AIG: Claims from hurricanes, typhoons to cost $515m

American International Group Inc., the world's largest insurer, said claims from hurricanes in Florida and typhoons in Japan are expected to cost the company $500 million to $515 million.

American International made the announcement in a Press release distributed by Business Wire.

KeyTech won't comment on incorporation move

KeyTech Ltd. - the parent company of Logic, BTC and Mobility - has applied to form a local company with limited liability to be called Key Management Services Limited.

Company spokesperson Ona Fletcher refused to disclose the purpose for incorporating the company and would only say it “is something that corporations do for various reasons and there is no immediate plan for this company at the moment.

“It is something companies do routinely,” she said. “Why do companies do that? For a variety of reasons and it is just part of corporate restructuring.”

KeyTech has in fact been in the midst of restructuring telephone service provider BTC in a bid to reorganise the company to boost efficiency levels and establish a “contact centre” to handle all customer calls. Ms Fletcher confirmed to the Bermuda Sun this week that to date 11 people have left BTC through either voluntary separation or early retirement. The company has also instituted restructuring at the managerial level and has invited all managers to apply for the newly created, albeit fewer, positions or accept the company's voluntary separation and early retirement packages.

Transact Limited to offer high-speed dial service

Transact Limited has become the first Internet provider in Bermuda to offer high-speed dial service.

Transact says that the new service, named Max, is up to five times the speed of traditional dial-up Internet service. It costs $39.95 per month which Transact says is 60 percent cheaper than competitors' unlimited regular dial-up service. High speed modems and term contracts are not necessary in order to use Max which is accessible through any phone jack Island wide.

Transact currently provides high quality Internet access to both business and residential markets in Bermuda. The company says that Max provides an alternative for residential users who do not feel the need for faster DSL service or are unable to get DSL service due to their location.

People's Pharmacy to mark 20th anniversary

To celebrate its 20th anniversary, People's Pharmacy will be hosting a customer appreciation party on Saturday, October 23 from 11 a.m. to 4 p.m. The event will include dancing, music, food, games and entertainment.

The party will be held on Victoria Street and Union Street, adjacent to the pharmacy.

BIBAto host motivational talk at Ruth Seaton James

The Bermuda International Business Association will today host an assembly at Ruth Seaton from 10.30 a.m. to 11.30 a.m. The assembly will feature well-known motivational speaker James Malinchak, who will encourage and energise the students to achieve their goals. All of the Island's senior schools have been invited to attend.

Sales agent appointed for Hertz Corporation

The Hertz Corporation appointed Contemporary Market Solutions Ltd., a division of C Holdings Ltd., as the General Sales Agent (GSA) in Bermuda in May. Contemporary Market Solutions will be responsible for increasing the awareness of Hertz International car rental products and services to locally-based travel agencies whose businesses are dedicated to the outbound corporate and leisure travel market.