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Bermuda-incorporated entities G to L

International or exempted companies can operate worldwide but not in the local marketplace

line drawing

By Keith Archibald Forbes (see About Us) exclusively for Bermuda Online


Note: A Work in Progress, much more to be added. All have "Limited" after their names (with the "Limited" not shown below purely to avoid unnecessary duplication). This list excludes entities trading in Bermuda but not registered as incorporated (showing "Limited" after their name). Showing date incorporated in Bermuda with date shown the American way.

G-1 Fund (The) 5/4/2006
G-Euro Holdings 2/5/2008
G-Prop (Holdings) 6/11/1990
G-Resources Group 1/24/1994
G-TPG Holdings 4/17/2012
G-Trade Services 9/2/1999
G-Trade Services (Holdings) Amalgamated 4/19/2000. Crawford House, Hamilton HM11 and 129 Front Sreet, Hamilton HM 12. Swift codes GTRDBMHMGPO and GTRDBMHM
G-Vision International (Holdings) 2/25/1992
 G E Mello 11/16/1981
GG Condo Co.  5/21/2007
G Hospitality Finance 4/23/2010
Giv-Spair Service 10/23/2006
Giv Holdings 7/21/2003
G Networks 12/20/2001
GWF Management Services 6/15/1959
GX Group Am 3/28/2013
GX Group Capital LP 4/16/2013
GX Group Finance 3/28/2013
G & G De Jesus (Bermuda) 11/15/1999
G & G European Tiling 4/22/2004
G & L Trenching 5/1/2000
G & O 3/23/1984
G2 Securities 2/10/2000
G200 3/14/2008
G5 OPCO Ltd Amalg with G50PCO & continued to Delaware 7/26/2007
G5 World Multi Fund 9/16/1999
G5 World Multi Par T 5/15/2000
GA Rate Distribution 9/3/1996
GA Rate Distribution Amalgamated 11/13/1997
GAA Investment Funds 5/17/2000
GAB Robins Environmental 9/19/1972
Gabai-Maiato Talitha Sarah Lee 10/29/2010
Gabcor 9/21/1979
Gabelli Fund LDC 3/31/1998
Gabelli International Gold Fund 10/13/1994
Gabelli Securities International 10/13/1994
Gable Palms 1/19/2010
Gabriel Enterprises (Bermuda) 1/29/1992
GAC Holdings 6/8/2009
Gadus Private 1/29/2003
Gadus Shipping Private 1/29/2003
GAF Insurance 12/29/1977
Gage 4/13/2000
Gage Reinsurance Holdings 6/4/2014
Gagner Holdings 11/1/2010
GAI Holding Bermuda 10/3/2007
GAI Insurance Company 9/18/1989
GAI (Bermuda) 4/6/1998
GAIA Fund 10/14/2010
GAIA Holdings 11/14/2002
GAIA 12/8/2002
Gaiatind 1/21/2002
Gail China Gas Global Energy Holdings 3/12/2008
Gailes Shipping 11/28/1986
Gain A Trading Subsidiary 10/26/1990
Gain B Trading Subsidiary 10/26/1990
Gain Global Markets Bermuda 2/13/2013
Gain GTX Bermuda 7/1/2014
Gain 10/26/1990
Gain Trading Subsidiary 9/20/1993
Gainsville Investment 12/2/1983
Gainford 4/2/1993
Gainvir Transport 10/31/1983
Gainwell Overseas 1/20/2014
Gairdner International 4/9/1976
Gairloch Investment Holdings 1/3/1966
Gaiwin Corp (Bermuda) 9/24/1987
Gala Co-investors Sterling LP 4/13/2000
Gala Co-investors (Bermuda) LP 4/13/2000
Gala 1 GP 4/13/2000
Gala II GP 4/13/2000
Gala II Parent 4/13/2000
Gala III GP 4/13/2000
Gala III Parent 4/13/2000
Gala III LP 4/13/2000
Gala II LP 4/13/2000
Gala IV GP 4/13/2000
Gala IV Parent 4/13/2000
Gala IV (Sterling) LP 4/11/2000
Gala I LP 4/12/2000
Galactic Assurance Group 2/4/1972
Galatea Art (Bermuda) 3/28/1990
Galatea Shipping Company 3/26/1996
Galawat Services 5/27/1988
Galaxia Software 12/16/2005
Galaxie 9/8/1967
Galaxy2000 Holdings 9/24/1999
Galaxy Entertainment Aviation CL2012 4/9/2012
Galaxy 10/6/1978
Galaxy Oil 6/22/1978
Galaxyway 3/31/1995
Galconda Gas Carriers 3/13/1985
Galen 7/24/1987
Galer Green Holding 4/19/2000
Galewest 11/28/1979
Galia Holding Co. 8/2/1982
Galif Investments 10/18/2004
Galileo Fund 10/16/2003
Galileo International Holdings 12/17/2001
Galileo Investments 5/7/2007
Galileo Re 9/30/2013. Special Purpose insurer.
Galileo Shipping and Trading 4/5/1989
Galileo Weather Risk Management 12/13/2005
Galinda Management 2/11/1980
Galitec 10/4/1974
Gallagher's 10/1/1984
Gallagher Holdings Bermuda Company 12/23/2005
Gallagher, Helen Patricia 12/22/1993
Gallant Holdings 2/28/2008
Gallant 11/22/1979
Gallant Minerals 10/22/1997
Gallant Participations 2/28/2008
Gallardo Private Trust 10/20/2012
Galle Investments 1/2/1981
Galleon Admiral's Offshore 8/15/2001
Galleon Captain's Offshore 12/15/2000
Galleon Healthcare Offshore 7/22/1997
Galleon Investments 4/13/1976
Galleon Reinsurance 10/16/1997
Galleon Shipping 9/11/1990
Galleon Technology Offshore 6/30/1995
Galleria III 7/8/1999
Galleria International 7/2/2004
Galleria 5/20/1983
Gallery 1800 Co 10/12/1978
Gallery Expression 1/30/2002
Gallery Ltd (The) 1/2/1985
Galoc Marine Asia 2/13/1996
Galpara Gas Carriers 3/13/1985
Galveston 3/21/1990
Galvex Holdings 4/11/2000
Galvex Trade 4/11/2000
Galway Properties 12/8/1987
Galway Shipping 3/16/1981
GAM Boston Portfolio 10/31/1983
GAM Distribution 7/13/1992
GAM Emerging Markets 5/21/1992
GAM 4/17/1989
GAM (Bermuda) 4/6/1984
Gamadirect 7/13/2000
Gambada Gas Carriers 3/13/1985
Gambhira Gas Carriers 4/16/1985
Gamble General Insurance Co 1/18/1971
Game of Logging Ltd (The) 4/15/1994
Gamenta 5/8/1992
Games 6/27/2003
Gametime 11/29/1996
Gaming Insurance International 2/16/1978
Gaming Ventures International 4/13/2000
Gaming Ventures International (Bermuda) 2/14/2001
Gamlin Investments 9/11/1990
Gamma Bermuda 5/15/2002
Gamma Capital Fund 10/31/2002
Gamma Company 4/19/1976
Gamma Fund Limited Partnership (The) 12/31/1991
Gamma Management 4/27/1992
Gamma Trading Company 4/25/1983
Gampolan 7/12/2011
Ganaluxy Holdings 3/14/1986
Gandar Investment 3/21/2005
Ganendra Private Trust Company 9/10/1997
Gannam 3/8/1989
Gannet Shipping 11/30/1989
Gannochy Insurance 11/26/1979
Gant Company 12/10/1971
Gantry 1/27/1999
Ganz Investments 5/20/1978
Gap-EFU (Bermuda), LP 9/26/2000
Gap-IFG (Bermuda), LP 9/26/2000
Gap-W International 12/31/2003
GAP Bermuda FRB 12/20/2012. General partner of Gap-W
GAP Bermuda GAV 12/20/2012
GAP Bermuda GP 12/20/2012
GAP North 5/12/2004
GAP (Bermuda) 2/22/1999
Gar Bermuda 6/28/2010
Garbeta Gas Carriers 3/13/1985
Gard Marine & Energy 12/9/2003
Gard P. & I. (Bermuda) 2/8/1988
Gard Reinsurance Co. 2/22/2010
Garden Grove 5/29/1984
Garden Insurance Company 7/19/1979
Garden Investments 10/3/1983
Garden Market (The) 3/14/1995
Garden State Insurance Co. 10/30/1985
Garden Supplies 8/24/1990
Garden View Development 9/1/1989
Gardenia Private Trust Company (The) 11/12/2002
Gardner Lewis Offshore Fund 3/1/2000
Gardner Lewis Offshore Market Neutral Fund 6/28/2001
Garfield Company 1/2/1979
Garfield Drive 3/9/2001
Garfield Terrace Investors 4/19/2000
Garfunkel Partners 8/2/2010
Garion Investments 2/19/2002
Garland International 11/4/1992
Garnault II 8/23/1993
Garnault 7/7/1992
Garnet 10/4/2000
Garnham & Co 2/22/1999
Garrard Products 4/3/1980
Garrett 10/21/1996
Garsen International 8/13/1980
Gartner Holdings Ireland 5/5/2000
Gary E Burgess School for the Performing Arts (The) 10/2/2006
Garza Holdings 3/17/2005
Gas-Eight 3/31/2011
Gas-Eighteen 1/17/2014
Gas-Eleven 1/10/2012
Gas-Fifteen 8/21/2013
Gas-Five 2/14/2011
Gas-Four 4/27/2010
Gas-Fourteen 7/9/2013
Gas-Nine 6/16/2011
Gas-Nineteen 4/4/2014
Gas-One 2/19/2008
Gas-Seven 3/31/2011
Gas-Seventeen 1/17/2014
Gas-Six 2/14/2011
Gas-Sixteen 1/17/2014
Gas-Ten 6/16/2011
Gas-Thirteen 7/9/2013
Gas-Three 4/27/2010
Gas-Twelve 12/10/2012
Gas-Twenty Five 6/11/2014
Gas-Twenty Four 6/11/2014
Gas-Twenty 4/4/2014
Gas-Twenty One 4/4/2014
Gas-Twenty Seven 1/6/2015
Gas-Twenty Six 1/6/2015
Gas-Twenty Three 5/6/2014
Gas-Twenty Two 5/6/2014
Gas-Two 2/19/2008
Gas Del Pacifico 8/17/1987
Gates Finance 7/6/1981
Gateway Asset Finance I 3/5/2001
Gateway Bermuda LP 7/17/2007
Gateway Container International 1/31/1997
Gateway Containers 1/15/2001
Gateway International Aviation Finance 12/13/2001
Gateway Investments 4/14/1994
Gateway Management Services 1/15/2001
Gateway Net Bermuda 10/29/2003
Gateway Systems 4/5/1990
Gateway Ventures 10/12/2010
Gator Re 2017. January 3.  A Bermuda-based catastrophe bond has passed its attachment point with an impact of more than $195 million at the end of November, it was reported. The attachment point for the $200 million cat bond — the stage at which qualifying losses start to erode investors’ principal — was set at $175 million, so if the losses are confirmed, investors would face a loss of at least $25 million of the principal on the deal. Specialist online magazine Artemis said that qualifying losses from severe thunderstorm peril, which includes tornado, hail and straight line winds from convective weather, rose throughout last year, which took the reported estimate of qualifying ultimate net losses dangerously close to the attachment point. Artemis added that sources had said that the loss tally for Gator Re, a special purpose vehicle set up by Florida-based American Strategic Insurance, had risen during last November. But the Artemis report no events had occurred in December that could add to the losses. The loss reports are initial estimates and subject calculation agent assessment and revision if needed. Most of the increase in the loss tally is said to be from events earlier this year, with around $7 million from events in November. The report added: “However, the fact that these reports show the deal has been triggered by such an amount would seem to suggest that investors must ready themselves for some erosion of capital and that not all of the principal will be returned at the end of the deal’s term, which is the end of 2016.” And it said that, as it was the aggregate Section B coverage that faced losses, only the amount that losses extend above the attachment point would be lost. But Artemis warned that other events in December could add result in further qualifying losses to the bond, so the final estimated loss report at the end of the coverage period could be higher. A partial repayment is set to be the end result for Gator Re and the cat bond was set to face an extension event at the end of last year, where the losses would be firmed up and reported back to investors. But Artemis cautioned that loss estimates could go down as well as up, so any loss of principal could fall as well as rise. The Gator Re cat bond was set up in 2014 and was expected to run for around two years and nine months to the end of last year. The bond was marketed with an initial size of $125 million, later increased to $200 million.
Gazelle Fund Managers (Bermuda) 3/4/1994
Gazelle Holdings 10/7/2010
Gazocean Bermuda) Trading  5/15/1985. Par-la-Ville Place, 14 Par-la-Ville Road, Hamilton HM 08. Phone 295-0561
GE Appliances (Bermuda) 5/31/2001
GE Arklow Energy C.V 3/30/2005
GE Aviation Services Equity Investments 7/31/2007
GE Bermuda CV Holdings 7/29/2014
GE Capital Aircraft Leasing 11/20/1997
GE Capital Commercial Services Inc 8/7/2002
GE Capital Finance C.V 9/18/1998
GE Capital Finance I Gmbh & Co. KG 9/18/1998
GE Capital Finance III Gmbh & Co. KG 3/19/2001
GE Capital Financial Holdings (Bermuda) UL 4/15/1998
GE Capital Funding Bermuda 8/23/2002
GE Capital German Holdings (Bermuda) 12/23/2003
GE Capital Hong Kong Investments UL 11/14/1997
GE Capital Hungarian Telecom I 9/30/1996
GE Capital Hungarian Telecom II 9/30/1996
GE Capital India Telecom I 4/2/1998
GE Capital International Finance (Bermuda) 6/28/1996. Colombia House, 32 Reid Street, 3rd Floor, Hamilton,  HM BX
GE Capital Investments 1/21/1998
GE Capital Project Finance I 11/4/1993
GE Capital Project Finance II 11/4/1993
GE Capital Project Finance III 10/28/1994
GE Capital Project Finance IX 4/1/1998
GE Capital Project Finance V 1/5/1995
GE Capital Project Finance VI 1/5/1995
GE Capital Project Finance VII 1/5/1995
GE Capital Project Finance XI 7/17/1998
GE Capital Project Finance X 4/1/1998
GE Capital SUKUK 8/3/2009
GE Capital (Bermuda) Holdings UL 4/15/1998
GE ERC (Bermuda) 12/10/2001
GE Europe Finance 12/9/2002
GE Financing (Luxembourg) SARL 4/13/1998
GE Healthcare IVD Technologies Bermuda 5/28/2007
GE Holdings Luxembourg & Co SARL 4/13/1998
GE JV Sponsor 3/1/2012
GE Lighting Tungsram Financing CV 8/29/1997
GE Puerto Rico (Bermuda) 11/30/2001
GE Seaco 11/5/1997
GE Superabrasives Ireland Holdings 9/17/2003
GEAC Computers (Bermuda) 10/4/1991
Gearbulk Holding 3/5/1991
Gearbulk Management 4/15/1993
Gearbulk Metal Terminals 9/21/1994
Gearbulk Pool 3/5/1991. Vessels include Swan Arrow.
Gearbulk Services 9/30/1998
Gearbulk Shipmanagement 5/18/2006
Gearbulk Shipowning 3/5/1991
Gearbulk TEFC 3/5/1991
GEC Capital Group III LP 6/20/2014. Clarendon House, 2 Church Street, Hamilton HM 11. Phone 296-2440
GEC Capital Group LP 7/29/2008
GEC GMSC Holdings LP 11/18/2013
GEC Group 4/15/2008
GEC Partners III - GI LP 6/20/2014
GEC Partners III Feeder LP 6/20/2014
GEC Partners III LP 6/20/2014
GECAS Bermuda ECA 11/6/2008
Gemini Submarine Cable System 14 Par-la-Ville Road, Hamilton HM 08. Phone 295-2072.
General Atlantic Coopratief, LP 1/20/2012. Washington Mall, Hamilton HM 11. Phone  295-2864. Fax 292-4314.
General Atlantic Equatorial Guinea 8/23/1991
General Atlantic FNZ (Bermuda) LP 12/8/2011
General Atlantic Genpar (Bermuda) LP 12/22/2008
General Atlantic Group 10/26/1979
General Atlantic OHA Interholdco (Bermuda) LP 10/12/2011
General Atlantic OHA Bermuda 10/4/2011
General Atlantic Partners Tango, LP 6/27/2008
General Atlantic Partners (Bermuda) IFG, LP 11/2/2000
General Atlantic Partners (Bermuda) III, LP 12/13/2012
General Atlantic Partners (Bermuda) II, LP 2/16/2009
General Atlantic Partners (Bermuda), LP 3/5/1999
General Atlantic Partners (Dalian) LP 1/23/2008
General Atlantic Partners (LBTA) LP 11/26/2002
General Atlantic Partners (Tern) LP 8/4/2003
General Atlantic Partners (Toro) LP 7/3/2007
General Atlantic Partnership Investments 9/1/1988
General Atlantic Singapore Fund Interholdco 3/16/2011
General Atlantic (SAM) Bermuda 7/12/2013
General Aviation Co 2/27/1980
General Capital 9/24/1999
General Contracting (UK)  12/4/1992
General International 29 Richmond Road, Pembroke HM 08. P. O. Box HM 2014, Hamilton HM DX. Phone 292-0773. The Bermuda office of General Motors Corporation. 
General International Insurance Services Also owned by General Motors Corporation
General Minerals Corporation Pembroke. Phone 292-6972.
General Motors Corporation A prominent US and multinational corporation, major motor vehicle manufacturer in the USA, Canada, Germany, UK, etc. Various subsidiaries in Bermuda including General International, above.
Geneva Re 2019. May 7. Ryan Specialty Group (RSG) and Nationwide have teamed up to form a new Bermuda-based reinsurance company called Geneva Re. Michael O’Halleran will be the new company’s executive chairman. Mr O’Halleran is well known in the industry, having previously served as executive chairman of Aon Benfield and as president and chief operating officer of broker Aon. Nationwide is an insurance company based in Ohio, while RSG is a Chicago-based holding company for insurance brokerages and managing general agencies. Each company will have a 50 per cent stake in the venture. Ryan Re, an RSG-affiliated company led by Brian Boornazian, the chief executive officer, will act as the exclusive underwriting manager for Geneva Re. Mr Boornazian is a 37-year veteran of the insurance industry, having previously worked for Gen Re, Guy Carpenter, Cologne Re, NAC Re, XL Re and Aspen Re. In a statement, Geneva Re said it will have the financial strength to immediately accept a diversified portfolio of reinsurance business from Ryan Specialty Group’s underwriting programmes. It is anticipated that Geneva Re will be able to begin underwriting business on July 1 this year subject to the approval of the Bermuda Monetary Authority. Nationwide will also appoint Ryan Re as its exclusive underwriting manager for third-party property and casualty treaty reinsurance business flowing through Geneva Re. Mr Boornazian said: “I believe we are bringing an unprecedented proposition to the reinsurance market. Combining the quality and balance sheet strength of Nationwide, the innovation and market presence of RSG, and the well respected and experienced underwriters will uniquely position Ryan Re to provide the security and underwriting insight to our brokers and clients.” RSG said the strategic partnership will enable it and Nationwide to grow in the specialty lines market, while expanding upon an already strong relationship. Patrick Ryan, chairman and CEO of RSG, said the companies “share a similar culture, which is critical to entering into a long-term relationship”. Mark Berven, president and COO, Nationwide property and casualty, said: “We look forward to furthering our relationship with RSG, who is today one of our largest E&S/specialty distribution partners. This relationship will create new opportunities for both organisations to expand our reach and serve additional niche markets that are currently underserved.”
Genpact Since March 29, 2007. Bermuda-incorporated but no physical presence in Bermuda. Main office is in New York. Its registered office shares the address and phone number of the law firm Appleby, based at 22 Victoria Street, Hamilton. A business process management and technology company, which helps businesses streamline their operations. With market capitalization of nearly $3 billion, it  employs 43,900 people all over the world. Founded in 1997 as the India-based business process services operation for GE's financial services business. The company became independent at the beginning of 2005. Provides offshore business services to General Electric Co. and other companies, had an initial public offering (IPO) in USA in 2007. Bain Capital became Genpact's largest shareholder. In 2013 it announced it is helping HSBC and other banks to satisfy so-called know-your-client requirements amid a crackdown by regulators on money laundering. Has developed the first centralized service for end-to-end management of client on boarding and other know-your-customer (KYC) requirements in the financial markets.
GenoPort Holdings (Bermuda) 90 Pitts Bay Road, Pembroke. Phone 295-5815.
Geologistics International Management (Bermuda) International (except in Bermuda) freight forwarder. It October 2010 it was announced it would pay a $687,960 for its part in a price-fixing arrangement. The US Justice Department said the firm was one of six companies to plead guilty.
German Venture Managers (2000)  
Gerova Financial Group 9/13/2010. Bermuda-based financial services company.

2017. August 14. NEW YORK (Bloomberg) – A Los Angeles man who was born into a life of white-collar crime with an opulent lifestyle was ordered to serve more than 14 years behind bars for ripping off poor Native Americans, a sentence that tacked five years to time he’s already doing for ripping off investors in a Bermuda-based firm. Jason Galanis, who pleaded guilty in January to duping a Sioux tribe in South Dakota in a $60 million bond-issuing scam, was sentenced in Manhattan federal court. He appeared in blue prison garb, sporting a long beard, with his straight hair combed neatly to his shoulders. “There aren’t enough words to describe how remorseful I am,” Galanis, 47, said. “I’ll never live down the shame. It’ll be with me forever.” Galanis is already serving 11 years for another crime. The Greenwich, Connecticut, native pleaded guilty in July 2016 to swindling investors in a island-based financial-services firm, Gerova Financial Group Ltd, out of $20 million. “You’ve spent a good deal of your life charming and manipulating people,” US District Judge Ronnie Abrams said in handing down the sentence. “You’ve had many more opportunities in life than most of the defendants I have before me.” The judge initially sentenced Galanis to more than 15 years in prison, but later credited him with the 15 months he’s already served. She said her intent was to add five years to his current sentence. Defence attorney Lisa Scolari had asked for mercy, arguing last month that her client’s life was dominated by his father, John Galanis, whom she referred to as “one of the ten biggest white-collar criminals in America.” The Galanis name, she said in a court filing, is “etched into more than 45 years of state and federal criminal indictments, beginning in the early 1970s. There is a sadly familiar path,” she said, and her client “has followed directly in his father’s footsteps.” Scolari asked the judge to hand down a sentence that wouldn’t result in any additional time behind bars. Prosecutors didn’t buy it. They urged the judge to impose a sentence of almost 20 years, which would have added more than 8½ years to Galanis’s current term. “The government has little doubt that being raised by John Galanis was a significant and formative negative experience,” prosecutors said in an August 4 filing. But, “having witnessed first-hand the devastating familial costs of criminal behaviour, Jason might have been expected to live his life on the straight and narrow, and to aspire to a life both more productive and modest than that of his father.” John Galanis was charged with his son in both frauds, while two of his other sons were charged in the Gerova scam. The elder Galanis once ripped off the former head of the New York Stock Exchange and was previously convicted in 1988 of masterminding a tax-shelter scheme that bilked actors including Eddie Murphy and Sammy Davis Jr. The scam against the Gerova investors in Bermuda was also a family affair. In the latest case, father and son were accused of persuading a corporation affiliated with the Wakpamni District of the Oglala Sioux Nation, whose members live in one of the poorest regions in the US, to issue limited-recourse bonds the pair had structured. John, now 74, and Jason promised that the bond proceeds would be invested in annuities to benefit the tribe and repay investors. Instead, prosecutors said, they stole more than $10 million. Their long-time scams helped fund a lifestyle that went from the younger Galanis getting a $100,000 Ferrari for his 16th birthday to the family living in a Del Mar, California, mansion that last sold for $50 million, according to court filings. John Galanis is at a low-security prison in California. He’s due to be released in 2022 and has pleaded not guilty in the bonds case, according to court records. The US urged a harsh sentence based on the younger Galanis’s long history of breaking the law. “Galanis’s conduct is all the more egregious because the Wakpamni fraud was not his first brush with the law but was merely the latest of his repeated efforts to enrich himself and support an opulent lifestyle at the expense of his victims,” the US said. “The scale and scope of his illegal conduct, and his willingness to lie and deceive to cover it up, has only grown over time.”

2015. September 30. This and other Gerova companies still listed on Bermuda Register of Companies, despite comments below.

2015. September 28. The men behind this Bermuda-registered financial-services firm have been charged by regulators in connection with an alleged $16 million fraud in the US. The Securities and Exchange Commission (SEC) claims six men involved with the Gerova Financial Group, formerly based in Cumberland House, Victoria Street, Hamilton, hatched a plot to dump millions of the company’s shares in an unregistered offering and distribution. The SEC alleges that Jason Galanis enlisted his father John Galanis, his two brothers Jared and Derek, a family friend from the Republic of Kosovo and a Gerova director Gary Hirst and Gavin Hamels, an American investment adviser, to carry out the 2010 scheme. An SEC filing with the United States District Court, Northern District of New York, said: “Eventually, Gerova’s share price tumbled in reaction to the massive sell-off engineered by Jason Galanis. To stem the price decline, Jason Galanis orchestrated a second phase of the scheme to artificially stabilize Gerova’s stock price: he bribed two investment advisers to buy Gerova shares in their respective clients’ accounts in order to create demand for the stock. All told Jason Galanis’ scheme reaped him and his family members over $16 million, all at the expense of unwitting investors.” The court was also told that Jason Galanis, 45, who lives in Los Angeles, California, had also been banned in a previous case from serving as an officer or director of a public company for five years, to run from 2007 to 2012 and ordered to pay $60,000 in civil penalties. But the filing with the US court that Jason Galanis was “instrumental in the formation and development of Gerova” and in 2006 advised members of a wealthy family from Macau, China, on potential investments. He later introduced a member of the family to a Gibraltar-based fund, the Gibraltar Fund, controlled by one of his business associates, to discuss the set-up of a special purpose acquisition vehicle (SPAC) to focus on acquisitions based in Asia. The Gibraltar Fund and the Macau family agreed to set up Asia Special Situation Acquisition Corporation (ASSAC), which was formed as a SPAC in the Cayman Islands in March, 2007. Jason Galanis was paid a $600,000 fee for his part in the deal and also entered into a consulting agreement with the Gibraltar Fund, which entitled him to 30 per cent of the profits the Gibraltar Fund made from the SPAC. ASSAC changed its name to Gerova Financial Group in January, 2010. The SEC filing to the court said: “Far beyond the terms of his consulting agreement with the Gibraltar Fund, Jason Galanis substantially influenced the management, operation and business direction of Gerova from its inception. He regularly attended Gerova board meetings and had pre-existing business relationships with members of the board; he consulted management, company counsel and the board on senior management hiring and firing decisions; he reviewed draft commission filings and consulted Gerova’s officers, directors and company counsel concerning disclosures made therein; he interacted with Gerova’s public relations firms concerning the content of Gerova’s press releases and gave orders to Gerova’s counsel and management concerning actions to be taken with respect to its securities.” The SEC filing said that Jason Galanis, “mindful of the officer and director bar imposed on him ...”, made sure that his official capacity at the company was limited, holding himself out as investment banker or adviser to the company. But the filing added: “However, in October 2010, he became CEO of a Gerova subsidiary, Gerova Advisors LLC, in order to formalize his relationship with the company. In that capacity, Jason Galanis was to receive success fees upon the consummation of material financings or acquisitions by Gerova that were introduced or consulted on by Gerova Advisors.” The SEC also alleges that Jason Galanis’ senior role in Gerova, as well as his close relationships with senior officers and board members, or his substantial holdings of Gerova stock through several shell companies. Gerova companies remain listed on the Bermuda Register of Companies. But a spokesman for the Bermuda Monetary Authority, which regulates the financial services industry, said: “There are currently no Bermuda Monetary Authority-licensed entities related to this matter.” The Royal Gazette reported in 2012 that the firm had sought US bankruptcy court protection, listing debts of as much as $500 million. The company, formerly known as Asia Special Situations Acquisition Corporation, took the step to protect its assets from creditors. Gerova said then its assets were listed as more than $50 million. Gerova also began liquidation proceedings in Bermuda in July that year.

2011. January. Acquired about $1.2 billion in insurance policies and loans and arranged financing for further purchases in the life-settlements market. In 2012 it sought US bankruptcy court protection, listing debt of as much as $500 million. The company, formerly known as Asia Special Situations Acquisition Corp, filed a Chapter 15 petition in Manhattan to protect its US assets from creditors. Assets were valued at more than $50 million. Chapter 15 shields foreign companies from US lawsuits and creditor claims while a company continues the process abroad. Liquidated in Bermuda thereafter.

Gerova Holdings 3/19/2010
Gerova Media Group 9/21/2010
Gerova Reinsurance 5/14/2010
GIG Reinsurance Company. Since1993
GlaxoSmithKlein Insurance  A Bermuda-based subsidiary of GlaxoSmithKline plc
Glencore Capital 4/28/2000
Glencore Cerrejon 11/23/2000
Glencore Coal (Bermuda) 11/28/2009
Glencore E & P Nicaragua (Pacific North) 7/3/2014
Glencore E & P Nicaragua (Pacific South) 7/3/2014
Glencore Exploration Cameroon 9/21/2007
Glencore Exploration 1/2/1986
Glencore Exploration & Production (EG) 9/18/2012
Glencore Exploration & Production (Nigeria) 1/13/2014
Glencore Exploration (BIOKO) 12/18/2007
Glencore Finance (Bermuda) Cedar Avenue 41A, Hamilton HM 12. Swift code GFBEBMH1.
Global-M Project 2/26/1999
Global 7000 Air Services 8/29/2004
Global 9017 3/29/2004
Global 9139 8/19/2009
Global Accumulation Fund 3/20/1969
Global Admin (BA) 10/20/1999
Global Administrators 3/24/1997
Global Advanced Metals Bermuda 4/23/2012
Global Air 8/7/2002
Global Air Movement (Bermuda) LP 5/23/2002
Global Air Services 2/16/2007
Global Aircraft 8/14/2006
Global Alliance F 9/1/1995
Global Alloys 6/27/1996
Global Apparel Network 9/24/2004
Global Applied Technologies 4/6/2000
Global Archive Foundation 5/15/2002
Global Arm 3/17/1992
Global Arts Youth Initiatives Foundation 11/26/2007
Global Asset Allocation 5/17/2000
Global Eleven

6/11/2009. A Bermuda-based soccer fund initiated by by Indoo Sella Di Monteluce, an Italian aristocrat, and Kentaro chief executive officer Philippe Huber, whose company is an investor. Iveagh Ltd, a London-based firm created to oversee the wealth of the Guinness brewing dynasty, was hired as investment manager in return for 2 percent of the fund’s net asset value. Sella Di Monteluce’s father, Count Nicolo Sella Di Monteluce, is a non-executive director at Iveagh, which also manages his family’s money.

Global Asset Management  
Global Atlantic Financial Group 2017. May 18. NEW YORK (Bloomberg) — Bermuda-based insurer Global Atlantic Financial Group is weighing an initial public offering as soon as this year, according to people familiar with the matter. The fixed-annuity seller is mulling an initial public offering of shares in the fourth quarter or early 2018, said the people, who asked not to be identified because the process is private. Goldman Sachs, a major backer of the insurer, is helping with the listing plans, the people said. No final valuation has been set and the timing is not yet final, they added.
Global Crossing Incorporated in Bermuda in 1997 as GT Interconnect Systems Ltd, by Gary Winnick. World-wide, it went bankrupt in 2001 in the fourth-largest Chapter 11 in US history, wiping out US$40 billion in market value. In March 2003, the majority of the company was bought by Asia-based Hutchison Telecommunications and government-run Singapore Technologies Telemedia. Affiliated or fraternal Bermuda companies include Asia Global Crossing; Global Crossing Intellectual Property Ltd; Global Grossing Holdings Ltd; Global Crossing International Ltd; Global Crossing Network Center Ltd; Global Crossing Portfolio Holdings Ltd; Atlantic Crossing Ltd; Mid-Atlantic Crossing Holdings Ltd; Mid-Atlantic Crossing Ltd;  Pan American Crossing Holdings Ltd; South American Crossing Holdings Ltd; South American Crossing Ltd; Atlantic Crossing II Ltd; and Pac Panama Ltd.
Global Marine Systems (Bermuda) It operates one of the world's most advanced sub-sea fiber optic systems for data, voice, video and other forms of Internet communications. In the year 2000, the Bermuda Government gave this company import duty (Customs Duty) exemptions so it could import equipment and machinery duty-free.
Global Specialized Opportunities 1 (GSO1)

A victim of potential fraudulent activities revealed in December 2008 by Mr. Bernard L. Madoff and his investment advisory business, which potentially had a material impact on both direct and indirect investments in the Madoff funds. A press release included: "As at December 15, 2008, GSO1 had a total indirect exposure to this manager of $2.8 million (or c. five percent of NAV) in the discretionary Investment Portfolio. Whilst this situation could potentially have an impact on the NAV of GSO1, the Directors do not foresee it having a significant impact on the overall strategy of GSO1."

