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Financial and business service

Reinsurance

Montpelier Re buys renewal rights for Torus P&C reinsurance book

Montpelier Re has agreed to buy the renewal rights of fellow Bermuda re/insurer Torus’s property catastrophe reinsurance book of business. Terms were not disclosed, but under the agreement, Torus will provide sidecar capacity to Montpelier from the s...
Aug 22, 2011
Other

"New scheme will protect depositors' accounts to $25,000"

Legislation soon to be enacted in Bermuda will provide protection for small depositors, lessening the impact should a local financial institution fail. The Deposit Insurance Act 2011 (the “Act”) will establish a ‘Deposit Insurance Scheme' (the “Schem...
Aug 22, 2011
Reinsurance

"Lancashire shareholders vote for UK board meetings"

Shareholders of Lancashire Holdings Ltd have overwhelmingly backed a change that would allow the Bermuda-based company to hold its board meetings in the UK. The change to the company’s by-laws, approved by 99.68 percent of the shareholder votes cast,...
Aug 22, 2011
Personal Finance

"Hewlett-Packard leads slump"

NEW YORK (Reuters) - Wall Street ended a fourth week of losses on a down note yesterday as most buyers left the market before the weekend on growing fears of another US recession and destabilisation in Europe’s financial system. Investors already ree...
Aug 20, 2011
Personal Finance

"Fear drives market slide"

MILAN (AP) Global stocks fell again yesterday as fears of a possible US recession combined with ongoing worries over Europe’s debt crisis, which is stoking acute fears over the continent’s banking sector. However, smaller than anticipated losses on W...
Aug 20, 2011
Personal Finance

"TSX tumbles"

TORONTO - Toronto’s main stock market index gave up early gains in another day of volatile trading yesterday, after a three percent drop the previous day, as investors fretted about whether the global economy is headed for another recession. The S&P...
Aug 20, 2011
Opinion Writer

"Trying to make sense of the markets roller-coaster"

Risk, volatility, and perceptions of strength. Another long tiresome week in capital markets where investors had to witness severe swings of positive and negative values. Volatility in capital markets is tracked by the Volatility Index. The VIX, as ...
Aug 20, 2011
Bermuda Stock Exchange

"BSX holds steady"

The Royal Gazette / Bermuda Stock Exchange (BSX) Index remained unchanged yesterday, as only Butterfield Bank shares traded. Butterfield’s common shares closed the week on $1.55 as 62,700 shares changed hands. And 15 of the bank’s preference shares w...
Aug 20, 2011
Personal Finance

"Euro zone: Bargain or basket case?"

Over the past several weeks investors have had to fasten their seat belts as markets gyrated wildly back and forth responding to almost every economic news bit or comment from a government official. As of this writing, the summer's downward spiral ha...
Aug 20, 2011
Other

"Montpelier buys renewal rights "

Bermuda-based reinsurer Montpelier Re has bought the renewal rights of fellow Bermuda insurer Torus’ catastrophe reinsurance book of business, the companies announced today. Terms were not disclosed. Torus said the agreement, which takes immediate ef...
Aug 19, 2011
Letters to the Editor

"Junk mail"

August 17, 2011 Dear Sir, Recently there have been numerous letters regarding the Post Office not delivering correctly addressed mail (complete name and address). Yesterday I went to my Post Office box and upon opening it I found mail addressed to T...
Aug 19, 2011
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