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In the wake of Arch Capital Group Ltd agreeing to acquire United Guaranty Corporation from AIG, one of the major rating services has revised its outlook for the group from stable to negative. It is a cautionary move by S&P Global Ratings, which has a...

Political unrest could hit the island’s biggest industry, the Association of Bermuda Insurers and Reinsurers warned yesterday. An Abir update on the sector’s massive contribution to the economy said that political risks, the high level of debt and sp...

Reinsurers face being hit by a double whammy of a decline in profits and exposure to high-frequency risks. A report from ratings agency Standard & Poor’s said that the global industry may reassess their exposure if annual loses from catastrophes rise...

A retail chief has backed controversial changes to Hamilton city centre car parking charges. Paula Clarke, chairman of the retail division of the Chamber of Commerce, said that a balance had to be struck between people parking long-term in the city f...

Ascendant Group Limited, the parent company of Belco, has appointed Sean Durfy to succeed Walter Higgins who will be retiring as president and CEO. Mr Durfy will join Ascendant on September 12, having most recently served as CEO of Northland Power In...

The Royal Gazette/BSX Index closed unchanged at 1,363.71. A total of 11,000 Bank of Butterfield shares sold, leaving its price unchanged at $2. Utilities firm Ascendant was also unchanged at $5.45 after 400 shares changed hands. The BSX Insurance Ind...

NEW YORK (Bloomberg) — Like an archer at the Olympics, Arch Capital has landed its target: AIG’s mortgage insurance business. The Bermudian-based insurer said late on Monday that it would buy United Guaranty for $3.4 billion in cash and stock. The de...

Digicel Bermuda has boosted its range of smartphones by adding iPhones to its selection. The move “completes the set” for the company, which already sold Android devices, Blackberries and its own DL range of smartphones. Adding iPhones to its range h...

Reinsurance capital hit $580 billion at the end of the first quarter of the year — equalling the previous peak supply reached in the same quarter last year. The latest figure was up 3 per cent on the end of 2015. Alternative market capacity, however,...

The Bank of Butterfield shares dropped two cents, or 1 per cent, on The Royal Gazette/BSX Index. The fall came after 13,000 shares moved, with the shares closing at $2. Watlington Waterworks closed unchanged at $20.25 after 650 shares sold. The Royal...