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AM Best is revising its outlook for the reinsurance sector to negative. The ratings agency said that while reinsurers are currently financially strong, they continue to be squeezed by market conditions and low interest rates. “It has become even more...

Chinese investment company Fosun International Ltd is to buy a 20 percent stake in Bermuda insurer Ironshore. Privately held Ironshore, which in June filed for a $100 million initial public offering, said Fosun’s investment brought with it valuable c...

Bermuda-domiciled oil tanker operator Nordic American Tanker (NAT) reported that rates for hiring its vessels plunged in the second quarter of this year — but it expects a rebound in the current quarter. NAT said rates achieved for its trading fleet ...

Florida is continuing to offload policyholders from its state-backed insurer Citizens onto private insurance companies — potentially boosting business for Bermuda’s reinsurers. Insurance regulators in the Sunshine State have approved four companies t...

Shares of Bermuda-based reinsurer Third Point Reinsurance Ltd gained nearly four percent in New York trading after posting earnings that beat analysts’ expectations. The company, whose investments are managed by billionaire hedge fund manager Dan Loe...

Lovit Boutique is to close its Queen Street store next Saturday. However, owner Jenia Thompson said yesterday that the three-year-old store had plans to reopen in the near future — possibly within a year. Lovit has one full-time employee, Ms Thompson...

Bermuda may now be the best jurisdiction in which to set up an offshore fund according to a New York attorney who works with the asset management industry. Jack Rigney, of Manhattan-based Seward & Kissel, sang the praises of the Island in an internat...

Lovit Boutique is to close its Queen Street store next Saturday. However, owner Jenia Thompson said today that the three-year-old store had plans to reopen in the near future. In a statement, Lovit said: “Downsizing will allow Lovit Boutique to focus...

The insurance market may be at “a tipping point” in terms of overcoming the reluctance to engage in mergers and acquisitions (M&A) activity. That is the view of professional services firm PwC, which is predicting a “quiet revolution” in global insura...

Bermuda-domiciled energy shipper Teekay LNG Partners has finalised agreements with a Chinese partner to provide six icebreaker liquefied natural gas (LNG) tankers for transporting gas from northern Siberia. The company last night declared its second-...