GlobalStar Telecommunications Bankrupted but Miami-based New Valley Corporation investment group invested $55 million in early 2003. With interests mainly in Europe and Russia in the communications industry.
GMO Currency Hedge Fund Master Portfolio (Offshore) LP Formed 2003 by GMO Investment Partners LLC, c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, Delaware 19808. C/o Appleby Spurling & Hunter.
GTE  Telecommunications, about 58 in overall world ranking. Its Bermuda operations include its own captive GTE Reinsurance Company, operating internationally.
G-Trade Services P. O. Box HM 2796, Hamilton HM LX. Phone (441) 298-9920. Fax (441) 298-9930. (A subsidiary company of Credit Lyonnais Securities Asia Global Emerging Markets Group of Companies).
Golar Commodities 5/13/2010
Golar Energy Management 9/2/2009
Golar Freeze 3/15/2002
Golar Gimi 3/15/2002
Golar Hilli 3/15/2002
Golar Khannur 3/15/2002
Golar LNG Energy 6/22/2009
Golar LNG 5/10/2001. Shipping company and subsidiaries above and below incorporated by a Norwegian maritime and tanker company transporting liquid natural gas (LNG) and owning a fleet of liquefied natural gas tankers. There is also a subsidiary of the company. Chairman is Norwegian shipping billionaire John Fredriksen, Golar’s largest shareholder through his closely held World Shipholding.
Golar LNG Management 9/18/1979
Golar LNG Partners LP 12/14/2007
Golden Harvest Entertainment (Holdings)  
Gold Bar Development and Consulting 4/18/2012. 2015. September 10. This Bermuda-based gold mining firm is to resume operations in South America. It has significant holdings in the jungles of Guyana, which are rich in gold deposits. But the firm was forced to suspend mining operations on several occasions in the first eight months of this year because of equipment breakdowns. The firm also received only $168,000 of a promised $4.9 million funding commitment — which led to projects being put on hold. But Gold Bar said it had now entered into a six-month financial funding commitment from another source, with $2.24 million expected in the fourth quarter of this year and a further $2.46 million in the first quarter of 2016. A statement by the firm said that it had generated close to $1 million in revenue since it was set up in 2012. The statement added: “The company has made significant progress developing relationships in Guyana and identifying opportunities within the country.” But it added that a fall in gold prices over the last two years had put many smaller mining companies under pressure. The statement said: “The company plans to become a strategic partner in the local mining community by using a portion of its funding to help revive some of the local mining camps which are currently stalled and provide them with fuel and equipment necessary to get up and running again.” The report explained that there had been interest in partnership working, which would allow the company to develop income streams while building up its own mining crews. Gold Bar said it planned to invest $1 million in new, more efficient, equipment and employ 30 additional workers.
Golden Ocean Group A shipping company led by Norwegian billionaire John Fredriksen, operates a number of carriers for raw materials shipping. It was spun off from Frontline. In 2007, it announced two new ship-building contracts at Daehan Shipbuilding Co., Ltd., South Korea and Zhoushan Jinhaiwan Shipyard in China. In 2010 owned or controlled 12 ships including Golden Ice and in 2010 had another 23 under construction. In 2014 had a market capitalization of 2.9 billion kroner (about US $450 million). In late 2014/early 2015 merged with and took over another Fredriksen's Bermuda-based subsidiary, Knightsbridge Shipping Ltd. Fredriksen’s transaction forms one of the biggest dry-bulk shippers with 72 vessels, of which 36 are under construction, in a market suffering from oversupply since the financial crisis in 2008. Has a secondary listing on the Oslo stock exchange.
Golden State Re II California’s State Compensation Insurance Fund has this Bermuda-based special purpose insurer.
Glyndebourne 11/24/2006
GM Imports & Trading 9/8/1999
GMACI Holding Company (BDA) 5/11/2007
GMACI Insurance Management 7/3/2012
GMACI Re 12/7/2011
GMACI Reinsurance Broker 1/18/2012
GMC Holdings 3/5/2012
GMD Consulting 9/8/2009
GMG Acquisition LP 4/12/1993
GMO A global investment management firm offering s broad range of investment products including equity and fixed income strategies across global developed and emerging markets. Client base includes endowments, pension funds, public funds, foundations and cultural institutions. A private partnership that employs more than 550 people worldwide. As at December 31, 2014 managed US$116 billion in client assets. Headquarters are in Boston, MA, with offices in Amsterdam, London, San Francisco, Singapore and Sydney, with the following operations corporately registered in and operating from Bermuda:
GMO Alpha Libor (Offshore) LP 1/29/2004
GMO Alternative Asset SPC 7/14/2004
GMO Credit Opportunities Fund (Offshore) LP 7/6/2010
GMO Currency Hedge Fund Master Portfolio (Offshore) LP 6/27/2003
GMO Emerging Country Debt Portfolio (Offshore) 1/30/2002
GMO Emerging Country Local Debt Fund (Offshore) LP 10/2/2014
GMO Emerging Currency Hedge Fund (Offshore) LP 2/22/2006
GMO Fixed Income Hedge Fund (Offshore) LP 8/24/2005
GMO GAAR Implementation SPC 3/10/2015
GMO Implementation SPC 3/10/2015
GMO International Equity Extension Fund (Offshore) LP 1/14/2006
GMO Mean Reversion Fund (Offshore) LP 11/14/2006
GMO Multi-Strategy Fund (Offshore) LP 9/27/2002
GMO Offshore Funds I 6/6/2000
GMO Offshore Funds II 6/23/2003
GMO Offshore Master Portfolios II 8/22/2000
GMO Offshore Master Portfolios III 9/27/2001
GMO Offshore Master Portfolios IV 10/31/2001
GMO Offshore Master Portfolios 6/1/2000
GMO Offshore Master Portfolios V 7/11/2002
GMO Offshore Master Portfolios VI 8/8/2002
GMO Pan-European Long/Short Equity Master Portfolio (Offshore) LP 5/30/2003
GMO Real Return Asset Allocation Fund (Offshore) LP 7/6/2010
GMO Short-Term Market Opportunities Fund (Offshore) LP 8/24/2005
GMO Special Opportunities SPC 6/12/2014
GMO Tactical Opportunities Fund (Offshore) LP 8/24/2005
Gnosis Since 2019. Website gnosis.bm. The Bermuda-based company provides managed IT services through its on-island team.  Neil Lupsic, chief executive officer. With offices on Front Street, it provides IT services and solutions through its on-island team. IT managed services, networking, compliance, cybersecurity, virtualization, and migration to the Cloud. Corey Brunton, chief operating officer, and Glenn Malcolm as senior systems engineer. Gnosis is owned by Steven Petty, who is its president. 
Good fellow Group C/o Codan Services
Goodman & Company (Bermuda)  
Google Bermuda Unlimited



2020. January 2. Google is ending its tax strategy called the “Double Irish, Dutch Sandwich”, which saw it move billions of dollars to Bermuda. The tech company moved $24.5 billion (€21.8 billion) through its Netherlands holding company to Bermuda in 2018, up from $22.7 billion the previous year, according to filings in the Netherlands that have been seen by Reuters. The Double Irish, Dutch Sandwich procedure is legal, but it has been criticized in the past as an arrangement that allows Google to reduce its foreign tax bill. Google parent Alphabet will no longer use the “sandwich” intellectual property licensing scheme, which allowed it to delay paying US taxes, according to its 2018 tax filings. A Google spokesman has confirmed it would scrap the licensing structure, saying this was in line with international rules and followed changes to US tax law in 2017, Reuters reported. In the past, the company’s revenue from royalties earned outside the US was moved through its subsidiary Google Netherlands Holdings BV to Google Ireland Holdings, which is registered in Bermuda. That allowed the company to avoid triggering US income taxes or European withholding taxes on the funds. But under pressure from the European Union and the US, Ireland decided to phase out the arrangement, bringing an end to Google’s Irish tax advantages as of this year. In addition, the US Tax Cuts and Jobs Act, which came into effect two years ago, means US companies’ foreign profits that have been made and taxed abroad are not subject to taxation when returned to the US. Reuters reported that Google’s filing in the Dutch Chamber of Commerce, said: “A date of termination of the company’s licensing activities has not yet been confirmed by senior leadership, however, management expects that this termination will take place as of 31 December 2019 or during 2020. “Consequently, the company’s turnover and associated expense base generated from licensing activities will discontinue as of this date.” In a statement, a company spokesman said: “We’re now simplifying our corporate structure and will license our IP from the US, not Bermuda.” The company said its global effective tax rate has been more than 23 per cent during the past ten years. While Bermuda-registered Google Ireland Holdings Unlimited Company will no longer continue licensing intellectual property or holding debt securities, it will continue equity investment operations, according to a filing. Four years ago, a number of newspapers in Britain put Bermuda under the spotlight regarding the billions of dollars sent to the island by Google. The Sun on Sunday highlighted how Google directed billions of dollars of profits a year to the island, and noted the company’s only physical presence in Bermuda was a post office box, numbered 666, located at the General Post Office in Hamilton. The newspaper explained how Google Bermuda Unlimited and Google Ireland Holdings were registered at the address of law firm Conyers Dill and Pearman, on Church Street.

2019. January 4. Google moved $22.7 billion through a Dutch company to Bermuda in 2017, an increase of about $4.5 billion on the previous year. The tax strategy, known as “Double Irish, Dutch Sandwich”, is legal, but has been criticized in the past as an arrangement that allows Google to reduce its foreign tax bill. Reuters reported that €19.9 billion of revenue from royalties earned outside the US was moved by the technology company through its subsidiary Google Netherlands Holdings BV to Google Ireland Holdings, which is registered in Bermuda. In a statement, Alphabet Inc’s Google said: “We pay all of the taxes due and comply with the tax laws in every country we operate in around the world. Google, like other multinational companies, pays the vast majority of its corporate income tax in its home country, and we have paid a global effective tax rate of 26 per cent over the last ten years.” Reuters noted that moving the revenue through the Netherlands to Bermuda avoided “triggering US income taxes or European withholding taxes on the funds, which represent the bulk of its overseas profits”. Under pressure from the US and European Union, Ireland is phasing out the arrangement in 2020. Reuters reported that according to documents filed at the Dutch Chamber of Commerce, Google Netherlands Holdings BV paid €3.4 million in taxes in the Netherlands in 2017 on a gross profit of €13.6 million. Three years ago, a number of newspapers in Britain put Bermuda under the spotlight regarding the billions of dollars sent to the island by the internet giant. In 2016, The Sun on Sunday highlighted how Google directed billions of dollars of profits a year to the island, and noted the company’s only physical presence in Bermuda was a post office box, numbered 666, located at the General Post Office in Hamilton. The newspaper explained how Google moved money through Ireland and the Netherlands before it reached Bermuda, where Google Bermuda Unlimited and Google Ireland Holdings were registered at the address of law firm Conyers Dill and Pearman, on Church Street.

2018. January 3. Bloomberg. Google uses two structures, known as a “Double Irish” and a “Dutch Sandwich,” to shield the majority of its international profits from taxation. The set-up involves shifting revenue from one Irish subsidiary to a Dutch company with no employees, and then on to a Bermuda mailbox owned by another Ireland-registered company. The amount of money Google moved through this tax structure in 2016 was 7 per cent higher than the year before, according to company filings with the Dutch Chamber of Commerce dated December 22 and which were made available online yesterday. News of the filings was first reported by the Dutch newspaper Het Financieele Dagblad. “We pay all of the taxes due and comply with the tax laws in every country we operate in around the world,” a Google spokesman said in a statement. “We remain committed to helping grow the online ecosystem.” Google is under pressure from regulators and authorities around the world for not paying enough tax. Last year, the company escaped a €1.12 billion French tax bill after a court ruled its Irish subsidiary, which collects revenue for ads the company sells in France, had no permanent base in the country. The European Union has been exploring ways to make US technology companies, many of which use similar tax shelters, pay more. The Irish government closed the tax loophole that permitted “Double Irish” tax arrangements in 2015. But companies already using the structure are allowed to continue employing it until the end of 2020. According to US financial filings, Google’s global effective tax rate in 2016 was 19.3 per cent, which it achieved in part by shifting the majority of its international profit to the Bermudian-based entity. The total pool of foreign earnings Google was holding overseas, free from taxation, was $60.7 billion at the end of 2016, the company said in its SEC filings. The US tax law passed last month would give companies such as Google an incentive to repatriate much of that cash by offering them a one-time, 15.5 per cent tax rate. After that, foreign earnings would be taxed at 10.5 per cent, although companies can deduct foreign tax liabilities from this amount. The law will also impose a 13.1 per cent tax on certain international patent royalties that could hit Google’s tax arrangement in which its Bermudian-based subsidiary licenses its intellectual property to its other foreign subsidiaries. Google Ireland Ltd collects most of the company’s international advertising revenue and then passes this money on to Dutch subsidiary Google Netherlands Holdings BV. A Google subsidiary in Singapore that collects most of the company’s revenue in the Asia-Pacific region does the same. The Dutch company then transfers this money on to Google Ireland Holdings Unlimited, which has the right to license the search giant’s intellectual property outside the US. That company is based in Bermuda, which has no corporate income tax. The use of the two Irish entities is what gives the structure its “Double Irish” moniker and the use of the Netherlands subsidiary as a conduit between the two Irish companies is the “Dutch Sandwich”.

2016. December 22. NEW YORK (Bloomberg) — Google saved $3.6 billion in worldwide taxes in 2015 by moving 14.9 billion euros ($15.5 billion) to a Bermuda shell company, new regulatory filings in the Netherlands reveal. The amount the company shifted through its Dutch subsidiary, Google Netherlands Holdings, and then on to a Bermuda mailbox was 40 per cent greater than in 2014, according to filings the company made with the Dutch Chamber of Commerce on December 12 and which were made available online on Tuesday. News of the filings was first reported by the Dutch newspaper Het Financieele Dagblad. Alphabet moves the bulk of its non-US profits through this Dutch subsidiary, which has no employees. The company has used the Netherlands company since 2004 as part of a tax structure dubbed a “Double Irish” and a “Dutch sandwich.” By moving most of its international profits to Bermuda, the company was able to reduce its effective tax rate outside the US to 6.4 per cent in 2015, according to Alphabet’s filings with the Securities and Exchange Commission. “Google complies with the tax laws in every country where we operate,” a Google spokesman said in a statement. In February, Google also said such calculations of an effective tax rate do not reflect the methods actually used to determine its international taxes in any jurisdiction. Some 12 billion euros of the money funneled through the Dutch company in 2015 came from Google Ireland Limited, which collects most of Google’s international advertising revenues. The rest came from a Google subsidiary in Singapore that serves a similar role. The Dutch company then transfers this money on to Google Ireland Holdings Unlimited, which has the right to license Google’s intellectual property outside the US. That company is based in Bermuda, which has no corporate income tax. The use of the two Irish entities is what gives the structure its “Double Irish” moniker. The total amount of profit Google had sheltered from US taxation, most of which passes through its Dutch subsidiary en route to Bermuda, grew to $58.3 billion in 2015, according to Alphabet’s SEC filings. The Irish government closed the tax loophole that permitted “Double Irish” tax arrangements in 2015. Companies already using the structure, however, are allowed to continue employing it until the end of 2020. Google is under pressure from regulators and tax authorities around the world for not paying enough tax. On Tuesday, Indonesia set a December 31 deadline for Google to resolve a tax dispute there, including a possible $223 million fine. The company’s offices in Spain and France have also been raided by tax investigators in the past year. US President-elect Donald Trump has discussed possible changes to US tax laws in order to allow American companies to repatriate foreign profits at a one-time tax rate of 10 per cent. That would eliminate some of the incentive US companies currently have to hold foreign profits outside the US. Tech firms have some of the largest such stockpiles, with Apple holding $181 billion outside the US and Microsoft holding $94.4 billion, according to their 2015 annual SEC filings. 

2016. 31 January. January 31. Daily Mail UK newspaper revelations about Google and Bermuda as recipient of billions in Google profits. See Don-t-evil-Google-sends-profits-worth-8BILLION-year-post-box-number-666-tax-haven-island-Bermuda.html.

2015. August 10. Google Inc, which has a number of Bermuda-incorporated companies, announced plans to create a new public holding company, Alphabet Inc. It is being created to restructure Google by moving subsidiaries from Google to Alphabet, narrowing Google's scope. The company consists of Google, Nest Labs and Calico as well as other businesses including X, Google Capital and GV.

Has a hugely significant corporate tax-haven presence in Bermuda. On July 27, 2013 in a front page story in the UK's Daily Telegraph newspaper, it was revealed that the Church of England's pension fund has a £ sterling 5.7 million stake in Google, plus significant other investments in a number of Internet Service Providers. Earlier, British Prime Minister David Cameron had severely criticized Google and others for UK tax avoidance. On December 24 2012 the Royal Gazette in Bermuda quoted a Bloomberg New York report that Google avoided about $2 billion in worldwide income taxes in 2011 by shifting $9.8 billion in revenues into a Bermuda shell company, almost double the total from three years before, filings show. By legally funneling profits from overseas subsidiaries into Bermuda, which doesn’t have a corporate income tax, Google cut its overall tax rate almost in half. The amount moved to Bermuda is equivalent to about 80 percent of Google’s total pretax profit in 2011. The increase in Google’s revenues routed to Bermuda, disclosed in a November 21 filing by a subsidiary in the Netherlands, could fuel the outrage spreading across Europe and in the US over corporate tax dodging. Governments in France, the UK, Italy and Australia are probing Google’s tax avoidance as they seek to boost revenue during economic doldrums. The European Union’s executive body, the European Commission, has advised member states to create blacklists of tax havens and adopt anti-abuse rules. Tax evasion and avoidance, which cost the EU one trillion euros ($1.3 trillion) a year, are “scandalous” and “an attack on the fundamental principle of fairness,” Algirdas Semeta, the EC’s commissioner for taxation, said at a press conference in Brussels. “The tax strategy of Google and other multinationals is a deep embarrassment to governments around Europe,” said Richard Murphy, an accountant and director of Tax Research LLP in Norfolk, England. “The political awareness now being created in the UK, and to a lesser degree elsewhere in Europe, is: It’s us or them. People understand that if Google doesn’t pay, somebody else has to pay or services get cut.” Google said it complies with all tax rules, and its investment in various European countries helps their economies. In the UK, “we also employ over 2,000 people, help hundreds of thousands of businesses to grow online, and invest millions supporting new tech businesses in East London,” the Mountain View, California-based company said in a statement. The Internet search giant has avoided billions of dollars in income taxes around the world using a pair of tax shelter strategies known as the Double Irish and Dutch Sandwich, Bloomberg News reported in 2010. The tactics, permitted under tax law in the U.S. and elsewhere, move royalty payments from subsidiaries in Ireland and the Netherlands to a Bermuda unit headquartered in a local law firm. In 2011, Google reported a tax rate of just 3.2 percent on the profit it said was earned overseas, even as most of its foreign sales were in European countries with corporate income tax rates ranging from 26 percent to 34 percent. At a hearing in November 2012 in the UK, members of Parliament pressed executives from Google, Seattle-based Amazon.com Inc. and Starbucks to explain why they don’t pay more taxes there. The UK, Google’s second-biggest market, was responsible for about 11 percent of its sales, or almost $4.1 billion last year, according to company filings. Google paid 6 million ($9.6 million) in UK income taxes. Matt Brittin, Google’s vice-president for Northern and Central Europe, testified that the company pays taxes where it creates “economic value”, primarily the US. Still, Google attributes some profit based on technology created in the US to offshore subsidiaries, lowering its US taxes, according to company filings and people familiar with its tax planning. Google paid $1.5 billion in income taxes worldwide in 2011. In the wake of the parliamentary hearing, the House of Commons issued a report in December 2012 declaring that multinationals “do not pay their fair share” of tax. The committee also criticised the UK’s tax collection agency, Her Majesty’s Revenue & Customs, for “not taking sufficiently aggressive action” and called on the agency to “get a grip” on corporate tax avoidance. A spokesman for HMRC said the agency “ensures that multinationals pay the tax due in accordance with UK tax law”. The French tax authority in 2012 proposed increasing Google’s income taxes by about $1.3 billion. The agency searched Google’s Paris offices in June 2011 and removed computer files as part of an examination first reported by Bloomberg last year. Google is cooperating with French authorities and works with them “to answer all their questions on Google France and our service,” the company said. In Italy, the Tax Police began an audit of Google in November 2012 and recently searched the company’s Milan offices, as well as the offices of Facebook, according to a person familiar with the matter. “It’s very common for companies to be audited, and we have been working closely with the Italian authorities for some time,” Google said. “So far we have not had any demands for additional tax in Italy.” Facebook, based in Menlo Park, California, is cooperating with the Italian tax authority and “we take our obligations under the Italian tax code very seriously,” a company spokeswoman said. In Google’s case, an Irish subsidiary collects revenues from ads sold in countries like the UK and France. That Irish unit in turn pays royalties to another Irish subsidiary, whose legal residence for tax purposes is in Bermuda. The pair of Irish units gives rise to the nickname “Double Irish”. To avoid an Irish withholding tax, Google channeled the payments to Bermuda through a subsidiary in the Netherlands — thus the “Dutch Sandwich” label. The Netherlands subsidiary has no employees. The Dutch unit’s payments to the Bermuda entity in 2011 were up 81 percent to $9.8 billion from $5.4 billion in 2008. Google’s overseas sales have increased at about the same rate. Google’s overall effective tax rate dropped to 21 percent last year from about 28 percent in 2008. That compares with the average combined US and state statutory rate of about 39 percent.

Google Cable Bermuda 12/28/2007. See above
Google Infrastructure Bermuda 9/19/2007. See above
Google Ireland Holdings 4/19/2011. See above. 

2016. February 19. Reuters. Google moved euro 10.7 billion euros ($12 billion) through the Netherlands to Bermuda in 2014, as part of a structure which allows it to earn most of its foreign income tax free. Accounts for Google Netherlands Holdings published on Thursday show the unit transferred almost all its revenue, mainly royalties from an Irish affiliate through which most non-US revenue is channelled, to a Bermuda-based, Irish-registered affiliate called Google Ireland Holdings. The tax strategy is known to accountants as the “double Irish, Dutch Sandwich”. It allows Google, now part of holding company Alphabet Inc, to avoid triggering US income taxes or European withholding taxes on the funds, which represent the bulk of the group’s overseas profits. A Google spokesman said the company follows the tax rules in all the countries where it operates. The decade-old arrangement allowed Alphabet to enjoy an effective tax rate of just 6 per cent on its non-US profits last year, around a quarter the average tax rate in its overseas markets. Bermuda charges companies no income tax. Corporate tax avoidance has risen to the top of the political agenda in European in recent years and Google in particular has been under pressure for the low tax it pays on profits generated from sales in the continent. Last week Google was called to testify to a UK parliamentary committee about a £130 million ($186 million) back tax bill, agreed with the British tax authority in January, that the Opposition Labour party described as “derisory”. The deal brought Google’s total British tax bill for 2005 to 2015 to around £200 million, whereas its UK revenue amounted to £24 billion. Google Netherlands Holdings NV, which has no employees, had a Dutch tax bill of just euro 2.8 million, its accounts showed.

2013. October Internet giant Google revealed its Dutch arm funneled nearly $12 billion to Bermuda to avoid paying tax on its profits. Google Netherlands Holding raked in $1.6 billion from its Irish sister company and $315 million from Singapore. Most of the money was then channeled to Google Ireland Holdings, also Bermuda-based firm. The scheme reduced Google’s effective corporate tax rate to five percent — most of which is paid in Ireland, which has relatively low tax rates.

Google SJC Bermuda 1/21/2009. See above
Goose 7/25/2000
Gopivital Holdings 4/10/2013
Goran Private 1/29/2003
Goran Shipping Private 1/29/2003
Goran (Bermuda) 11/22/1999
Gordian Environmental Management 5/27/1997
Gordon's 9/1/1972
Gordon, Keith Clarence 1/1/1981
Gosling's 2018. June 20. Rum maker Gosling’s has sued its chief financial officer, accusing her of making more than half a million dollars in unauthorized transactions during a three-week period in March. Gosling’s Ltd and Gosling’s Export (Bermuda) Ltd filed a complaint against Trudie Ottolini at the Supreme Court on May 16. Gosling’s said in its writ that Ms Ottolini had changed resolutions relating to two company bank accounts — both with HSBC Bermuda, one of them linked to a bank account in Boston — to give herself sole authorization to make the payments. The writ alleged that Ms Ottolini “unilaterally and without the plaintiffs’ and/or the directors’ knowledge or consent changed the terms of the Resolutions, instead granting herself sole authorization on the bank accounts”. News of the case was first published by the Offshore Alert website. Gosling’s detailed five transactions to a total of $572,788.91 that it said were unauthorized and were paid out between March 9 and 29. The amounts varied from $18,420 to $244,746.91. The complaint said that recipients of the payments were Kanofan Trade Ltd, HK Rambo Electron Technologies, Webber Logistics Co Ltd, Scottie R. West, and Jian Sheng International Holdings. The writ added the Hong Kong companies had accounts at Hang Seng Bank, Bank of China and Santander Bank (USA). Gosling’s alleged in the writ that “the defendant paid sums of money totaling $572,788.91 from the bank accounts to entities that the plaintiffs had not authorized the defendant to make payments to”. Public documents show that a company named Kanofan Trade Ltd was incorporated in Hong Kong on January 23, 2018. It is alleged Kanofan Trade received a payment for $47,304 from Gosling’s less than two months later on March 9. Companies with the same name as three of the other alleged recipients — HK Rambo Electron Technologies, Webber Logistics Co Ltd and Jian Sheng International Holdings — were also incorporated in Hong Kong, between November 2012 and September 2017. Gosling’s claimed in the complaint that Ms Ottolini acted in breach of her employment contract, which required her “not to act with dishonesty” and “not to act in a negligent manner”. Gosling’s has claimed damages, interest, further relief and costs. Charles Gosling, of Gosling’s Ltd, said the company would not comment on matters before the court.
Goslings Export (Bermuda) See above
Guaranteed Weather Trading  One owner is Brian O'Hearne. Since 2003, the owner of GuaranteedWeather.com in USA.
GRA (Bermuda) GP 7/5/2000. A subsidiary of Prudential Financial Inc.
GRA (Bermuda) 9/1/1994. A subsidiary of Prudential Financial Inc.
Grace Brothers International 9/13/1988
Grace Foods Limited St Lucia 4/24/1981
Grace Holdings 2/3/1988
Grace Shipping 3/25/1996
Grace Trading Company 4/6/1990
Grandis Investments (Bermuda) 11/12/2003
Grandmass Enterprise Solution  C/o Codan Services
Grand View Private Trust Company 2013. April 10. The Bermuda Supreme Court must decide a case that involves one of Taiwan’s largest companies and a family fortune worth billions held in trusts on the Island. Winston Wong, the son of Formosa Plastics Group’s late founder Wang Yung-ching, has sued an adviser for transferring the bulk of the family fortune valued at $15 billion into Bermuda trusts controlled by other family members. Dr Winston Wong, eldest son of YC Yang, said in a statement yesterday: "The Bermuda court now has an opportunity to recognize and resolve the injustice that has been perpetrated on my father, on his heirs, the shareholders of FPG, and on the people and government of Taiwan. We trust that justice and truth will prevail." It was pointed out in the statement that Taiwan stood to receive billions in taxes which could help get rid of its deficit. “Additionally, if the Bermuda court declares the transfer of assets to the trusts invalid and turns the assets over to YC Wang's estate, the Taiwanese Government could receive an estimated NT $158.4 billion to NT $237.6 billion in various taxes (US $5.3 billion to US $7.9 billion) — which could eliminate the Government's anticipated 2013 budget deficit of NT $214.4 billion (US$7.15 billion),” the statement said. Hung Wen Hsiung set up the trusts, excluding Wang, referred to in court documents as YC Wang, from the ownership and some members of his direct family as beneficiaries, according to a statement of claim filed by Wong yesterday in the Supreme Court of Bermuda. Bermuda is the fourth jurisdiction where Wong filed claims to recover the estate of his father, which he said is valued at $18 billion. Bloomberg reported that Hung, Wong’s half-sisters Susan Wang and Sandy Wang, as well as group Chairman William Wong and Wilfred Wang are among the trusts’ managers, according to a copy of the court filing. Wang died in the US in 2008 at the age of 91. He founded Taiwan’s biggest diversified industrial company, Formosa Plastics Group, which made pretax profit of NT$143 billion ($4.8 billion) in 2011, according to the company’s website. The group has worldwide assets valued at more than $85 billion and employs 100,000 people, according to the lawsuit. The case is Between Wong Wen-Young and Grand View Private Trust Co. in the Supreme Court of Bermuda. “We are seeking to invalidate the transfers and get a declaration that the assets are held for all the heirs of Y.C. Wang,” Mark Stoutenburg, Wong’s lawyer, said in a phone interview. Frank Fu, a spokesman for the Formosa Plastics Group, declined to comment on the lawsuit when reached by phone by Bloomberg yesterday. In a statement put out, Dr Winston Wong, eldest son of YC Yang, said 90 percent of his personal fortune was allegedly transferred without his consent. The statement said the Bermuda outcome could determine control of Formosa Plastics Group, and that the offshore trusts are the largest shareholders of "Four Treasures." The statement said: “Dr Wong conducted an extensive four-year investigation that revealed the following key findings: 1) that the trusts are non-charitable; 2) that the trusts were established in secret by a minority of Y.C. Wang's family; 3) that the assets were transferred into the trusts without his father's consent; and 4) the trust assets should have been declared as part of his late father's estate.” Dr Wong's lawsuit focuses on the contention that the transfer of YC Wang's assets into the trusts is invalid and he seeks to have these assets returned to their rightful owners: Y.C. Wang's estate and legal heirs. The lawsuit names as defendants, the Grand View Private Trust Company Ltd. (established in 2001), Transglobe Private Trust Company Ltd. (2002), Vantura Private Trust Company Ltd. (2005) and Universal Link Private Trust Company Ltd. (2005), all of which are incorporated in Bermuda. Mr Hung Wen Hsiung, the late Y.C. Wang's long-time personal financial advisor, is also named as a defendant for his role in creating the trusts and transferring Y.C. Wang's assets to the trusts. Mr Stoutenburg noted: "It's impossible to believe that the late YC Wang gave the required consent and approved the transfer of his immense fortune to these four trusts. There is no evidence that Mr Wang knew that the transfer of these assets would permanently strip him of his ownership of them and give control of the assets to just a tiny minority of his large family. The Bermuda trusts together hold approximately 90 percent of YC Wang's personal fortune. "Given YC Wang's famously meticulous attention to detail, it is inconceivable that he would have approved transactions of such magnitude and importance without being involved in every step. There is no evidence, however, that he ever saw, read or signed any of the complex documents establishing the trusts — which were written in English, a language neither he nor his advisor Mr Hung could speak or read. The defendants and their agents do not deny these facts," he continued. "This has led Dr Wong to the inevitable conclusion that his father was deceived." Stoutenburg explains: "The Wang Chang Gung Charitable Trust, established by YC Wang and named in honor of Dr Wong's grandfather, was the blueprint for Mr Wang's charitable giving. He was very detailed and specific about its mission, its management, and its financing. He included his entire family. He did nothing in secret. He left nothing to chance. He made everything transparent. The Bermuda trusts, established in secret, with no clear charitable mission or activity, stand in stark contrast to this and are trying to hide behind the good deeds of the Wang Chang Gung Charitable Trust. The purpose trusts were established offshore in Bermuda to avoid scrutiny in Taiwan and so that they could be hidden from Y.C. Wang's estate. Despite repeated requests, no proof has been provided about the purported charitable activities of the trusts, nor has Dr Wong's widespread investigation turned up any evidence that the Bermuda trusts are engaged in any charitable activities." In summary, says Stoutenburg: "The evidence indicates that the Bermuda trusts were primarily established to: 1) secretly ensure that the control of FPG was kept in the hands of a few family insiders and guarantee that other family members could not inherit significant shares upon YC Wang's death; 2) drastically reduce YC Wang's estate; 3) obscure the true ownership of FPG under the guise of foreign investors; and 4) hold the assets of a vast, global business empire controlled by a few members of the family. All of this was done offshore to avoid the scrutiny of Taiwan regulators." The statement added Dr Wong's lawyers assert that the people who control the trusts have unchecked and unregulated power to do whatever they like with the billions of dollars of assets in the trusts. There are no outside authorities or government bodies in Bermuda that actively supervise the trusts or the billions of dollars worth of assets they control. To the contrary, these offshore purpose trusts, named in Dr Wong's lawsuit, are controlled and self-supervised by the same people who benefit from the decisions they make, the statement said, going on to say: “The lawsuit, which marks a critical point in Dr Wong's long-standing efforts to restore his late father's legacy, has profound implications for the future of FPG. If the Bermuda court rules that the transfer of YC Wang's FPG stake to the offshore trusts should be undone, it would affect the current management and control of FPG.
Granite Management 29 Richmond Road, Hamilton, Bermuda. Mailing Address:  P.O. Box HM 2014 Hamilton HM HX. Tel: +1 441 292 0773Fax: +1 441 295 1587. A captive management expert and international employee benefit consulting company begun by former senior executives of General Motors Corp, one of whom, Brian Quinn, Managing Director, founder and owner, once headed the main GM Bermuda-incorporated subsidiary. The firm specializes in the reinsurance and/or financing of international employee benefit programmes aimed at reducing the cost for companies.
Greater Beijing Expressways 1/22/1997
Greater China Corporation 1/22/2008
Greater China Holdings 6/23/1992
Great Circle Communications 3/21/1985
Great Eagle Holdings 7/28/1989. Butterfield Fund Services (Bermuda)
Great Eastern Petroleum (Bermuda) 3/15/1985
Great Eastern (Bermuda) 11/19/1985
Great Emerging Market Fund 8/25/2010
Great Hill Company 8/23/1974
Great Island Cement 11/22/1976
Great Island Protector Company 1/30/1997
Great Lakes Carbon International 8/22/2000
Great Lakes Indemnity Company 2/25/1985
Great Link International 5/7/1999
Great Midwest Insurance Co (The) 6/15/1993
Greyhound Financial and Leasing 7/15/1979
GreyCastle Holdings Bermuda-based niche reinsurance business with, in February 2015, over $5.9 billion in assets, composed primarily of  UK and Ireland pension annuities, capitalized to an S&PAA level.
GreyCastle Life Reinsurance (SAC) Subsidiary of above
Griffin Insurance Since 1993
Griffin Mining Mines zinc in China. In 2007 it completed the sale of A£75 million ($153 million) of shares to Australia's Citadel Equity Fund Ltd. In 2008 it sold its first consignment of precious metals concentrate, a raw material used by refiners, from its Caijiaying mine. The 60 tons of concentrate containing gold, silver and lead was sold to a Chinese purchaser.
Grosvenor Acquisitions Since 2/6/2001. The Duke of Westminster’s property company controls £12.5bn of property around the world, with assets including its historic estate in Mayfair and Belgravia, as well as the Liverpool One shopping complex. He is one of the world's richest men. All the Bermuda-registered Grosvenor companies mentioned here and below are part of the empire of Major General Gerald Cavendish Grosvenor, 6th Duke of Westminster, see http://en.wikipedia.org/wiki/Gerald_Grosvenor,_6th_Duke_of_Westminster.
Grosvenor Aggressive Growth Fund 10/24/1997
Grosvenor Asset Management BVI 5/27/1997
Grosvenor Balanced Growth Fund 9/26/2000
Grosvenor Commodities 5/2/1974
Grosvenor Fund Administration 3/17/2000
Grosvenor Fund Management Japan 12/20/2002
Grosvenor Group Holdings (The) 9/28/1998
Grosvenor Hill Pacific 6/6/1994
Grosvenor Insurance Company Isle of Man 1/5/1984
Grosvenor Investment Management 8/14/1989. Mercury House, 101 Front St., Hamilton HM12 Tel: (441) 292 0022. Fax: (441) 292 2266
Grosvenor Land Property Fund 12/16/1999
Grosvenor Limited 8/10/1996
Grosvenor Park 1998 Partnership LP 4/3/1998
Grosvenor Park 2000 Partnership LP 5/18/2000
Grosvenor Park 2001 Partnership LP 12/7/2001
Grosvenor Park 2001 Partnership No. 2 LP 12/18/2001
Grosvenor Park Advisors 6/9/2003
Grosvenor Park Asset Management 3/3/2000
Grosvenor Park (Bermuda) 3/27/1998
Grosvenor Park Film Partnership LP 5/26/1999
Grosvenor Partners 8/10/1994
Grosvenor Petroleum 11/28/1974
Grosvenor Private Reserve Fund 9/23/1999
Grosvenor Private Reserve Fund (Class B) 2/27/2001
Grosvenor Special Reserve Fund 6/8/2000
Grosvenor Street Holdings 12/13/1996
Grosvenor Technology Fund 12/6/2000
Grosvenor Trust Company 1/19/1994
Groton Ventures 7/22/2013
GS Equity Markets, LP C/o Conyers Dill & Pearman
Guanfair Finance and Investments  
Guangdong Brewery Holdings C/o Codan Services
Guangdong Electric Manufacturing Corporation 3/11/1994
Guangdong Wing Yue Investment Company Since July 2015.  A Bermuda-based Chinese reinsurance company's launch of a new healthcare insurance product. Part of China’s Daohe Group, which specializes in investment management.
Guinness Peat CH 1/23/2004
Guinness Peat International Capital Assets 2/17/1982
Guinness Peat (Bermuda) 5/28/1971
Gulf Advance Industries Co. 12/22/1997
Gulf Aviation 1/14/2005
Gulf Bay Associates 7/18/1977
Gulf Business Holdings (Bermuda) 1/29/2007
Gulf Company Ltd Vermont 3/8/1972
Gulf Development International  9/23/2003
Gulf Freighters  9/1/1997
Gulf German Private Companies Fund 4/10/1987
Gulf Global Services 4/15/2005
Gulf International Investment Company  5/27/1982
Gulf International Lubricants 1/2/1987
Gulf Keystone Petroleum

