HSBC Investments (USA) Inc. is to acquire Atlantic Advisors LLC, a privately held fixed income investment management company headquartered in New York City. The transaction is expected to close in the second quarter of 2005.

The Atlantic is a leading specialist manager of global emerging markets fixed income products for some of the world?s largest corporations as well as institutional and individual investors. At 31 December 2004, it had assets under management of over $700 million.

As announced last month, and subject to legal and regulatory approval, HSBC is establishing HSBC Halbis Partners, a specialised investment business, into which it intends to integrate The Atlantic. Together with other specialist businesses and HSBC Investments, HSBC Halbis Partners will form part of HSBC?s Group Investment Businesses which, at December 2004, had assets under management of $224 billion.

Chris Cheetham, the prospective global CEO of HSBC Halbis Partners, said that the acquisition ?confirms and strengthens our commitment to building HSBC Halbis Partners into a focused ?alpha? business.

?This acquisition will significantly enhance HSBC?s capabilities and expertise in managing global emerging markets fixed income portfolios.

It is the latest addition to HSBC?s fixed income business, headed by Gregg Diliberto, and gives us a team of well known professionals with an impressive track record,? he said.

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Amiworld appoints new auditors

Amiworld Inc. has appointed Denver-based CPA firm Ehrhardt, Keefe, Steiner & Hottman as its new auditors.

Amiworld, Inc. was incorporated in the State of New York to invest primarily in real estate along the Eastern seaboard of the USA including hotels, conference centres and golf resorts lacking proper management.

It listed its shares on the Mezzanine Market of the Bermuda Stock Exchange in 1999.

Amiworld said in a BSX press release: ?Ehrhardt, Keefe, Steiner & Hottman has extensive experience in auditing public companies both in the Rocky Mountain Region and also Internationally. The firm is highly regarded as one of the top regional accounting firms in the US.

May 24 Marathon Derby sponsors

?Appleby Spurling Hunter, John Barritt & Son and BGA Wholesale Distributor will partner as major sponsors of the upcoming May 24 Marathon Derby. Part of Appleby?s sponsorship includes prize money for the various categories, totalling just under $30,000. John Barritt & Son and BGA will provide additional financial support required for the effective administration of the event.

Berwyn Cann, vice-president of the May 24 Marathon committee said: ?We are very excited about our new sponsor partnership. This is our second year working with Appleby Spurling Hunter and we are most appreciative of their ongoing support. John Barritt & Son and BGA Wholesale Distributor are new sponsors and we are very grateful for their financial assistance as well. Having received the generous support of our sponsors, we are confident that this year?s event will be an overwhelming success.?

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PVAXX trading suspended

The Bermuda Stock Exchange suspended trading in the listed securities of PVAXX Limited (PVAXX BH) last Friday pending an announcement from the company. This is a voluntary suspension made at the request of the Company.

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AXIS A rating affirmed

AM Best Company has affirmed the financial strength rating of A (Excellent) and the issuer credit ratings of ?a? of AXIS Specialty Limited and some of its operating affiliates. The ratings agency also assigned an ICR of ?bbb? and affirmed the senior debt rating of ?bbb? on $500 million 5.75 percent unsecured notes due 2014, as well as all debt securities filed under a $750 million universal shelf registration of AXIS Capital Holdings Limited. All ratings have a stable outlook.

?AXIS continues to maintain a diversified book of business, both geographically and by line of business, which focuses on broker-sourced short- and medium-tail lines, principally specialty lines in property, marine, energy and aerospace, along with property catastrophe reinsurance coverage. The company has also selectively expanded into professional lines and increased its writings in umbrella and excess liability coverages,? Best said.

Partially offsetting these strengths is a short operating history in relation to its casualty business with the consistency and sustainability of the casualty segment?s operating performance yet to be proven. Market pressure on pricing could dampen expected returns along with exposure to low frequency, high severity property catastrophe losses.

Despite these concerns, A.M. Best expects AXIS to continue managing its capital base very conservatively within acceptable ranges to support its current ratings and meet the more stringent capital requirements for a recently established Bermuda entity.