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Bacardi Ltd, the world’s largest privately held spirits company, has announced the immediate promotion of Dmitry “Dima” Ivanov, 38, to chief marketing officer (CMO) of Bacardi and president of Bacardi Global Brands. In these roles, Mr Ivanov is respo...

The CEO of global business insurer XL Group is to be honoured in New York. Mike McGavick, the head of XL Group, will be given the St John’s University School of Risk Management’s 2014 Insurance Leader of the Year award at a gala dinner in New York ne...

A HSBC customer believes he has been the victim of a bank machine skimming attack after members of the public suffered a string of attacks earlier in the year. The customer said that he went to the ATM at Harrington Hundreds to withdraw money he had ...

Jobs cuts and the merging of offices around the world are likely consequences of XL Group’s pending acquisition of Catlin — but it is too early to say exactly how that will affect the Bermuda operations of the two companies, says XL chief executive o...

A subsidiary of Bermuda-based insurer Ironshore has bought out a Dubai-based underwriter as it looks to expand its business in Asia and Africa. Ironshore International said it completed the acquisition of Visionary Underwriting Agency last month. Vis...

Bermuda re/insurer Validus Holdings Ltd has secured more than half a billion dollars for its third-party capital arm to deploy this year. The $564 million of new subscriptions and commitments for AlphaCat Managers Ltd consists of $409 million for the...

Global business insurer XL has cut a deal to buy Island-based rival firm Catlin in a $4.1 billion merger, it was announced today. The new company — to be known as XL Catlin — will have total capital of $17 billion and around $10 billion of net premiu...

A series of think tanks aimed at cutting the cost of power is to be held in the New Year, Ascendant has revealed. In a letter, Walter Higgins, CEO of the parent company of electricity firm Belco, said: “In the meantime. our company continues to devel...

Bermuda-based bond insurer Assured Guaranty Ltd has agreed to pay $810 million to buy the financial guaranty business of Philadelphia-based Radian Group. Assured’s chief executive officer Dominic Frederico said the deal would boost earnings per share...

Takeover target Catlin has sold off its stake in a hi-tech personalised insurance company for nearly $133 million. The Bermuda-based insurance firm offloaded its investment in Box Innovation Group Ltd (BIGL) to Aioi Nissay Dowa Insurance Company of E...

A fundraiser has been started for the family of a Bermudian man who died suddenly in the US. Luis DaPonte Jr died of a brain aneurysm in March. He was 51. The former Cable & Wireless employee left the Island in 1991 but frequently returned to visit h...

As world oil prices fall, the Island is feeling the benefit with the price of gas now at its lowest since 2010, and power firm Belco also cutting its rates. Rubis last week set its gas price at $1.767 a litre — a 17.1 cent fall compared to November p...