Since 10/29/2001. Cumberland House, 9th Floor,  1 Victoria Street, Hamilton HM FX. Tel: +1-441-295-4630. Fax: +1-441-292-7880. C/o Cox Hallett Wilkinson. A Bermuda-based and headquartered oil company, an independent oil and gas exploration and production company with operations in the Kurdistan Region of Iraq. Not the owner of but has a 75% working interest in the Shaikan-1 well located near the Northern Iraqi city of Dihok, and other wells. CEO and founder is American Todd Kozel. 

Gulf Keystone Petroleum International Since 8/6/2007. As above.
Gulf Keystone Petroleum Since 10/29/2001
Gulf Keystone Petroleum Numidia Since 8/26/2008
Gulf Oil Egypt Since 2/16/1997
Gulf Oil Pakistan Since 9/1/1997
Gulf Oil Ras Al-Khaimah Since 4/19/1976
Gulf Oil Shadwan Since 9/29/1983
Gulf Oil Suez Since 8/5/1994
Gulf Oil Trading Investments Since 5/31/1976
Gulf Oman Petroleum Since 1/25/1997
Gulf Private Equity LP Since 12/23/1998
Gulf Project Services (Holdings) Since 8/5/1997
Gulf Resources (ACEH) Barbados Since 6/1/1982
Gulf-South Asia Gas Corporation Since 5/11/1995
Guy Carpenter Bermuda 12/17/2001. Owned by the Marsh & MacLennan Group
Guy Carpenter & Company LLC 2/5/2001. As above.
Gypsum Transportation  
GZI Transport Butterfield Transfer Services (Bermuda) Ltd


Note: A Work in Progress, much more to be added. Showing when incorporated in Bermuda. With incorporation dates shown the American way.

HB Insurance 12/14/1973
H Capital 2/21/2008
H Fifty Eight A (Bermuda) 2/26/2004
H Fifty Eight A 3/31/1997
H Fifty Eight B 3/31/1997
H Fifty Eight B (Bermuda) 2/26/2004
H Fifty Eight C 3/31/1997
H Fifty Eight C (Bermuda) 2/26/2004
H Fifty Eight D 3/31/1997
H Fifty Eight D (Bermuda) 2/26/2004
H Fund 2/21/2008
H Kan Lau & Associates 12/29/1981
H R Assist 4/10/2008
H W H Commodity Consultants (Bermuda) 3/22/1982
H&F (Bermuda) Partners II 8/10/1994
H&H Construction Creations 6/8/2006
H&H Construction 10/26/1998
H&H Holdings 10/22/1997
H&M West Africa 1/29/1981
H&R Block Insurance Co. 6/30/1972
H&R Services  10/21/1998
H&S Plumbing 2/15/2005
H2 Finance 12/29/2003
H20 Sports 3/22/1996
H2O 10/27/2003
H2Ocean 9/1/1992
Ha'penny (Holdings) 1/20/1995
Haar 8/19/1992
Haas International Trading 2/18/1994
Habersham Insurance Company 11/7/1985
Habitat for Humanity of Bermuda 2/28/2002
Habitat Technologies 11/29/1996
Habol-Trade & Insurance 11/21/1994
Hackensack University Medical Center Casuallty Company 7/30/2001
Hadassah International 2/17/1993
Hadassah International 8/25/1995
Hadco 7/22/1987
Haddock 6/26/1978
Hadid Investment Group 1/20/1983
Hadley Group 6/1/1994
Hadrian 10/2/1967
Haeco International 1/2/1991
Haeco Investments 1/2/1991
Haemo-Sol 12/22/1967
Hafnia Tankers Bermuda 11/13/2013
Hafnia Tankers Shipholding Bermuda 11/13/2013
Hagedorn Lambert 2/17/1984
Hagia Sophia Asset Management 7/3/2002
Hahei 5/21/1999
Hai Hwa Investment Company 2/21/1995
Hai Tec Marketing 3/22/1985
Haida Holdings 8/14/1985
Haier Electronics Group Co. 9/23/1997. China’s equivalent of GE, Bermuda-registered and used by China as a platform to set up plants in the USA
Haig Avenue Properties 4/6/1998
Hainan Airlines (International) Co. 3/22/2002
Hainan America 7/15/1994
Hair Studio 5/21/1986
Hairitage 11/26/1991
Hairuwear II 6/17/2004
Haisan Logistics Company 1/23/2002
Haitong International Securities Group 5/7/2996
Hal Computer Systems International, Delaware 11/15/1991
Hal Global (Cont) 7/21/2000
Hal Holding Bermuda 3/16/2009
Hal Trust Committee 10/14/1977
Hal Trustee 10/14/1977
Halberton 4/23/1992
Halco Holdings Inc (Sec 61 M/C) 3/2/1995
Halcyon Days (Bermuda) 9/13/1977
Halcyon Holdings 7/1/1971
Halcyon Properties 6/16/1976
Halcyon Skies 6/15/2012
Haldasam 2/3/1993
Hale II Investments 10/26/2005
Hale International Holdings 7/27/1990
Hale Investments 12/20/2004
Half-Moon Security Estate 6/25/1998
Half Moon Holdings 1/22/2001
Halfway House Restaurant & Bar 9/10/1990
Halidon 9/15/1971
Halifax Holdings 5/4/1988
Halkin Ltd Amalg 4/16/1997
Hall-Houston Malaysia 11/15/1990
Hall 7/18/2005
Hall & Henshaw Insurance 11/14/1980
Hall & Sans Insurance Co 11/1/1973
Halliday 8/23/1976
Hallam 2/27/1973
Haller Investments 9/2/1980
Halley Investment Company 3/15/1985. Owned by Viscount Petersham, British, titled, worth US$ 180 million
Halliburton International Holdings 4/23/2012
Halliwell Investments Co. 7/22/1963
Hallmark Investments 8/30/2001
Hallmark 3/4/1971
Hallstock Company 4/18/1975
Hall, Brian R 1/1/1981
Hall, Isabella Catherina 6/14/2005
Hall, Isabella Catherine 4/26/1989
Halmar 6/26/1985
Halney 12/23/1957
Halo Group 8/6/2001
Halozyme Holdings 10/16/2013
Halsey 5/21/1975
Halstead Corporation 10/25/1995
Halstead Shipping (Bermuda) 3/27/1986
Halstead Trading 7/8/1986
Halton Insurance Company 9/5/1978
Halton Reinsurance Company Ltd discontinued to Barbados 11/21/1985
Haltran International 10/1/2003
Hambro International Venture Fund Offshore 6/25/1982
Hambro International Ventures Fund Offshore II P 9/23/1987
Hamilton Advisers 3/29/1996
Hamilton Agricultural Supply Co. 3/22/1985
Hamilton Assets 4/24/1984
Hamilton Associates 2/11/1999
Hamilton Capital 8/9/1996
Hamilton City Securities 11/19/1986
Hamilton Coal Enterprises 11/22/2005
Hamilton Commodities Advisors 10/19/1981
Hamilton Container Services 11/10/1982
Hamilton Data Processing Services 9/27/2011
Hamilton Equity Association 10/26/1985
Hamilton Factors 5/27/1994
Hamilton Fiduciary Services 12/17/2003
Hamilton Films 12/31/1992
Hamilton Finance 1/26/1995
Hamilton Fine Arts Group 5/14/1981
Hamilton Fine Arts Management 5/14/1981
Hamilton Fund 12/20/1990
Hamilton Global Growth Fund 3/17/2000
Hamilton Global Investors 6/6/1997
Hamilton Harbour Re Holdings 11/22/2000
Hamilton Harbour Reinsurance 11/29/2000
Hamilton Holdings 5/23/2000
Hamilton Insurance Brokers 5/6/1966
Hamilton Insurance Group 9/4/2013. Waterfront Centre, Wellesley House North, Pitt's Bay Road, Hamilton. Bermuda-based holding company for Class 4 property casualty reinsurer Hamilton Re and the organization's US property casualty insurance operations Hamilton USA.

2019. November 19. Bermuda-based re/insurer Hamilton Insurance Group Ltd has announced that it is placing Acappella Syndicate 2014 into run-off. Acappella is a third-party-capital-supported Lloyd’s syndicate included in Hamilton’s recent acquisition of Pembroke Managing Agency Ltd, now renamed Hamilton Insurance UK Ltd. Acappella will cease writing business with immediate effect, Hamilton said. Pina Albo, chief executive officer of Hamilton, said: “As we completed the capital raising process at Lloyd’s, we concluded that Acappella was unlikely to produce an adequate return on capital. As conscientious stewards of both our and third-party investors’ capital, and with our focus on underwriting profitability, it was determined that the best course of action would be to discontinue the business.” Ms Albo said she anticipated the continued smooth handling of policyholder obligations and, in that regard, Acappella policyholders will find contact information on Hamilton’s website at hamiltongroup.com/london/syndicate-2014/. She said the company was in discussions with employees who are impacted by the decision.

2019. August 22. Hamilton Insurance Group Ltd has jumped into the top 15 syndicates at Lloyd’s of London after completing its acquisition of Pembroke Managing Agency Limited. The transaction and the acquisition of Ironshore Europe DAC, both from Liberty Mutual Group Inc, were completed on Tuesday. It brought a boost to the size of Bermuda-based Hamilton, which was founded in 2013, doubling its gross written premiums on a pro forma basis to $1.1 billion. It also added 200 employees, enlarging the group to more than 350 staff. While the numbers are important, Pina Albo, chief executive officer, said expanding the group’s global footprint and diversity was as significant. “This acquisition was the perfect expression of the execution of our strategy, which is to build a global diversified speciality insurance and reinsurance company. This acquisition fits squarely in there and does a number of things to advance us in the further achievement of this strategy.” Speaking to The Royal Gazette, she said the closing of the acquisitions “vaulted us in the Lloyd’s market to one of the top 15 syndicates”. At Lloyd’s, Pembroke Management Agency manages a portfolio of specialty insurance products through syndicate 4000, while Hamilton Underwriting Ltd is managing agency for syndicate 3334, acquired by Hamilton in 2015. “The Pembroke Management Agency is a very strong, speciality insurance franchise, and this fits very squarely in our further development of our speciality insurance business, so it catapults us in the speciality space much higher, and allows us to build our reinsurance franchise,” said Ms Albo. Hamilton had also been looking for a non-Lloyd’s platform, and fulfilled that with the acquisition of Ironshore Dublin, giving it passporting rights to write business throughout the European Economic Area and to provide capacity in the US. “That platform allows us to expand our reinsurance franchise throughout the EU and the US. From that extent it is incredibly strategic and gives amazing optionality, particularly as the US E&S licences are going to allow us to expand our speciality insurance offering. And we have a one-third interest in an MGA called Attune, and it now writes small commercial business in the US. With our own E&S licensing capabilities, we are going to look at ways of expanding our collaboration with this very capable insurtech platform.” Hamilton now has operations in Dubai, London, Dublin, Shanghai, Bermuda, New York, Miami, and Los Angeles. Its strategy remains to build a global, diversified insurance and reinsurance platform. “We have three businesses, essentially the speciality insurance business, which has been catapulted significantly with this acquisition; we have a strong reinsurance franchise through Hamilton Re, which we are going to continue to expand; and we also have a new unit which we formulated called Strategic Partnerships, and that is the one that Jonathan Reiss will be heading when Tony Ursano takes over as the group CFO,” Ms Albo said. Mr Reiss, one of the founding members of Hamilton Insurance Group, has been appointed to head the new business unit Strategic Partnerships. He will continue in his role as chief financial officer until Mr Ursano takes on that role next month. Ms Albo said: “That platform is a fee-generating platform. We have some fee-generating in our group all ready through our ownership of Attune, and some of the things we were all ready doing in the ILS space through Hamilton Capital Partners. But with this acquisition and the management of third-party syndicates, it made sense to make a unit out of that dedicated to fee business.” She said Mr Reiss knows Hamilton’s business inside out, and also the wider insurance and reinsurance world and developments that are taking place. “When we did this acquisition it was like the stars aligned. There was a perfect opportunity for Jonathan to leverage his skill set, knowledge and market access, to build a new platform for us. I’m excited and so is he.” Ms Albo said the timing could also not have been better as Mr Ursano had decided to leave TigerRisk Partners LLC, where he was president. “I have known Tony and worked with him very closely since my inception at Hamilton. He has a very longstanding insurance industry experience, and also in the banking world. We are incredibly happy to have Tony with his contacts and strategic vision on board to help us as we continue to execute our strategy.” Ms Albo said that going forward Hamilton sees its growth in Lloyd’s as being primarily organic, and while she is not excluding further acquisitions she does not see any more this year. Speaking about the insurance and reinsurance market in general, she said: “We are seeing an uptick in both insurance and reinsurance rates in the lines that we are in, and certainly an uptick that has been more sustainable, and we believe it will be more sustainable going forward. So having this acquisition and being a much larger player, it feels as if the wind is at our back as we are now at a market cycle that is more beneficial to grow and write new business.”

2017. May 15. Hamilton Insurance Group founder Brian Duperreault has written to his staff after leaving to take over as president and CEO of insurance firm AIG. Mr Duperreault told Hamilton employees that he was not leaving because there were problems at Hamilton — but because there were problems at AIG he was confident he could help fix. He said: “Hamilton was founded on a bold idea whose time had come. As other industries leapt ahead in their pursuit of value in data and technology, insurance lagged behind. It was only a matter of time before someone disrupted the industry. Hamilton’s investors believed that with the right underwriting talent and with Two Sigma’s data science prowess, we could be the ones to do it. And we’ve been proven right.” Mr Duperreault said Hamilton had set up “a nimble, client-focused company widely admired — and in many cases, envied — by the markets in which we do business. In the US, we were the drivers behind the establishment of Attune, a groundbreaking platform for small commercial insurance. In Bermuda, we’re redefining what it means to be a Tier 1 company. At Lloyd’s, we came to market with a full suite of product offerings faster than any other syndicate, leveraging technology to strip out much of the inefficiency that plagues Lloyd’s. So I know that Hamilton is in great shape. Some of the best minds in the business work here. There’s an energy that’s palpable when you visit our offices. If you ask me why I’m leaving, it’s not because there are issues at Hamilton. I’m leaving because there are issues at AIG. And I think I can help fix them, in no small part by unlocking the potential represented by the Hamilton/Two Sigma/AIG partnership already in place at Attune.” And Mr Duperreault said the move would be “transformative” for the group he founded nearly four years ago. He explained: “As part of the expanded partnership with AIG and TSIQ, Hamilton will play a significant role in leading the data-driven evolution in underwriting. That’s what we had in mind when we launched this company just over three years ago.” Mr Duperreault added: “In closing, I want you to know how proud I am of what we’ve done together. I know the best is yet to come. I look forward to the opportunities we’re going to have to work together and I thank each and every one of you for your commitment to Hamilton’s present and to its future.”

2017. May 15. Industry veteran Brian Duperreault has left island-based Hamilton Insurance Group to become head of American insurance giant AIG. Douglas Steenland, chairman of AIG, said: “Brian is uniquely qualified to lead AIG at this important time. He is a hands-on leader who has consistently delivered strong bottom-line results.” Mr Duperreault’s successor as chairman of Hamilton, William Freda, said: “It is with regret that we have accepted Brian’s resignation from Hamilton. He is an industry icon with a well-deserved reputation for visionary leadership. We have had the privilege of experiencing this first-hand at Hamilton.” Mr Duperreault, 70, is a former lieutenant and protégé of ex-AIG CEO Maurice “Hank” Greenberg and is recognized for his experience in turning around struggling companies. He will replace Peter Hancock as AIG CEO, who was almost three quarters through a plan designed to turn the ailing giant around after a series of poor results. Mr Duperreault moved up through the ranks of AIG early in his career, leaving in 1994 to build Ace, now Chubb, from a small operator into a global operation. Mr Duperreault, who was also CEO of Hamilton, will be replaced in that role by David Brown, the former CEO of Flagstone Re. Mr Freda said: “We have in David an experienced industry CEO who has been with the company since inception. He is an ideal resource to lead Hamilton through this transition. With a superlative management team, and a board of directors representing a cross section of disciplines from the insurance, finance and technology industries, we are well prepared to continue to execute our mission of writing the future of risk. In addition, our relationship with Two Sigma, our technology and investment partner, has been an extremely productive one since Hamilton’s launch at the end of 2013. Our experience with Attune, the technology-enabled company established with Two Sigma and AIG, has demonstrated the huge potential in applying data science and analytics to transform the underwriting process. We are all excited about the potential for ongoing growth and development at Hamilton.” Mr Duperreault, who founded insurance and reinsurance company Hamilton four years ago after a long career in the sector, had been touted as the new CEO of AIG for some time. AIG’s shares climbed 1.4 per cent yesterday to $61.82 after the news was announced. Mr Duperreault took charge at Marsh & McLennan Companies in 2008 and launched a successful turnaround after the firm had been hit by reputational problems and lost business after then-New York Attorney General Eliot Spitzer alleged it had rigged bids for insurance contracts. Marsh paid an $850 million civil penalty in 2005 to settle the claims. Mr Freda worked for Deloitte on a wide range of multinational engagements for 40 years through 2014. Mr Brown was CEO of Flagstone Reinsurance Holdings from its foundation in October 2005 until November 2012. He previously served as chief executive of Centre Solutions from 1994 until 1997. Before joining Centre Solutions, he was a partner with Ernst & Young. He has been chairman of the board at the Bermuda Stock Exchange since 2000.

2016. September 15. The insurance industry has to get leaner and make greater use of technology, according to industry veteran Brian Duperreault. Mr Duperreault, chairman of Hamilton Insurance Group, said: “Our delivery of our product is grossly over-expensed. We are not doing our insureds any favors in how we deliver that service. We take too much money out of the premium dollar to cover the cost of actually delivering the service as opposed to the service itself.” Mr Duperreault was speaking to AM Best TV at the Rendez-Vous conference in Monte Carlo. He added that his group had teamed up with insurance giants American International Group and Hamilton’s existing partner Two Sigma to create a new insurance platform targeting small and medium-sized businesses in the US. Mr Duperreault said: “AIG suggested we look at the SME space together which I thought was a great idea. The idea is to get away from everything that has been done and start afresh in this joint venture and create a company that is specially purposed, specially built, to do just this in the new way in a way where we’re using data science, technology capabilities to really provide a better service to the insured, which is ultimately what we do. We enlisted the aid of Two Sigma who were and remain our technology partner and investment partner — they got very excited about doing this with AIG. We see it as a great way of exchanging information, intellectual property, developing new intellectual property and really making a difference in this area of business. A lot of companies want to make a change, I don’t care who you talk to, if you say ‘what do you think about technology?’ we’re interested, we’re doing what we can, but I think most companies are trapped in what they are, the existing infrastructure, the company that’s been built over time. There’s tremendous value in that and it’s not easy to take that, throw that out and try something completely different. The real difference is we will start from nothing, which is a great asset to have, I’ve always said that. You start from nothing and build it in a way that makes sense now, with the digital world we are in. If you look at our business, and there is much to be proud of in what we do, we provide a tremendous social service, we protect individuals, corporations, countries, but, frankly, it hasn’t evolved in the same way other industries have evolved in this digital world.” Mr Duperreault said that Blue Marble Microinsurance, set up by Hamilton Insurance Group, AIG, Aspen, Guy Carpenter, Old Mutual, TransRe, XL Catlin and Zurich to provide the developing world with insurance products, could also help regenerate the mainstream industry. A statement on a partner website said: “We share a vision of collaborating to develop insurance supply to benefit underserved communities worldwide. Blue Marble will incubate the launch and operations of new solutions, including unique distribution methods, local partnerships and product development.” Mr Duperreault said that “reverse engineering” applied to traditional businesses using lessons learnt from Blue Marble could lead to greater efficiency. He explained: “It’s being done in a different way ... a virtual company using the resources of all the consortium members.” And he said: “This is a real effort to do real business, create a for-profit approach, create a market, but really provide a service. If you can solve the problems of micro, you have got to deal with distribution, you have got to deal with transactions electronically and digitally, you have got to be able to handle claims and do other services all in a way that’s enormously efficient because there isn’t enough money to go around. That knowledge, if it doesn’t do anything more than give you an insight into what you’re doing in your existing business, it probably will give you actual solutions to what you’re doing in your existing business along these lines and we’re all trying to solve that.”

2016. May 12. Hamilton Insurance Group has opened up new offices in London to boost its presence in the Lloyd’s of London market. And yesterday Bob Richards, the Minister of Finance, joined Brian Duperreault, Hamilton’s chairman and chief executive officer, and Dermot O’Donohoe, Hamilton at Lloyd’s CEO, to mark the event. Mr Duperreault said: “When we launched Hamilton in December 2013 we had three key objectives. These were to develop our acquired reinsurance operations in Bermuda, to establish a platform at Lloyd’s and to launch an insurance brand in the United States — all of which would leverage the outstanding analytical capabilities of our technology and investment partners Two Sigma to create a new way of doing business.” Hamilton announced two weeks ago that it would link up with American International Group and Two Sigma to create an insurance platform for small and medium-sized businesses. The three companies are looking to become the leader in the sector in North America, where the market is estimated to be worth $76 billion. Mr Duperreault said that the new London office and the push in North America meant Hamilton was “delivering on all fronts. I congratulate Dermot and his team for the impressive progress they’ve made in building a diversified platform at Lloyd’s in such a short space of time. Their new offices are a fitting testament to all they’ve achieved.” Mr O’Donohoe said: “I am most grateful for the hard work of everyone at Hamilton at Lloyd’s. Our 45 employees coordinated multiple work streams in offices designed to accommodate a handful of staff. Working with our partners at Lloyd’s, their efforts resulted in Hamilton at Lloyd’s being fit for purpose and ready to write business as of January 1, 2016. Our staff’s dedication to Hamilton’s vision is the reason we are where we are today and why I am so optimistic about our future growth prospects.” Hamilton bought up a niche sports underwriting managing agency last year and renamed it Hamilton Underwriting Ltd and Syndicate 3334 to establish a diversified presence at Lloyd’s. Syndicate 3334 now writes seven classes of business — accident and health, contingency, financial institutions, property direct and facultative, professional indemnity and space and treaty insurance.

2015. May 29. Opened their new offices in the Waterfront centre. And group CEO Brian Duperreault said the new building underlined the firm’s commitment to Bermuda.  “Bermuda is our home — we feel so much at home in Bermuda we named the company Hamilton. Our headquarters are here and we have a large contingent of Bermudians here.” Industry veteran Mr Duperreault was speaking as Premier Michael Dunkley cut the ribbon at the new offices, in the Waterfront’s Wellesley House North. And the hi-tech workplace features a mini-golf course, complete with obstacles, a games room, and an interactive globe of the world that can track weather events that could impact on the firm’s business. The firm opened its doors two years ago in Par-la-Ville Road but has grown rapidly to include not only Bermuda-based reinsurer Hamilton Re, but an arm in the USA and Hamilton at Lloyd’s of London and houses 35 staff in its new home on Pitts Bay Road. 

Hamilton Insurance Services (Bermuda) 2016.
Hamilton Intercontinental Company 3/11/1977
Hamilton International Advisors Inc. 4/1/1996
Hamilton Investment Co. 3/13/1939
Hamilton Investment Management 2/2/1979
Hamilton Investments LP 11/14/2013
Hamilton Jet (Bermuda) 12/14/1994
Hamilton Jets 11/19/2007
Hamilton Kilpatrick (Bermuda) 5/5/1987
Hamilton Leather Fibre 11/18/1985
Hamilton Ltd 12/31/1992
Hamilton Lunn (Bermuda) 5/21/1999
Hamilton Management Services 10/1/1990
Hamilton Market Consultants 5/9/1997
Hamilton Market Neutral Fund 10/25/1999
Hamilton Medical Center 6/12/2007
Hamilton Metal Brokers 11/7/1966
Hamilton Nominees 9/2/1993
Hamilton Partners 4/15/1996
Hamilton Partners LP 11/6/1991
Hamilton Pharmaceuticals 3/17/1988
Hamilton Pharmacy 6/17/1964
Hamilton Princess Holdings 7/24/2007
Hamilton Private Trust Company 7/6/2009
Hamilton Properties 1/10/1984
Hamilton Recruitment (Bermuda) 6/11/2004
Hamilton Reinsurance Company  9/1/1969. See Hamilton Insurance Group. 

2019. June 21. Hamilton Re has sponsored its first catastrophe bond to provide $60 million of collateralised reinsurance coverage. The issuance of the series 2019-1 principal at-risk variable rate notes issued by Cerulean Re SAC Ltd, acting in respect of the segregated account designated as “Easton 2019-1”, was conducted by the Hamilton Capital Partners business unit. The cat bond will provide reinsurance capacity against certain losses from US named storms and US earthquakes, across two classes of notes, on an industry loss trigger and per-occurrence basis. Kathleen Reardon, chief executive officer of Hamilton Re, said: “This cat bond will provide additional, diverse reinsurance protection for our portfolio, alongside our traditional reinsurance coverages, and serve to further enhance our positioning within the capital markets. Successfully navigating this solution among broader market uncertainties is evidence of Hamilton Re’s progress in this space and further strengthens our ability to serve our clients.” Cerulean is a licensed as a special purpose insurer and registered as a segregated accounts company. GC Securities acted as arranger, sole structuring agent and placement agent. Mayer Brown LLP acted as legal counsel.

