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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...

Get ready to experience a sense of déjà vu when you purchase a bottle of Gosling’s Black Seal rum during the next few months, because retro bottles featuring the same label design used in the 1960s are about to hit the shelves. For a limited time the...

Former HSBC chief financial officer Michael Schrum has jumped ship to Butterfield Bank. Mr Schrum will become group chief financial officer at Butterfield at the end of next month. Butterfield chairman and CEO Brendan McDonagh said: “I am pleased to ...

Endurance Specialty Holdings has completed its acquisition of fellow Bermuda-based reinsurer Montpelier Re Holdings. The $1.83 billion cash-and-shares deal was announced in March when the boards of directors of both companies unanimously approved the...

Dear Sir, I refer to an article in the Business section of the Gazette (July 29), wherein a quote by Barclay Simmons, Butterfield’s vice-chairman and a senior independent director is quoted as saying: “Since Brendan [McDonagh] took on the CEO role, h...

Insurance and reinsurance firm Lancashire has rejected the idea of a merger with another firm as a way to boost business. Company CEO Alex Maloney said: “I don’t really buy the bigger is better thing. “I see no evidence of any of the companies that h...

The British Airways flight coming to Bermuda tomorrow from Gatwick has had its first-class seating pushed back into the regular cabins, The Royal Gazette understands. It closes a tough month for the airline’s service to the Island, which has been sub...

Axis yesterday reported profits of $94 million for the second quarter of the year. Chief executive officer Albert Benchimol said book value, adjusted for dividends, grew 7 per cent over the last year. Mr Benchimol added: “Notwithstanding a more chall...

Validus Holdings Ltd took a $48 million hit from claims related to an oil rig explosion that left four people dead, the Bermuda reinsurer revealed last night. The platform, which was owned by Mexican state-run oil company Pemex, burst into flames in ...

Global insurance and reinsurance broker Marsh & McLennan Cos (MMC) is looking for ways to trim its tax bill. In a conference call yesterday, Dan Glaser, the New York-based company’s chief executive officer, said: “The search for tax efficiency for us...

Bermuda-based insurer and reinsurer Hiscox saw half-year pre-tax profits rise by 8.4 per cent, fuelled by strong growth in its retail insurance business. Hiscox reported earnings of £135.1 million ($210.4 million) for the January-through-June period,...