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Financial and business service

Reinsurance

"Hiscox’s Masojada: Solvency II may increase ‘systemic risk’"

Solvency II will nurture the conditions for “systemic risk” in the insurance industry, according to the chief executive officer of Bermuda-based re/insurer Hiscox. Speaking at the Insurance Day Summit yesterday, Bronek Masojada questioned the industr...
Jun 16, 2011
Bermuda Stock Exchange

"Butterfield hits $1.40"

Butterfield Bank shares hit the $1.40 mark yesterday to help drive the Royal Gazette / Bermuda Stock Exchange Index higher. The bank closed two cents up on the trading of 35,900 shares and has climbed 12 percent this year to date. Insurer BF&M Ltd al...
Jun 15, 2011
Reinsurance

"Bermuda can survive the Neal bill"

The Neal bill is a threat to Bermuda’s insurance market but the market has the strength and adaptability to flourish even if US lawmakers ever pass it. That was the consensus among panellists at the Insurance Day Summit yesterday, who were discussing...
Jun 15, 2011
Reinsurance

"Dupplin: Only politics can stop Bermuda gaining equivalence"

Politics is about the only hurdle standing in the way of Bermuda achieving Solvency II equivalence, believes Charles Dupplin, CEO of Hiscox Bermuda. Speaking at the Insurance Day Summit held at the Fairmont Hamilton Princess yesterday, Mr Dupplin sai...
Jun 15, 2011
Reinsurance

"Plumeri: Global insurance demand is set to explode"

The golden age of the insurance industry is yet to happen, according to Willis Group Holdings chairman and CEO Joe Plumeri. Mr Plumeri, who was the keynote speaker on the first day of the Insurance Day Summit held at the Fairmont Hamilton Princess ye...
Jun 15, 2011
Reinsurance

"Eqecat: Latest NZ quake to cost insurers $3b-$5b"

NEW YORK (Reuters) - Monday’s earthquake in Christchurch, New Zealand, likely caused an additional $3 billion to $5 billion in insured losses on top of the damage from two previous quakes, catastrophe modeling company Eqecat said yesterday. The quake...
Jun 15, 2011
Reinsurance

"Enstar enters into $250m credit facility"

Bermuda-based Enstar Group Ltd has announced that it has entered into a new three-year $250 million revolving credit facility with National Australia Bank Ltd and Barclays Corporate, the corporate banking division of Barclays Bank plc. Enstar, which ...
Jun 15, 2011
Other

"Bermuda shipping register is the safest"

Bermuda’s shipping register has the best three-year safety record, according to a European port state control organisation. The Paris MoU rates registries each year, based on the number of inspections and detentions in a rolling three-year period. Ac...
Jun 14, 2011
Reinsurance

"AIG is a ‘classic value idea’ that may gain 32%, says BofA"

NEW YORK (Bloomberg) - American International Group Inc (AIG), the insurer majority owned by the US, may advance more than 30 percent in the next year in New York trading as results stabilise, Bank of America Corp said. AIG trades at about 60 percent...
Jun 13, 2011
Other

"A trust's protector must not act for personal gain"

Modern day trust deeds often contain substantial powers in favour of a third party, usually referred to as a protector. A protector is introduced into the trust in order to oversee the actions of the trustee. A protector has a fiduciary duty to exerc...
Jun 13, 2011
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