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XL Group’s chief financial officer, Peter Porrino, is to retire at the end of April, although he will continue to work part-time as an adviser to group CEO Mike McGavick. He will be succeeded by Stephen Robb, group controller. Mr McGavick said: “Pers...

Butterfield Bank’s biggest shareholder, The Carlyle Group, is a step closer to exiting its position with the bank. A public secondary offering of common shares in the bank, including an additional offering to the underwriters, includes all 7.6 millio...

The weakness of the UK pound was the major factor driving the owner of Bermuda Commercial Bank to a $10.7 million loss in the fourth quarter of last year. Somers Ltd, a Bermuda Stock Exchange-listed financial services holding company, said more than ...

The island office of global giant Marsh and Guy Carpenter is in the top five around the world for community volunteers. The company, part of professional services firm Marsh & McLennan, last year saw 40 per cent of its total workforce take part in vo...

More than 100 retired Belco workers have won a legal action against their former employer over an attempt to change their health insurance. While the company sought to move retired staff from its Lighthouse Plan to alternate schemes in early 2015, Pu...

Belco meter readers will be in action on Saturdays for the foreseeable future, the company announced. According to a press release, the move will mean customer billing cycles do not extend pass the normal 30-day meter reading cycle. Meter readers wil...

Lancashire Holdings has reported after tax profits for the last three months of 2016 at $51.1 million and $153.8 million for the full year, both down on the same figures in 2015. The fourth-quarter drop was about $3 million compared to the same perio...

Ascendant Group Ltd today announced the appointment of a new legal counsel and company secretary. Lorianne Gilbert took over as general counsel at the start of this month and became secretary last November. Sean Durfy, chief executive officer of Asce...

Almost a dozen years ago, then-New York Attorney-general Eliot Spitzer filed a fraud lawsuit against former American Insurance Group chief executive officer Maurice “Hank” Greenberg over two reinsurance transactions that purportedly gave an improper ...

Axis Insurance has entered into an agreement with a renewable energy expert services company to give it greater insight into risks and opportunities in the renewable energy industry. There has been a relationship between Axis and The Renewables Consu...

NEW YORK (Bloomberg) — American International Group Inc posted its fourth loss in six quarters, burnt again by higher-than-expected claims costs as chief executive officer Peter Hancock struggles to sustain profitability. The net loss widened to $3.0...

Arch Capital Group made a profit of $62.4 million, or 50 cents per common share, in the fourth quarter. That improved on the $53.1 million it reported for the same period of 2015. The company’s after-tax operating income was $141.5 million, or $1.13 ...