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Reinsurance

AlphaCat names Stanton CFO

An insurance linked securities investment firm has promoted accountant Jo Anne Stanton to senior vice-president and chief financial officer. AlphaCat Managers, part of the Validus group of companies, announced the new appointment yesterday. CEO Lixin...
Feb 14, 2014
Reinsurance

Arch announces $668m annual profit

Bermuda-based Arch Capital raked in nearly $688 million last year, the firm’s results have revealed. The global insurer and reinsurer reported net income available to shareholders of $687.8 million, or $5.07 per share. That compares to net income of ...
Feb 12, 2014
Other

HSBC imposes redemption fee of up to 3% on money market fund

HSBC has slapped a new redemption fee of up to three percent on one of its money funds. But HSBC said the charge would only apply in “exceptional circumstances” to avoid to a run on the funds in a financial crisis. But one customer, who asked not to ...
Feb 12, 2014
Reinsurance

Arch enters US mortgage insurance market

Bermuda-based Arch Capital Group Ltd will is to enter the US mortgage insurance market after its US-based subsidiaries (Arch US MI) completed the acquisition of CMG Mortgage Insurance Company (CMG MI) and the mortgage insurance operating platform of ...
Feb 12, 2014
Reinsurance

Catlin profits surge to $423m

Insurance and reinsurance firm Catlin yesterday announced 2013 profits had jumped by more than a quarter to $432 million. The Bermuda-based firm also recorded a record of more than $1 billion in underwriting contributions — up $212 million on the pre...
Feb 11, 2014
Local Business

Digicel unrepentant after knuckles rapped over ‘bad taste’ ad

Bermuda’s telecoms watchdog has slammed an advert by mobile firm Digicel that takes a swipe at rival Logic. Now Regulatory Authority (RA) CEO Philip Micallef has written to Digicel chief Wayne Caines saying the ad is in “bad taste”. The advert, which...
Feb 11, 2014
Other

Belco apologises after Warwick homes suffer outages

Unlucky Warwick residents have suffered power outages three times in the last week because of three unrelated technical glitches. The lights first went out for several hours on February 5, affecting around 500 customers in the Tamarind Vale area. The...
Feb 11, 2014
Other

Power outage

There are 66 Belco customers without power this evening, after a fault in an underground Belco cable knocked out power for some 520 customers in the Harrington Sound area at 11am. The company said it had re-routed electricity within an hour to restor...
Feb 10, 2014
Local Business

Digicel’s knuckles rapped over ‘bad taste’ ad

Bermuda’s telecoms watchdog has slammed an advert by mobile firm Digicel that takes a swipe at rival Logic. Now Regulatory Authority (RA) chairman Philip Micallef has written to Digicel chief Wayne Caines saying the ad is in “bad taste”. The advert, ...
Feb 10, 2014
Other

Put your best foot forward for Argus Walks the Walk

Hundreds will take to the streets on February 23 for the annual Argus Walks the Walk, in tandem with the Centre on Philanthropy. Now in its fifth year, the 5K charity walk allows participants to choose which charity or non-profit benefits from the $2...
Feb 07, 2014
Local Business

Butterfield named Island’s best private bank

Butterfield Bank has been chosen as best private bank in Bermuda by a European magazine for the second year in a row. Butterfield won the award from Euromoney magazine after a vote by private banking professionals from around the world. Butterfield h...
Feb 07, 2014
Reinsurance

Endurance’s annual profit more than doubles to $279m

Bermuda-based Endurance Specialty Holdings Ltd annual earnings more than doubled to $279.2 million as the company benefited from lower catastrophe claims. The company, which has undergone a major management shake-up since John Charman took over as CE...
Feb 07, 2014
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