The Bank of Bermuda's Internet banking system, Easylink Online, now has 10,000 customers, the bank said yesterday.

This outstrips the bank's projections when the service was launched in February, 2002 adding it records 1,000 transactions every day, for over 70,000 accounts.

"EasyLink Online has clearly been accepted by our customers as the fastest, easiest and most convenient way for them to do their banking," said the bank.

Transactions for the service are processed in "real-time", so they happen instantly. Real-time means that when you view your account balance online, it includes all your transactions up to that time.

"Having 10,000 customers enrol with EasyLink Online is a clear indication that customers' banking needs are evolving to embrace the efficiency and speed provided by EasyLink Online," said Danny Fox, head of community banking at Bank of Bermuda. "We have listened to our customer's feedback and suggestions and are committed to continually enhancing EasyLink Online to meet the needs of our clients."

Users can also pay virtually all utility, telecom, insurance, retail, grocery and credit card bills online. Any transactions made at a branch, using your EasyLink debit card, via EasyLink ATMs or EasyLink Telephone Banking are also reflected online.

"Our customers' time is important to us and we are pleased to provide a service that enables them to get their banking done when they want, from where they want, and also for them to be confident that their transactions have been processed immediately," said Mr. Fox.

EasyLink Online enrolled 1,000 customers in just the first two days of operation and the bank says it continues to be enhanced updates including the frequent addition of payees and the introduction of third party payments in January. There are also plans to introduce wire and draft payment options in the near future.

The more details about the service can be found at www.bankofbermuda.bm.

Allied World Assurance Company (Europe) Ltd. announced yesterday that a crew comprising some of its London staff and representatives from various brokering houses will be presented with the Lutine Challenge Cup by prominent sailor Pete Goss MBE at the Lloyds Yacht Club Dinner, to be held at the Landmark Hotel tomorrow.

The Lutine Challenge which was started by Don Moreton, ex-commodore of the Lloyds Yacht Club in 2003 and now run by the current commodore Paul May is an annual event.

Each year a number of teams take turns to sail the Lloyds/London Market Yacht, the Lutine, a Swan 53 foot cruiser/racing yacht round the Isle of Wight, starting and ending at Gillkicker Point (just off Portsmouth). The Lutine Challenge Cup is awarded to the team who round the Isle of Wight in the shortest time.

The winning team set sail at 5 a.m. on the morning of October 3 and smashed the previous record of 11 hours, 15 minutes by almost four hours, crossing the line in seven hours, 16 minutes and 28 seconds.

The helmsman, Darren Powell, an assistant vice president at AWAC's London representative office, said: "The conditions were perfect and even though the crew was made up mostly of novice and amateur sailors, we worked in harmony to achieve this great result."

When asked if the crew plans to sail together again, Mr. Powell said: "We certainly enjoyed the challenge and we would seriously consider entering next year to defend our title."

Rating agency A.M. Best Co has assigned an initial financial strength rating of A (Excellent) to Converium Insurance (UK) Ltd. (Converium UK) with a stable outlook. The rating is based on Converium UK's excellent risk-based capitalisation, well established underwriting portfolio and strategic importance to Converium Ltd., Zurich, which currently has a rating of A (Excellent) with a stable outlook. Partially offsetting factors are its limited diversification and expected volatility in its gross underwriting performance.

Converium UK was formed this year to underwrite business for three companies that trade as managing general agents or service companies ? Medical Defence Union Services Ltd., SATEC S.R.L. and Global Aerospace Underwriting Managers Ltd.

The Converium group, which has an office in Bermuda, has substantial shareholdings in each of these companies. Converium UK shares common branding with its parent and benefits from a substantial quota share from the Bermudian branch of Converium Ltd.

The classes of business written (UK medical malpractice, aviation and space insurance) are all areas that the Converium group is targeting for growth as part of its core strategy.

Orient-Express Hotels Ltd. (OEH) reported third-quarter net income fell ten percent due to Hurricane Isabel, which caused heavy cancellations at several hotels in September.

The board of Orient-Express also declared a dividend of 2.5 cents, its first quarterly dividend since going public in August, 2000. The dividend is payable on January 20 to shareholders of record on January 5.

In a press release on Tuesday, the operator of hotels, restaurants and river cruise properties registered in Bermuda, said third-quarter net income was $8.2 million, or 27 cents a share, compared with $9.1 million, or 30 cents a share, last year. Latest-quarter earnings missed analysts' consensus estimate of 29 cents a share.

"Had it not been for this hurricane, Orient-Express Hotels would have achieved third quarter earnings on a par with those in the third quarter of 2002," the company said.

Revenue for the quarter rose 9.7 percent to $91.1 million from $83.1 million a year ago, mainly due to favourable exchange rates. Same store revenue per available room increased nine percent to $212 from $194 in the year-ago third quarter.