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Butterfield’s new executive chairman Brendan McDonagh wants to develop a strategic direction that clearly sets out what the bank will look like in the next three to four years. Mr McDonagh, who sees himself as a full-time “extra pair of hands” to ste...

Flagstone Reinsurance Holdings, SA returned to profitability with first-quarter net income of $39.2 million, compared to a net loss of $161.2 million in the same period of last year. Net operating income for the first quarter of 2012 was $27.8 milli...

Bermuda-based Endurance Specialty Holdings reported a $74.4 million profit for the first quarter of 2012, citing improving market conditions. The reinsurer’s net income of $1.72 per share for the first quarter of 2012 compares to a loss of $91.3 mill...

Bermuda customers will not be impacted by HSBC Holdings Plc’s sale of its US credit card unit to Capital One Financial Corp. HSBC said yesterday it had completed the sale of the unit for a premium of $2.5 billion. Asked is the sale could affect HSBC ...

RenaissanceRe Holdings Ltd swung to a profit of more than $200 million in the first quarter on light catastrophe losses. The Bermuda-based reinsurer trounced the analysts’ expectations as it recorded $356.6 million in revenue versus an estimated $300...

Veteran HSBC banker and Irishman Brendan McDonagh has officially been named the executive chairman of Butterfield where he will lead the bank’s continued turnaround. Mr McDonagh, along with Olivier Sarkozy, were also elected to the Butterfield board ...

Butterfield Bank hopes a programme to buy back up to $10 million of its shares will boost liquidity of the stock. “At the moment a significant number of shares are held by a limited number of institutions,” the new executive chairman of the bank, Bre...

PartnerRe last night reported better-than-expected earnings, with a first-quarter profit of $360.1 million on strong underwriting results and investment gains. The Bermuda-based reinsurer’s net income of $5.24 per share for the first quarter of 2012 ...

Butterfield Bank made a profit of $14.7 million in the first three months of this year, a 75 percent increase over the same period last year, the bank announced late this afternoon. The January through March period was the bank’s fifth successive pro...