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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 ...

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, ...

NEW York (Bloomberg) - Bermuda-based financial services company Gerova Financial Group Ltd has sought US bankruptcy court protection, listing debt of as much as $500 million. The company, formerly known as Asia Special Situations Acquisition Corp, f...

Canopius Group Ltd has joined the £1 billion premium club with the completion of its acquisition of Bermuda-based Omega Insurance Holdings Ltd. The acquisition was completed on Monday, thereby clearing the way for Tower Group’s takeover of Canopius B...

Energy boss Walter Higgins advised families to be frugal with their electricity as he warned it could take years to provide a more efficient supply for Bermuda. But he rejected suggestions rising bills mean bigger profits for Belco, claiming prices a...

Belco presented 18 students with scholarships and awards totalling $153,750 for the coming academic year. Company president Andrew Parsons said the students were selected from 53 applicants, “all of whom had outstanding academic records”. “After a ...

Bermudians Mark Berry and Paul Simons have been appointed to senior roles at XL Re, the Bermuda-based reinsurance operations of XL Group. Mr Berry becomes senior vice-president and managing director, International Property & Specialty, while Mr Simon...

Insurer Canopius Group Ltd has cleared all the regulatory hurdles necessary to complete its acquisition of Bermuda-based insurer Omega Insurance Holdings Ltd — in turn clearing the way for Tower Group’s merger with Canopius Bermuda. Omega said in a s...