Brokerage opens Bermuda operation

London-based brokerage Miller Insurance Services Ltd. has opened an operation in Bermuda.

Miller Bermuda Ltd. will place business in the Bermuda market on behalf of Miller clients, the company said in a statement.

The office will be headed by Julia Mather, a broker and account handler in Miller's professional liability team. Graham Clarke, chief executive of Miller, said the new office provided the group with "an excellent opportunity.to forge new links with Bermudian markets and to build on our existing relationships."

Miller places a range of insurance and reinsurance business, including marine, contingent business interruption, professional liability and property coverage.

Iordanou named Arch chief executive

Arch Capital Group Ltd. named Constantine Iordanou president and chief executive, effective August 1. Iordanou will succeed Peter Appel, an Arch Capital founder, who will remain on its board of directors, the company said in a press release Monday. Iordanou will be based in the company's Hamilton, Bermuda, headquarters.

Iordanou has been a director of Arch Capital and chief executive of the company's U.S.-based unit Arch Capital Inc. since Jan. 1, 2002, according to Arch Capital's Web site. From March 1992 to December 2001, Iordanou held various positions with Zurich Financial Services and its affiliates, including senior executive vice president of group operations and business development.

Sea Containers shedding assets

Bermuda-registered Sea Containers Ltd, a leisure and marine cargo company, said yesterday it has sold its Isle of Man Steam Packet Co. for $233 million as it sheds some of its assets to pay down debt.

Isle of Man Steam Packet provides freight, passenger and vehicle services between the port of Douglas and four ports in the United Kingdom and Ireland. Its sale to Montagu Private Equity Limited was effective June 30, Sea Containers said in a statement. In addition Sea Containers said it has deferred a decision on the sale of 14.4 million shares in its Orient-Express Hotels.