DHL launches new express delivery service

Express services and logistics company DHL has launched a new express delivery, time definite service in Bermuda and the Caribbean: DHL Express 10.30 a.m. for deliveries to the US.

The new morning express delivery service addresses the needs of customers that require time definite deliveries, giving them the option of when and at what time they wish their items to arrive at their destination.

This new offering is available to customers and companies that ship to key business centres in the US from Bermuda, Bahamas, Cayman Islands, Dominican Republic, Haiti and Jamaica.

"DHL pays attention to our customers and we know the importance of quality customer service, reliability, assurance and dependability," said Jaime Hooker, vice-president of DHL Express Caribbean.

The service guarantees door-to-door delivery, either the next day or in two days, of documents and packages. Other benefits include the latest possible pick up times, delivery notification via e-mail, delivery warranty and dedicated procedure operations for priority handling.

Borresen snaps up Golden Ocean shares

Golden Ocean Group Ltd. director Hans Christian Borresen has bought 16,000 shares in the company at an average price of NOK 17,35 per share. He now holds 236,000 shares in Golden Ocean.

Orient ratings slashed by JP Morgan

Bermuda-based Orient-Express Hotels was among a number of hotel groups to have its ratings slashed by JP Morgan.

The cuts were made on expectations that revenue per available room will fall five percent to six percent in the fourth quarter, three percent to 6.5 percent next year and grow around 1.5 percent in 2010.

"Our proprietary checks reveal meaningfully lower corporate volumes, higher group attrition/cancellation rates, recent tough corporate rate negotiations, and softening international RevPAR," the broker said.

Starwood Hotels and Marriott International were cut to neutral from overweight, while Orient-Express, Choice Hotels, Gaylord Entertainment, Host Hotels & Resorts, Sunstone Hotel and Felcor Lodging were all cut to underweight from neutral.

West Hamilton revenue down $30,000

West Hamilton Holdings Ltd.'s profits have dropped by almost $30,000 for the first half of the year.

The real estate development company revealed its net income for the six months ended June 30 were $235,998 or 16 cents per share compared to $265,233 or 18 cents per share for the same period last year.

Total revenue was also down from $1 million for the first six months of 2007 versus $705,788 for the corresponding time in 2008, as was operating income from $321,392 last year to $196,462 this year.

Covidien restructuring

Bermuda-based Covidien Ltd. has announced a restructuring programme in a bid to save the company between $50 million and $75 million per year.

The health care products company said the programme, which will start in the fiscal year of 2009 and will affect projects in all four parts of its business and corporate headquarters, will cut costs and improve operational growth.

The programme will also result in the company incurring pre-tax charges of approximately $200 million beginning in the first quarter of fiscal 2009.

"This initiative will enable us to continue investing for future growth and profitability," said Richard Meelia, president and CEO of Covidien. "We remain committed to making incremental investments in research and development to strengthen our portfolio and to expand into adjacent high-growth areas of the health care market."

Flagstone rating affirmed

Flagstone Reassurance Suisse SA (Flagstone Reassurance) (Martigny, Switzerland) has been affirmed the financial strength rating (FSR) of A- (excellent) and issuer credit rating (ICR) of "a-" by AM Best Co.

Best has also affirmed the ICR of "bbb-" of Flagstone Reassurance's holding company, Flagstone Reinsurance Holdings Ltd. (Flagstone Holdings) (Hamilton, Bermuda).

The outlook for both ratings is stable.

Concurrently, the ratings agency has withdrawn the FSR of A- (excellent) and ICR of "a-" of Flagstone Reinsurance Ltd. (Flagstone Re) (Hamilton, Bermuda) and assigned an FSR of NR-5 (Not Formerly Followed) and an ICR of "nr".

These rating actions reflect the completion of the restructuring of the group's operating entities effective October 1, 2008. On August 18, 2008, Flagstone Holdings announced the reorganisation of its reinsurance operating subsidiaries, Flagstone Reassurance and Flagstone Re, into one merged entity with Flagstone Reassurance as the surviving entity.