2019. April 4. Hamilton Re, the re/insurance platform of Bermuda-based holding company Hamilton Insurance Group, has announced that it has secured $65 million of collateralized capacity through the issuance of the Series 2019-1 preference shares from its special purpose sidecar vehicle, Turing Re Ltd in a syndicated private placement. Turing Re will provide support for Hamilton Re’s global property treaty reinsurance portfolio, the company said in a statement. “We’re pleased to be able to take this next step in the evolution of Turing Re and our broader third-party capital strategy,” said Kathleen Reardon, chief executive officer of Hamilton Re. That we were able to secure this capacity amid more uncertain conditions in the insurance-linked securities market is a testament to the quality of our approach and of our platform.” TigerRisk Capital Markets & Advisory acted as sole structuring and placement agent on the transaction, while Willkie Farr & Gallagher LLP acted as legal counsel to Hamilton Re, the company said.

2019. March 15. After five years of steady growth, Hamilton Insurance Group Ltd is poised to establish a significantly larger presence on the international insurance and reinsurance stage. The Bermuda-based holding company has announced the signing of a definitive agreement with Liberty Mutual Group to acquire the Pembroke Managing Agency Limited platform at Lloyd’s and Ironshore Europe DAC. Hamilton is the holding company for property and casualty insurance and reinsurance operations in Bermuda and at Lloyd’s. On closing, the transaction is expected to almost double the company’s total premium base to more than $1 billion. Moreover, it will more than double the company’s talent pool, while also expanding significantly the company’s product lines and geographic reach. Importantly, once the deal closes, the company will have access to the EU with their own platform for the first time. While merger and acquisition activity in the insurance space can often lead to layoffs, The Royal Gazette understands that the transaction is expected to have no impact on staffing levels in Bermuda, where 75 people are currently employed. Hamilton employs an additional 75 employees in London. Once the deal closes, the company will inherit an additional 180 staff at offices in London, Dublin, Dubai, Shanghai, Los Angeles, Miami and New York. “It’s a transformational deal, and not just because it doubles our premium base,” Pina Albo, chief executive officer of Hamilton, said. Speaking with The Royal Gazette, she said: “It elevates the profile of the entire company and is tangible proof that we are executing our strategy for growth. Our strategic goal is to become a global, diversified specialty insurance and reinsurance operation fuelled by data science and analytics. This is an incredible step forward on that journey.” In a statement, the company said the complementary profile of Pembroke and IEDAC’s business both accelerates Hamilton’s goal of establishing a leadership position in specialty insurance and its ability to expand its reinsurance franchise. Pembroke was formed in 2004 and underwrites a portfolio of specialty insurance products including financial institutions, global property and professional liability through Syndicate 4000 at Lloyd’s. Hamilton is also purchasing a Lloyd’s corporate member from Liberty, specially formed to support the 2019 year of account of Syndicate 4000. Pembroke also has tenancy rights for Lloyd’s Syndicate 2014 (Acappella), Hamilton said, and provides turnkey solutions for Acappella and Lloyd’s syndicates 1947 (GIC Re) and 6125 (Patria Re). Under the terms of the definitive agreement, the company said, Hamilton will be responsible for the 2019 Year of Account for Syndicate 4000 and Liberty will retain the corporate member for prior years. IEDAC was formed by Ironshore in 2010, in Dublin, and is authorized to write business throughout the EEA and carries licenses to write business as a (re)insurer in a number of other countries worldwide. The company is also listed on the US NAIC International Insurer Directory, allowing it to provide capacity in the United States. In its statement, Hamilton said IEDAC provides flexibility and strategic optionality for Hamilton particularly with respect to its growth initiatives in Europe and the US. Ms Albo said: “Given our objective of building a global, diversified specialty insurance and reinsurance organisation, our agreement with Liberty is a meaningful step towards achieving that goal. In addition to the opportunities this transaction presents at Lloyd’s, in Europe and in the US, we will bring together talented teams who are aligned on culture, underwriting discipline and a commitment to providing superior customer service. The result will be a company well-positioned to respond to our clients’ and the market’s needs.” Ms Albo said the fit with Pembroke was particularly good. “Their culture is so similar to ours. When they heard about our technology DNA, they were so much more enthused about joining us. When we alerted the rating agencies of the likelihood of the transaction, one said that Pembroke looked like a transaction designed specifically for us ... the next piece of the puzzle. We all really believe that’s the case.” She told The Royal Gazette: “This is the perfect scenario of having a strategic plan and finding an opportunity that fits squarely in the plan. It checks so many boxes for us. We put a strategic road map together and some plans for organic growth and inorganic growth were in it. This growth is inorganic, and it will allow us to build our platform. Looking ahead, I can’t say I have a specific end game in mind in terms of premiums but we want to build further organically and by other inorganic opportunities. One of the compelling attractions about this transaction is that there is very little duplication in product lines and in functional areas.” The transaction is expected to close later this year, subject to the fulfilment of customary closing conditions and obtaining the necessary regulatory approvals. TigerRisk Capital Markets & Advisory served as financial advisor and Debevoise & Plimpton LLP served as legal advisor to Hamilton.

2017. June 5. Hamilton Re has launched its first special purpose vehicle with backing of $65 million. Turing Re will provide collateralised capacity for its parent firm’s global reinsurance portfolio. Kathleen Reardon, CEO of Hamilton Re, said: “This transaction represents an exciting next step in the evolution of Hamilton Re as a diversified company meeting the needs of our current and future clients.” The vehicle was capitalized with $65 million raised in a private placement syndicated among multiple investors. Turing Re will provide support for Hamilton Re’s property treaty book of business.

2017. April 23. Bermuda's Hamilton Re has bought the renewal rights to Canopius Underwriting Bermuda’s excess casualty book of business. And Sompo Canopius underwriters Stephen Hartwig and Jeremy Wright are set to join Hamilton Re. Mr Hartwig will be chief underwriting officer for casualty insurance while Mr Wright will be senior vice-president casualty insurance. Kathleen Reardon, chief executive officer of Hamilton Re, said: “Bermuda has long been recognized as a strong excess casualty market, so we’re pleased to be able to establish an important presence with underwriters of Steve and Jeremy’s calibre and with the esteemed roster of clients they have developed.” She added: “It’s also been a real pleasure to work with the management team at Sompo Canopius as we’ve developed the terms of this transaction. The agreement includes ongoing collaboration designed to ensure a smooth transition of the business so that the needs of longstanding Sompo Canopius clients and brokers are met efficiently and effectively.” The transaction is expected to be closed by the middle of the year. Ms Reardon said: “From a strategic perspective, the acquisition of the these renewal rights continues the diversification of Hamilton Re’s portfolio. This new initiative will run in parallel with our joint venture with Iron-Starr, which was established shortly after our market launch in 2014, a partnership that remains strong.” Ms Reardon added that the property-related team added in 2016 had made “significant inroads” into the market. She added: “Taken together, this expanded offering gives Hamilton Re the ability to provide tailored solutions and exceptional service which are part of our core values.” Mike Duffy, Sompo Canopius group chief underwriting officer, said: “We are pleased to have reached this agreement with Hamilton Re, which provides a great long-term home for the business, especially taking on the knowledge, expertise and relationships of Stephen Hartwig and Jeremy Wright. “We remain committed to our property catastrophe business that is also written out of our Bermuda office and look forward to continuing to work with our partners in Bermuda, particularly Hamilton.” Mr Hartwig has nearly 25 years of insurance industry experience, which includes underwriting and management roles based in the US, Europe and Bermuda. Mr Wright, who has notched up 16 years in the industry, worked in senior roles at Ace, now Chubb, before joining Sompo Canopius. Hamilton Re is the island-based platform for Hamilton Insurance Group, the Bermuda-based holding company for insurance and reinsurance operations in Bermuda, the US and at Lloyd’s of London.

September 17, 2015. New player Hamilton Re will enter the property insurance market, CEO Kathleen Reardon said yesterday. Ms Reardon added that the firm would also join the facultative market — a form of reinsurance in which a contract is negotiated for a specific insurance policy used when a policy is unusual or large and the original insurer is concerned about the liability risks. And she said that “a star casualty underwriter” will shortly join her team from a Lloyd’s of London syndicate. “From day one we have been a company that has been happy to diversify and not rely on one channel for business. We are thinking big and acting big when it comes to a diversified product range.” Ms Reardon was speaking at industry summit the Monte Carlo Rendezvous to the event’s Monte Carlo Today newspaper. She said that the rash of major mergers and takeovers had created “a new talent pool” to draw from as new joint companies cut staff. Ms Reardon added: “Mergers and acquisitions are going to continue and that is offering more opportunities to pick up talent.” And she did not rule out Hamilton Insurance Group and Hamilton Re joining the rush to expand through acquisition. “There are some attractive companies that could give Hamilton Insurance Group a start with a new strategy or which have a different product range or operate in another region. We would have to look at it. Some people are questioning the valuations of some merger and acquisition strategy, but if shareholders feel that it is a solid decision and gives them what they need, then it is a sensible thing to do.” But she added that the group’s main focus was on organic growth, writing" volatile severity driven business and looking for greater diversity. Ms Reardon said that the company also hoped to become listed in the future. She explained: “It’s something we will be looking at in the future. We are a highly liquid company that operates on both sides of the balance sheet. Ms Reardon added that Hamilton Re was “comfortable” with its position relating to a US Internal Revenue Service (IRS) probe into hedge fund-backed reinsurers — some of which the IRS suspects are hedge funds using a reinsurance company as a front for tax purposes. She said that Hamilton Re — owned by a mix of private equity companies as well as its founders — was not hedge fund-backed. Ms Reardon added: “We are focused on building a franchise with a global platform and I am comfortable with our strategy now and in the future.” The US is considering imposing a minimum standard for reserves to draw a line between insurers engaged in genuine underwriting and what it calls “passive foreign investment companies.” Ms Reardon said that Hamilton Re backed the Association of Bermuda Insurers and Reinsurers stance that the US Treasury, if it adopts that policy, it should use the “bright line safe harbour test” of a 15 per cent reserve-to-asset ratio.

Hamilton Reserve Insurance Company 1/18/2005
Hamilton Resources 10/30/2013
Hamilton Seafood Company 1/4/1984
Hamilton Securities 2/1/1981
Hamilton Securities (Bermuda) 12/18/1998
Hamilton Services (Amalg with Tempest EC) 8/17/1993
Hamilton Shipping 10/14/1986
Hamilton Steamship & Navigation Company 5/16/1975
Hamilton Tool Company 8/8/1974
Hamilton Total Return Fund LP 2/25/2009
Hamilton Trading Co 3/8/1991
Hamilton Trust Company 1/22/1992. Windsor Place, Hamilton
Hamilton Underwriting Agency 1/2/1975

2016. November 28.  Hamilton Underwriting Limited, the Lloyd’s platform of Hamilton Insurance Group, has been given permission to increase its gross written premium by £52 million ($64.6 million) and to write two new lines of business. Syndicate 3334 had approval for a gross written premium of £69.5 million this year. Lloyd’s has now given approval for that to increase to £122.5 million next year. The two new lines of business the Syndicate can write are marine liability and war and terror. “We are delighted that Lloyd’s has approved this substantial increase in our capacity for 2017 and has given us the go-ahead to write marine liability and war and terror business,” said Dermot O’Donohoe, chief executive officer of Hamilton Underwriting Limited. “Since acquiring the Syndicate in 2015, we have recruited market-leading teams of underwriters and significantly scaled up the business. Some of our books of business were relatively small and thus subject to volatility if there were major losses, so this increase in capacity allows us to iron out a degree of volatility in the portfolio. The current soft market is difficult and there are many challenges, but with our combination of careful risk selection and utilization of data and analytics to improve our underwriting, we look forward to maximizing profitable business opportunities in 2017.” Last month, Hamilton Underwriting Limited announced it had recruited Mark Appleton from The Navigators Group as head of marine liability. The managing agency is currently seeking a head of war and terror. Syndicate 3334 also writes accident and health insurance, contingency insurance, property D&F insurance, professional indemnity insurance, space insurance, treaty reinsurance, and financial institutions insurance.

Hamilton Valcleaners 10/25/1976
Hamilton Warehouse Company 5/2/1989
Hamilton Waterfront 7/30/2013
Hamilton Watersports 4/21/2005
Hamilton Wax 2/5/1988
Hamilton Yachts 5/21/2008
Hamilton & Sons Ltd., John 5/30/1975
Hamiltonian Hotel and Island Club 1/2/1968
Hamlin Capital Holdings 12/21/2001
Hamlin Capital 12/21/2001
Hamma Enterprises 7/24/1967
Hammers 1/14/1992
Hammersmith Insurance Co. 8/23/1973
Hamna 3/20/2000
Hampden Bermuda Holdings 7/7/2014
Hampden Bermuda Insurance 7/23/2014
Hampden Kent Group 9/2/2011
Hampden 11/30/1992
Hampshire House Holdings 6/27/2001
Hampshire Industries 5/8/1959
Hampshire Insurance 12/4/1985
Hampshire 4/5/1999
Hampstead Insur Placements 1/4/1978
Hampton Court Properties 8/27/1986
Hampton Higher Education Charitable Fund 10/27/2011
Hampton Insurance Company 1/2/1985
Hampton Investments 9/3/1979
Hampton Oceans Charitable Fund 10/27/2011
Hampton Re Holdings 9/8/2000
Hampton Re 1/3/2001
Hampton Shipmanagement 3/1/1977. 11 Par-la-Ville Road, Hamilton HM 11. Phone 295-0902. Fax 295-2165.
Hampton Technologies 6/13/1995
Hampton (Bermuda) 4/30/1991
Hamptons (The) 10/4/1988
Hamshire, Victoria Jill 8/28/1979
Hamstead 3/11/1976
Hamza Elizabeth Alia 12/10/2013
Hand Arnold 9/24/1923
Hand Holdings 12/8/1999
Hanergy Solar Group 6/15/1994
Handfield Mill 11/13/1981
Hangerton Holdings 9/2/1999
Hankore Environment Tech Group 8/22/2003
Hanna Corporation (The) 11/18/1992
Hannover Re 2018. December 31. Hannover Re’s Bermudian-domiciled Kaith Re vehicle has issued a $10 million private catastrophe bond transaction to cover California earthquake risk. The so-called “cat bond lite” transaction was for an unknown cedant. Hannover Re has been busy using its Kaith Re transformer vehicle to facilitate the securitisation of reinsurance and retrocessional risks for investors and cedants. The latest private catastrophe bond, LI Re (Series 2018-1), meant that Hannover Re had now assisted in the issuance of $97 million of securitised risk to investors just in the last week. This is the first LI Re transaction since a year ago and it covers the same risks of California earthquake. The underlying transaction would be a one-year collateralized reinsurance or industry loss warranty deal, as are most common with private cat bonds. The $10m of LI Re Series 2018-1 private cat bond notes issued through Kaith Re have been listed on the Bermuda Stock Exchange.
Hanny Holdings C/o Codan Services Ltd
H&H Reinsurance Brokers 9/30/1977
Harambee Re 2013-1 In January 2013, Argo Group International Holdings Ltd. launched this its first sidecar, which wrote business for the 2013 accident year. Harambee Re supports both a reinsurance and an insurance portfolio. 
Harbourside Holdings Ltd 2019. July 30. Three Bermudians have joined the working ownership team of the company that runs Flanagan’s Irish Pub on Front Street. There are now ten working owners at Harbourside Holdings, which is the holding company of the Outback Sports Bar, The Snug Café, The Loft, Divots, and Flanagan’s. The company has an employee-owned structure which gives employees an opportunity to take an ownership stake in the business. The working owners are all qualified to take on different roles when required, giving the business greater flexibility. The roles can range from manager to bartender to waiting tables. Lavarr Raynor, Gregory Dean and Marvin Burchall are now part of the working ownership team. Chris Garland, one of the company’s four directors, said: “We’re in it for the long run and to sustain the slower months we worked hard to build a great team and in turn a great brand and future for that brand. Our staff are our greatest asset and we will continue to invest in them. We have been allowed to expand because of the great people that we’ve brought on along the way.” Mr Raynor started in hospitality as a pot washer when he was 19. He has spent the last 20 years working his way up the ranks and is now bartender/restaurant manager. He also assists with the company’s event space, The Loft, in the Emporium Building. He said: “Working in hospitality runs in my family, I started at Flanagan’s in 2009 and haven’t looked back — the owners don’t treat you as just an employee, when you work here you’re family. As new owners we’re looking to bring fresh ideas to the table to drive the business forward.” Mr Dean, another of the new working owners, was only ten when he started helping out at his grandmother’s restaurant. He is now bar manager at the Outback Sports Bar, 12 years after joining Flanagan’s as a junior bartender. His family owned the Checkerboard diner, Checkmate restaurant and Dean’s Bakery in Somerset. He said: “The more skills you have the more valuable you are to your employer, and that dedication is what has gotten me to where I am today at Flanagan’s. It’s an exciting time for the company. A huge part of our success is down to our team’s relationships with our customers.” Also joining the working ownership team is Mr Burchall, who is head bartender at Divots. He said: “What is different about Flanagan’s is that the owners are all hands-on. They will get stuck in wherever is needed and that inspires the whole team to work harder.” Commenting on the future of the industry, he said: “I have a positive feeling, there’s so much more variety now and different parts of the island are coming alive. We’ve seen that with Divots in Warwick. I would say to anyone looking to make it in this industry, take the opportunities that are given to you and be prepared to make sacrifices as well.” This year, the company won a number of Best of Bermuda Awards from The Bermudian magazine, including Award of Excellence, Favourite Pub, Friendliest Wait Staff, and best overall in the food, drink and entertainment division. Mr Garland said winning the Award of Excellence was down to team effort, and was something Harbourside Holdings hopes to build on by expanding its working ownership team. The company said it is always on the lookout for hard-working and talented Bermudians. Divots recently employed a kitchen porter who was part of “100 jobs” challenge launched in March by Wayne Caines, Minister of National Security, which aimed to connect 100 unemployed or underemployed Bermudians with 100 employers. Showing support for the Bermuda Tourism Authority’s national tourism plan, Harbourside Holdings’ front line staff have undergone training to become certified tourism ambassadors, while Flanagan’s has a national service standard certification after completing the BTA’s programme. Dean Mills, another of the company directors, along with Mr Garland, Al McIntosh and Barry DeCouto, said: “The growth that we have experienced over the last few years, with opening up Divots and The Loft, is not only attributable to our commitment to the island but also down to the growth and creativity we’ve seen in the tourism industry. “Visitor levels have a direct impact on our business and we hope to see them continue to rise in the coming years.”
Harrington Reinsurance Holdings 2016, Class 4. A Bermuda-based property & casualty reinsurer sponsored by Blackstone and AXIS Capital.. In July 2016, then a fledgling Bermuda operation, it raised $600 million in capital designed to beef up underwriting and investment plans put forth by its sponsor. Blackstone Group was to assist with investment management. For AXIS, this meant a much broader focus on third-party capital, by way of Harrington Re, in order to service clients and brokers.
Harrods Trading International 5/5/1999
Harrogate Company 4/29/1980
Harrogate Holdings 1/19/1994
Harrow Company 4/16/1984
Harrow Investments 9/2/1993
Harrowby Associates 9/20/1989
Harry Henrickson 1/22/1999
Harsco (Bermuda) 6/22/1993
Harstad Maritime II 1/2/1986
Harstad Maritime Service 7/10/1984
Hart Advertising 1/3/1978
Hart Group 8/2/1999
Hartford Management  Crawford House, 50 Cedar Avenue, Hamilton HM 11. Phone 295-5243. Fax 295-4460.
Haverford (Bermuda) 2/24/2011. 3A class insurer, formed by Artex Risk Solutions (Bermuda)
Haverford Securities   Fax (441) 296-9904. Investment management, in global fixed income markets. 
HCH Management  Reid Street, Hamilton
HCP Insurance Co. 2006, Class 3
HC Japan Fund

Set up by Englishman Bruce Currie in Bermuda in 2001/2002. 

HDR Capital A cryptocurrency company
HDR Global Services (Bermuda) A cryptocurrency company
Healthcare Partners Ltd (HCL) A subsidiary of the Bermuda Hospitals Board.
Healthstar Indemnity 20/11/2002. Class 1 insurer
Heartland Insurance Co Crop insurer, until July 2016 owned by another Bermuda-based insurance company, Everest Re.
Heddington Insurance The captive for ChevronTexaco
Hedge Hog and Conserve Fund Managed by Interinvest (Bermuda)
HedgeWorld A hedge fund services company. Backed by Tremont Advisors Inc. of Rye, USA. But it shut its Bermuda office and its staff relocated to the USA in August 2003.
Helen of Troy Moved from Texas to Bermuda in 1994. El Paso-based. Includes Vidal Sassoon, Revlon and Dr. Scholl's grooming products, plus its own brands. US headquarters are in Dallas.
Helicon Re Holdings

Started by investors to insure White Mountains after the record 2005 hurricane season boosted demand for coverage.

Helmsman Insurance Group May 2002. Class 3.
Henderson China Holdings C/o Codan Services Ltd
Henner Insurance October 2001. Class 3.
Herald Holdings C/o Codan Services Ltd
Heritage Agency (Bermuda) Has offices at Washington Mall, Phase 1, Church Street level.

2016. November 28. Heritage Education Funds International has paid out more than $3.2 million to families in Bermuda this year for postsecondary education. The funding was distributed by Heritage Agency (Bermuda), which is licensed to market the Heritage International Scholarship Trust Plan in Bermuda. The plan, known generally as an education savings plan, is a US dollar plan and provides families with a method of saving and investing for their children’s postsecondary education. Families are able to create flexible, long-term savings plans that are tailored to each family’s individual financial situation. In a statement, Heritage said that students who received their third and final scholarship this year benefited from return of 6.70 per cent. During the two previous years, families in Bermuda received respective amounts of $2.75 million and $3.62 million. Heritage has paid out a total of $44 million to families in Bermuda, “complemented by the fact that more subscribers than ever before in Bermuda have been using our Education Savings Plan to help fund a postsecondary education for their children or grandchildren”. Jason Maguire, president of Heritage Education Funds International, said: “I’m truly thankful to our subscribers for putting their trust in us over the years. Our organisation has some of the best, most loyal customers of any industry, and they’ve helped make Heritage International what it is today. Our goal has always been to provide a cost-effective, flexible means to help hard-working families better afford a college or university education for their children, and I’m simply ecstatic that, by sticking with our plan, more of them are able to do so. A postsecondary education is critically important in today’s society, and the more people we help in achieving that goal, the better off the world will be.” The organisation said tuition costs continue to rise, averaging a 5 per cent increase annually, and said if this trend continues, tuition for a four-year degree programme could exceed $100,000 in 2026, depending on the programme of study and location. Heritage Agency (Bermuda), which is licensed to conduct investment business by the Bermuda Monetary Authority, said it continues to assist thousands of families in Bermuda building brighter futures for their children. Gerry Swan is the agency director.

Hewlett-Packard Bermuda Enterprises LP 9/27/2002
Hewlett-Packard Bermuda Holdings II LP 9/24/2010
Hewlett-Packard Bermuda Holdings III Limited Partnership 12/22/2011
Hewlett-Packard Bermuda Holdings IV LP 2/7/2012
Hewlett-Packard Bermuda Holdings LP 10/28/2008
Hewlett-Packard Bermuda Holdings V LP 12/18/2013
Hewlett-Packard Bermuda Holdings VI LP 12/20/2013
Hewlett-Packard Bermuda International II LP 10/28/2008
Hewlett-Packard Bermuda International III LP 4/2/2009
Hewlett-Packard Bermuda International LP 10/29/2003. Formed by Compaq Computer Cayman LP.
Hewlett-Packard Bermuda Investments II LP 10/28/2008
Hewlett-Packard Bermuda Investments LP 10/16/2002
Hewlett-Packard Bermuda Partnership LP 10/28/2008
Hewlett-Packard Bermuda Services LP 10/28/2008
High Yield Asset 21 1/14/1998
High Yield Asset 22 1/14/1998
High Yield Asset 23 1/14/1998
High Yield Asset 24 1/14/1998
High Yield Asset 25 1/14/1998
High Yield Asset 26 1/14/1998
High Yield Asset 27 1/14/1998
High Yield Asset 28 1/14/1998
High Yield Asset 29 1/14/1998
High Yield Asset 30 1/14/1998
Highbridge 3/21/2001
Highfield Fund

2/19/2010. The primary listing is on the Irish Stock Exchange. Incorporated in Bermuda as a limited liability company under the Bermuda Companies Act 1981, as amended, and authorized and registered as a standard fund by the Bermuda Monetary Authority under the Investment Funds Act 2006 of Bermuda. The fund's promoter and investment adviser is Aurum MAM Fund Management Ltd., which holds all general voting shares and controls the fund.

Hillcot Holdings Formed in 2003 by Castlewood Holdings Ltd and Japan's Shinsei Bank Ltd. to buy the UK subsidiary of Japanese insurer Toa Reinsurance Company for $46 million.
Hillhouse 2018. December 13. Enstar Group Ltd is partnering with German insurance giant Allianz and investment manager Hillhouse to launch a new Bermuda re/insurer. Enstar, a Bermuda-based company which specializes in acquiring and managing companies and portfolios in run-off, will own nearly half of the new company, called Enhanzed Reinsurance Ltd. The new Class 4 and Class E company will reinsure life, non-life run-off, and property and casualty insurance business, initially sourced from Allianz SE and Enstar. Enstar, Allianz and Hillhouse affiliates have committed a combined total of $470 million to Enhanzed Re. Enstar will own 47.4 per cent of the entity, with Allianz owning 24.9 per cent, and an affiliate of Hillhouse Capital Management Ltd owning 27.7 per cent. Enstar will act as the re/insurance manager for Enhanzed Re. Hillhouse will act as primary investment manager and an affiliate of Allianz will also provide investment management services. Enhanzed Re intends to write business from affiliates of its operating sponsors, Allianz and Enstar. It will seek to underwrite business to maximize diversification by risk and geography. Dominic Silvester, Enstar’s chief executive officer, said: “Enhanzed Re brings Enstar together with our established partners Allianz and Hillhouse to provide a vehicle that will reinsure a diversified book of life and P&C reserves sourced through a strong pipeline of opportunities provided by Enhanzed Re’s operating sponsors. Enhanzed Re will benefit from world-class investment managers prudently managing capital while pursuing risk-adjusted returns. Through Enhanzed Re, Enstar gains exposure to attractive life and P&C business and in return can offer opportunities for Enhanzed Re to participate in our future significant legacy transactions.”
Hiscox 9/6/2006. Wessex House. See under Hiscox below
Hiscox Agency 9/18/2009. Wessex House. See under Hiscox below.
Hiscox Capital 9/18/2009. Wessex House. See under Hiscox below
Hiscox Insurance Company (Bermuda) 10/21/2005. Class 4. Company’s head office is at Wessex House, in Reid Street, it writes a large proportion of its business through the Lloyd’s of London market. Hiscox, headquartered in Bermuda, is an international specialist insurance group listed on the London Stock Exchange (LSE:HSX). There are three main underwriting parts of the Group – Hiscox London Market, Hiscox UK and Europe and Hiscox International. Hiscox London Market underwrites mainly internationally traded business in the London Market – generally large or complex business which needs to be shared with other insurers or needs the international licences of Lloyd’s. Hiscox UK and Hiscox Europe offer a range of specialist insurance for professionals and business customers, as well as high net worth individuals. Hiscox International includes operations in Bermuda, Guernsey and USA. One of the UK's leading insurers of higher value homes and also one of the most expensive of medium-value homes. Hiscox also has Bermuda-based Kiskadee insurance-linked strategies funds, listed separately.

2019. November 5.  Hiscox said its business saw growth across all segments over the first nine months of the year as gross premiums written climbed 7.3 per cent. The insurer and reinsurer also had a busy third quarter for catastrophe claims and has set aside $165 million to cover expected losses from Hurricane Dorian and typhoons Faxai and Hagibis. In its trading statement for the first three quarters of 2019, the Bermuda-based company said premiums totaled $3.21 billion through September 30, up from $3.04 billion in the same period of last year. The Hiscox Re and ILS segment, which has a significant presence at the group’s head office in Wessex House on Reid Street, Hamilton, generated $823.6 million of that premium, a rise of 6.1 per cent over last year. Hiscox said its ILS assets under management were more than $1.5 billion. Hiscox commented: “Widespread rate improvement is still hampered by the fluidity of reinsurance capacity available from traditional and alternative sources. Parts of the market are responding, and there is selective positive rate momentum, though generally confined to lines hardest hit by losses, such as retrocession and wildfire liability. In many areas however, rate is currently insufficient to warrant increased participation.” Premium in the retail division rose 7 per cent to $1.67 billion, while the London Market segment added 9.7 per cent to total $722.3 million. Bronek Masojada, Hiscox’s chief executive officer, said: “The third quarter has been an active period for claims, with the market experiencing significant catastrophe losses from storms in the US, the Caribbean and Japan. Paying claims is what we are here for, and we have reserved $165 million for claims from Hurricane Dorian and Typhoons Faxai and Hagibis. We expect an additional impact from lower fees and profit commissions. It is pleasing to see good growth across all of our segments, with Hiscox London Market leading the way as conditions continue to improve. In Hiscox Retail, growth is accelerating following the decisive action we have taken in the US and UK, and Europe is delivering strong double-digit growth. We are on track to meet our full year growth guidance for the retail segment. Pricing momentum in the London market and reinsurance continues to be positive. In Hiscox Retail, rates in the UK and Europe remain broadly flat across the portfolio. In the US, there are early signs that the market is responding to adverse claims trends in casualty business, where we are taking an increasingly cautious approach to reserving. Yet again the balance between our retail and big-ticket businesses has given Hiscox resilience in the face of challenging events. From these challenges comes opportunity.” Hiscox said the $165 million reserved for catastrophe claims was “materially in excess of the group’s catastrophe budget for the second half”. The company added that it was exposed to the recent California wildfires but said the size of any potential loss was unclear so far. Hiscox’s shares fell 35p, or 2.37 per cent, to close at 1,440p on the London Stock Exchange yesterday.

2019. July 30. Bermuda-based multinational insurer Hiscox reported a 3 per cent increase in first-half profit, as premiums rose and investment performance improved. Profit before tax for the first six months of the year totaled $168 million, up from $162.7 million in the same period of last year. Steep claims from Typhoon Jebi and Hurricane Michael impacted results as reserves were boosted to the tune of $40 million, as Hiscox previously reported. Hiscox Re & ILS saw gross premiums grow to $698.3 million from $655.6 million in the same period of last year, amid “positive rate momentum”. The division’s pretax profit fell to $14 million from $57.8 million, as the combined ratio weakened to 111.3 per cent from 71.5 per cent. The group’s investment portfolio gained 4.8 per cent annualized, compared to 0.7 per cent in the corresponding period of last year. Hiscox raised its dividend by 4 per cent to 13.75 cents per share. Robert Childs, the Hiscox chairman, told The Royal Gazette: “It’s neither a hard market, nor a soft market. In these circumstances, we’re quite pleased with the way we have navigated it to achieve a positive first-half result.” Asked about the reserve strengthening for losses related to catastrophes last year including Typhoon Jebi and Hurricane Michael, he said early industry loss figures for the Japanese storm had been the major issue. “With Jebi, it was the 100 per cent figure we got wrong,” Mr Childs said. “It started at $4 billion and went to $16 billion. We would have estimated more than $4 billion when we were calculating our estimates, but we wouldn’t have gone to 4½ times the loss.” Typically, he said the difference between the first loss estimate and the last was less than double — in Jebi’s case the increase had been nearly fivefold. In the case of Michael, the way that individual clients could sell recovery rights to contractors gave us “much greater claims inflation than we would normally expect. We saw growth in reinsurance and our assets under management remained at more than $1.6 billion in the ILS funds,” Mr Childs added. “We’re also looking to see some hardening in the retrocessional market.” Hiscox also introduced the Kiskadee Latitude fund this year, an ILS fund with exposure to primary insurance business. The ILS sector is broadening from its catastrophe-bond roots, a trend that Mr Childs expected to see continue. “The only thing that’s going to constrain it is complexity and the cost of doing it,” he said. “As people find ways of ironing out the complexity and reducing the costs, then I see it continuing to expand.” Hiscox has a large London market business and a retail insurance business, both of which are growing. He added that the company was very supportive of the Lloyd’s Decile 10 initiative, which he felt had helped to raise prices. The company remained very happy with Bermuda as the home for its head office, Mr Childs said.

