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Oil Insurance Limited (OIL) has declared a $100 million premium credit for their current shareholders. The payment will be made to shareholders of record on December 31, 2012. An OIL spokesman said that this credit will approximate a 16 percent reduc...

Former Butterfield Bank CEO Alan Thompson has been named managing partner of Bank Solutions Group, a consulting firm for financial services firms. Mr Thompson was appointed CEO of Butterfield Bank in 2002 but retired in 2010 to be replaced by Bradfor...

Bermuda’s electricity utility has been designated as Best Performing Utility by trade association CARILEC. The 33 member Caribbean Electric Utility Corporation made its first benchmarking awards in 2012. Belco’s award was announced at CARILEC’s Engin...

Insurance manager Kane subsidiary, Kane SAC Limited had launched a new catastrophe bond platform and issued a $9,523,770 note under the programme, the company has announced. The series 1-2013 notes have been listed on the Bermuda Stock Exchange. “Th...

Rating agency A.M. Best Co.announced this evening that they have placed under review with negative implications the financial strength rating (FSR) of A- (Excellent) and issuer credit ratings (ICR) of “a-” of the pooled and reinsured members of the T...

Former Axis executive Fred Cooper has been named as the Head of Endurance Specialty Holdings’ US Financial Institutions Insurance practice. The Bermuda-based property and casualty reinsurer said Mr Cooper will work out of New York to grow the new bus...