Flagstone Holdings will continue to write business from Bermuda through the Bermuda branch of Flagstone Reassurance while also keeping its corporate headquarters located on the Island.

AXIS Re to operate in Canada[AT]bodyfrank:AXIS Capital Holdings Ltd. has announced that AXIS Reinsurance Co., one of its US operating subsidiaries, has been authorised by the Office of the Superintendent of Financial Institutions Canada to operate as a branch insurer underwriting property and casualty re/insurance business in Canada. Dennis Reding, chief operating officer of AXIS Capital, said: "We are looking forward to bringing our specialised capabilities in both insurance and reinsurance to bear as we establish our branch in Canada. This branch will be instrumental in advancing our long-term commitment to provide customised coverage solutions for both local and multinational clients." [AT]14briefhead:Brookfield to sell Brazilian interests[AT]bodyfrank:Bermuda-based Brookfield Infrastructure Partners LP has exercised an option to sell its minority interests in a group of five related Brazilian transmission investments (TBE). "As a minority position in TBE was not a strategic investment for Brookfield Infrastructure, we decided to exercise the put option allowing us to realise an attractive capital gain and help position Brookfield Infrastructure to take advantage of the current environment to expand our infrastructure platforms," said Aaron Regent, co-CEO of Brookfield's infrastructure group. "We are currently evaluating a number of investment opportunities to redeploy the TBE proceeds." [AT]14briefhead:Argo buys Insight[AT]bodyfrank:Bermuda-based international re/insurance underwriter Argo Group International Holdings Ltd. has taken over privately-held Insight Insurance Services Inc., a specialist in professional liability insurance for accounting professionals, architects, engineers and insurance agents.Terms of the sale were not disclosed. Insight will operate as a separate professional liability underwriter within Argo Group and will remain a separate legal entity, continuing operations out of its Geneva, Illinois, headquarters. Insight generated more than $40 million in gross written premium last year. "We are extremely pleased to add a quality underwriter such as Insight to our group of companies," said Argo Group US senior vice-president John Keane. "Insight founders Jim Romano and Michelle Duffett have built an outstanding firm with an unmatched reputation for excellence and service over the last 20 years. Insight's book of business complements our company's portfolio and brings its own strong distribution network of independent agents." As Argo Group US employees, Mr. Romano and Ms Duffett will remain involved in managing Insight and retain the titles of president and executive vice-president of Insight, respectively. The reporting relationships of Insight's staff will be unaffected by the change. "As the insurance industry continues to consolidate, it made sense strategically to make Insight part of an insurance company that would enable us to further strengthen Insight's service and product offerings, as well as producer relationships," Mr. Romano said. "We are excited about Insight's potential as we build upon our shared commitment to quality, disciplined underwriting and superior client service." As part of the transaction, Argonaut Insurance Company, an "A" rated Argo Group company, will serve as Insight's new carrier for its professional liability coverage. Insight will transition policies to Argo Group at the time of policy renewal.As part of Argo Group, Insight will gain direct control of claims handling with the addition of on-site claims management staff at its offices. [AT]14briefhead:Bacardi donates $100,000 to PADF[AT]bodyfrank:Bacardi Ltd. is doing its bit to help the victims of the hurricanes and tropical storms that struck the Caribbean by donating $100,000 to the Pan American Development Foundation (PADF) for disaster relief earmarked for Cuba. Cuba and other Caribbean countries were devastated by four recent storms Fay, Gustav, Hanna and Ike, with thousands of homes destroyed, crops ruined, infrastructure damaged and lives disrupted."The Bacardi family and Company are deeply saddened by the devastation caused by the recent hurricanes in Cuba," said Facundo Bacardi, chairman of Bacardi. "We hope that this donation will help alleviate some of the pain that the Cuban people are experiencing and remind all Cubans that they continue to remain in the hearts and minds of all Cuban exiles."This disaster requires assistance from around the world. Bacardi, with its roots in Cuba more than 145 years ago and being Cuba's first multinational company, encourages companies and individuals to help those in dire need on the island."PADF, an affiliate of the Organisation of American States, creates public-private partnerships to assist the least advantaged people in Latin America and the Caribbean one of the organisation's main activities is preparing for and taking action in natural disasters through its Disaster Management Emergency Response Programme.