2019. May 8. Hiscox Ltd reported rate increases for its reinsurance and London market businesses during the first quarter. The Bermuda-based insurer and reinsurer said its gross premiums written grew by 3.3 per cent to $1.165 billion from $1.157 billion in the same period a year earlier. Hiscox Re and ILS, whose main operation is based in offices in Wessex House, on Reid Street, saw rate increases of about 2 per cent across its portfolio, with retrocession and risk excess accounts achieving the highest rate increases. “Rates in US catastrophe-exposed business are up low single digits, while pressure continues in the international book where rates are down slightly in aggregate, despite increases of more than 25 per cent on loss-affected Japanese business at the April renewals. The division’s gross written premiums fell by 4.6 per cent to $342.8 million. The main driver of the decrease was a reduction of capital available to be deployed by Hiscox’s insurance-linked securities funds after significant losses last year, the company said. For Hiscox London Market, rates rose by about 4 per cent year to date. Hiscox said the cumulative impact of two consecutive years of heavy market losses and the Lloyd’s “Decile 10” directive continued to drive rate improvement in the majority of classes. “Cargo, marine hull and US public company directors and officers’ have seen the most significant rate rises, all up double digits, while pricing in property lines continues to firm,” Hiscox said. “Pricing in cyber and terrorism remains competitive.” The company’s investment return for the quarter was $84.2 million, or 5.3 per cent on an annualized basis. Assets under management at the end of the quarter totaled $6.334 billion.

2019. February 27. Hiscox’s pre-tax profits tripled to $137.4 million last year, as gross premiums written rose 15 per cent across the group. The Bermuda-based company’s reinsurance and ILS segment had a second year of dealing with significant claims and posted a net loss. Hiscox, whose headquarters are in offices in Wessex House on Reid Street is one of the major underwriters in the Lloyd’s of London market. Its London operation was the best performing part of the group last year. The group’s retail business wrote more than $2 billion of premium and served one million customers for the first time. The company announced a final dividend of 28.6 cents per share, an increase of 5.2 per cent. Bronek Masojada, Hiscox’s chief executive officer, said: “We have generated strong growth and good profits in a busy year for claims. The tough action we took in our London Market business is paying off, and we are seeing some positive momentum in big-ticket lines, where rates, terms and conditions are improving. We are growing well in our chosen retail segments, and our small market shares mean the size of the opportunity in retail remains immense. We will continue to invest in our people, infrastructure and brand and maintain our focus on disciplined growth.” The reinsurance and ILS business, based in Bermuda and London, posted a loss of $23.2 million and recorded a combined ratio of 116.9 per cent, indicating an underwriting loss. Hiscox reserved $165 million for claims from hurricanes Michael and Florence in the US and typhoons Jebi and Trami in Japan, as well as wildfires in California. Hiscox said it managed to achieve rate increases of 5 per cent for the year and during the January 1, 2019 renewal period, it saw overall rate improvements of about 2 per cent. Kiskadee Investment Managers, the group’s alternative capital unit, now has assets under management now at $1.5 billion. Its new Kiskadee Latitude Fund will give investors exposure to insurance lines for the first time. In the earnings report, Robert Childs, chairman of Hiscox, gave some insight into the company’s culture as an employer. “I am regularly told by those that know us that Hiscox has a distinctive culture underpinned by strong values,” Mr Childs wrote. “Being the highest ranking financial-services firm in Glassdoor’s 2019 best places to work in the UK, and receiving very positive customer feedback, validates that our values are being lived. We do not take this for granted, and around every five years, as new people join and the business evolves, we undertake an exercise to refresh them. I am pleased that we are embarking upon another such exercise, led by our chief executive, Bronek [Masojada].”

2018. November 6. Hiscox Ltd, the Bermuda-based insurer and reinsurer, has set aside $125 million to cover losses from major storms. The company’s trading statement, published today, also highlighted double-digit growth in gross premiums written across all segments of the business. Hiscox said $125 million had been reserved to cover claims and reduced profit commissions resulting from hurricanes Florence and Michael, which made landfall on the US East Coast, and typhoons Jebi and Trammi, which impacted Japan. Since a benign first half for losses, Hiscox said it had seen a more active environment for claims, including a $13 million marine loss. Hiscox added: “Hiscox USA has experienced a higher frequency of D&O claims, and Hiscox UK & Ireland has seen an uptick in subsidence claims following a particularly dry summer, as well as a continuation of escape of water claims.” Gross premiums written through September 30 totaled $3.04 billion, up 14.3 per cent from the $2.66 billion written in the corresponding period in 2017. Hiscox’s head office is based at Wessex House, on Reid Street, which is also home to its Hiscox Re & ILS division. Hiscox Re & ILS wrote gross premiums of $782.4 million, up by 10.9 per cent on the $705.4 million recorded in the first nine months of 2017. The report did not include details of net income. Bronek Masojada, Hiscox’s chief executive officer, said: “We have had strong growth, but as the market remains challenging, we will remain disciplined, and I expect our growth to moderate over the balance of the year. It has been an active third quarter for claims across the group, both from large losses and catastrophes, and I am pleased with how we have responded." The company’s growing retail insurance division generated $1.6 billion in gross premiums, up 16.8 per cent from last year. Its London Market operation wrote $664.1 million of premiums, up 12.5 per cent from 2017. Hiscox Retail continues to benefit from investment in the brand, and we were pleased to welcome our one millionth retail customer,” Mr Masojada said. Hiscox also commented on its preparations, and their cost, for Britain’s impending exit from the European Union and said its new Luxembourg-based subsidiary was fully operational and expected to start writing business from January 1, 2019. “Our plans have always assumed a worst-case scenario ‘hard Brexit’ and we are prepared, irrespective of the outcome of the government’s negotiations,” the report states. The financial impact of re-organising the business in preparation for Brexit is $15 million across the group in 2018, and we will inject incremental capital of approximately €40 million in the new entity.”

2018. August 28. Hiscox has promoted Ross Nottingham to chairman of North America for Hiscox Re and ILS. Ross joined the Hiscox Re and ILS team in Bermuda in early 2012 as an underwriter. He was also responsible for new product development and managing broker relations for Hiscox Re. In 2014, he relocated to the UK to lead the North America team in London. Before he joined Hiscox, Mr Nottingham spent 12 years as a broker, including seven years at Aon Benfield where he worked in the non-marine retrocession team in both London and Bermuda. As chairman of North America, Ross will lead Hiscox Re’s North American underwriting team and strategy. With support from team colleagues in Bermuda and London, he will be responsible for building on the broker and client relationships the business has already established. Mr Nottingham will start in his new role from September 1, 2018 and will continue to be based in London. He will report to Megan McConnell, director of underwriting — London, who alongside Adam Szakmary, director of underwriting — Bermuda, jointly lead the underwriting strategy for Hiscox Re and ILS. Mike Krefta, Hiscox Re and ILS chief executive officer, said: “Ross’s valuable market insight and eye for innovation are exactly what we need to continue the success of our North American book.”

2018. May 8. Hiscox’s chief executive officer says “good sense is receding” in the reinsurance market, meaning rate rises in the wake of last year’s huge catastrophe losses are likely to be short-lived. The Bermuda-based company reported more than 20 per cent growth in its gross written premiums in the first quarter of the year to $1.16 billion, largely driven by strong growth in its reinsurance and insurance-linked securities division. Bronek Masojada, the group’s CEO, said: “After a costly year for catastrophes in 2017, our London Market and reinsurance businesses mobilized quickly to grasp the opportunity and grew strongly. “Sadly, discipline and good sense is receding in the market, so for the rest of the year growth in big-ticket business will be more measured. Our long-term strategy of investing in less volatile retail lines continues to provide balance and opportunity for growth.” For Hiscox Re and ILS, gross written premiums increased in constant currency by 42 per cent to $363.1 million, compared to $269.3 million in the first quarter of 2017, as prices improved. The bulk of this increase was written on behalf of Hiscox’s ILS and quota share partners. Net written premiums grew by 31 per cent. Assets under management in the Hiscox ILS funds now exceed $1.5 billion. In its interim statement, Hiscox said: “Growth in US property catastrophe and excess of loss business, where rate improvement has been most significant, has been hard fought. We will maintain our disciplined approach and grow where returns are attractive. We have seen increasing demand for our suite of risk excess of loss products, where we have been market leaders for some time.” Hiscox noted some positive movement in rates during the first quarter, but said this had not been widespread and added that April 1 renewals were generally flat. “As we look ahead to further midyear renewals in June and July, we see little prospect of rate improvement as an abundance of capacity from traditional and alternative sources remains a feature of the market,” Hiscox added. The company has developed a new product to meet growing demand for coverage of cyber-risks — a cyber industry loss warranty (ILW), the first of its kind, the company claimed. “The cyber ILW helps re/insurers address uncertainty around cyber tail risk by allowing them to take out coverage based on the total insured industry loss, rather than their own specific loss,” Hiscox stated.

2018. February 27. Hiscox Ltd chairman Robert Childs says there will be no change in the company’s Bermuda residency or staffing levels as a result of US tax reform. However, the insurer and reinsurer will have to bolster capital at its US business and expects the added costs for many companies to lead to higher insurance premiums for consumers. The Tax Cuts and Jobs Act cut US corporate tax rates to 21 per cent from 35 per cent. It also imposed a base erosion anti-abuse tax levied on transactions between US corporations and their non-US affiliates — for example from Hiscox USA to Hiscox Re in Bermuda. “This is not just affecting Bermuda, it’s affecting the world outside the US,” Mr Childs said in an interview. “It’s the same issue for Switzerland, Germany and France as it is for Bermuda. Will this affect our residency in Bermuda? No. There will be no effect on staffing in Bermuda. But we will have to put more capital in the US. When you think about what Bermuda provides, it’s a place where lots of companies can bring their diverse sources of income and because we are diverse, it makes the business more capital-efficient. What this [the US tax change] does is force us to effectively Balkanise our capital, put capital in different places. This is less capital-efficient and so more expensive, and more expensive for consumers as well. Beat has not helped consumers.” In its earnings statement, Hiscox said its US capital requirement would increase by $75 million as a result of Beat. Hiscox has also been forced to restructure in Europe with Britain’s impending exit from the European Union meaning the loss of the capability to service clients across the trading bloc directly from London. An EU office in Luxembourg, expected to be fully operational by late this year, will cost Hiscox £12.5 million ($17.4 million) as a one-off hit, an expected ongoing cost of €2 million ($2.46 million) and a temporary increased capital requirement of £50 million. The group is a leading insurer in the Lloyd’s of London market and in 2006 moved its corporate domicile to Bermuda, also home to its reinsurance and insurance-linked securities operations. In 2017, Hiscox made a profit of £93.6 million, or £30.8 million after adjustment for foreign currency fluctuations, despite reserving about $225 million for claims in a year of record catastrophe claims. The group’s strategy of diversification, with a large retail segment that now accounts for 56 per cent of the company’s business, has helped to reduce volatility in results. Bronek Masojada, Hiscox’s chief executive officer, said: “The strong growth and profits in retail countered the volatility felt in our big-ticket businesses which were impacted by an historic year for natural catastrophes. We have made significant investments in infrastructure and brand, both of which will continue. Market pricing has improved and as a consequence we have growth ambitions for every part of our business.” Mr Childs said he expected the reinsurance segment to grow, helped by an increase in rates — although less steep than the company had expected — as a result of the impact of last year’s hurricane and earthquake losses across the industry. “The good thing is that rates are going up,” Mr Childs said. “US treaty rates are up about 10 per cent and in loss-affected areas more than that, while in the rest of the world where we do business, they’re up 3 per cent. When it comes to the London market, in 14 out of 16 areas, we’ve seen rate increases.” But are these increases sustainable? “My view is that they are,” Mr Childs said. “You’ve only got to look at the results of anyone who writes US property business — the losses are staggering.” Overall, he was optimistic for growth in all the firm’s segments this year. Hiscox reported a group combined ratio of 99.9 per cent for 2017, an investment return of 2 per cent and a return on equity of 1.5 per cent. In London Stock Exchange trading, Hiscox shares fell 29p, or 2.1 per cent, to close on 1,367p yesterday, after results were released before the market opened.

2017. October 12. Hiscox plans to ramp up capacity in anticipation of a pick-up in insurance prices. The company, which is based in Bermuda, said today it plans to increase the 2018 capacity for its Syndicate 33 at Lloyd’s by £450 million ($594.5 million) to £1.6 billion, driven by improving market conditions. The move is subject to Lloyd’s approval. “The increase in capacity is driven by an anticipated improvement in market conditions and a desire to have sufficient capacity available to participate in a widespread market turn,” Hiscox said in its Syndicate business forecast today. “This follows a period of significant catastrophe activity in 2017 in which more than $100 billion of industry capital is estimated to have been destroyed.” Last week, Hiscox announced a preliminary estimate of $225 million for net losses from hurricanes Harvey and Irma. At the same time, Bronek Masojada, chief executive officer of Hiscox, said: “These events are already having an impact on rates in the global insurance market, particularly in affected areas and specific sectors. After a number of years of rate reductions, we are starting to see price corrections, most acutely in affected lines such as large property insurance and catastrophe reinsurance, which we expect to spread to non-affected lines.”

2017. February 28. Hiscox made record profits in 2016 helped by favorable foreign-currency moves and increased earnings from its Hamilton-based reinsurance division. The group’s profits totaled £354.5 million ($440.8 million), up 64 per cent on 2015. The relative weakness of the pound helped the Bermudian firm to net foreign exchange gains of £152.4 million. Even with the flattering impact of the currency fluctuations, Robert Childs, chairman of Hiscox said these were “a cracking set of results”. Return on equity was 23 per cent, while the investment return was 1.9 per cent. The company declared a final dividend of 19p, bringing the full-year dividend up to 27.5p, a 15 per cent increase on 2015. In an interview, Mr Childs conceded that political developments around the world, particularly Brexit and the election of Donald Trump and a Republican-controlled Congress in the US — had the potential to affect the business. He said the border-adjustment tax proposed by President Trump could — if it applied to re/insurance — “have an impact not only on Bermuda, but on the industry. No one knows yet what will happen yet — it’s just too early to say." Bermuda’s advantages as a re/insurance centre went further than tax, he added, citing Solvency II third-country equivalency in particular. As a major operator in the Lloyd’s of London market, Hiscox is also grappling with the impact of Britain’s impending departure from the European Union and the likely loss of “passporting” rights that currently allow UK-based financial-services companies to do business throughout the EU. “We are looking to set up a new company in Europe, in either Luxembourg or Malta,” Mr Childs said. “That could happen within the next 12 months.” Hiscox employs more than 50 people at its head office in Wessex House, on Reid Street, where its reinsurance and insurance-linked securities division operates. Gross written premiums for Hiscox Re and ILS increased by 29.1 per cent to £495.2 million, or 16.1 per cent when currency moves are stripped out, driven by growth in casualty and specialty lines as well as business written on behalf of the alternative capital management unit Kiskadee. The division delivered a £115.5 million profit and a combined ratio of 53.7 per cent. Mr Childs said Kiskadee, founded in 2013, had grown rapidly and now had assets under management of $1.25 billion, putting it “firmly in the premier league of ILS businesses”. The Hiscox London Market business generated a £44 million profit, however margins are under pressure from rates driven down by a glut of capital, according to Mr Childs and the soft market shows no signs of hardening. Asked what was needed to turn the market, Mr Childs said: “I think it’s got to do with a combination of low margins followed by a shock loss. When you look back to 9/11, the loss was only about $25 billion, but it hit at a time when margins were very low. The margins are getting very low now.” Hiscox’s retail operations had a stellar year, generating nearly half the group’s total profit. Retail operations in the UK and Europe doubled their profits, while Hiscox USA produced premium growth of 30 per cent. Bronek Masojada, Hiscox’s chief executive officer, said: “This is a good result, flattered by foreign exchange and boosted by a strong investment return. Our retail business has come of age, driving growth and profitability for the group. This gives us options and, although there are uncertainties in both the insurance and political environments, we have the right people, footprint and financial power to adapt. We will remain focused and disciplined where margins are shrinking and invest where we see opportunities for long-term profitable growth.” 

2016. July 26. Hiscox is ready to restructure in response to Britain’s impending departure from the European Union — but Brexit is unlikely to do any harm to Bermuda as an insurance and reinsurance jurisdiction. That is view of Robert Childs, chairman of Hiscox, who was speaking with The Royal Gazette after Hiscox announced half-year profits that rose 52 per cent to £206 million. Some of the increase was down to the weakness of the UK pound after Britons voted to leave the EU in a June 23 referendum. In the interim earnings statement, Mr Childs said Hiscox was ready to set up a new European insurance company, if necessary.  “For us, Brexit is a structural rather than a strategic issue,” Mr Childs said. “Theresa May [Britain’s new Prime Minister] says Brexit will happen but no one knows what it will look like yet.” Hiscox was preparing for either “Brexit light” — a scenario in which the UK retained full access to the EU market and free movement of people and good continued — and for “Brexit heavy”, in which market access became limited by the loss of “passporting rights” that allow British-based companies to trade without restriction in the EU. “As we said before the referendum, we were, in a corporate sense, agnostic about the vote,” Mr Childs said. “We have a big European operation that generates $260 million worth of business. We’re in Spain, France, Germany, the Benelux countries and Germany, so we’re already there. So we could easily set up a new insurer in Europe if we needed to. We would probably look to decide by the first quarter of 2017 in which country we would want to set up and it would take about 12 months to do that, so about 18 months to it actually starting up.” Speaking on the industry-wide impact, he said the reinsurance side of the Lloyd’s market was “the most likely to travel post-Brexit.” As for the impact on Bermuda, he said: “It shows how important Solvency II equivalency was for the island. Bermuda now has an established relationship with Eiopa [the overseer of insurance in the EU] and I can’t see Brexit as being a bad thing for Bermuda.” The European Commission earlier this year gave Bermuda “third-country equivalence” with Solvency II, the 28-country bloc’s new regulatory regime for the insurance industry, which means Bermudian-based insurers will be able to do business on a level playing field in the EU. “Britain will have to apply for Solvency II equivalence and that will be interesting,” Mr Childs said. Hiscox’s pretax profit of £206 million was up from £135.1 million last year. With London-listed Hiscox declaring its profits in pounds, the dramatic weakening of the pound in the last week of the first-half period gave a massive boost to results, given that much of Hiscox’s profit was generated in US dollars and euros. Excluding the foreign exchange gain, Hiscox’s net income was £118.7 million. Hiscox’s retail business was the largest contributor to profit, while Hiscox USA delivered the strongest growth of 32.8 per cent in local currency and Hiscox London Market grew by 9.7 per cent. The group combined ratio — the proportion of premium dollars spent on claims and expenses — was 80.7 per cent, or 88.4 per cent excluding the currency impact. The reinsurance side of the business, which is headquartered in Bermuda, managed a combined ratio of 56 per cent, or 69.8 per cent, excluding currency gains. It generated profit of £54.6 million on gross premiums written of £364.7 million. Bermuda is also home to Kiskadee Investment Managers, the group’s alternative capital management arm, whose assets under management have risen to more than $1 billion, an achievement described in a note by analysts at Shore Capital as “a quite remarkable success story to date”. For many competitors, the second quarter brought material catastrophe losses, but Hiscox estimated a relatively modest £19 million loss, something Mr Childs put down to excellent underwriting. Hiscox reported a very competitive market in most lines of business, but Mr Childs said “price reductions are getting smaller”. Hiscox also raised its interim dividend by 6 per cent to 8.5p. Hiscox shares were down 2p in London Stock Exchange trading to 1,067p after the results were announced yesterday.

2016. May 31. The former chairman of Bermuda-based insurance giant Hiscox said the firm could move back to London if the UK votes to quit the European Union. Robert Hiscox, who chaired the firm for 43 years until 2013 and is now honorary chairman, told the UK’s Press Association the company had moved from London to Bermuda a decade ago because of the British tax and regulatory regime under the then-Labour government and the EU. Mr Hiscox said: “We don’t want to bring it back while we’re in the EU. If we leave, then it depends on the domestic regime whether we come back or not, but it’s possible.” He added, however: “But we love being in Bermuda. It’s a useful place. It’s close to the US where we do a lot of business and it makes us feel international. It’s not just a tax dodge.” Jeremy Pinchin, the CEO of Hiscox Bermuda and Hiscox Re, yesterday distanced the company from Mr Hiscox’s statements on Brexit — and reaffirmed the firm’s commitment to the island. Mr Pinchin said: “Robert is honorary president of Hiscox. While he is a major shareholder, he is not on the board of Hiscox. The issue of leaving Bermuda domicile, whether Britain leaves the EU or not, is not on the board agenda and we remain committed to Bermuda.” Mr Hiscox also launched an attack on David Cameron, the Prime Minister, and his “corrupt” campaign to remain an EU member and accused the British Treasury, the finance arm of government, which released a paper predicting a massive recession if Britain voted to exit the EU, of putting out “illegal propaganda. The part the government has played in this debate is astonishing. Their corrupt statements and illegal propaganda pouring out is something to behold, especially the Treasury document.” Mr Hiscox’s comments echoed those of former Conservative Chancellors of the Exchequer, the equivalent of Finance Minister, Nigel Lawson and Norman Lamont, who are now members of the House of Lords and part of a major split in their party over the EU. Mr Hiscox added that major City of London institutions that had come out in favour of continued membership of the EU were an elite motivated by their own interests. He said: “All the experts coming out for ‘Remain’ are all part of the elite, from Goldman Sachs downwards. They’ve all bought into it. It’s in their own self-interest. I’m astonished when I meet people from ‘Remain’. I’ll never understand why they want, in a global race, to tie the UK to 27 other countries, some of which have no legs. Why do we want to have millions of rules delivered by an unelected tyrannical elite in Brussels?” Mr Hiscox was one of 300 business leaders to sign an open letter calling for the UK to leave the EU. Mr Hiscox now runs a bookshop in Marlborough in the English county of Wiltshire.

2016. March 1. Bermuda-based insurer Hiscox Ltd, which advertises itself in the UK as a reputable insurer, wrote more business last year but profits fell 6.5 per cent mainly due to dwindling investment returns. Hiscox said full-year profit fell to £216.1 million from £231.1 million in 2014, slightly better than analysts had expected. Gross written premiums climbed 10.7 per cent to £1.94 billion ($2.69 billion) in 2015 and the group’s retail businesses contributed 50 per cent of income. The group’s investment return was £33.7 million, or 1 per cent, down from £56.4 million, or 1.8 per cent, in 2014. The year had been “characterised by low yields and volatility in many asset classes”, Hiscox said. Hiscox Re, the reinsurance part of the business which operates out of the group’s head office at Wessex House on Reid Street, Hamilton, achieved growth of 8.2 per cent, £383.4 million, compared to £354.3 million in 2014. In local currency, growth was calculated at 2.9 per cent. Hiscox Re recorded strong profitability, with a combined ratio — reflecting the proportion of premium dollars spent on claims and expenses — of 46.6 per cent, bettering 2014’s 49.8 per cent. The company put the growth down to “a focus on product innovation”, which generated an extra $70 million of premium. “The benign claims environment continues to put pressure on rates,” Hiscox stated. “Last year’s important 1/1 renewals saw rates fall by 12 per cent and this year they fell again by 5 per cent.” Inside two years, Hiscox said its Hamilton-based ILS-focused Kiskadee arm had grown to be a significant brand in the market and was on track to reach $1 billion in assets under management this year. Last year, Hiscox also launched Cardinal Re Ltd, a special purpose insurer domiciled in Bermuda, “designed to transform collateralised insurance and reinsurance risk into a security more suited for capital market investors”. Hiscox declared a second interim dividend of 32p per share, which included a special dividend of 16p. However, the company warned investors that in future it intended to retain more capital to focus on “pursuing opportunities for profitable growth”. Bronek Masojada, Hiscox’s chief executive officer, said the firm, like its competitors, had “benefited from the absence of major natural catastrophes”. He added, in his outlook for this year: “Our bigger-ticket businesses are more likely to retreat, with growth coming from our new teams in specialty retail across the world.”

Hiscox Re ILS 2016. Special Purpose. See under Hiscox above and below 
Hiscox Services 9/18/2009.

2018. June 15. Hiscox has accused Yuval Abraham, a former executive who was based in Bermuda, of misappropriating more than $1.8 million. The Bermuda Supreme Court ordered a worldwide freezing of Mr Abraham’s assets on April 25 this year, on the same day that three Hiscox entities — Hiscox Services Ltd, Hiscox Agency Ltd and Hiscox Insurance Company (Bermuda) Ltd — had sued him. A spokesperson for Hiscox, the Bermudian-based insurer and reinsurer, said yesterday that the company was working with law enforcement authorities to pursue repayment of the money. The Bermuda Police Service has confirmed that it is investigating the matter. The company has also petitioned the US District Court for the Southern District of New York for an order to issue subpoenas to Montres Journe New York LLC for the production of documents to support its proceedings in the Bermuda court. In its application, Hiscox states: “In 2017 and 2018, Mr Abraham falsified invoices and used his position to cause Hiscox to pay over a million dollars to Montres Journe New York in exchange for luxury watches. It is unknown whether the watches were purchased for the benefit of Mr Abraham or a third party, but it is certain that they were not for the benefit of Hiscox.” Hiscox details a schedule of seven payments, which it describes as the “Montres Transactions”. Varying in amount from $43,300 to $750,000, these were paid out by Hiscox between June 2017 and April 2018 and related to invoices that described “consulting services”. Montres Journe is described in the application as a dealer of luxury watches and jewellery. The freezing injunction from the Bermuda Supreme Court orders that Mr Abraham must not “remove from Bermuda any of his assets which are in Bermuda up to the value of $1,847,960.00”, or “in any way dispose of, deal with or diminish the value of any of his assets whether they are in or outside Bermuda up to the same value”. The freezing injunction specifically references watches purchased from Montres Journe as being among the assets to which it applies. The company said it has obtained similar freezing injunctions in England and Wales and South Africa. The case was reported earlier by the Offshore Alert website. A spokesperson for Hiscox told The Royal Gazette yesterday: “Hiscox is currently pursuing the repayment of funds which we believe were illegally obtained by one individual who no longer works here, and are working with law enforcement on this matter. Hiscox operates to the highest standards and takes such incidents extremely seriously. However, as this is an ongoing investigative and legal matter, Hiscox cannot comment further at this stage.” Hiscox’s head office, as well as reinsurance and alternative capital management operations, is in Wessex House on Reid Street, Hamilton, and the company is listed on the London Stock Exchange. Mr Abraham was terminated from his job as CFO of Hiscox Services Ltd, the service company that manages expenses for Bermuda legal entities for the Hiscox Group, on April 27 this year, Hiscox stated in its US court application. The company added that Mr Abraham had left Bermuda and was believed to have traveled to London, South Africa and then Israel in early May. According to an affidavit filed in the Bermuda Supreme Court by Marc Wetherhill, Hiscox’s group company secretary, Mr Abraham was employed in Bermuda on a work permit issued “pursuant to a Polish passport”, and he also holds South African and Israeli passports. Mr Wetherhill stated that the law firm Carey Olsen Bermuda had hired KPMG to conduct a detailed investigation into the transactions in question.

Historic Industries 12/13/1985
Historical Documents Institute 7/1/1977
HIT Investments 9/6/2011
HKS Investments  
HKSCC Nominees  
Hoegh LNG Partners Operating LLC 7/7/2014. Part of an Energy company, Norwegian-owned, listed on the Oslo Stock Exchange. In 2014 it floated a new subsidiary on the New York Stock Exchange, raising $192 million in the process. It formed Höegh LNG Partners LP, a Marshall Islands Master Limited Partnership (MLP), to operate infrastructure for the liquefied natural gas industry, including floating storage and regasification units and liquefied natural gas carriers. Believed to be associated with the Singapore-registered carship Hoegh Osaka which went aground off Southampton, England in January 2015 en route from Southampton to Germany with a full load of luxury Jaguars, Land Rovers and other vehicles.  
Hofflinghouse and Co. 2/15/1982
Hofflinghouse Finance 4/30/1986
Hoffman Overseas 8/7/1969
Hoffman- La Roche Products 2/8/1965
Home Made (Bermuda) 7/29/2013
Honeywell Assurance 1/2/1973
Honeywell Bermuda Holdings II 6/5/2006
Honeywell Bermuda Holdings III 4/25/2007
Honeywell Bermuda Holdings III LP 9/25/2009
Honeywell Bermuda Holdings LP 9/25/2009
Honeywell Bermuda Holdings 5/29/2006
Honeywell Bermuda II 8/23/2005
Honeywell Bermuda LP Owned by Allied Signal Aerospace Service Corp LP of 1209 Orange Street, Wilmington, Delaware
Honeywell Britannia Finance 10/12/2011
Honeywell International Middle East 10/31/2006
Hong Kong Land Holdings Controlled by Jardine Strategic Holdings Ltd., a Hong Kong-based investment company. Jardine Strategic owns 45 percent. Jardine Strategic also owns 62.2 percent of Jardine Cycle & Carriage, which distributes Mitsubishi Motors Corp. and Kia Motors Corp. cars in Singapore.
Hopson Development Holdings C/o Codan Services Ltd
Horizon Communications 2019. May 30. A company that intends to bring fast internet speeds and competitive pricing options to Bermuda customers, is waiting to get its hands on an application form to proceed. Horizon Communications has secured initial investment funding, said to total millions of dollars, and that has allowed it to pivot away from its previous plan of an initial coin offering to raise capital. When licensed, it intends to provide an island-wide fixed wireless internet service, renting space on established telecommunication towers and masts for its transmission and receiving equipment. It anticipates employing 30 staff, mostly Bermudians, in the next three years. Gilbert Darrell, chief executive officer, who founded Horizon Communications two years ago, said the goal is to be competitive in speed and pricing in the home market and the business service market. Speaking to The Royal Gazette, he said: “With our technology we will be more reliable. Our number one goal is to have a truly wireless solution that removes a lot of the issues you have with current wire line provisions, be competitive and be that third pillar of telecoms in Bermuda.” To proceed, Horizon needs an integrated communication operating licence from the Regulatory Authority of Bermuda. A moratorium on the issuing of new licences has prevented new entrants into the Bermuda market for six years. However, a decision by the Bermuda Government to lift the moratorium was followed by an RA public consultation to establish conditions and requirements for new licences. The month-long consultation ended on May 3. The RA’s decisions and recommendations on required policy and regulations are due to go back to Walter Roban, Minister of Home Affairs. Mr Darrell said: “We participated in the consultation process and now eagerly await the opportunity to submit our application for a new licence. " He added: “We would like to apply as soon as possible. I’ve been working on this business for a number of years now. The moratorium was just opened up earlier this year. Hopefully, the RA will have an application for us to submit soon. Of course, as someone running a business, the sooner the better for me, but the RA has a process to go through. I hope that process is coming quickly to fruition.” Once it has secured an ICOL, Horizon intends to acquire and test equipment to launch its “fast, reliable, wireless internet service”. It said the equipment has been proven in other markets and will be tested and validated for the Bermuda topography. High-speed connections of up top 200 Mbps to home customers, and 1 Gbps to business are envisaged. Horizon said its service will come “without the hassle and unreliability of cable installations” and that will be ready to launch services using 4G and 5G technology. Regarding the funding for the project, Mr Darrell said that as the company went through the process of applying for an initial coin offering it had continued seeking investors, and found a Bermuda-based investor keen to provide capital. “We came to an agreement on terms late last year. At that point we had all our capital promised through our investor, so we did not have to pursue the ICO any longer,” he said. Mr Darrell could not yet reveal who the investor was, but said Horizon has secured “multiple millions of dollars” for the initial round of capital to launch the business and get equipment. He added: “The firm is a household name in the private-equity world. It’s a pretty big firm that has interests here locally.” The Horizon team features Elizabeth Schaefer as chief operating officer. She previously held senior management positions at CellOne, which is now One Communications. Horizon’s chief of business development is Ross Barkwell, who has 30 years of experience in telecommunications senior management, worked for Digicel Panama, and has held senior positions in Bermuda with Digicel and One Communications. Mr Darrell said that once Horizon has an ICOL it would need four or five months to have its first customers operational.
Horizon Kinetics Bermuda-incorporated company, hedge fund and mutual fund managers, owned by US billionaire Laurence (Larry) Doyle, who also owns the Lantana property in Somerset Bridge and the Newstead Hotel and Spa.
Horseshoe Corporate Services See below
Horseshoe Group Emporium Building, 69 Front Street, 5th Floor, Hamilton, HM12. Bermuda. Phone: (441) 295-8478. Fax: (441) 295-8472. Also in the Cayman Islands. 

