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Bermuda Motors has made five redundancies in its spare parts and sales departments. All those who lost their jobs were either Bermudians or spouses of Bermudians and were given severance packages. The company said the job losses were came as a result...

Bermuda-based Torus Insurance Holdings Ltd is set to buy its way into the Lloyd’s of London market after agreeing to purchase Broadgate, which underwrites through syndicate 1301, from Clal Insurance Enterprise Holdings. Torus will retain Broadgate’s ...

Reinsurance executives gathered in Monte Carlo this week believe there are good reasons why property and catastrophe rates should rise but there is less confidence that there will be any broader market turn. Massive catastrophe losses, estimated as h...

New Bermuda reinsurer Third Point Re has $500 million in capital, two investors involved revealed to Bloomberg News. And Third Point LLC, the $8 billion New York-based hedge fund founded by Daniel Loeb that is behind the new company, aims to raise a ...

Share prices of Bermuda market re/insurers surged yesterday, as estimates of insured losses from Hurricane Irene fell to about $2.6 billion. However, an industry analyst believe that the losses will not be sufficiently large to spark a meaningful inc...

Bermuda’s insurance regulation regime for big commercial re/insurers is largely equivalent with the new European Solvency II regulations, according to a consultation document published yesterday by European assessors. However, more enhancements need ...

Fitch Ratings yesterday said it downgraded the short-term issuer default rating of Bermuda Commercial Bank by one notch to F3, because of “a moderate shift” towards higher-risk investments. The ratings agency also affirmed BCB's individual rating at ...

There are many good reasons why there should be more mergers and acquisitions (M&A) in the Bermuda insurance market - but don’t expect to see a wave of consolidation. That was the consensus view of a CEO panel at the Ernst & Young Property/Casualty Y...

Ace Ltd’s Bermuda operations have had their financial strength and counterparty credit ratings raised to AA- (very strong) by Standard & Poor’s. The ratings agency announced on Friday that Ace’s core Bermuda, European and North American operating ins...

Ignition Bermuda Ltd is one of those rare businesses to have benefited from the recession. That’s the view of the company’s chief executive officer Graham Pearson, who said cost-cutting firms were increasingly seeing the benefits of outsourcing their...