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Financial and business service

Reinsurance

"Hannover Re profits fall 13%"

Hannover Re, one of the largest reinsurers in the world, reported a 13 percent second-quarter decline in profit citing lower contribution from investments and a substantially higher tax rate that more than offset moderate disaster claims and higher p...
Aug 13, 2012
Personal Finance

"The market has no fear or remorse"

Like Hollywood’s ‘Terminator,’ financial markets have no fear or remorse. Error is punished mercilessly. Unfortunately for Europe and other Western nations — we have a whole lot of error stored up. A core player in the US market experienced a compu...
Aug 11, 2012
Opinion Writer

"Money laundering is dirty business"

Part 2 — Money laundering series. Money laundering has been a focus in the media of late, due to the alleged non-compliance with, and circumvention of US Anti-Money Laundering (AML) regulations by international banking institutions situated in the U...
Aug 11, 2012
Reinsurance

"Maiden to pay 8c dividend"

Bermuda-based Maiden Holdings announced that it will issue a quarterly cash dividend of eight cents per share of common stock. The dividend will be payable on October 15, 2012 to shareholders of record as of October 1, 2012. This week, the company re...
Aug 09, 2012
Local Business

"Furbert awarded KPMG scholarship"

Bermuda national team rugby player Kris Furbert has been awarded this year’s KPMG scholarship. Mr Furbert, from St George’s, will be entering his first year at the European School of Economics in Madrid, pursuing a Bachelor’s Degree in Business Admin...
Aug 09, 2012
Reinsurance

"Crop insurers face huge hit from US drought"

Scientists confirmed yesterday what most people living in the US already knew: July was the country’s hottest month ever in the history books. And as drought ravages much of America’s crops, re/insurance companies here in Bermuda are already starting...
Aug 09, 2012
Reinsurance

"Everest A+ rating affirmed by AM Best"

Rating agency AM Best has affirmed the financial strength ratings of A+ (superior) and issuer credit ratings (ICR) of “aa-” of Bermuda-based Everest Reinsurance and its reinsurance and insurance subsidiaries. Concurrently, AM Best has affirmed the I...
Aug 08, 2012
Reinsurance

"Maiden swings to $14.5m profit"

Bermuda-based Maiden Holdings reported $14.5 million net income for the second quarter of 2012 compared to a net loss of $24.4 million during the same period last year. The company recorded net operating earnings of $19.7 million compared with $11.2 ...
Aug 08, 2012
Reinsurance

"Argo Group beats estimates"

Bermuda-based re/insurer Argo Group International Holdings Ltd beat analysts’ estimates, as profits for the second quarter rose to $24 million. The profit broke down to 92 cents a share, compared to net income of $21.6 million, or 78 cents per share,...
Aug 07, 2012
Other

"Reserved power trusts an offshore innovation"

When a settlor creates a trust, he relinquishes legal ownership, and thus control, of the assets he places into trust, which then fall under the control of trustees appointed by the settlor. Most settlors find this idea to be largely unpalatable, eve...
Aug 06, 2012
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