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Bermuda’s oldest electrical contractor has been bought out. Bermuda Air Conditioning (BAC) Group has stuck a deal to take over Universal Electric Ltd (UEL). The joint firm will now be known as BAC Universal Electric Ltd. BAC Group managing director C...

A bid to boost the standards of company directors in Bermuda has been launched. Financial services firm KPMG has teamed up with the Island branch of the Institute of Directors (IoD) to support professional development in the boardroom. The move means...

Third Point Re’s US arm has been assigned an A- financial strength rating by ratings agency AM Best. Best, which also gave an issuer credit rating of a- to Third Point Reinsurance (USA) Ltd (TPRUSA), said the ratings were based on strong risk-adjuste...

Bermuda-based Athene Holding Ltd has branched out into the German life insurance market by acquiring Delta Lloyd Deutschland AG (DLD). DLD is a German subsidiary of Delta Lloyd NV, an Amsterdam-based financial services provider. Terms of the transact...

LOM Stockbrokers Ltd announced that John Portelli has been promoted to vice-president — investments. Mr Portelli joined LOM in March 2010 as a financial adviser and has since risen to his new position. Michael Greaves, sales manager at LOM said: “I...

XL’s purchase of Catlin could encourage acquisition raids from Bermuda on the Lloyd’s market. That’s the view of Eamonn Flanagan, an equity analyst at Shore Capital. Mr Flanagan told Best’s News Service the $4.1 billion deal announced last Friday “mi...

The Government employee furlough policy, designed to curb public sector expenditure and reduce the annual budget, is unlikely to continue beyond March 31. Bermuda Public Services Union president Jason Hayward said that a five-point Memorandum Of Und...

A former Canadian power firm chief who resigned last fall amid controversy over smart meter fires has been appointed to head Bermuda’s Regulatory Authority (RA). Robert Watson, who was president and CEO of the SaskPower in Saskatchewan, resigned from...

Bermuda-based Armour Group Holdings Ltd has completed the acquisition of the OneBeacon run-off business. Armour said last night that the transaction included the acquisition of the legal entities, including the assets, liabilities and capital, which ...

Ratings firm AM Best has given its seal of approval to Tokio Millennium Re (TMR). AM Best has affirmed Tokio’s financial strength at A++ (superior) and issuer credit rating at aa+ with a stable outlook on both. The ratings agency said: “The ratings r...

Hurricanes Fay and Gonzalo drove the Retail Sales Index up for October, according to figures and analysis released this morning. The Department of Statistics reported that retail sales for the month were 4.4 per cent higher than the $82.2 million rec...