Orient Express blames Sept. 11 for lower earnings

Bermuda-based Orient-Express Hotels Ltd. yesterday attributed lower earnings to the lingering effects of September 11 and the decision to close the Inn at Perry Cabin for construction. The company also cited delayed openings at two other locations for work on the properties.

Net earnings for the second quarter ending June 30 were $11.6 million or $0.38 per common share compared with $14.4 million or $0.47 per common share in the second quarter of 2001.

For the six months ended June 30, 2002, net income was $12 million or $0.39 per common share on revenue of $132.8 million.

This compares with net income of $19.3 million or $0.62 per common share on revenue of $134.6 million in the year earlier period.

On the web: www.orient-express.com

Scandinavian Re rating lowered

A.M. Best Co. has downgraded the financial strength rating to B (Fair) from B++ (Very Good) of Scandinavian Reinsurance Company Limited (Scandinavian Re), Bermuda, and has assigned a negative outlook to the rating. The rating has been removed from under review status.

A.M. Best said the rating action reflects concerns with both the company's reserve adequacy and its capital level, following significant operating losses in 2001.

In early 2002, underwriting ceased at Scandinavian Re following a decision by its parent company, Sirius International Insurance Corporation, Sweden.

Bank tells BSX of shares buyback

The Bank of Bermuda Limited has advised the Bermuda Stock Exchange (BSX) that in July the company bought back a total of 156,700 of its common shares at an average price of $41.85 per share.

Scottish Annuity declares dividend

The Board of Directors of Scottish Annuity & Life Holdings, Ltd. has declared a quarterly cash dividend of $0.05 per ordinary share outstanding to be paid on September 3, 2002 to shareholders of record as of August 19, 2002.