Bank of Bermuda gets prestigious award

A computer software maker has awarded the Bank of Bermuda with its Innovation Award for 2002 for its foreign exchange processing system.

The award given by Sanchez Associates of Malvern, Pennsylvania, is given to Sanchez customers to recognise technical excellence and creativity in financial services.

Sanchez also recognised two institutions with honourable mentions: ING Direct USA for inventively extending the reach of its direct model through its partnership with the ING Adviser Network; and Vysya Bank Ltd. (member ING Group), a full-service commercial bank headquartered in Bangalore, India, for its deployment of a centralised core banking system that modernised the bank's operations in Pan-India.

"Bank of Bermuda, ING Direct USA, and Vysya Bank all exemplify truly customer-centric financial institutions that have found unique ways to harness technology to grow revenue, increase efficiency, and enhance the customer experience. We salute their vision and creativity," said said Frank Sanchez, chief executive officer of Sanchez. The Bank of Bermuda used Sanchez Profile's open architecture to extend FX processing within the online, multi-currency core processing system by adding real-time rate acquisition and position transfer pricing for FX spot, outright, and swap transactions, Sanchez said. "The solution was delivered without creating substantial training overhead and the Bank estimates that development capital invested will be repaid within three months, with an expected 75 percent internal rate of return within a three to five year timeframe."

Xl dropping Winterthur name

XL Capital will drop the use of the name Winterthur in some of its subsidiaries in 2003, two years after it bought a number of companies from the Swiss insurer. The announcement came as XL said Moody's Investors Service's had given Aa2 ratings to XL Winterthur International Insurance Switzerland ("XL WIIS") and XL Winterthur International Insurance Company Ltd ("XL WIICL").

Moody's stated that the ratings outlook is stable for both companies. XL acquired WIIS and WIICL when it purchased the Winterthur International companies and select portfolios from Winterthur Insurance, a subsidiary of the Credit Suisse Group in July 2001.

XL Winterthur International president Clive Tobin said: "We are very pleased by the new financial ratings that Moody's has assigned to XL WIIS and XL WIICL. Moody's has indicated that we are well-positioned due to our ultimate parent company, XL, and that our Global Risk Management product is backed by a seasoned management team. "They have also recognised that we are strategically positioned to take advantage of current hard market conditions with our overall spread of risk and solid liquidity."

Willis to buy US insurance broker

Bermuda-registered insurance broker Willis Group Holdings yesterday announced it will buy the assets of a leading US sports and entertainment insurance broker.

Willis did not disclose the terms for the purchase of Special Risk Advisors International, LLC of Marietta, Georgia.

Founded in 1998, Special Risk Advisors helps manage the risks associated with contracts within the athletic and entertainment arena and works works with companies involved in the management of events and promotions, assisting them with event cancellation and prize indemnity insurance. Willis Group Holdings moved its registration from London to Bermuda last year and is the world's third largest insurance broker.

Willis shares were trading down 68 cents at $28.94 on the New York Stock Exchange.