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HWP is holding its one-day ‘mega’ sale on Saturday with “huge” discounts on offer. According to Tony Martin, executive vice-president of HWP auto sales, the sale is to make way for new inventory and the discounts will be substantial, offering conside...

Alterra Capital Holdings Ltd recorded a profit of $65 million for 2011, despite taking a more than quarter-billion-dollar hit from net catastrophe losses. Last night, the Bermuda insurer and reinsurer also said it made net income of $31 million for ...

Iron-Starr Excess Agency Ltd announced last night that its CEO Geoff Smith had moved from Bermuda to another role with parent company Ironshore in Boston. Ironshore, whose head office in at 141 Front Street, said in a statement last night that Stuar...

Axis Capital Holdings Ltd reported a $154 million operating loss in 2011, citing “extraordinary series of costly natural disasters” affecting its bottom line. The company also reported that its 2011 net income was $9 million, or seven cents per share...

RenaissanceRe Holdings Ltd posted a net loss of $92.2 million for 2011 on heavy catastrophe claims. For the fourth quarter, the Bermuda reinsurer recorded net income of of $81.8 million and its operating earnings of $1.11 per share handily beat the $...

PartnerRe Ltd announced yesterday that it made a net loss of $520 million last year as it suffered $1.79 billion in net catastrophe losses. The Bermuda reinsurer revealed last night that it made a fourth-quarter net loss of $17.6 million, or 49 cents...

A Telecommunications Commission hearing over the Digicel long distance service was halted yesterday, causing yet another delay in the costly legal battle involving several of the Island’s telecoms providers. Consultant Crown counsel Maurice Cottle so...

Bermuda reinsurer Validus Re’s financial strength rating has been upgraded by AM Best Co to A (excellent) from A- (excellent). Additionally, AM Best has upgraded the issuer credit rating to “bbb” from “bbb-”and debt ratings of the parent company, Val...

Validus Holdings’ likely claims payout on the Costa Concordia disaster will not increase even if insured losses are much higher than currently forecast. The Bermuda reinsurer’s chairman and CEO Ed Noonan told The Royal Gazette that the company’s esti...

Insurance brokerage Aon Corp said it plans to focus on stock buybacks as it seeks to boost shareholder returns. “We do not believe there’s a significant acquisition on the horizon,” Aon’s chief financial officer Christa Davies said on Friday on a con...