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"Bank hits savings account customers with $1 monthly fee"

Butterfield Bank has imposed a monthly $1 fee on its savings account holders. The change, which became effective last Friday, has caused at least one customer to ditch Bermuda’s first bank and head to the competition. And it means that a minimum bala...
Aug 31, 2012
Reinsurance

"Validus agrees to buy Flagstone in $623m deal"

Bermuda reinsurer Validus Holdings Ltd has agreed to buy Flagstone Re in a deal valued at $623.2 million. The two companies expect the deal to close in the fourth quarter of this year and the combined company will maintain Validus’s name, headquarter...
Aug 31, 2012
Other

"BA introduces new first-class service"

British Airways is introducing its award-winning new first-class service on the Bermuda route to London Gatwick this summer. Customers flying from Bermuda, now have the opportunity to experience the updated First cabin, subject to availability. The n...
Aug 31, 2012
Local Business

"BCB announces restructuring plan"

Bermuda Commercial Bank yesterday announced plans to set up a new investment holding company called Bermuda National Ltd (BNL). The restructuring appeared to be aimed at strengthening BCB’s balance sheet and allowing greater flexibility for making ac...
Aug 31, 2012
Other

"Validus agrees to buy Flagstone"

Bermuda reinsurer Validus Holdings Ltd has agreed to buy Flagstone Re in a $623.2 million deal. The transaction provides Flagstone shareholders with a 19.4 percent premium over yesterday's closing share price, and is valued at $8.43 of value per Flag...
Aug 30, 2012
Other

"BCB scholarship winners expected to ‘pay it forward’"

Bermuda Commercial Bank has announced the award of three scholarships to exemplary students in the community. This year, one of the scholarships was open for all ages to apply as the bank said it felt that individuals of all ages may wish to pursue ...
Aug 29, 2012
Other

"Butterfield completes $45m sale of Barbados subsidiary"

Bank of Butterfield has sold its wholly-owned Barbados subsidiary, Butterfield Bank (Barbados) Ltd, to Trinidad and Tobago-based First Citizens Bank Ltd for $45 million. Butterfield announced in May 2012 that it had reached an agreement for the sale...
Aug 29, 2012
Reinsurance

"Enstar agrees to acquire SeaBright in $252m deal"

Bermuda-based Enstar Group Ltd has agreed a deal to acquire US insurer SeaBright Holdings, Inc for around $252 million. Enstar will pay $11.11 per share in cash. The purchase price represents a 34.3 percent premium over SeaBright’s closing stock pric...
Aug 29, 2012
Local Business

"Ascendant delivers propane refrigerator to Nonsuch Island"

Ascendant Group has come to the assistance of the Department of Conservation Services with the ongoing restoration of Nonsuch Island Nature Reserve by the donation of a propane-powered refrigerator for the Conservation Officer’s cottage. Working wit...
Aug 28, 2012
Reinsurance

S&P upgrades Validus to A

Ratings firm S&P raised the financial strength rating of Bermuda-based Validus Reinsurance Ltd to ‘A’ from ‘A-’ and their counterparty credit rating on its holding company, Validus Holdings Ltd, to ‘BBB+’ from ‘BBB’. The outlook is stable. According ...
Aug 27, 2012
International Business

S&P revises HSBC Bermuda outlook to negative

HSBC Bermuda has had its outlook revised to negative from stable as part of an overall ratings review of the global banking group by Standard & Poor’s. S&P said it affirmed its ‘A+/A-1’ ratings on “highly strategic” subsidiary HSBC Bank Bermuda Ltd, ...
Aug 27, 2012
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