2019. November 19. Artex Risk Solutions has completed the purchase of insurance-linked securities specialists Horseshoe Insurance Services Holdings Ltd, the company announced today. Artex said the acquisition significantly strengthens its ILS operations and furthers the company’s goal to become the best service provider to the world’s risk capital. The company said Horseshoe will become the global brand of ILS services for Artex, which will operate as one global team across multiple jurisdictions to better serve its clients and provide consistent delivery of services regardless of the domicile. Horseshoe specializes in providing insurance management, fund administration, advisory and corporate services to ILS and alternative fund markets. Founded by Andre Perez in 2005, Horseshoe is headquartered in Bermuda, with operations in London, Grand Cayman, Sri Lanka and Charlotte, North Carolina. Mr Perez and his associates will continue to operate from their current locations under the direction of Peter Mullen, chief executive officer of Artex, the company said.

2019. October 4. Artex Risk Solutions yesterday announced that it has reached agreement to acquire Horseshoe Insurance Services Holdings Ltd. The transaction, which significantly strengthens Artex’s insurance-linked securities operations, is subject to regulatory approval and expected to complete before the end of the year, the company said. Horseshoe specializes in providing insurance management, fund administration, advisory and corporate services to ILS and alternative fund markets. Founded by Andre Perez in 2005, Horseshoe is headquartered in Bermuda, with operations in London, Grand Cayman, Sri Lanka and Charlotte, North Carolina. Upon completion, Mr Perez and his associates will continue to operate from their current locations under the direction of Peter Mullen, chief executive officer of Artex, the company said. Mr Mullen said: “The combination of the Artex and Horseshoe teams and technology will provide our clients with the opportunity to find all insurance management, fund administration and advisory services under one roof.” He added: “Andre and his team mirror our culture at Artex. They will be a terrific fit and will help further our goal of becoming the best service provider to the world’s risk capital.” Upon completion, Artex said, Horseshoe will become the global brand of ILS services for Artex, which will operate as one global team across multiple jurisdictions “to better serve its clients and provide consistent delivery of services regardless of the domicile”. Mr Perez, chief executive officer of Horseshoe, said: “We are excited to join forces with Artex. For more than 14 years, Horseshoe has been the leader in the ILS services industry and together we will have quite a formidable team dedicated to servicing the ILS market.” He added: “Being part of a larger organisation will give us the opportunity to better serve our clients by accessing worldwide resources, and accelerating the development of bespoke solutions and products for ILS.” Mr Mullen said: “At Artex, we are proud to be ranked as the world’s third largest insurance manager. The addition of Horseshoe will position us to continue evolving and pushing the boundaries of what a global, top-tier insurance provider looks like.”

2017. April 5. Bermuda-based insurance-linked securities group Horseshoe has yesterday sponsored at $20 million insurance-linked security, listed on the Bermuda Stock Exchange. The listing is issued by Eclipse Re, a new company designed to bring turnkey reinsurance ILS market services to investors and sponsors. Eclipse Re, set up by Horseshoe with boutique insurance investment banking specialists Rewire Securities, will be used to provide collateralised reinsurance participation in a listed note format. Horseshoe subsidiary Horseshoe Corporate Services, which recently became a Bermuda Stock Exchange listing sponsor, acted as sponsor for a $20 million security issued by Eclipse on the BSX yesterday. Andre Perez, the CEO of Horseshoe Group, said at the launch of Eclipse in February: “As the leading full-service ILS service provider, Horseshoe continues its commitment to being responsive to clients’ needs and providing the highest level of innovative and efficient professional services. Eclipse Re will provide a vehicle for investors to participate in the collateralised reinsurance market with the benefit of liquidity not previously available through traditional platforms. We are excited to support the BSX as a listing sponsor and launching this product to expand our broad capabilities in the ILS marketplace.” Eclipse Re is expected to attract sponsors such as insurers, reinsurers, corporates and funds, working with investors on the other side of the deal, all of whom who will benefit from an ILS issuance structured by Rewire and administered by Horseshoe. ILS and reinsurance notes issued by Eclipse Re can be structured in as short a timeframe as two to three weeks, the pair said, offering provide sponsors am efficient and low-cost way to access the ILS and capital markets in reinsurance. The new platform will allow sponsors and investors to more easily transform and securitise reinsurance risks into an investable and transferable note form.

Horseshoe Insurance Services  See Horseshoe Group above
Hotelco SRB Hotel Owned and operators with the company below of the upcoming St Regis Resort Bermuda. They use the St. Regis trademarks under a license from Marriott International, Inc. or its affiliates
Hotelco SRB Hotel Residences 2  
Howin Partners LP Represented by Appleby Spurling & Hunter. Its general partner is Wellbridge Maritime Ltd. 
Hudco Partners IV An exempted partnership formed in 2002 by Hudco GenP IV Ltd of Tortola, BVI.
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HSBC Bank Bermuda 3/2/1891. Front Street, Hamilton HM 11.

2019. November 13. HSBC Bank of Bermuda has announced the introduction of an additional layer of security for its credit card holders. Customers who sign up for the “Credit Card Alert” programme receive personalized e-mail notifications whenever international, local and online credit card transactions are made on their accounts. The new programme, HSBC said, is designed to protect customers from fraud by allowing them to detect unfamiliar, potentially fraudulent transactions earlier. Tanya Bule, interim head of retail banking and wealth management and marketing at HBSC, said: “We are proud to be the first financial institution in Bermuda to offer our customers this enhanced level of security.” She added: “The bank cannot eradicate fraud completely, but with Credit Card Alerts we can provide our customers with the means to work together with us to minimise the potential negative impact. Alerts can be fully customized, with customers benefiting from having the ability to filter out the alerts by transaction type, transaction amount and limit amounts.” HSBC said more than $5 billion in card-related fraud losses have been reported globally this year. In Bermuda, this type of fraud has impacted the island via fraudsters’ use of card skimming devices at on-island ATMs. If successful, the information obtained from cards through this process can create “dummy cards” containing customers’ magnetic stripe information that could subsequently be used to purchase goods or services. HSBC said while the overall global trend of reported fraud losses is marginally improving (mostly due to the continued roll out of chip and pin), the majority of fraud losses globally continue to occur when the card is not present during online and telephone purchases.

2019. May 14. A 200 per cent increase in the monthly maintenance fee for statement savings accounts, is among a range of fee increases announced by HSBC Bank Bermuda Ltd. The new fees are effective from July 1, and affect savings accounts, local and overseas payments, cheque cashing for non-HSBC customers, credit card annual fees and late payments, and annual rental fees for safe deposit boxes. The increases, announced in an e-mail to customers, are:

  • monthly maintenance fee for statement savings accounts rise from $1 to $3;
  • cashier’s cheques for local payments ordered manually from $75 to $100, a 33 per cent increase;
  • drafts for overseas payments ordered manually from $100 to $125, a 25 per cent rise;
  • outgoing wires for overseas payments ordered manually on bank stationery from $100 to $125;
  • cheque cashing fee for non-HSBC customers from $30 to $35;
  • BermudaCard with MasterCard annual fee from $35 to $60, a 71 per cent increase;
  • HSBC Advance MasterCard annual fee from $50 to $75, a 50 per cent increase;
  • Visa Classic annual fee from $60 to $85, a 41 per cent rise;
  • Visa Gold annual fee from $75 to $100, a 33 per cent increase;
  • Credit card late payment from $40 to $50;

Safe deposit box annual rental fees have also increased as follows: box type 1, $41.25 to $53.50; type 2, $62 to $80.50; types 3 and 4, $103 to $134; type 5, $196 to $255; types 6 and 7, $216.50 to $281.50; type 8, $350.75 to $456; type 9, $412.50 to $536.25; type 10, $464 to $603. The statement savings account monthly maintenance fee does not apply to Premier customers or seniors, provided the senior account holder maintains a $100 average minimum balance, the bank said. The charges for cashier’s cheques ordered manually and drafts ordered manually do not apply to seniors.

2019. June 24. Allison Towlson has been appointed managing director of the Bank of Bermuda Foundation. She has more than 30 years of experience in the insurance industry and joined Ace insurance in 1998 rising to the position of chief operations officer, and went on to be senior vice-president, distribution and operations, at Chubb. Ms Towlson has been a member of the board of the Bermuda Tourism Authority, and served as a mentor under the Bermuda Foundation for Insurance Studies. She is the past chairwoman of the Insurance Development Council. The Bank of Bermuda Foundation is an independent, philanthropic organisation, that supports the Bermuda community. Annually, it provides up to $2.6 million in grants to a wide range of non-profit groups in Bermuda, and up to $950,000 in student scholarships. Ms Towlson said: “It’s an exciting time to be part of this dynamic and well respected organisation. The Theory of Change, that the foundation has recently embarked upon, really resonated with me as a Bermudian. The foundation places a high value, not simply on equality, but more importantly on equity. I am eager to work with our experienced board and talented team, to ensure we find ways to offer universal benefits for everyone in Bermuda, while targeting special support for those with need. I look forward to building meaningful partnerships within the non-profit community.” She will be responsible for the overall management and direction of the foundation, reporting to the chairman. She will work closely with Vivien Carter, the foundation’s director of programmes, responsible for managing and building partnerships with non-profits through the foundation’s grant cycles, as well as Kim Pratt, who manages the day to day administration.

2018. March 5. HSBC Bermuda’s value to the global banking group was underlined by a 38 per cent improvement in profits during 2017. The full-year results also give an insight into Bermuda’s economic activity and confidence levels. The bank’s non-performing loans dropped from 17.8 per cent to 14.7 per cent of its book, residential mortgages were steady, and personal loans for items such as boats, cars and bikes were up 24 per cent. “Small business loans were up about 40 per cent; that’s an encouraging sign,” said Mark Watkinson, chief executive officer and director of the bank. “We are seeing an uptick in international business and we are growing our retail business.” He has been at the helm of the bank for two years, and he described the 2017 results as strong, with all lines of business up from prior years. Mr Watkinson said there has been a “nice recovery of the business” with more resilience in the local market. HSBC Bermuda kept its staffing levels stable, even as it reduced operating costs by about 5 per cent. The bank reported full-year net income of $162 million, an increase of $45 million. Once the impact of notable and one-off items were deducted, the adjusted net income was $140 million, up 22 per cent for the year. Loan impairment charges fell from $19 million to $1 million, and this was attributed to an improved economic environment and a number of recoveries. Phil Alvey, chief financial officer, said the bank’s revenue had increased by 3 per cent. When asked for thoughts on the Bermuda Government’s Budget, announced last month, Mr Alvey welcomed the focus put on the tax base of the economy, while Mr Watkinson described it as “balanced” and said things of particular interest included the proposed raising of building height restrictions in the Hamilton Economic Empowerment Zone, and changing the 60:40 rule that restricts the level of overseas ownership allowed in many businesses. Mr Watkinson said: “If we are to make the economy grow, we have to look where to start. Sixty-forty is a somewhat contentious issue; when Bermuda was performing well, I could understand the desire for some ring-fencing of businesses.” But he noted that times change, and for some older business owners now looking to sell their business because they had no family succession plan, a relaxing of the 60:40 rule could be helpful. David Burt, the Premier, also announced in the Budget that there would be consultation on expanding the types of banks that can operate in Bermuda. Details are scant, however Mr Watkinson believes it would be positive if it meant attracting quality banking sector brands to the island. “From my perspective, I would welcome it. If we could persuade JP Morgan, Wells Fargo, and Citigroup to open shop here that would be a good thing; they are strong brands that would add credibility to our market,” he said. HSBC Bermuda’s adjusted total operating income in 2017, before loan impairment charges, was $280 million, a rise of $8 million due to higher net interest income. Its consolidated operating expenses were $139 million, consistent with 2016. The bank has issued credit card customers with cards that include an integrated circuit on a chip, which is a card authentication security feature widely used in many parts of the world. The bank is moving to introduce the same technology to its debit cards. Another technology introduced is Touch ID, which uses fingerprint or facial recognition to give customers access to mobile banking on iPhone 5S and newer models. Beyond its core operations, the bank and its staff engage with the local community, most significantly supporting The Eliza DoLittle Society, which helps those in Bermuda who are “food-insecure and hungry”. The partnership between HSBC Bermuda and Eliza DoLittle has been in place for two years, and in the last three months of 2017, HSBC staff served 1,300 hot meals and distributed groceries to 9,000 families and individuals. Mr Watkinson said the programme is open to all bank staff, and is conducted on the bank’s time. He added: “We have a 93 per cent participation rate. People can do cooking, serving or food distribution. Last year we served 10,500 meals. We want the staff to feel they are playing a part. It is also a good opportunity for team building and a time for people to relax.” Looking to the future of the bank in Bermuda, Mr Watkinson said: “If you look at our record, we remain an important part of the [HSBC] group. Our adjusted return on equity is 17 per cent, which is above the 10 per cent target for the group.” He said the bank was performing well and returning value to shareholders. He added: “For us, Bermuda is a good market.”.

2018. March 3. HSBC Bermuda made a profit of $162 million last year, an increase of $45 million, or 38 per cent, year-on-year. Once the impact of notable and one-off items were deducted, the adjusted net income was $140 million, up 22 per cent for the year. Adjusted total operating income, before loan impairment charges, was $280 million, a rise of $8 million due to higher net interest income. Loan impairment charges fell from $19 million to $1 million, and this was attributed to an improved economic environment and a number of recoveries. Non-performing loans decreased from 17.8 per cent to 14.7 per cent of the bank’s total portfolio. Consolidated operating expenses were $139 million, consistent with 2016. Mark Watkinson, chief executive officer and director, said: “All our core businesses delivered revenue and profitability ahead of the prior year and the bank’s capital and liquidity potions remain robust.” He added the strong US economy was likely to have a positive spillover effect for Bermuda’s economy. Mr Watkinson said: “The recent tax changes in the US have caused some initial uncertainty in the international business sector and this is going to need close monitoring.” Mr Watkinson added the fight against financial crime remained a top priority for the financial sector in Bermuda. He said: “While banks across the local market have sought to mitigate the customer impact, the importance of a strong review by the Caribbean Financial Action Task Force later this year to cement Bermuda’s reputation as a top-quality financial centre cannot be over-emphasized.” HSBC Bermuda’s total assets at the end of 2017 were $9,027 million, a drop of 7 per cent year-on-year, while total loans and advances to customers were in line with the previous year at $2,281 million. One-off and notable items last year, which the bank said were not reflective of its underlying performance, included a $22 million gain on sale of an equity shareholding to another member of the HSBC Group, a $55 million increase in legal provisions recorded in operating expenses for last year and $23 million from four months of contribution and the gain on sale of its private banking operations, included in the profit for 2016.

2017. September 6. Bank of Bermuda Foundation has launched a new website that will soon enable online funding applications, while also unveiling what it describes as “bold new goals for grant-making”. The changes, which have been two years in the making, are described as being part of a “more deliberate approach” to supporting the Bermuda community. The foundation’s long-term vision for Bermuda is that “all people are healthy, independent, financially secure and connected to community, with equitable opportunities for all”. The foundation’s new grant-making strategy focuses on four new areas of funding: economic participation, education, healthy families and connected communities. The new website offers extensive information on the foundation’s funding guidelines and details the new areas in which it intends to focus its grant-making. The website also provides clear information about the process of applying for grants. Designed and developed locally by Sebastian Matcham of Subtropik, the new website provides information on the foundation’s background, the people involved and the process of developing the foundation’s new direction. Soon the site will also feature an online grant application system, enabling local organisations to make paper-free applications. Tom Conyers, the foundation’s chairman, added: “Our areas of funding, consistent with our vision, represent a focus on economic equity; education for independent thinking and productive engagement; health and well-being for all age groups and an inclusive and welcoming community. The new website provides an in-depth guide to our new grant-making goals and assists potential grantees through the application process online.” The non-profit sector has been included in several ongoing presentations this year, introducing the new grant-making system and has responded eagerly to the Foundation’s new goals. With a December 1 deadline for the first round of applications for 2018 grants, non-profit organisations are urged to visit the new website to learn more about the new focus areas for grant-making and the new application form. Application form orientation is scheduled for early October and all non-profits are invited to attend. Under the new restructure, the foundation is supported by key people in spearheading the foundation’s new goals for grant-making. David Lang, managing director, oversees the overall relationships with the community and community organisations as well as the general business affairs of the foundation. Vivien Carter, programme officer, is responsible for developing resources and relationships to assist in implementing the foundation’s new direction. And Kim Pratt, senior trust officer, Butterfield Trust (Bermuda) Ltd, handles all inquiries and organizational administration. The Bank of Bermuda Foundation website can be found at www.bankofbermudafoundation.bm

2017. February 24. HSBC Bank Bermuda Ltd booked net profits of $117 million last year — up more than a third on 2015. A fall in loan impairment provisions and lower operating expenses after the sale of private banking operations last year contributed to the increase. Mark Watkinson, HSBC Bermuda’s chief executive officer, pointed to “continuing modest improvement” in the economy and said the bank had seen a significant rise in demand for residential home loans. In its earnings statement, the bank said it took a $21 million charge to lower the carrying value of buildings, since last year’s decision to “explore alternative options” for its offices near Albuoys Point. But this was largely offset by a $20 million gain recorded on the sale of the private bank unit. And the bank paid a $280 million dividend to its owner, HSBC Holdings Ltd, the global banking group. Return on equity was 12 per cent, exceeding the 10 per cent target of the parent group. Excluding the buildings charge, operating expenses were $145 million, down $31 million, or 18 per cent on last year. The decrease was mainly due to the sale of the private banking operations to Butterfield, completed last April, which reduced the number of employees in Bermuda and cut support costs. Total loan impairment charges decreased to $19 million from $36 million in 2015. But non-performing loans, making up 14 per cent of the total loan portfolio, down from 17 per cent in 2015. Phil Alvey, HSBC Bermuda’s chief financial officer, said NPLs included all loans that had been renegotiated — even though the majority of such borrowers were now making repayments on time. Total loans and advances to customers were $2.29 billion at the end of 2016, a decrease of 7 per cent compared to a year earlier. The decrease is the product of the debt being paid off by borrowers outsizing new loans being taken out. Mr Watkinson said new mortgages tended to be smaller than older ones, given the 30 per cent fall in real estate values from pre-recession highs and the 20 per cent minimum down-payment requirement these days. “We saw double-digit growth in lending in the residential housing market last year,” Mr Watkinson said in an interview. “There is generally more confidence in the economy. But there is a split in the level of confidence between local and international. In the local community, people are feeling much better about life. That filters through into car sales, so the auto sector is feeling very good. On the international business side, it’s more difficult. There were a couple of significant surprises last year and it’s a very uncertain world and so the international business sector is feeling a bit uncertain. So in Bermuda we have to be very careful, because international business is a critical part of the economy and we need it to feel positive about Bermuda and the opportunities here.” The recent approval of legislation to enable the building of a new airport terminal was something that would strengthen international business confidence, Mr Watkinson said. “Infrastructure is often overlooked,” he added. On the impact of the change in political power in the US and potential corporate tax cuts eroding Bermuda’s tax advantage, Mr Watkinson said: “No one knows what’s going to happen with the US tax situation. But when I talk with customers about why they choose Bermuda, tax is a factor but it’s not that high on the list. In terms of insurance, it’s a real market. You can walk down the street and put together a half-billion-dollar insurance policy. The regulators do a great job and Solvency II equivalence was an outstanding success and great work by the Bermuda Monetary Authority.” In the earnings statement, Mr Watkinson said it continued to be a challenging environment for banks. “Our core businesses all delivered strong results and show robust prospects for the future,” he said. “The local economy is displaying greater resilience than in recent years and it appears we have worked through many of the problem loans in our portfolio.” The sale of the private banking operations was the main factor in the 19 per cent fall in total assets to $9.76 billion. Total capital adequacy ratio — a measure of financial stability — improved to 24 per cent at the end of 2016 from 22 per cent a year earlier. HSBC said that the sale of its private banking operations allowed it to focus on core strengths in Bermuda. These are retail banking wealth management, including HSBC Asset Management and Premier banking, commercial banking and global banking and markets. The net profit from these continuing operations was $93 million for the year with a cost efficiency ratio of 59 per cent, the bank said. Excluding impairment of buildings, net profit from continuing operations was $114 million with a cost efficiency ratio of 51 per cent. “The core businesses all delivered results ahead of expectations in 2016,” the bank stated. HSBC added: “The balance sheet remains conservative with strong capital and liquidity positions, even after making significant returns to our shareholders in 2016. The bank is well positioned to absorb the impact of future regulatory requirements under Basel III.” Mr Watkinson said staff had also doubled volunteer hours on the bank’s time from 2015. “Such efforts have now accumulated over 10,000 hours of community service since we launched the Staff Volunteer Community Action Day Programme in 2006,” Mr Watkinson said. “We were also able to contribute $700,000 directly to various education, environment and community initiatives, partly supported by funds made available by the HSBC Group to mark its 150th anniversary.” The volunteer effort included a programme in conjunction with the Salvation Army and the Eliza DoLittle Society to provide free cooked meals to the needy once a week at Cathedral Hall. Staff from the bank have been divided into 43 teams, Mr Watkinson said, and two teams per week — one cooking and one serving — make meals for around 100 homeless and poor people. “It energizes our staff and they appreciate that they can go out and do something so worthwhile during bank hours,” Mr Watkinson said. “For the bank, it’s great for team-building and there’s a great return on investment — and it’s a great community investment as well.”

HSBC Corporate Money Funds 12/4/1997
HSBC Fund of Funds 5/26/1998
HSBC Global Asset Management (Bermuda) 9/1/1966
HSBC Global Cash Funds Ltd Amal 10/29/1993
HSBC Holdings 2020. February 19. HSBC Holdings plans to shed about 35,000 jobs — 15 per cent of its global workforce — over the next three years, the bank said yesterday. Any potential impact on HSBC Bermuda is not yet clear. "There is no geographical breakdown regarding potential job losses,” an HSBC spokes- person said yesterday. “We refer to the global announcement on hsbc.com.” The job cuts announcement came as HSBC announced a pretax profit of $13.35 billion for 2019, down by one third from the year before. HSBC said it planned to merge its private banking and wealth businesses, and axe European stock trading. In the United States, it intends to cut about a third of its 224 US retail branches and target only international and wealthier clients. Noel Quinn, the group’s interim chief executive, told Reuters: “The totality of this programme is that our headcount is likely to go from 235,000 to closer to 200,000 over the next three years.” HSBC Bermuda’s profitability may count in its favour when decisions are made on where cuts are to be made. Although its 2019 results have not yet been released by the group, the local branch generated adjusted net income of $140 million for 2017 and $139 million in 2018. Mark Watkinson, then chief executive officer of HSBC Bermuda, told The Royal Gazette two years ago: “If you look at our record, we remain an important part of the group. Our adjusted return on equity is 17 per cent, which is above the 10 per cent target for the group.” He added: “For us, Bermuda is a good market.”
HSBC Institutional Trust Services (Bermuda) 2/22/2006
HSBC Insurance Services (Bermuda) 7/20/1987
HSBC Insurance SPC 3/6/2000
HSBC Insurance (Bermuda) 7/1/2005
HSBC International Trustee 10/5/2005
HSBC Life (International) 6/19/1981
HSBC Managed Portfolios 8/23/2002
HSBC Nominee Services (Bermuda) 3/20/2006
HSBC Securities Services (Bermuda) 10/9/1981
HSBC Specialist Funds 9/5/2001
HSCM Bermuda 2020. January 29. Hudson Structured Capital Management Ltd has led a $50 million capital raise for Gracie Point Holdings, LLC, a global provider of life insurance premium finance. Hudson carries out its re/insurance business on the island as HSCM Bermuda. The infusion of capital will be used to fund continued Gracie Point’s growth in the US and Asian markets, the launch of the company’s Canadian operation, and to further enhance its global funding capabilities. This is Gracie Point’s third successful capital raise. Michael Millette, managing partner of HSCM Bermuda, said: “The opportunity to build a global premium finance company in the life insurance space that is connected to the capital markets is one that we think will fundamentally shift how life insurance is bought and sold, and we have enjoyed our many year partnership with Gracie Point who we view as the market leader in the space. We are excited about this next phase of growth for the company.” Harish Raghavan, chairman of Gracie Point said: “Gracie Point is uniquely qualified to provide flexible and innovative financing solutions in the global premium finance market. This latest round of capital allows us to continue our rapid growth and expand our platform in the United States, Canada and Asia.”

2017. September 12. HSCM Bermuda, a two-year-old firm that invests in insurance-linked assets, has formed an investing partnership with a Lloyd’s managing agency Sciemus. As part of the new partnership, Sciemus will be renamed Argon Underwriting, subject to regulatory approval from the UK’s Financial Conduct Authority. Sciemus, is a specialty Lloyd’s MGA in the space, power, renewable energy, cyber and mining industries. HSCM Bermuda was founded by Michael Millette, a former partner in Goldman Sachs, who was a founding member of Goldman’s reinsurance structured finance group. The company has offices in Stamford, Connecticut and Bermuda, and invests in reinsurance and insurance-linked assets across the life, health, property and casualty sectors. As part of the investment, Tim Tetlow, HSCM Bermuda’s chief operating officer, is expected to join the board of Sciemus. Rick Welsh, Sciemus’s chief executive officer, said the aim was to develop Argon into a globally recognized insurer of specialty risk. “The increasing convergence between traditional insurance, reinsurance and the capital markets is creating an opportunity in core economic sectors that represents both traditional and emerging risk that is lightly correlated to property cat,” Mr Welsh said. “Our approach to modelling and data science enables us to be more creative and dynamic in our risk transfer and distribution, particularly in industries such as space, power, renewable energy, cyber and natural resources. HSCM Bermuda shares this vision and we are excited about exploring these opportunities with them — particularly, in the burgeoning insurance-linked securities market.” Mr Tetlow said: “HSCM Bermuda is proud to partner with Rick and his team as we share their vision that superior data analytics can be harnessed to produce superior returns, and that the convergence of capital markets and insurance will only continue.”

2017. June 7. This Island-based investment manager has invested $20.1 million in preferred shares in a reinsurance vehicle that will take over $35.3 million of seasoned workers’ compensation liabilities. The deal, on behalf of an unnamed company, was arranged by specialty reinsurer MultiStrat, also based in Bermuda, along with its affiliate the Annapolis Consulting Group. Rachel Bardon, managing director of HSCM Bermuda, an arm of Hudson Structured Capital Management in the US, said: “We are delighted to complete this transaction in this legacy block of business.” Tim Tetlow, a partner in the firm, added: “This transaction allows the cedant to move forward and focus on its future.” And Michael Millette, managing partner of Hudson Structured, said that he hoped to do more business with MultiStrat in the future. We are pleased to collaborate with MultiStrat in this transaction. We have studied a series of options together and expert that this will be the first of many that we complete.” Bob Forness, CEO of MultiStrat, said: “The combination of the HSCM Bermuda team’s expertise and our efforts over many months produced an attractive transaction and a template for the future. We look forward to working more with HSCM going forward.” The news came as Hudson Structured and HSCM Bermuda announced that it had appointed former KPMG Bermuda managing director Jason Carne as an adviser focusing on valuation and reinsurance. Mr Carne said: “I have been following them with interest for a while now and I’m a firm believer that the next step for ILS is to bring a fuller spectrum of reinsurance risk and opportunities, including property, casualty and long-term business to the third party capital markets.” He joins David Cash, former CEO of Endurance Specialty Holdings and Rich Carbone, ex-chief financial officer of Prudential Financial and current director of two further companies. Mr Millette said: “Our board of advisers provides the firm with breadth and depth of experience and judgment that we rely upon. Jason is an exceptional addition to the team.” Mr Carne worked at Hamilton-based KPMG for almost 20 years and was founder and leader of the firm’s insurance-linked securities practice. He also serves as a non-executive director for several Bermudian reinsurance companies. Hudson Structured and HSCM Bermuda invest across the risk and return spectrum in all instruments and sectors of the insurance and reinsurance markets. The board of advisers works as part of the HSCM Bermuda team to review strategy and investments.

Hua Feng Forest Group Company 9/20/2007
Hua Limited Partnership (The) 6/4/997
Huabao International Holdings 10/11/1991
Hua Mei Holdings 2/4/2002
Huamei Holdings Company 11/29/2013
Huang-Shan International 5/15/1996
Hub Culture 4/26/2006

2018. June 27. In the second and final part of an interview with Stan Stalnaker, the founder of Bermuda-based Hub Culture speaks about the launch of the first digital asset exchange in Bermuda that islanders can sign up to, and a vision that could place the island “at the epicentre” of financial clearance for digital assets. Hub Culture’s Ultra Exchange went live last month. It is operating in a limited capacity until Bermuda’s Digital Asset Business Act 2018 comes into force. At present it trades bitcoin, ether, litecoin and ripple. Those who wish to trade can only do so if they already possess those digital currencies, and they must also pass KYC, AML and other regulatory legal requirements. Hub Culture has been domiciled in Bermuda since 2006. Among its functions is management of the world’s first digital currency, Ven, which it introduced in 2007. It is able to operate the Ultra Exchange in Bermuda as a limited exchange through pre-existing permissions. When the Digital Asset Business Act 2018 comes into force and new licences are issued, the aim is for Ultra to accept and trade other digital assets, including fiat currencies such as dollars. The Digital Asset Business Act has been passed by Parliament and now awaits the assent of the Governor and a notice of the Minister of Finance. Ultra is a three-stage project; a white paper is available from the website https://ultra.exchange/ The idea for Ultra emerged from the Hub Culture Innovation Campus and Beach Club, which was held over 12 weeks at Ariel Sands last summer. Mr Stalnaker said the exchange is currently at step one. He added: “It is designed to be a decentralized exchange that will trade hundreds of different assets. The first wave is this limited crypto-exchange. This year’s Hub Culture pavilion event took place in the south of France, near Cannes. It was focused on artificial intelligence. Plans are in place for Hub Culture to stage events in Bermuda in October. “We are doing something new called Hub Culture Bermuda Innovation Sprint,” said Mr Stalnaker. “If you are building a website or a technology, you go through these sprints where you work really hard to push something to market. It is very much like the innovation campus, but it will be focused more loosely all around the island, specifically focused on Hamilton.” He said it would be two weeks of activity centered on AI and blockchain, hopefully anchored around some crypto conferences. Another project in train is Bermuda Standard, which is described as a collection of globally applicable standards, which includes “human, company and object identity based on HubID, digital asset market data, and a rules and records repository anyone can contribute to”. Mr Stalnaker hopes it will feed into a future e-identity [electronic identity] ecosystem that has been spoken about by the Government. “You can build a digital identity for yourself or your company. Data onboarded can be sent to BMA, etc. Government can have the option to use it and save time by having a single location for onboarding data. We do not expect it to be the only onboarding port. For our customers and clients who want to come to Bermuda, we are giving them really easy tools to be able to direct the data to the right people here. It is a great way to bring and help new businesses to figure out how to come and do business here.” Mr Stalnaker also sees an opportunity for Bermuda to be front and centre in digital asset world through what he terms “Bermuda Standard Clearance”. Because cryptocurrencies are traded 24 hours a day, there is no global market close, which creates a problem if you are making a transaction or deal through a regular bank. Mr Stalnaker said: “How do you set the price?” He sees Bermuda Standard Clearance as the solution, where 12pm in Bermuda is the moment a global clearance price for that day can be recognized. He said Bermuda’s geographical position makes it a strong contender to be the place where such a clearance price is given at midday, as “it is almost the only hour of the day when everyone [around the world] is awake. In California it would be 8am, in New York 11am, in the UK 4pm, while in Hong Kong and Japan it would be around 11pm and midnight. It’s the one hour where you can have a clearance price and set your daily close for all these different currencies.” He said there would be a clearance price as well as a live market price. A Bermuda Standard Clearance would put the island “at the epicentre for financial clearance for the industry”.

