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Somers Ltd has announced the surprise sale of its entire investment in Britain’s Ascot Lloyd Holdings. The price of the transaction has not been disclosed, however Somers held a 51 per cent controlling stake in independent financial advisers Ascot Ll...

Assured Guaranty is suing Puerto Rico’s federal oversight board over its decision to push the Caribbean island’s electric utility into bankruptcy. The Bermuda-based firm insures some of the bonds issued by Prepa, as the utility is known, and the bank...

Acquisitions are on the agenda for American International Group under new chief executive officer Brian Duperreault. Speaking after the company’s annual shareholders meeting in New York on Wednesday, Mr Duperreault said: “I’d love to find great addit...

Drinks giant Bacardi was so impressed by model Formula 1 cars designed by Saltus Grammar School pupils studying design and manufacturing, the firm yesterday invited them to see the real thing. Bacardi, whose Italian Martini arm sponsors the Williams ...

Motorists could face delays as Belco is working to repair a transmission cable fault on Pitts Bay Road at the entrance of the Waterfront Properties. Work is anticipated to continue today through tomorrow. “Traffic controls will be in place,” said a ...

Reinsurer PartnerRe is on the lookout for two senior executives to fill the shoes of two of its top managers who will retire next year. Tad Walker, CEO of property and casualty, and chief risk and actuarial officer Marvin Pestcoe will step down at th...

Bond insurer Assured Guaranty Ltd’s operating units have had their AA rating affirmed by Standard & Poor’s — even though the credit ratings agency expects to see some losses from bonds issued by debt-saddled Puerto Rico. S&P Global Ratings cited the ...

Home-grown Bank of Butterfield has outstripped global giant HSBC to become Bermuda’s biggest bank. Butterfield was listed as having assets of $11.1 billion last year, compared to $8.7 billion for HSBC Bermuda, overtaking its rival by a sizeable margi...

RenaissanceRe Holdings Ltd has priced a $300 million offering of senior notes with a ten-year duration. The notes will be sold by the Bermudian reinsurer’s subsidiary RenaissanceRe Finance, and will pay investors a yield of 3.45 per cent. Due in 2027...

Bermudian-based XL Group yesterday priced a public offering of €500 million ($557.6 million). The notes, issued by XL Cayman, will yield 3.25 per cent during the fixed-interest period of ten years and a floating rate thereafter and will fall due in 2...

Bermuda Press (Holdings) Ltd posted a 9.6 per cent increase in net income in its half-year report, as operating costs were reduced while revenue remained flat. The Bermuda Stock Exchange-listed company said net income for the six months ended March 3...

A record-breaking May is extending into June for Butterfield & Vallis, with staff working flat out to cope with a major boost in business for the wholesale distributor. The company has confirmed to The Royal Gazette that the extraordinary level of bu...