR/0/AR-140419806.jpg" width="100" align="left" /></a> Bermuda reinsurer Argo Group International Holdings Ltd has hired Kurt Elia as senior vice-president and chief human resources officer. Previously, Mr Elia led the global human resources function at another Bermuda reinsurer, Endurance Specialty, after serving in senior human resources positions at Citigroup, Capital One and IBM. http://www.royalgazette.com/article/20140416/BUSINESS04/140419806&source=RSS Tue, 15 Apr 2014 23:19:00 GMT http://www.royalgazette.com/article/20140416/BUSINESS04/140419806&source=RSS <img src="/storyimage/RG/20140416/BUSINESS04/140419806/AR/0/AR-140419806.jpg" width="100" align="left" class="main-image" /></a> Bermuda reinsurer Argo Group International Holdings Ltd has hired Kurt Elia as senior vice-president and chief human resources officer. Previously, Mr Elia led the global human resources function at another Bermuda reinsurer, Endurance Specialty, after serving in senior human resources positions at Citigroup, Capital One and IBM. Allied World opens office in Canada <img src="/storyimage/RG/20140416/BUSINESS04/140419807/AR/0/AR-140419807.jpg" width="100" align="left" /></a> Allied World Assurance Company Holdings, AG is expanding its North American insurance operations with the opening of a branch office in Toronto, Canada. Gord Kerr has been appointed senior vice-president, chief agent and branch manager for the region. Allied World president and chief executive officer Scott Carmilani said Opening. .. http://www.royalgazette.com/article/20140416/BUSINESS04/140419807&source=RSS Tue, 15 Apr 2014 23:18:00 GMT http://www.royalgazette.com/article/20140416/BUSINESS04/140419807&source=RSS <img src="/storyimage/RG/20140416/BUSINESS04/140419807/AR/0/AR-140419807.jpg" width="100" align="left" class="main-image" /></a> Allied World Assurance Company Holdings, AG is expanding its North American insurance operations with the opening of a branch office in Toronto, Canada. Gord Kerr has been appointed senior vice-president, chief agent and branch manager for the region. Allied World president and chief executive officer Scott Carmilani said Opening. .. Global reinsurance capital has grown to 540b Aon Benfield Global reinsurance capital grew by seven percent last year to reach 540 billion by the end of 2013, according to global reinsurance broker Aon Benfield. The figure, quoted in the Aon Benfield Aggregate ABA report, includes both traditional and alternative forms of capital available for insurers to trade risk with. The firms. .. http://www.royalgazette.com/article/20140416/BUSINESS04/140419808&source=RSS Tue, 15 Apr 2014 23:17:00 GMT http://www.royalgazette.com/article/20140416/BUSINESS04/140419808&source=RSS Global reinsurance capital grew by seven percent last year to reach 540 billion by the end of 2013, according to global reinsurance broker Aon Benfield. The figure, quoted in the Aon Benfield Aggregate ABA report, includes both traditional and alternative forms of capital available for insurers to trade risk with. The firms. .. Rockfire aims for next level after Happy video success <img src="/storyimage/RG/20140416/BUSINESS03/140419809/AR/0/AR-140419809.jpg" width="100" align="left" /></a> The Bermuda video backdrop of Pharrell Williams hit song Happy reached a new high this week when it opened a compilation from around the world that was featured on Oprah, reducing her guest, the father of the movement and also a top music producer, to genuine tears. Bermudian Adrian Kawaley-Lathan of Rockfire Productions is one the. .. http://www.royalgazette.com/article/20140416/BUSINESS03/140419809&source=RSS Tue, 15 Apr 2014 23:15:00 GMT http://www.royalgazette.com/article/20140416/BUSINESS03/140419809&source=RSS <img src="/storyimage/RG/20140416/BUSINESS03/140419809/AR/0/AR-140419809.jpg" width="100" align="left" class="main-image" /></a> The Bermuda video backdrop of Pharrell Williams hit song Happy reached a new high this week when it opened a compilation from around the world that was featured on Oprah, reducing her guest, the father of the movement and also a top music producer, to genuine tears. Bermudian Adrian Kawaley-Lathan of Rockfire Productions is one the. .. Ascendant up 0.35 The Bermuda Stock Exchange closed up 3. 03 at 1,416. 87 on trading yesterday. The Bank of NT Butterfield saw 124,500 shares trade at 1. 99, which is unchanged from its previous trade. However, Ascendant Group Limited was up 0. 35 at 8. 00 when 100 shares traded despite announcing a drop in profits of 57. 6 percent on Tuesday. The. .. http://www.royalgazette.com/article/20140416/BUSINESS06/140419816&source=RSS Tue, 15 Apr 2014 21:00:00 GMT http://www.royalgazette.com/article/20140416/BUSINESS06/140419816&source=RSS The Bermuda Stock Exchange closed up 3. 03 at 1,416. 87 on trading yesterday. The Bank of NT Butterfield saw 124,500 shares trade at 1. 99, which is unchanged from its previous trade. However, Ascendant Group Limited was up 0. 35 at 8. 00 when 100 shares traded despite announcing a drop in profits of 57. 6 percent on Tuesday. The. .. BSX passes 10b ILS landmark <img src="/storyimage/RG/20140415/BUSINESS06/140419817/AR/0/AR-140419817.jpg" width="100" align="left" /></a> The Bermuda Stock Exchange has passed the 10 billion mark in volume of insurance-linked securities ILS listed. The landmark number was announced by Artemis. bm, a news website focused on the alternative risk transfer space. Artemis stated The Bermuda Stock Exchange BSX reached a milestone at the end of the first-quarter, with. .. http://www.royalgazette.com/article/20140415/BUSINESS06/140419817&source=RSS Tue, 15 Apr 2014 19:11:00 GMT http://www.royalgazette.com/article/20140415/BUSINESS06/140419817&source=RSS <img src="/storyimage/RG/20140415/BUSINESS06/140419817/AR/0/AR-140419817.jpg" width="100" align="left" class="main-image" /></a> The Bermuda Stock Exchange has passed the 10 billion mark in volume of insurance-linked securities ILS listed. The landmark number was announced by Artemis. bm, a news website focused on the alternative risk transfer space. Artemis stated The Bermuda Stock Exchange BSX reached a milestone at the end of the first-quarter, with. .. Island Property News partners with MediaHouse MediaHouse announced a new partnership with Island Property News this morning. A press release about the move said that beginning with the May 2014 edition, the bi-weekly newspaper Bermuda Sun, a MediaHouse subsidiary, will take over content management, sales and marketing of Island Property News in print and online at. .. http://www.royalgazette.com/article/20140415/BUSINESS/140419822&source=RSS Tue, 15 Apr 2014 16:14:00 GMT http://www.royalgazette.com/article/20140415/BUSINESS/140419822&source=RSS MediaHouse announced a new partnership with Island Property News this morning. A press release about the move said that beginning with the May 2014 edition, the bi-weekly newspaper Bermuda Sun, a MediaHouse subsidiary, will take over content management, sales and marketing of Island Property News in print and online at. ..