[AT]14briefhead:Tyco completes sale[AT]bodyfrank:Tyco Electronics Ltd. has completed the sale of its radio frequency components and subsystem business, which was formerly part of the company's Wireless Systems segment.The business, which designs and manufactures RF components and subsystems for the aerospace, defence and commercial markets, was sold to Cobham Defense Systems Division, a subsidiary of Cobham plc. In a separate transaction, the company also finalised the sale of its automotive radar sensors business, which designs and manufactures active radar proximity and attribute sensor systems used in vehicle driver assist and safety applications for the global automotive market. The business, which was also formerly part of the company's Wireless Systems segment, was sold to Autoliv Inc. Both transactions closed on September 26, 2008 and the company received net cash proceeds of approximately $470 million from these sales, subject to final working capital adjustments. [AT]14briefhead:Harbor Point handed 'A' rating[AT]bodyfrank:Bermuda-based Harbor Point Re Ltd. (Harbor Point) (Bermuda) and its subsidiary, Harbor Point Reinsurance US Inc. have been affirmed the financial strength rating (FSR) of A (excellent) and issuer credit ratings (ICR) of "a" by AMBest Co.Concurrently, Best has affirmed the ICR of "bbb" of the parent holding company, Harbor Point Ltd. (Bermuda). The outlook for all ratings is stable.The ratings reflect Harbor Point's solid performance since inception, strong level of risk-adjusted capitalisation and well diversified business profile. The ratings also recognise the successful development of its US platform, which was included in the business plans presented to Best during the initial rating process and reflects management's success in transitioning from its origin as part of The Chubb Corporation.The ratings agency said that Harbor Point's strengths are partially offset by the volatility in economic conditions, softening rates in the property/casualty industry and competition from traditional reinsurers as well as capital market alternatives. This additional capacity has impacted premium levels during 2008 as pricing of reinsurance coverage has declined, resulting in Harbor Point non-renewing accounts where rates were not adequate to compensate for the risks the company would bear, Best added.[AT]14briefhead:Primus credit ratings face cut by S&P[AT]bodyfrank: Primus Guaranty Ltd., which manages $24.2 billion in credit-default swaps, may have the AAA credit ratings on its swaps business cut by Standard & Poor's (S&P) because of potential losses on contracts linked to failing financial firms.Primus Financial Products LLC sold default protection on Lehman Brothers Holdings Inc., which filed for bankruptcy last week; Washington Mutual Inc., which is expected to file for bankruptcy after being seized by the government; and Fannie Mae and Freddie Mac, which triggered a technical default after being taken over this month. Adjusting for hedges, Primus sold protection on $80 million of debt from Lehman, $16.13 million from WaMu and $215 million from Fannie and Freddie, S&P said.Primus has $820 million in cash and liquid investments to meet claims on those contracts, the Hamilton, Bermuda-based company said in a statement today. Primus would have to pay out the difference between those sums and the recovery value of the debt they protected, to be determined within a month, S&P said.Primus said earlier this month that it expects payouts on the Fannie and Freddie contracts to be "minimal". Because the companies did not actually default on their debt, recovery values may be near face value.S&P said it may lower Primus's top AAA issuer credit and senior debt ratings as well as the AA ranking on its senior subordinated debt and A preferred share rating.The loss of its AAA rating would not require Primus to post collateral on its trades and counterparties couldn't demand payments on those contracts, Primus said in its statement.