2017. December 29. The marketplace for cryptocurrencies has this year expanded from $20 billion to around $450 billion. And it could be heading for $1 trillion, according to Stan Stalnaker, who helped create the world’s first digital currency, the Bermuda-based Ven. He has shared his views on cryptocurrencies, highlighting the opportunities and the dangers. “We see digital assets like Ven and bitcoin and everything else as a new asset class. They are not an equity and they are not a currency or a commodity. They are a digital asset, often a tokenized asset, that represents something else. It is that token that everyone is mad for right now,” he said. As has been seen during the past two weeks, this new asset class is not for the faint-hearted. The value of bitcoin, the world’s best-known cryptocurrency, has swung from $19,000 to $12,000 and back to $14,000. “The question is, is it a bubble? Yes. But how big is the bubble going to get and how much of it is fundamentally real, so that after the bubble bursts or a major decline in valuations, how much will be left over in this new industry?” Mr Stalnaker is a founding director of Bermuda-headquartered Hub Culture, an online social network with 45,000 members around the world. The organisation created and manages Ven, a digital currency which has existed since 2007. A number of countries are starting national cryptocurrency exchanges, with India due to launch its next month, and China will be close behind. “In the US you have many exchanges cleared and operating with regulatory oversight,” said Mr Stalnaker. Examples of exchanges in the US are Gemini, in New York, and GDAX. “So, all of a sudden it is legitimate and it is being regulated and people are looking at the AML [anti-money laundering] and KYC [know your customer] and on-board funds. In a way, it has been co-opted into the main stream. There is a lot more room for growth. With the clearance on the Nasdaq and the CME it is almost inevitable that bitcoin will be on every exchange in the world, or most of them. Beyond that the top 20, or top 100 digital currencies will follow it onto the trading markets. So this is not day one, but it’s pretty much week two. It will hit a trillion dollar market, or more.” But Mr Stalnaker also strikes a cautionary note. “How much of that is froth and over-exuberance remains to be seen. But clearly a large portion of it is. The ultimate fundamentals are somewhat divorced from the reality of the prices right now.” Looking at the wider economic picture, he said it is possible that digital currencies will be the “saviour” of the Federal Reserve. Noting that the Fed has pumped $1 trillion into the US economy since the financial crisis of 2008, he said money flowing into digital assets was “soaking up some of that extra dollarisation. Even if there is a crash in the markets, that will vaporize some of that extra money the Fed put into the economy, which will strengthen the overall economy. If cryptocurrencies become too collateralized it would present a systemic risk. That’s a very different thing. But at the moment these are credit assets, not debit assets, we are not borrowing against these things. It’s the credit side of digital assets that are creating all the momentum and value. People are putting money into this new asset. If the asset vaporizes, as long as it is a credit asset and not collateralized, it should not have too much of an impact on the wider economy, and it would probably be good to vaporize some of that money that got plugged into the general economy. But if you’re a general investor you would not want to see it vaporized.” And he warned: “We always tell people not to invest anything more than they are prepared to lose because anything can happen. An exchange could be hacked, the protocol could be hacked, and the markets could swing the other way.” Looking ahead to where bitcoin might go next, he said: “Internally we thought there was a one-in-100 chance of bitcoin getting to $10,000, but now that it has hit that, we think there is a one-in-ten chance of it getting to $100,000. From a percentage gain standpoint it is all happening at what we call the alt coins. For example, ripple went up 300 per cent the other week. There are many different coins launching that have multibillion dollar, or hundred-million dollar market caps, and a lot of the money that is in bitcoin can flow out and go into those alt coins. So you could still see tremendous growth just because there is so much money sloshing around in the market.” As for Hub Culture and its digital currency Ven, Mr Stalnaker said: “We are building a markets function on Hub Culture that will have pricing between fiat currencies and all sorts of digital assets so you can, at least ,compare pricing, and we have syndicates that are booming right now. A lot of people buying Ven are then going to the digital asset section of the store and investing in the syndicates.” He said Hub Culture is also having discussions with a “major online retailer” that wants to include Ven in a possible new storefront.

2017. December 21. Bermuda’s move towards embracing cryptocurrency and blockchain technologies has been welcomed by the man who brought leading fintech innovators and thinkers to the island this year. And Stan Stalnaker believes Bermuda can become the world’s first digital free port — that is a major digital storage vault with global standing, and also a platform for start-ups “looking to operate and think globally”. Mr Stalnaker is a founding director of Bermuda-headquartered Hub Culture, an online social network with 45,000 members around the world. The organisation created and manages Ven, the world’s first digital currency. Hub Culture hosted a three-month innovation campus at Ariel Sands during the summer, which was attended by innovators and influencers from a range of fields, including cryptocurrency and digital ledger technologies. Last month, the Bermuda Government signaled its intention to be a welcoming jurisdiction for companies and innovators involved in those technologies by creating a digital ledger technology task force to develop and put in place strategies for the island. Mr Stalnaker said: “We were very happy to see the Government’s announcement about the crypto working groups. It shows it is paying attention to what is going on and also being very cautious about it. They are not rushing into anything, they are evaluating it in a considered way.” Bermuda’s task force is split into two working groups, with one focused on business development and the other on legal and regulatory matters. Government technical officers, officials from the Bermuda Business Development Agency, and legal and industry specialists in fintech are members of the task force, which is under the direction of Wayne Caines, Minister for National Security. Mr Stalnaker said other countries have similar objectives, including the US, China, Russia, Switzerland, Luxembourg, Singapore and Barbados. “There are many small countries in the realm that Bermuda is, and they are ahead. They have dozens of companies and have been very active over the last two years. But Bermuda has a golden opportunity to participate in this and get involved, and also maintain its gold standard.” Hub Culture was formed as a company in 2006 and chose Bermuda as its base, having looked for the best location to structure a digital asset. It holds events mostly as temporary pop-ups around “important moments” in the world. For the past decade it has been a media partner to the World Economic Forum in Davos, Switzerland. At the 2018 event, which takes place next month, Hub Culture aims to stimulate more interest in Bermuda and its potential as a digital free port. It has already started the process of spreading the word with the creation of a new website, called Bermuda Standard. “We are working to create digital capabilities to promote Bermuda as the world’s best place for identity, AML (anti-money laundering), KYC (know your customer), beneficial ownership information — to create a digital layer between the nation state and the individual, where you have secured data that is managed out of Bermuda. You start to think of Bermuda as the world’s first digital free port. Over the next five years there is going to be tremendous demand from citizens all over the world to store their digital assets in secure places, in secure jurisdictions.” Those digital assets could include property title deeds, marriage certificates, vehicle registration documents, ownership contracts and crypto currencies, such as bitcoin, ripple, and Ven. I imagine Bermuda as this giant digital storage vault for digital assets, where you have IP protection, good governance, legal and trademark protection and then a security layer, so a person can park a digital asset here in Bermuda and know that it is safe in the long term. It starts with digital currencies, but it is already moving into all types of digital identity and information, which is why we are building Bermuda Standard.” Mr Stalnaker said digital assets will end up on blockchain, a decentralized, verifiable digital ledger technology. “And if you can have digital governance for a digital free port here in Bermuda, it will attract people to store their digital assets here.” Mr Stalnaker imagines that by 2020 Bermuda could be the best place in the world for the storage of digital assets, and that is a message Hub Culture will promote at the World Economic Forum next month. Hub Culture will focus on three topics in Davos, namely cybersecurity, conscious machines, and innovative states. Explaining the innovative states programme, Mr Stalnaker said it would look at “how you get to innovation within countries, and this idea of Bermuda as a location for storing digital assets”. He added: “By next summer, if the Government is diligent about getting in front of the category, there are going to be a lot of people who are going to have new interest in Bermuda. We are already seeing it. We have five companies that we are talking to that are interested in opening in Bermuda. Now that the Government has sent signals that it is open to being innovative, we are talking to those companies about setting up here.” Hub Culture and BDA representatives have visited California’s innovation centre, Silicon Valley, where meetings have been held to promote the advantages of Bermuda to start-ups that want to operate and think globally. Mr Stalnaker said his goal is to see a number of companies working in digital assets come to Bermuda by the end of next year. And Hub Culture’s higher profile presence in Bermuda is set to continue, with the organisation close to securing a sponsorship deal with the Bermuda International Film Festival, and an expected creation of a virtual reality category in festival line-up. There is also the chance of a possible return of the innovation campus to the island in the summer. Hub Culture has a website at hubculture.com.

2017. June 29. Tucked away on one of the most stunning stretches of South Shore is a beach hangout with a difference. And although there has been no great fanfare surrounding its arrival, its presence in Bermuda is significant. The island’s hosting of the 35th America’s Cup was key to the pop-up campus coming to the island. The campus is expected to attract innovators and influencers who control about $5 billion of investable assets. And Stan Stalnaker, the man behind the venture, believes the America’s Cup has given Bermuda immense visibility, and this summer will be looked back on as a pivotal moment for the island. The staging of a Hub Culture innovation campus at Ariel Sands places Bermuda on an enviable list that includes some of the world’s best known, signature gatherings. Hub Culture has featured at The World Economic Forum in Davos, the Cannes Film Festival, South by Southwest, United Nations general assembly, and New York fashion weeks. “We create these moments where influencers gather,” said Mr Stalnaker, founder of Hub Culture. That is why the online social network, which has 45,000 members around the world and also manages the Ven digital currency, decided to bring a pavilion-style event to the island this summer. Until the end of August, the innovation campus is hosting leading minds from a variety of fields, including artificial intelligence, digital currencies, architecture, sustainable development and the healing arts. The Hub Culture Innovation Campus and Beach Club is a mobile set-up with meeting place cabanas, a bar, kitchen, lounges and beach hammocks. It is equipped with fibre-optic internet. “The hubs are essentially spaces for collaboration and co-working. It’s a little bit of an incubator, a meeting point and a place for business, but in inspiring settings,” said Mr Stalnaker. “We do these hubs mostly as pop-ups. People come for a temporary period of time, generally around important moments in the world. We gather our community at those spaces. We have been at the World Economic Forum in Davos for the last 10 years, and we are a media partner for the Forum. We are the only place outside the congress centre that the Forum holds official events.” He described the Hub Culture network as being like a prototype for a virtual country, a community with its own meeting spaces, digital currency, digital identity resource, and an artificial intelligence platform called Zeke. Sean Moran, head of business development at the Bermuda Business Development Agency, said of the Hub Culture concept: “I’ve seen their events in Hong Kong and New York, and they’re always thought-provoking, but the installation at Ariel Sands is unique: where else can you meet experts in blockchain, artificial intelligence and digital currencies, then walk 50 yards into the ocean for a swim?” The BDA assisted the Hub Culture team with introductions and arrangements that made the pop-up campus in Bermuda possible. Mr Moran added: “One of the BDA’s goals is to help develop new business opportunities and local jobs around the fast-evolving fintech space, so it’s important that Hub Culture is showcasing global developments through guest speakers and topical programmes. The schedule of events over the next two months promises to be stimulating.” Bermudian and international members, who are flying in from around the world to enjoying the relaxing setting of the campus, will mingle, connect and network. Some will come specifically to attend a themed week that interests them. “We have guests flying in from Beijing, Hong Kong, San Francisco, New York, London, Geneva, Miami, and Sao Paulo to see this.” Massachusetts Institute of Technology is the education partner of Hub Culture, and it is due to bring some of its senior people involved in digital currency and digital banking. Elsewhere, a week themed on computer coding will be attended by developers from around the world, and there will be a week focused on Ethereum blockchain technology. Sustainability and the environment are also spotlighted. An event supporting Bermuda’s Greenrock charity has been held. There will be a week looking at UN sustainable development goals, and another focused on the need to protect the world’s oceans and reefs. Hub Culture’s campus at Ariel Sands features a collection of cabanas fashioned from shipping containers. They are examples of mobile architecture and sustainability, made of fully recycled materials and reformatted. One is a creative studio, which includes a virtual reality version of the campus, allowing members to experience the beauty of the South Shore setting using VR technology wherever they happen to be in the world. Hub Culture takes its name from the title of a 2003 book written by Mr Stalnaker. “It looked at the social side of globalization. The thesis was that there is an international group of people who move between the world’s ‘hubs’ — which could be big cities like New York and Tokyo, or micro-hubs like Bermuda, Aspen or Cape Town. They all had connections between each other and a post-national culture.” The book led to a website that became one of the world’s first social hubs. “We were always focused on experience and creating moments of the community. It was a kind of friends of friends of friends thing, and it was great to collect people and create experiences and moments for them.” Hub Culture was formed as a company in 2006 and chose Bermuda as its headquarters, having looked for the best location to structure a digital asset. The following year it launched Ven, the world’s first digital currency and the first traded on regulated foreign exchange markets. Ven is used by Hub Culture members to buy, share and trade knowledge, goods and services. The campus on South Shore is an example of Ven in action as the digital currency is the only one used for transactions at the site. There is an unusual story behind how Hub Culture got the opportunity to base its summer campus at Ariel Sands, the site of Michael Douglas’s former resort. With the America’s Cup on the world calendar, Hub Culture looked for a suitable location in Bermuda for one of its pavilion-style events. “We came to look at it, and it was so breathtaking. We set up a call with the Ariel Sands Development Corporation, who wanted to create a hospitality story for Bermuda that was new and exciting,” said Mr Stalnaker. The Ariel Sands team was invited to the World Economic Forum in Davos to see Hub Culture in operation. “Michael Douglas came. He had a great time. He sat in on all our sessions about AI and digital currency. He was meeting with these CEOs. We got along so well and he said ‘OK, let’s bring Davos to Bermuda for the summer — that spirit’. We leased the property for the summer. He said create what you can and let’s bring Ariel Sands back to life for this important summer in Bermuda. It has been a great collaboration and we are excited to be working with him and his team in Bermuda.” Mr Stalnaker believes Ven, fintech and the America’s Cup can all be springboards for the island. “Ven has the potential to catapult Bermuda forward. Bermuda is an ideal location to lead the global trillion-dollar market for digital currency. Bermuda has a chance to be 100 times bigger than it is, financially. The problem is that Luxembourg and Singapore and Moscow and Panama City all realize this too. So there is a race on to see which jurisdictions will dominate the largest new asset class in a generation.” And regarding the focus placed on the island by the America’s Cup, Mr Stalnaker said: “Bermuda has never had the exposure that it is getting right now and it stands to gain a lot. The most important thing for Bermuda will be the next two or three years and how it capitalizes on what it has built. Bermuda has been handed this amazing gift with the Cup. That helped to bring us here, and we are then bringing a whole range of people. I imagine there are billions of dollars of investable capital that has come to the island and seen it for the first time this summer. We ourselves are bringing in at least $5 billion of investible capital — people who control that amount of money. Some of those people may decide to set up a business here or be more aware of Bermuda’s advantages as a place with good rule of law, stable government, a link to the US dollar and British heritage — those are long-term dividends that will come. This will be seen as a pivotal summer for Bermuda.” Hub Culture has a website at hubculture.com. 

Hub Culture Pavilions 7/22/2008
Hub Reinsurance 9/9/1994
Hubbard Holding Consulting Group International 5/7/1975
Hubble Re 12/4/2013
Huber China Holding 1/9/2006
Huber Europe Holding 11/22/2005
Huber Global Holding 11/22/2005
Hud Limited Partnership (The) 12/9/1992
Hudco Holdings Real Estate II (Germany) 4/17/2012
Hudco Holdings Real Estate III (Europe II) 4/9/2004
Hudson Structured Capital Management 2017. November 16. A Bermuda-based firm has led a $15 million investment round in an online personal lines insurance agency in the US. Hudson Structured Capital Management Ltd, which does business as HSCM Bermuda and which invests in reinsurance and insurance-linked assets, said Goji was a leader in the technological transformation of insurance distribution. “We believe they [Goji] have built a platform that represents the right next step in the evolution of how insurance will be sold – a hybrid online and offline model,” Vikas Singhal, a partner of HSCM Bermuda, said. “We believe Goji’s unique strategy will show substantial growth that extends beyond just the markets they currently operate in.” Founded in 2007 as Consumers United, the company rebranded itself as Goji in 2014, adopting a strategy that targets the online buying characteristics of its preferred customer market. Goji has expanded its sales force of insurance agents and customer service representatives who interact, one-on-one, with buyers. The company is a licensed insurance agency in 41 US states. Goji says that its customers, in effect, “access an online insurance concierge service that yields personalized, real-time, valued-based quotes designed to fit their individual coverage requirements”. Peter Breitstone, the new chief executive officer of Goji, said: “Goji has a leading-edge platform that enables the right online distribution model for the insurance industry today. It leverages data and analytics with its smart technology to target loyal customers, building a valuable book of business. We are experiencing impressive growth as we identify and convert more preferred buyers online.” Michael Millette, managing partner of HSCM Bermuda, said: “HSCM Bermuda has a long-standing working relationship with members of Goji’s management team and board. We’re excited about how our partners will help take Goji to the next level.”
Hyaline Re Class 3A


Note: A Work in Progress, much more to be added. Showing when incorporated in Bermuda. With incorporation dates shown the American way.

ICash 2018. January 12. A peer-to-peer social sports and gaming website has chosen Bermuda as the jurisdiction to set up its new blockchain-based token, iCash. Purchasers of the token, which will be launched soon, will be able to access the website FaceOff, which plans to allow its users to challenge others to head-to-head matchups based on the outcomes of sports events. Law firm Conyers advised on the formation of the iCash Ltd, a Bermudian company, and on the development of its ethereum blockchain-based token. Will McDonough, the co-founder of iCash and FaceOff, said: “We chose Bermuda as our jurisdiction to set up iCash as our token issuer because of its business-friendly and forward-thinking international reputation, one which is clearly ambitious to move ahead swiftly, while prudently, to develop blockchain and token technology.” Mr McDonough, a businessman whose McDonough Management Company’s clients have included celebrities such as New England Patriots quarterback Tom Brady, added: “It was great to work with the experienced team of attorneys at Conyers as well as the Bermuda Business Development Agency team to help us establish iCash in Bermuda.” Chris Garrod, who led the team at Conyers, said: “iCash is another example of an innovative and world-class token issuer which has chosen Bermuda for their offering. “Bermuda is committed to creating a regulatory framework for vehicles using this kind of distributed ledger technology and the Bermuda Government, with the assistance from the BDA, recognize the importance this growing sector represents to the island. Mr Garrod, a Conyers director, and associates Jacqueline King and Cathryn Minors worked on the matter. The Phoenix Group, parent company of FaceOff, explained the thinking behind the new site in October last year. “We believe there is a tremendous, untapped global market opportunity to provide a platform that allows for peer-to-peer sports and e-sports challenges,” Rich Roberts, FaceOff’s chief executive officer, said. “FaceOff is going to bring together communities of people who are passionate about their favorite sports or e-sports teams and players, with those who enjoy the social aspect of challenging friends and strangers in head-to-head competitions, and those who enjoy playing skill-based games to win cash prizes.”
I-Comm Technology 9/8/1998
I-Ncubate 7/20/1999
I-Spire Corporation 3/31/2000
I-Stt Investments (Bermuda) 10/13/2005
I-Sys 8/19/2009
I C I 10/13/2004
I Capital BTB Fund 9/6/2012
IHS 9/29/2011
I M Holdings 8/22/1989
I Scala 11/2/1999
II 1/16/2006
I2M 4/18/1995
IAB 8/4/2010
Iacquisition 3/9/2012
IAF Holdings 5/10/2012
IAF Science Holdings 5/10/2012
IAHC Bermuda) 4/15/1999
IAL 7X Leasing Ltd Amalg 8/10/2006
IAL Leasing 8/27/2003
IAS Park Church Street, Hamilton. It took over Mutual Risk Management Ltd.
iCash 2018. January 12. A peer-to-peer social sports and gaming website has chosen Bermuda as the jurisdiction to set up its new blockchain-based token, iCash. Purchasers of the token, which will be launched soon, will be able to access the website FaceOff, which plans to allow its users to challenge others to head-to-head matchups based on the outcomes of sports events. Law firm Conyers advised on the formation of the iCash Ltd, a Bermudian company, and on the development of its ethereum blockchain-based token. Will McDonough, the co-founder of iCash and FaceOff, said: “We chose Bermuda as our jurisdiction to set up iCash as our token issuer because of its business-friendly and forward-thinking international reputation, one which is clearly ambitious to move ahead swiftly, while prudently, to develop blockchain and token technology.” Mr McDonough, a businessman whose McDonough Management Company’s clients have included celebrities such as New England Patriots quarterback Tom Brady, added: “It was great to work with the experienced team of attorneys at Conyers as well as the Bermuda Business Development Agency team to help us establish iCash in Bermuda.” Chris Garrod, who led the team at Conyers, said: “iCash is another example of an innovative and world-class token issuer which has chosen Bermuda for their offering. Bermuda is committed to creating a regulatory framework for vehicles using this kind of distributed ledger technology and the Bermuda Government, with the assistance from the BDA, recognize the importance this growing sector represents to the island. Mr Garrod, a Conyers director, and associates Jacqueline King and Cathryn Minors worked on the matter. The Phoenix Group, parent company of FaceOff, explained the thinking behind the new site in October last year. “We believe there is a tremendous, untapped global market opportunity to provide a platform that allows for peer-to-peer sports and e-sports challenges,” Rich Roberts, FaceOff’s chief executive officer, said. “FaceOff is going to bring together communities of people who are passionate about their favorite sports or e-sports teams and players, with those who enjoy the social aspect of challenging friends and strangers in head-to-head competitions, and those who enjoy playing skill-based games to win cash prizes.”
ICO Global Communications (Holdings) It now has shares on New York's Nasdaq index. Like Iridium LLP and Globalstar Telecommunications Ltd, it launched a satellite service for global coverage for telephones, fax and other related services.  It has 12 satellites in place.
Iconic (Asia Pacific) Pty corporate advisory and consulting firm, see below.
Iconic Foundation Bermuda

International charitable organization based in Australia which saw its beginnings in Bermuda in 1998, supported by the proceeds of its founders’ corporate advisory and consulting firm ISIS (Asia Pacific) Pty (see above). Primarily works with communities and children in remote areas of Nepal and Uganda to improve their lives through health, education and other development projects. Initially located on East Broadway, now on Parliament Street, c/o ISIS Fund Services.

Iconic Fund Services Formerly Isis Fund Services. 50 Parliament Street, Hamilton HM 12. Phone 441 295-8282. Fax 441 279-2090.  Changed its name as the company could not continue to share the name of a terrorist organization. Specialist fund administrator for both onshore and offshore funds that employ a diverse range of investment strategies including those that are insurance-linked. Operates in Bermuda, where it is licensed as a Fund Administrator by the Bermuda Monetary Authority, Cayman Islands and USA. 
IDT International C/o Codan Services Ltd
IGI Bermuda Class 3B Bermuda Insurer. Part of International General Insurance Holdings, registered in the Dubai International Financial Centre. It has its primary underwriting operations in Bermuda in the form of IGI Bermuda

2019. August 28. Dubai-based International General Insurance Holdings Ltd, the subsidiaries of which include Bermuda-based re/insurer IGI Bermuda, has reported a net profit of $13.75 million for the first six months of 2019. That result compares to a net profit of $11.02 million for the same period last year. Gross written premiums rose 12.2 per cent year-over-year from $165.87 million to $186.12 million. The group recorded an overall underwriting profit of $25.88 million for the six months ending June 30 2019, a nine per cent increase over the 2018 result of $23.75 million. IGI reported growth in most major lines of business, with casualty, engineering, ports & terminals and financial lines contributing the most in dollar growth. Annualized return on equity for the period was 8.7 per cent, compared to 7.2 per cent for the same time period in 2018. IGI’s book value per share grew to $2.358 at the end of June 2019 from $2.271 at the end of 2018. Investment income was $7.3 million for the first half of 2019, compared to $4.88 million for the first half of 2018. IGI posted a combined ratio of 92.84 per cent, compared to 91.28 per cent for the same time period a year ago. Wasef Jabsheh, vice chairman and chief executive officer of IGIH, said: “The insurance market is in a healthier position than it has been for a long time. Rates are continuing to gradually rise, and the outlook remains positive for the rest of 2019. Our results reflect a clear strategy of disciplined underwriting and profitable growth as IGI continues to move ahead with its diversification and expansion strategy, which has kept us strong in challenging times.” He added: “We are working on a number of exciting developments and business expansion projects, which are expected to materialise in the near future.” IGI Bermuda, a class 3B re/insurer regulated by the Bermuda Monetary Authority, is the principal underwriting entity for the group, the company said. Registered in Dubai, the holding company also has operations in Jordan, United Arab Emirates, Malaysia, Morocco and a wholly-owned subsidiary in the United Kingdom. The group also has a branch in Labuan, Malaysia, registered as a second-tier offshore reinsurer. The IGI group underwrites a worldwide portfolio of energy, property, engineering, casualty, legal expenses, directors and officers, financial institutions, general aviation, ports & terminals, marine liability, political violence, forestry and reinsurance treaty business. The holding company had assets in excess of $950 million as at June 30, it said.

Ignite Bermuda 2019. May 27. Ignite Bermuda’s first cohort of entrepreneurs has received advice from one of the United Kingdom’s leading businesswomen. During a question-and-answer session at the Bermuda Underwater Exploration Institute, Jenny Campbell told the audience about the need to be careful about who money came from. “Think very carefully,” she said. “If you get your first funding wrong, you will scupper investors coming in behind. She added: “A lot of businesses are born from scrimping and saving and not borrowing any money. There is a balance to be made between jumping straight in and asking for ‘X’ amount.” On good entrepreneurial attributes, she said: “Having good self-confidence and good self-esteem. You also need to accept your weaknesses, build on your strengths and put people around you who can help with those weaknesses.” Ms Campbell was the founder and chief executive officer of automated teller machine provider YourCash Europe. She sold the business in 2016 for £50 million. She starred in the UK television series, Dragon’s Den, until leaving the show earlier this year. The event at the BUEI was co-hosted by the Bermuda branch of the Institute of Directors and KPMG. IoD Bermuda chairwoman, Rochelle Simons, said: “I have known Jenny for some years and the branch thought we would invite her for a fireside chat and at the same time provide an opportunity for Ignite to present its platform to the membership. We hope that branch members will be inspired to support the Ignite initiative as mentors and/or sponsors, and who knows, the event may even encourage members to dust off their business plans. Ignite cohort members made the most of the networking reception making their 60 second pitch to IoD members. The atmosphere was a buzz, business cards were exchanged, the environment was very inspiring.” Sean Reel, the first executive director of Ignite Bermuda, said: “The entrepreneurial spirit in Bermuda is truly impressive. Being connected to the IoD network is a critical part of creating the right ecosystem for them. I have had the pleasure of working with our first local cohort and seeing the growth just through Ignite’s boot camp programme makes me excited for their future.” Ignite is the island’s first privately funded business accelerator programme. The six-month initiative is designed to enhance the island’s ecosystem for start-ups and small businesses by providing entrepreneurs with access to a formalized network of mentors and advisers, and developing an investor network to match-up with start-ups. Organisers say the programme will teach entrepreneurs about cultivating the right mindset and the most effective behaviours to unlock their entrepreneurial potential. The customized-for-Bermuda curriculum is presented in partnership with British-based consultancy Entrepreneurial Spark.
IHS FSC 8/3/1992
IHS Indemnity Company 12/21/1985
IHS Markit 2016. July 14. Bermuda law firm Conyers Dill & Pearman brokered a $13 billion merger between two specialists in information and analytics, IHS Inc and Markit to form IHS Markit, represented by CDP. It created a global company with $3.3 billion in revenue. The new firm, IHS Markit, was designed to create a global leader in critical information, analytics and solutions. The new combined company has more than 50,000 key business and government customers, including 80 per cent of the Fortune Global 500, as well as the world’s top financial institutions. Markit came to Bermuda in 2014 when they put a Bermuda company as the top holding company and listed on Nasdaq. Jerre Stead, chairman and chief executive officer of IHS Markit, said: “This merger is such an important milestone for our company, colleagues, customers, shareholders and the entire business information industry. With our unique positions in energy, financial services and transportation, the sky is the limit in terms of the analytics and next-generation solutions we will provide to customers worldwide and across industries, as the new global information leader.” Lance Uggla, president of IHS Markit, which will retain its London base, said: “IHS Markit will leverage best-in-class technologies to enhance the way our customers access information, analytics and solutions.
I. I. D Partners Fax (441) 295-5622. Suite 157, 48 Par-la-Ville Road, Hamilton HM 11. Investment management.
ILS (Bermuda) 2017. June 27. ILS (Bermuda) Ltd, organisers of Bermuda Convergence 2017 today announced the event’s first keynote speaker, author, journalist and consultant Dan Gardner. He co-authored his latest bestseller, Superforecasting: The Art and Science of Prediction, where he makes the case that pundits are notoriously inaccurate at predicting the future, and that ordinary people make better prognostications with wide-ranging information gathering, thinking probabilistically, working in teams, keeping score, and being willing to admit error and change course. More than 300 delegates are expected to attend this year’s event on October 18 and 19. Last year delegates came from 13 different countries attended the annual Bermuda Convergence event — a networking event covering the alternative reinsurance, insurance linked securities and collateralised reinsurance landscape Super-forecasting was chosen as one of the best books of 2015 by The Economist, Bloomberg, and Amazon. He first explored these findings in his book, Future Babble, which was termed “required reading for journalists, politicians, academics, and anyone who listens to them”, by Harvard’s experimental psychologist, Steven Pinker. Mr Gardner is also well known for his book on risk perception, Risk: The Science of Fear, where he examined fear of what might happen in the future, and its influence on behaviour. In 2016, Gardner became an adviser to the Prime Minister of Canada. Previously, he spent 17 years in newspaper journalism, where his work won every major award, including the National Newspaper Award, the Michener Award, and the Canadian Association of Journalists Award. Gardner has lectured widely on forecasting and risk for governments and businesses such as Google and Siemens, insurance companies and venture capital firms. He holds degrees in law and history. Greg Wojciechowski, CEO, Bermuda Stock Exchange, and ILS Bermuda chairman said Mr Gardner’s “research and work will be interesting and valuable to our event attendees who enjoy the topic of risk and science of prediction”. Bermuda is the world leader for the issuance of ILS catastrophe bonds, collateralised reinsurance and alternative risk transfer. ILS issuance volume was the largest ever in the first quarter of 2017, reaching $27.19 billion outstanding showing record-breaking growth. The Bermuda Stock Exchange listed 185 ILS vehicles with a market cap of $22.2 billion, over 80 per cent market share, during the same period. New risk capital is coming to market in record volume as investors continue to find ILS an attractive and diversifying asset class. Tim Tetlow, partner and chief operating officer at Hudson Capital Management, a member of the ILS Bermuda Thought Leadership and Education Work Stream said: “Dan lectures around the world on forecasting, risk and decision-making. The ILS convergence space will be intrigued by his framework for the analysis of risk, complex information and prediction in real-world situations where traditional actuarial approaches might be less useful. “As the ILS looks to new and innovative areas of risk, Dan’s insights can help in how we form models of what will happen in the future and how to think in terms of probabilities while also recognizing that everything is uncertain.”
ILS Capital Management (Bermuda) Since 2011. A Bermuda-based investment management company that specializes in investing in collateralised reinsurance and insurance-linked securities, in 2015 claimed $250 million in assets under management. Founder and chairman Don Kramer. Established a London office in 2015.

2019. April 1. ILS Capital Management Ltd, delivered a double-digit return to a major investor last year. Bob Jacksha, chief investment officer of the New Mexico Educational Retirement Board, a $12.9 billion pension fund, said their investment with the Bermudian fund manager produced a return of 11.4 per cent in 2018. ILS Capital Management was founded by Don Kramer, the reinsurance veteran who is the company’s chairman. Speaking to the Chief Investment Officer website, Mr Jacksha explained why he had included reinsurance exposure to his fund’s portfolio. Last year, he implemented a new category called “Other Diversifying Strategies” of which reinsurance was part. “First of all, it’s not correlated with the stock market. It’s more correlated with natural disasters, hurricanes, what have you,” Mr Jacksha said. “In addition, it’s correlated with where you are geographically.” The returns were achieved in a year in which the reinsurance industry paid out claims on hurricanes and devastating California wildfires. On its website, ILS Capital Management states: “We combine traditional portfolio management techniques with disciplined security selection and risk management to create long-term value for investors.” The company has offices in the Swan Building on Victoria Street, Hamilton, and also in London and Greenwich, Connecticut.

