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Reinsurance

"RAM Holdings post $1.5m loss"

Bermuda-based RAM Holdings Ltd has reported a net loss of $1.5 million or six cents per share for the second quarter of 2011. This compares to a profit of $26.3 million or $1 per share for the same period in 2010. Net income for the first six months ...
Oct 06, 2011
Reinsurance

"PartnerRe recruits ex-Torus COO Turnbull"

Former Torus Insurance Holdings chief operating officer Andrew Turnbull has joined Bermuda rival PartnerRe to take the newly-created position of group strategy and business development officer. Mr Turnbull will report to PartnerRe CEO Costas Miranthi...
Oct 03, 2011
Reinsurance

"Eisenson replaces Dwyer on Montpelier board"

Montpelier Re Holdings Ltd has announced that Clement Dwyer has resigned from the company’s board of directors, effective from September 30, 2011. Mr Dwyer has served on the board since 2006. Michael Eisenson has been appointed as his replacement, e...
Sep 29, 2011
Other

"Exclusive: Bacardi lay off staff "

By Marina Mello Thirteen Bermudians have lost their jobs at Bacardi Ltd as part of what the company called a “reorganisation” of its Bermuda operations. The layoffs announced to staff in stages this past Thursday, Friday and yesterday, are not effect...
Sep 27, 2011
Local Business

"Lost dividends cut off income stream in Bermuda economy"

Local company dividends were a bedrock of retirement income for thousands of Bermudian investors, but recently they’ve come under unprecedented pressure. Both Butterfield Bank and Argus have frozen their dividends, while other BSX-listed companies ha...
Sep 22, 2011
Reinsurance

"Best affirms XL’s A rating"

AM Best Co has affirmed the financial strength rating (FSR) of A (excellent) and issuer credit ratings (ICR) of “a” of the property/casualty subsidiaries of holding company XL Group plc led by XL Insurance (Bermuda) Ltd. Concurrently, Best has affirm...
Sep 22, 2011
Reinsurance

"Endurance names O’Connor chief admin officer"

Bermuda re/insurer Endurance Specialty Holdings Ltd has appointed John O’Connor to the new role of chief administrative officer. In this role Mr O’Connor will be responsible for leading Endurance’s key global service functions as well as ensuring the...
Sep 20, 2011
Reinsurance

"Byrne says Omega deal is ‘80% there’"

Mark Byrne believes the deal that would give him a 25 percent stake in Bermuda-based insurer Omega Insurance Holdings Ltd is “80 percent there”. If the £50 million ($78.4 million) deal goes through within the next few weeks, the founder of Flagstone ...
Sep 20, 2011
Reinsurance

"Transatlantic rejects Buffett bid"

NEW YORK (Bloomberg) Transatlantic Holdings Inc is rejecting a $3.25 billion takeover offer from Warren Buffett’s Berkshire Hathaway Inc that was set to expire yesterday. “The Transatlantic board of directors does not believe the all-cash proposal, a...
Sep 20, 2011
Economy

"Todd: Gordon departure ‘was in best interests of Chamber’"

The board of the Bermuda Chamber of Commerce felt that the decision to part ways with executive director Diane Gordon was in the best interests of the Chamber and its members. That is according to Chamber president Stephen Todd, who said that the Cha...
Sep 19, 2011
Local Business

"Ascendant profits plunge 47% as electricity sales tumble"

Ascendant Group Ltd’s profits for the first half of the year were almost cut in half as residential electricity sales by its subsidiary Belco fell more than six percent. The company attributed the fall in sales to a decline in the number of work perm...
Sep 19, 2011
Economy

"Gordon leaves top Chamber post"

Diane Gordon has left the Bermuda Chamber of Commerce, it was announced by the Chamber yesterday. No explanation of the former executive director’s departure was given, with the statement saying only that she was no longer employed by the Chamber. “M...
Sep 16, 2011
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