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Insurance and reinsurance giant XL Catlin is to launch a $1 billion share buy-back programme and raise its dividend by 25 per cent. The new scheme replaces a previous programme, which had around $97.6 million remaining. The company said the share acq...

Around 40 people will lose their jobs as the result of Endurance Specialty Holdings’ takeover of Montpelier Reinsurance, according to one source who claimed to have knowledge of the matter. The source, who said she was a relative of one of those to l...

Two ratings agencies have downgraded reinsurance firm PartnerRe after Italian investment giant Exor won control of the company. Standard & Poor (S&P) changed its outlook on PartnerRe from stable to negative after Monday’s $6.9 billion takeover, which...

British Airways has responded to increasing frustration and dismay expressed in the wake of delays and cancellations on its service between Bermuda and London this year. The airline, which operates the only direct flights between the Island and the U...

New hand baggage restrictions have been introduced by British Airways to ensure that aircraft depart on time. The carrier announced that the number of customers travelling with oversized baggage had increased. The rules allow for two items of hand ba...

Insurance and reinsurance firm Endurance yesterday posted a $1 million rise in profits for the second quarter of the year. The firm recorded net income of $76 million, equal to $1.68 per common share, compared to profits of $75 million in the same pe...

PartnerRe has agreed to be bought out by Italian investment firm Exor in a $6.9 billion deal. The reinsurer has scrapped its previous plan to merge with fellow Bermuda firm Axis Capital. Exor, which is controlled by the wealthy Agnelli family, will p...

Insurance firm XL Catlin yesterday revealed operating earnings of nearly $246 million for the second quarter of the year. The results are the first since XL and Catlin combined under the XL Group banner. The $245.8 million operating profit reported f...

Axis Capital failed in its bid to merge with rival PartnerRe after Italian investment firm Exor won a bidding war — but the firm is $315 million better off as a result of a massive break fee. The firm accepted defeat after PartnerRe’s board yesterday...

Endurance will keep on nearly half of the worldwide staff of its new acquisition Montpelier Reinsurance, The Royal Gazette has learned. The deal closed on Endurance’s takeover of its fellow Bermuda-based insurer and reinsurer last Friday. Montpelier ...

Two more proxy advisory firms have recommended PartnerRe shareholders to vote against a merger with Axis Capital. Proxy Mosaic said that a rival all-cash $6.8 billion bid by Italian investment firm Exor for PartnerRe “outweighs the potential upside i...