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Reinsurance giants XL yesterday posted a net income of $135.6 million for the third quarter of the year, figures from the company revealed. But the firm also recorded natural catastrophe pre-tax losses net of reinsurance and reinstatement premiums of...

Digicel has helped restore full communication to tycoon Richard Branson’s private island in the Caribbean. Necker Island is now powered by Digicel Business in a deal that comes a result of the 2011 fire on the luxury retreat frequented by the wealthy...

There is an underwriting philosophy behind Validus Holdings’ ‘benign’ quarter for catastrophe losses. During the third quarter the Bermuda re/insurer did not incur any notable losses. That boosted third quarter underwriting profits by 16.5 percent to...

ACE Bermuda has launched a new CODA (corporate officers & director’s assurance) premier directors and officers liability policy, addressing SOX and Dodd-Frank-incurred expenses, defence costs advancement and UK Corporate Manslaughter and Corporate Ho...

Butterfield Bank saw its third-quarter profit rise 15 percent to $21.6 million from $18.8 million a year earlier as the company reduced staff and cut costs. The bank said provisions for credit losses in the Bermuda operation were $2.2 million, up $0....

PartnerRe has launched a free app for iPads that makes it possible for insurers to compare historical footprints of over 1,144 windstorms across the North Atlantic Basin and Europe. The PartnerResearch App gives the industry access to detailed meteor...

PartnerRe yesterday reported operating earnings of $311.2 million — a quarterly record for the firm of $5.70 a share — for the third quarter of the year. Net premiums were up 15 percent (14 percent on a constant foreign exchange business) at $1.4 bil...

XL Group plc has announced a quarterly dividend of $0.14 per ordinary share and dividend of $8.5957 per series D preference ordinary share. The board of directors declared the quarterly dividend on October 24 of $0.14 per ordinary share, payable on t...

Energy goes to waste because there is no deal for power firm Belco to buy electricity generated through solar power by business users, a company chairman said. Rod Ferguson, chairman of hardware store Gorham’s, said that, although Belco gave credit t...

An internal fire at the Belco plant late Friday night temporarily affected power supplies within the plant and to some properties on nearby Par-La-Ville Road in Hamilton. A switch at the plant caught fire around 11.30pm. The Bermuda Fire Service was ...