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Financial and business service

Local Business

ProServe launches new online printing service

Business services firm ProServe has launched a new hi-tech online printing service. Now customers are able to get quotes and design and order products like flyers and posters online 24 hours a day. ProServe senior manager for operations Glen Phillips...
Feb 06, 2015
Reinsurance

Aspen profits rise to $355.8m

Profits at insurance and reinsurance firm Aspen jumped to $355.8 million last year — up $26.5 million on 2013. The figures came as the firm released its results for the last quarter and full year for 2014. The company also recorded $2,902.7 million i...
Feb 06, 2015
Reinsurance

Citizens plans to place new $500m cat bond

A state-backed Florida property insurance firm is set to place a new $500 million catastrophe bond in Bermuda. Citizens Property Insurance Corporation’s chief financial officer last week sent a team, headed by chief financial officer Jennifer Montero...
Feb 04, 2015
Reinsurance

Companies and ABIR warn against Obama’s tax proposal

A string of companies with Bermuda bases, together with the Association of Bermuda Insurers and Reinsurers (ABIR), have attacked president Barack Obama’s budget proposal to deny tax deductions for reinsurance premiums paid to foreign affiliates. Now ...
Feb 03, 2015
Reinsurance

Break fee of $250m is attached to merger deal

A $250 million payoff is on the table if the proposed $11 billion merger between Axis and PartnerRe fails to go ahead. Each firm will be liable to pay a break fee to the other if the deal — which would create the fifth-biggest reinsurance company in ...
Feb 02, 2015
Opinion Writer

When real estate ends up having negative value

Bermuda residents are still coping with stressful financial hurdles as the country starts some recovery from the sixth year of recession (or more, depending on some people’s perspectives). The following negative equity situation is a composite-gener...
Jan 31, 2015
Other

I want to generate some passive income

Dear Dave, I’ve been following your plan, and I’d like to find a way to make a little more money on the side. Do you have any ideas for generating some passive income? Taiwan Dear Taiwan, First, I want to make sure you’re not getting involved with s...
Jan 31, 2015
International Business

Island law firm named in anti-fracking funding controversy

A Bermuda legal firm has been named in documents that contain allegations Russian oil tycoons are funding anti-fracking campaigns in the US. Wakefield Quin, based in Hamilton’s Victoria Street, is the home of Bermuda-based Klein Ltd which paid millio...
Jan 30, 2015
Reinsurance

Bermuda on alert as Barbados insurer seeks new home

Bermuda has launched a bid to land a multinational insurance and financial services firm from Barbados that is looking for a new home, The Royal Gazette can reveal. The Caribbean firm Sagicor has signalled that it wants to relocate after ratings agen...
Jan 30, 2015
Reinsurance

BSX boss sees rivals targeting ILS business

Bermuda faces strong competition for lucrative insurance-linked securities business, the Island’s stock exchange chief warned yesterday. Greg Wojciechowski, president and CEO of the Bermuda Stock Exchange (BSX) said that established rivals like the C...
Jan 29, 2015
International Business

Bermuda’s Islamic insurance opportunity

It accounts for only one per cent of global assets today, but Islamic finance is growing fast and it offers an interesting alternative to the way the financial sector operates across much of the world. That was part of the message presented by Belaid...
Jan 28, 2015
Reinsurance

Bermuda insurance helps drought-hit nations

A unique Bermuda-based insurance pool is set to pay out $25 million to three drought-hit countries in Africa. The cash will come from the Africa Risk Capacity Insurance Company (ARC), set up last year to issue insurance polices against drought in fiv...
Jan 27, 2015
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