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Financial and business service

Opinion Writer

"Uprisings send shock waves through oil market"

First there was Tunisia, then Egypt, then Bahrain. Now Libya is being roiled with conflict. Middle East tensions continue to spread and the contagion has many worried. Why are we seeing all these revolts? Tensions in these parts have essentially simm...
Feb 28, 2011
Bermuda Stock Exchange

"100,000 Butterfield Bank shares trade"

One hundred thousand Butterfield Bank shares traded yesterday on the Bermuda Stock Exchange (BSX). The bank, which lost more than $200 million last year, remained unchanged on $1.25. The bank’s preference shares also traded, rising $10, or 0.8 percen...
Feb 25, 2011
Reinsurance

"RenRe and Ace increase dividends"

Bermuda-based reinsurer RenaissanceRe Holdings Ltd has raised its quarterly dividend for the 16th successive year to 26 cents per share from 25 cents. The increase means the company has managed to raise the payout to shareholders for every year since...
Feb 25, 2011
Reinsurance

"Primus Guaranty’s net earnings tumble"

Bermuda-based credit insurer Primus Guaranty Ltd yesterday said fourth-quarter net income fell to $128.3 million, compared with $295 million in the same period last year. The profits were driven by net credit swap revenue of $142.4 million, which in...
Feb 25, 2011
International Business

"Osmium changes name to Revelation"

Bermuda-based investment manager Osmium Capital Management Ltd is changing its name to Revelation Capital Management Ltd. In a statement, the firm said the new name “symbolises our core beliefs and demonstrates the process behind our strong performan...
Feb 25, 2011
International Business

"Four Credit Suisse bankers charged"

WASHINGTON (Bloomberg) Four bankers who worked at Credit Suisse Group AG were charged with conspiring to help US clients evade taxes through secret bank accounts, according to an indictment yesterday and people familiar with the matter. Marco Parenti...
Feb 24, 2011
Reinsurance

"Credit Suisse: Quake may boost reinsurance rates"

NEW YORK (Bloomberg) New Zealand’s deadliest earthquake in eight decades, which toppled buildings and trapped workers in Christchurch, the country’s second-largest city, may lead to higher prices for reinsurance in the Asia-Pacific region. Bermuda is...
Feb 24, 2011
Reinsurance

"Endurance names Bolinder new chairman"

Endurance Specialty Holdings Ltd announced yesterday that William Bolinder has been elected as its new chairman, effective March 3. He will succeed Kenneth LeStrange, who founded Endurance in 2001. Mr Bolinder has been a member of the Bermuda re/insu...
Feb 24, 2011
Bermuda Stock Exchange

Butterfield gains 1¢

Butterfield Bank climbed 0.8 percent in Bermuda Stock Exchange trading yesterday to push the local stock market higher. The bank, which declared a $207.6 million loss for 2010 after the market closed, gained one cent to close the day on $1.22, as 28,...
Feb 23, 2011
International Business

"Frontline posts bigger-than-expected Q4 loss"

LONDON (Bloomberg) Bermuda-based Frontline Ltd., the world’s largest operator of supertankers, posted a bigger-than-expected fourth-quarter loss and declared a dividend that missed estimates after charter costs plunged on a glut of vessels. The net l...
Feb 23, 2011
Opinion Writer

"This bull may be just starting its charge"

The stock market charge continues. The S&P 500 has now doubled from its lows set in March of 2009 and we have witnessed the biggest stock-market rally since 1936. The recent quarter also looks very encouraging. More US companies are exceeding sales ...
Feb 22, 2011
Reinsurance

"XL shares soar 5.3% to highest since June 2008"

Global business insurer XL Group’s shares soared 5.34 percent in trading on Friday to a two-and-half-year high of $24.65. This came after XL announced that two of its Bermuda-based subsidiaries had received approval from the New York Insurance Depar...
Feb 21, 2011
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