ILS Fund Services

Formed December 2011 by Horseshoe Group (see above) and ISIS Fund Services (see below) as a Bermuda exempted and licensed fund administrator dedicated to funds investing in insurance-linked securities (ILS). Provides a range of services to administer ILS funds including re-launch advisory, portfolio valuation specific to ILS, fund accounting and investor services, financial statement preparation, audit co-ordination, registered office and corporate secretarial services.

Impala Since 2001.
Independent Consulting Solutions Since early 2003 at Rosebank House, 12 Bermudiana Road, Hamilton. E-mail rsalmon@icsbermuda.com  IT Professional services organization. 
Ineos Aviation (Bermuda) Since 2007. Part of http://en.wikipedia.org/wiki/Ineos, founded in 1998 by Jim Ratcliffe. Owns a fleet of corporate jets registered in Bermuda with the Aviation Register. Believed to be part of the Swiss-headquartered Ineos Group which has both a very substantial (and Scotland's only) oil refinery and chemical plant in Grangemouth, Scotland. In October 2013 the powerful Unite union threatened to strike and refused to accept lower or frozen pay and pensions for its members, Ineos announced it would shut down the plant completely, the union caved in and agreed the Ineos terms to keep the plant open, without strikes. 
Infinity Bio-Energy  An owner of  Brazilian sugar and ethanol mills
Ingersoll-Rand Company 8/8/2001. Parent company of Ingersoll-Rand Company in the USA, a global manufacturer based in New Jersey. Its products include Bobcat loader, Schlage locks, Club Car golf cars, Torrington bearings and more. Formerly based in Woodcliff Lake, New Jersey. Bermuda headquartered for tax reasons on December 31, 2001, for tax savings estimated at US$40 million. It has $ multi-million US Defense and Homeland Security contracts.  In January 2009 its wholly owned subsidiary, Trane, was  awarded a contract from the US government worth up to $5 billion to allow federal agencies worldwide to cut costs, energy use and pollution and improve efficiency. The US Department of Energy handed Trane, a global provider of indoor comfort systems and comprehensive facility solutions, the Indefinite Delivery Indefinite Quantity Energy Savings Performance Contract, which may may extend through 2019 if the government chooses to exercise all contract options. 
Ingersoll-Rand Funding 11/24/2009
Ingersoll-Rand Global Holding Company 3/15/2002
Ingersoll-Rand Global Investments 8/22/2010
Ingersoll-Rand International Holding 2/12/2009
Ingersoll-Rand Treasury 7/31/2007
Ingersoll-Rand World Trade 10/21/1960
Inmarsat Bermuda Part of a global connection of satellites providing voice, data and broadband services to cruise ships, other shipping and aircraft, including cruise ships, other ships and aircraft on Bermuda's Shipping and Aircraft Registers. Global office is in London, other main offices include Dubai, Singapore, Miami and Washington DC.
Innomaxx Biotechnology Group  
Innovative Construction 2015. Charles Kingford Daniels.
Inside Holdings, Inc C/o Lines Overseas Management
Intercity (Bermuda) 26 Victoria Street, 1st Floor, Swan Building, Hamilton, Bermuda HM12. Phone 296-1221. Fax 296-2001.
Intact Financial Corporation 2017. May 3. Bermuda-based OneBeacon Insurance Group is to be bought by Canadian insurer Intact Financial Corporation in a $1.7 billion deal. The transaction will create a North American lender in speciality insurance with more than $1.5 billion of annual premiums. The two companies have entered into a definitive merger agreement, with Intact to acquire all outstanding OneBeacon shares for $18.10. Before the announcement, OneBeacon’s stock yesterday closed on the New York Stock Exchange at $15.70. In January, Bloomberg News reported that OneBeacon was thought to be exploring a sale. The speciality insurer is controlled by White Mountains Insurance Group Ltd, which owns 75.7 per cent of its total shares. In a statement released through the Bermuda Stock Exchange, White Mountains said it had entered into an agreement to vote in favour of Intact’s acquisition. The company said it expects to receive $1.3 billion from the transaction, which would increase its adjusted book value to about $107 per share. OneBeacon, which has its corporate headquarters on Reid Street, said the transaction would “bolster Intact’s Canadian business with new products and cross-border capabilities, and better positions the company to compete with North American insurers”. Mike Miller, chief executive officer of OneBeacon, said: “We are all very excited to join the Intact family. The opportunity to leverage Intact’s deep technical, financial and technology capabilities makes this combination the perfect next step in the OneBeacon journey. Together, we will accelerate our pursuit in creating a leading speciality insurer in North America. We look forward to working with our US and Canadian independent agents and brokers to deliver market-leading capabilities to our targeted customers. Both companies are dedicated to ensuring a seamless transition and look forward to profitably growing our speciality portfolio going forward.” While Charles Brindamour, CEO of Intact, said: “Today, we’ve taken an important step in building a world-class P&C insurer. The addition of OneBeacon is creating a leading North American speciality lines insurer focused on small-to-midsize businesses. OneBeacon is a strong strategic fit for Intact, with deep expertise in commercial and speciality lines, and shared values. We see significant growth potential from the combination of our speciality lines operations and we look forward to welcoming OneBeacon employees to the Intact family.” The transaction, which was unanimously approved by OneBeacon’s board of directors, is expected to close in the fourth quarter of 2017. It is subject to regulatory approval and other customary closing conditions.
Interface Operations Bermuda Owned by Sheldon D. Andelson, Billionaire. Casino magnate. US Republican Party's leading donor in 2016. President and major shareholder of Bermuda-based Interface Operations Bermuda Ltd. The company provides private jet services to Andelson's casino company, Las Vegas Sands Corporation. Its aircraft are registered in Bermuda and transport only the casino's directors, management and gambling guests. 
 i-intermediary  2019. July 10. Boutique global insurance and reinsurance broker Intermediary Ltd, has had its registration confirmed by the Bermuda Monetary Authority. The company is backed by Bermuda-based specialty insurance investor Primary Group, and offers reinsurance placements, insurance placements for MGA’s, in-house reinsurance capacity and access to investment capital. Its chief executive officer is Michel De Lecq Marguerie.
Interinvest (Bermuda) Part of Montreal-based Interinvest group reportedly managing over $2 billion from offices in Canada, Bermuda, Switzerland and the USA. Manages Bermuda-domiciled Hedge Hog and Conserve Fund.
Inter-Ocean Credit Products Incorporated 12 June 2001.
Intelsat Finance Bermuda 6/21/2013
Intelsat Global Subsidiary 6/18/2007
Intelsat Global  6/13/2007
Intelsat Holdings 8/11/2004
Intelsat Intermediate Holding Company 9/23/2005
Intelsat Jackson Holdings 1/10/2008
Intelsat New Dawn Company 4/30/2008
Intelsat Subsidiary Holding Company S. A 12/15/2009
Intelsat Subsidiary Holding Company 2/3/2005
Intelsat (Bermuda) 12/6/2000. Dundonald House, Suite 201, 14 Dundonald Street West, Hamilton HM 09. Phone 294-1650. Fax 292-8300. World's largest provider of fixed satellite services. Formed in 1964 to provide global communications to non-communist countries. In late 2007 the Federal Communications Commission approved a $16.4 billion deal in which satellite company Intelsat Holdings will become privately owned. Intelsat Holdings is the parent company, the world's largest provider of fixed satellite services. It is being acquired by Serafina Holdings, also Bermuda-based, an investment vehicle primarily owned by private equity firm BC Partners Ltd which owns 71 percent of Serafina, and therefore have a controlling interest in Intelsat. The largest single investor in Serafina, through its investment in BC Partners' funds, is the Ontario Teachers' Pension Plan Board. It owns about 11.5 percent of Serafina. In March 2009 it was announced Intelsat is set to expand its global reach to millions of viewers in North America with the launch of an additional television programming platform on its Galaxy 19 satellite. The fixed satellite services provider announced that RRsat Global Communications Network Ltd., a global provider of comprehensive content management and distribution services to the television and radio broadcasting industries, launched the new platform, operated from its Hawley Teleport in Pike County, Pennsylvania. Intelsat's Galaxy 19 satellite, which hosts the largest ethnic video platform in North America, distributing almost 180 international channels, is located at 97 W. RRsat leverages this capacity to distribute regional programming into the US cable market and Canada's DTH community. l Intelsat and International Launch Services (ILS) signed a contract for the launch of the Intelsat 16 satellite on an ILS Proton. The satellite, built by Orbital Sciences, was delivered to the Baikonur Cosmodrome in Kazakhstan in late 2009. Intelsat 16 is a 2,500-kilogramme satellite placed at the orbital location of 58 degrees west longitude. It  provides high power Ku-band capacity to support expanded services to direct-to-home customers in Latin America.
Intelsat 12/14/1999
International Acceptance Corp 2/13/1967
International Accident Agencies 6/22/1976
International Acquisition Funding 10.26/1991
International Advisors Network 5/17/1999
International Advisory Services  2/16/1981. P. O. Box HM 274, Hamilton HM JX
International Agricultural Assoc Overseas 1/20/1978
International Agricultural Assoc 1/20/1978
International Air 8/23/1989
International Aircraft Leasing 7/4/2014
International Alcohols 7/29/1986
International Alliance Environmental Protection Foundation 4/26/2000
International Annuity & Assurance 8/7/1996
International Art Holding 1/23/1989
International Art Services 6/26/1991
International Asset Exchange of Bermuda (The) 8/31/1990
International Asset Management Holdings 8/21/1989
International Asset Management 8/16/2002
International Asset Residual Management 8/16/2002
International Asset Systems Holdings 7/16/1998
International Asset Systems 7/16/1998
International Assistance Fund 8/16/1999
International Assurance Company 10/28/1982
International Atlantins 12/9/1976
International Auction Factors 1/18/1979
International Automotive Group Insurance Company 3/30/1998
International Aviation Financial Holdings 2/16/1990
International Aviation Leasing 4/9/2010
International Aviation Man'gt Consul 11/29/1974
International Aviation Underwriting Agency 7/3/1987
International Bancorporation 10/17/1978
International Beverage Trading 1/5/2011
International Biotech 1/17/1994
International Bonded Couriers of Bermuda 10/10/1988
International Boutique & Accessory 7/26/1982
International Breweries 2/4/1966
International Broadcast Consultants 1/10/2002
International Brokers 6/29/1987
International Bulkers 7/18/1984
International Business Consulting 9/2/1980
International Business Controls 1/10/1984
International Business Management 8/11/1975
International Business Network for World Commerce and Industry 8/4/1997
International Business Services 12/4/1991
International Business & Mercantile Insurance Holdings 6/20/2006
International Capital Equipment 5/21/1974
International Capital Insurance 9/3/1980
International Capital 9/22/2008
International Cargo Slings (Bermuda) 8/27/1974
International Carriers 4/24/1975
International Catalogue Enterprises 10/17/1991
International CH Holdings Company C V 1/31/2014
International Charitable Fund of Bermuda 3/20/1995. P O Box HM 1322, Hamilton HM FX. 
International China 12/2/1983
International Claims Management (Bermuda) 11/28/1995
International Commodities Holdings 6/28/1989
International Commodities Management 8/12/1994
International Commodity Advisors 2/13/2013
International Commodity Insur Co. 5/6/1977
International Computer Consulting 10/18/1989
International Concepts Company 1/26/1982
International Consolidated Investments 5/8/1988
International Construction Company 3/27/1962
International Construction (Middle East) 2/7/1972
International Consultancy & Trading 3/9/1979
International Consultants 7/6/1988
International Consulting Services 7/20/1999
International Containers (Bermuda) 3/27/1978
International Contemporary Art Services 5/5/2014
International Contracting Management Services L T 4/29/1980
International Contractors Assurance 11/19/1981
International Contractors 8/16/1972
International Controllers (Bermuda) 9/28/1999
International Corona Resources (Bermuda) 4/27/1987
International Corporate Services 9/30/1988
International Corp.Finance & Invest in Mexico 8/21/1979
International Countertrade & Barter 9/4/1984
International Cruises 6/7/1995
International Cruising Company 2/8/1964
International Dairy & Juice 3/19/2009
International Database & Mailing 9/7/2000
International Dental Consultants 1/4/1977
International Dental Systems 2/13/1979
International Design Group 8/28/2002
International Development Consortium 10/20/1977
International Developers & Engineers 6/30/1993
International Development Consultants 2/17/1999
International Development Co. 3/9/1988
International Development Enterprises 8/22/1980
International Development Finance 1/2/1992
International Development Group 11/20/2009
International Development Partnership 10/31/1988
International Directional Services 10/31/1974
International Disability Services 1/23/1988
International Disposal Systems 9/1/1977
International Distillery Developments (Bda) 7/13/1981
International Distribution Company 3/26/2002
International Distribution Services (Bermuda) 9/20/1977
International Drilling Fluids 3/5/1973
International Drilling & Prod Serv 5/27/1974
International Drip Irrigation Serv (Dis) 1/11/1974
International Dynamic Films (Bermuda) Limited Partnership 6/21/1994
International Dynamic Films (Bermuda)  6/21/1994
International Electronics 2/4/1976
International Energy Finance Corporation 12/9/1981
International Energy Insurance 7/8/1992
International Energy Investments 4/6/1992
International Energy Sciences 6/27/1979
International Energy Services 7/19/1976
International Finance (Bermuda) Trust Established in 2003 by the Mizuho Group of Japan, the world's bank by assets.
International Fund Administration 48 Par-la-Ville Road, Suite 464, Hamilton HM 11. Phone 295-4718. Fax 295-9637.
International General Group Holdings 2016. March 15. International General Insurance Holdings Limited reported net earnings of $35 million for 2015, an increase of 2 per cent from the $34.3 million from 2014. The group, which is registered in the Dubai International Financial Centre, has its primary underwriting operations in Bermuda in the form of class 3B insurer IGI Bermuda. It also has units in Jordan, Malaysia, Morocco and a wholly owned subsidiary in the UK. Gross premiums and investment income were both slightly down, but the group’s combined ratio improved to 84.3 per cent from 86.9 per cent in 2014, while shareholders equity grew to $284.9 million at the end of 2015 from $263.2 million a year earlier. Wasef Jabsheh, vice-chairman and chief executive officer of IGIH, said: “2015 was another good year for IGI in which our team was able to deliver an improved profit over 2014. The continued competitive trading environment coupled with further excess capacity and another benign year had kept the pressure on rates. “Our underwriting teams maintained their focus on profitable business whilst keeping the discipline needed to navigate through these very challenging times. It should be noted that our gross written premiums had declined from $252 million in 2014 to $242 million in 2015, however, our net underwriting profit increased from $50 million to $53 million demonstrating our focus on the bottom line whilst insuring that we maintain our service standards to our clients and brokers. The year saw our loss ratios drop from 53 per cent in 2014 to 45 per cent in 2015 giving us a 3 per cent drop in our combined ratio to 84 per cent. “2015 was a year where we invested in the future by opening of our new Casablanca operation and the further strengthening our existing underwriting teams and platforms. In addition, I am pleased to announce that our UK and Bermuda entities are now Solvency II compliant.”
International General Insurance Company 2020. March 15. Bermuda-based International General Insurance Company Ltd has been granted provisional approval by the National Association of Insurance Commissioners to begin writing US excess and surplus lines business effective April 1. The approval is pending execution of the IGI Bermuda US E&S lines trust agreement which is currently in progress, IBI Bermuda’s parent company said. International General Insurance Holdings Ltd, the parent, said it is expected that IGI Bermuda will be named on the NAIC’s April quarterly listing of alien insurers. IGI Bermuda intends to write short-tail US E&S business in energy, property and political violence specialty lines.
International Insurance Group

A wholly-owned subsidiary of White Mountains Insurance Group Ltd. Through a subsidiary, it acquired the runoff loss reserve portfolio of Bermuda-based Old Lyme Insurance Company Ltd. Old Lyme had been in runoff since 2008. The company’s loss reserves of approximately $23 million were transferred into a Bermuda reinsurance subsidiary of Sirius Group. The transaction was led by White Mountains Solutions the specialist runoff acquisition team of Sirius Group. Old Lyme was the seventh runoff acquisition White Mountains Solutions completed.

Interpetrol Bermuda At Conyers Dill & Pearman.
InterVest International P. O. Box HM 2134, Hamilton HM JX. Phone 292-1748
Intrepid Aviation Bermuda-domiciled aircraft leasing company. Its fleet consists of young, fuel-efficient commercial jet aircraft, manufactured by Boeing and Airbus. It owns planes valued at around $1 billion with another $1.7 billion of new aircraft committed for delivery in 2014 and 2015 Intrepid’s customers include Alitalia, China Airlines, Philippine Airlines and Skymark, as well as other carriers based in Europe, Asia and Africa. The firm is backed by two New York private-equity firms, Centrebridge Partners LP and Reservoir Capital Group LLC. The Bermuda exempted company has offices in New York, Dublin and Singapore.
Intrepidus Insurance Services (Bermuda) Since January 2006. Insurance broker

2018. July 6. Insurance brokerage Intrepidus Insurance Services (Bermuda) Ltd has had its registration cancelled by the Bermuda Monetary Agency. The BMA took the enforcement action after investigating a complaint made about the company’s business practices and conduct. In a statement, the BMA said it was satisfied that the company had “provided false, misleading or inaccurate information; not complied with the requirement made of it under the Act, and not fulfilled the minimum criteria”. It said the broker had not appealed against the action during a ten-day appeal period that ended on Monday. Intrepidus Insurance Services gained its registration from the BMA in January 2016. In announcing the enforcement action, the BMA stated it was taking the action “to safeguard the interests of former, current and potential clients of the company” and it said it viewed the breaches as serious because of their nature and extent, and because “they demonstrated systemic weaknesses of the company’s internal controls in all regards”. The BMA said it investigated the complaint against the company and based on the findings it “no longer had confidence in the company’s ability to manage its affairs to the benefit of its clients or satisfy the minimum criteria as detailed in Schedule 1 of the Act. The cancellation of the company’s registration highlights the importance of the Authority’s role in protecting the reputation of the jurisdiction and protecting the interests of clients of the Authority’s regulated entities.” The BMA added: “If any former or current clients of the company wish to make a formal complaint to the Bermuda Police Service, please contact Paul Ridley at pridley@bps.bm or at 247-1375.” The Royal Gazette has attempted to contact Henry Sutton, president and chief executive officer of Intrepidus Insurance Services, by phone and e-mail.

Inverness Distribution


Owns rights to Morgan Creek’s international library filed on December 30, 2011 for Chapter 11 bankruptcy protection. It already had filed in May 2011 for Chapter 15 bankruptcy protection. Under Chapter 15, Inverness was shielded from lawsuits from creditors in the US. The new status will let Inverness, now run by liquidators who were appointed by officials in Bermuda, file lawsuits in the US. Court filings at the time showed that Inverness had liabilities of between $50 million and $100 million and had fewer than 50 creditors. Among the films on which Inverness has foreign rights are “The Last of the Mohicans” and “Ace Ventura: Pet Detective.” Inverness was formerly known as Morgan Creek International. From 2004 until the bankruptcy filing its sole stockholder and president was James Robinson. He produced “Ace Ventura”, “Last of the Mohicans”, “Young Guns” and “Robin Hood: Prince of Thieves.”

Inverness 1/14/1977
Inverness Medical (Bermuda) 10/29/2001
Inverurie 7/28/2004
Invesco Asset Management (Bermuda) 3/5/1970
Invesco Global Asset Management (Bermuda) 5/2/1995. 99 Front Street, Hamilton HM 12. Or Suite 191, 12 Church Street, Hamilton. (441) 296-5874. Fax (441) 296-4623
Invesco Investment Management (Hong Kong) 2/16/1990
Invesco Investments (Bermuda) 9/24/2008
Invesco 9/12/2007. Giant UK-based global investment management company with more than $500 billion of assets under management, switched in late 2007 from London to Bermuda. Also shifted its primary stock exchange listing to Wall Street, rather than the London Stock Exchange. Invesco combined with Aim Investments Group in 1997 to form Amvescap, but that has since ended.
Invesco Pacific Holdings 12/19/1995
Invesco Pacific Partner 12/5/1983
Invesco (Bermuda) 2/3/1994
Invesdex Capital 1/18/2001. 69 Front Street, Penthouse, Hamilton HM 12. Phone 296-4400. Fax 295-2377. A Bermuda-based, international investment firm. It offers a diverse selection of assets and an interesting investment platform.
Investors 2000 8/24/1990
Investors Advantage Reinsurance 4/17/2009
Investors Collateral Exchange Corp 5/23/1979
Investors Financial Guaranty 7/15/1998
Investors Guaranty Assurance 7/15/1998
Investors Guaranty Foundation (Bermuda) 12/30/2005
Investors Guaranty  Fund 11/26/1985. Parliament Street, Hamilton HM 12. Phone 295-8780. Established in Bermuda in 1985.
Investors Guaranty Insurance 7/15/1998
Investors Guaranty (Bermuda) 12/31/2002
Investors in People Bermuda 6/1/2000. Bermuda office of IPP International. 3 Mill Creek Road, Pembroke HM 05.
Investors Insurance Brokers 4/4/1994
Investors Insurance Company of Bermuda 1/19/1983
Investors International Reinsurance Company 7/4/1983
Investors Shield 5/7/2002
Investors Trading Company Ltd Cont. 9/8/2000
IPOC International Growth Fund In early 2006, the Wall Street Journal revealed that the mutual fund had been set up on the Island five years ago by a convicted fraudster. It was alleged that it was effectively a holding company for around $1 billion in telecommunications assets transferred through a network of shell companies. The WSJ said the scandal went all the way up to the Russian IT and Communications Minister Leonid Reiman. IPOC includes two other Bermuda companies, Comitas and Honestas. The Bermuda Government has moved to wind up the fund and eight affiliated companies remains active. The suit will rumble through the Island's courts from most of 2008. In a separate legal move, prosecutors in the British Virgin Islands are reported to have launched a criminal probe in Ipoc's activities over claims that $40 million of court fees paid by the company were the "proceeds of crime." There is a claim that Russia's telecommunications minister Leonid Reiman is the ultimate beneficial owner of Ipoc. Mr. Reiman has denied this claim, according to a report in the UK's Financial Times.
IslandCaddy Group Ref 51204. Mostly a local golf shop. 
Ironshore Since 2006. 141 Front Street, Hamilton. A specialty lines insurance and reinsurance managing general agency.

2018. June 29. June 29. Bermuda-based Limestone Re Ltd is providing nearly $700 million of capacity to US insurance giant Liberty Mutual. Limestone this week announced an issuance of $278 million in notes purchased by insurance-linked securities investors — the latest in a series of transactions for the segregated account company. Liberty, which owns Bermuda-based insurer Ironshore, said the private placement transaction would provide collateralized reinsurance for Liberty’s US property catastrophe programme, as well as its US homeowners and global property reinsurance risk. “Reinsurance through the Limestone Re platform forms an integral component of Liberty Mutual’s long-term strategy for accessing third-party capital,” James Slaughter, senior vice-president and chief underwriting officer of Liberty Mutual’s Global Risk Solutions strategic business unit, said. “Liberty Mutual is able to leverage our global distribution platform to provide, through reinsurance with the Limestone Re platform, insurance-linked securities (ILS) investors diversified pools of risk while concurrently bringing investors as close as possible to the underlying insurance risks. This latest transaction brings the total Limestone reinsurance collateralized capacity placed with ILS investors to nearly $700 million, demonstrating our commitment to the ILS market.” Investors positively responded to the Limestone Re offering, according to Matthew Moore, president, Liberty Specialty Markets, Liberty Mutual. “We’re pleased with the overwhelmingly positive market reception and look to continue to broaden our partnerships with ILS investors through future transactions,” Mr Moore said.

2018. March 7. Ironshore Inc has expanded its partnership between Bermuda-based Iron-Starr Excess Agency Ltd with Oil Casualty Insurance Ltd to underwrite property lines. Iron-Starr has underwritten coverages on behalf of Ocil, a subscribing insurer for financial lines since 2016. In a statement, Ironshore said the broadened relationship with Ocil will enable Iron-Starr to deliver an increase in syndicated capacity for commercial property risks, including natural catastrophe perils, within the Bermuda market. Ian Smith, Ironshore senior vice-president and head of Bermuda Property, said: “Iron-Starr’s newest agreement with Ocil strengthens our capabilities for delivering greater capacity for commercial property lines, where we have seen growing demand in the Bermuda marketplace. We are pleased to incorporate property risk within Iron-Starr’s increasingly diverse product portfolio.” Ocil’s expanded relationship with Iron-Starr will focus on further building its presence in the direct & facultative property insurance sector. Iron-Starr is authorized to underwrite D&F insurance with limits separate and distinct from coverage offered directly by Ocil’s property team, led by Rolf Fischer. Jerry Rivers, chief operating officer of Bermudian-based Ocil, noted the longevity and strength of its relationship with both Ironshore and Iron-Starr. He said: “Our partnership allows us to tap into Ironshore’s underwriting expertise, technological efficiencies and production sources, thereby extending our goal to diversify the Ocil business portfolio.”

2018. March 1. Liberty Mutual has reorganized its operations — including its Bermuda-based insurer Ironshore — to better address the needs of brokers and clients. According to Mitch Blaser, who will assume the title of vice-chairman of Ironshore Bermuda, the changes will only benefit the island-based part of the business. Under Liberty’s restructuring, its newly formed Global Risk Solutions will be divided into four segments, one of which is Liberty Special Markets, which will operate the group’s specialty business outside the US and Canada — including Ironshore Bermuda and Ironshore’s Pembroke Syndicate 4000 in the Lloyd’s of London market. LSM will bring together Liberty’s and Ironshore’s specialty operations in Bermuda, South America, the Asia-Pacific region and Europe under a single management team in London. The other three segments of GRS are National Insurance, including US large commercial lines and middle-market business, North America Specialty, the US and Canada specialty business including Ironshore’s North American components, and Global Surety, which includes surety business worldwide. Ironshore’s management team of Steve Horton, the Iron-Starr CEO, Susan Pateras, the Bermuda chief operating officer, and Ian Smith the Bermuda property CEO, will report to Ironshore veteran Mark Wheeler, who has taken on the position of president of international markets, with responsibility for co-ordinating LSM’s international business outside the UK. Mr Blaser, formerly CEO of Ironshore Bermuda, will assume the role of chief transformation officer of GRS, with responsibility for co-ordinating “operational excellence” efforts across the group. He will report to Dennis Langwell, president of GRS. Mr Blaser said the changes were effectively “moving around puzzle pieces” to better serve clients and brokers. “Ironshore Bermuda is not really changing, but the reporting line will now be to Mark Wheeler,” Mr Blaser said. “I’ll retain a Bermuda role as the vice-chairman. Everything will be intact, it’s not a case of being merged into something. So the starting point is that you are where you were yesterday, except the reporting line has changed. They get the added benefit of what Mark brings to the table from these other operations, which could bring business they haven’t seen before. It’s all additive. It’s not as if we’re taking anything anywhere else, we’re just bringing more in.” An added bonus for Bermuda has been the island’s popularity as a venue for Liberty Mutual meetings, as an alternative to New York or Boston. “You’re less likely to get snowed in and the airfares to Bermuda are the same or less than some of those shuttle flights,” Mr Blaser said. Ironshore Bermuda employs about 60 staff and operates from offices at 141 Front Street. Mr Blaser expressed confidence in Mr Wheeler who, he said, had built the Pembroke syndicate into a strong business. “Ironshore Bermuda has been a highly profitable and innovative platform and under Mark’s leadership, I’m confident that we will continue to drive new product development and expansion,” he added. Mr Wheeler said: “I am excited to work more closely with the strong and talented teams we have in Bermuda. Combining our international specialty businesses creates a segment with over $1 billion of premium and helps us better meet the needs of brokers and clients by seamlessly providing a wide array of specialty products across the globe.” In his role as GRS chief transformation officer, Mr Blaser said his focus would be “how we work together across the platforms and the geographies to make sure that we present the best operational excellence and support to our brokers and clients”. Efficiency and communication with the market were key aspects, he added. “The business that comes into Bermuda is largely from the US, but we also have business coming in from the UK, the Caribbean and the Asia-Pacific. All that business will still come to Bermuda, as well as other business we may attract as part of Liberty Mutual. A big feature of this new company structure is the cross-selling opportunity to clients who are Liberty Mutual but have not been with Ironshore. So it could bring more business to Bermuda and we have already started to see that.” Liberty Mutual’s large balance sheet — the sixth biggest in the industry — and strong ratings were additional attractions for clients, Mr Blaser said. As part of Liberty, Ironshore Bermuda is a US taxpayer and so is seeing no negative impact from the US Tax Cuts and Jobs Act. So what’s the advantage of having an operation in Bermuda at all? First, Bermuda is a vibrant marketplace and you have to be where your brokers and clients need you to be,” Mr Blaser said. “Bermuda is the third-biggest insurance marketplace in the world, so we certainly want to be here. The second reason is that Ironshore has got a successful, 11-year track record here, and we’ve built a great underwriting team. We’ve developed a lot of Bermudian talent and that’s part of our culture here on the island. The third reason is that Bermuda is a great market for innovation and speed to market and has a strong regulatory environment. So it’s a place where you can be creative and develop new products that are additive to the Liberty Mutual global business. The package of those three things give us a great laboratory for development that we want to continue to build on.” Aside from his full-time job, Mr Blaser serves as a member of the Bermuda Government’s Tax Reform Commission.

2017. December 21. Bermuda-based insurer Ironshore announces that its Pembroke Managing Agency has been granted “in principle” approval by the Lloyd’s Franchise Board to create GIC Re’s syndicate at Lloyd’s. GIC Re is ranked twelfth among the top 40 global reinsurers, according to Standard & Poor’s. It has an established footprint in the Afro-Asian region, where it has been operating for more than 45 years. Alice Vaidyan, chairman and managing director of GIC Re, said: “The syndicate formation marks an inflection point in our corporate history through provision of global business access in collaboration with a globally respected brand and will help us broaden diversification and leverage deployment of capital resources. Due to the significant growth of the Indian re/insurance market, our portfolio has become more India-centric over the past few years. The Lloyd’s platform will help us access quality international business and provide us with enhanced balance and diversity.” Chris Brown, strategic partnership director at Pembroke, said: “GIC Re will be the first syndicate of its kind backed solely by aligned capital from an Indian reinsurance group.” Ironshore was acquired by US-based Liberty Mutual earlier this year, but continues to operate under the Ironshore brand.

2017. May 4. Like a prize in a game of pass the parcel, Ironshore Inc switched hands this week for the second time in two years. But it is all good, according to Mitch Blaser, chief executive officer of Ironshore Bermuda. “It is fantastic news for Ironshore overall,” he said, a day after it was announced that Liberty Mutual Insurance’s $3 billion acquisition of Ironshore has been completed. “The fact that Liberty Mutual has confidence in our brand and our operations to integrate their US operations into ours — that was a very strong vote of confidence in the strength of our brand and our business model,” said Mr Mitch. He was referring to Liberty Mutual’s decision to combine its existing Liberty International Underwriters US business and Ironshore’s US specialty lines business under the Ironshore brand. “Clearly the retention of the Ironshore brand is another favorable aspect to our operations in the US, Bermuda and internationally.” He is not alone in his positive outlook for Ironshore under Liberty Mutual’s ownership. Ratings services have also weighed in. On Tuesday, AM Best removed Ironshore from “under review” and affirmed its “A” rating, while Moody’s lifted a number of its ratings of Ironshore segments to “A2”. Two years ago Ironshore was bought by Shanghai-based Fosun International. The global investment group then opted to sell the insurer last December to Liberty Mutual as it offloaded assets to “enhance” its financial flexibility. When asked if another change of ownership in such a short period of time was unsettling, Mr Blaser said: “We’ve been very fortunate because Fosun was a fantastic owner. They bought us with the idea to build the franchise and have us run as an independent entity, so the impact on our people was minimal post-acquisition. Now we have been fortunate again to have a company with the breadth and depth of Liberty Mutual buy us with the intention of keeping the brand intact and building on our franchise. From a business standpoint, and an underwriting standpoint, we’ve been very fortunate and the disruption as a result has been minimal. Our people are very enthusiastic about this latest change in ownership, and very motivated to grow the company.” Ironshore, which has offices in 34 countries, was formed in 2006 in the wake of the catastrophic losses caused by Hurricanes Katrina, Rita and Wilma. In Bermuda it has offices on Front Street. There have been no announced changes to the company’s operations on the island as a result of the acquisition. Mr Blaser sees opportunities to strengthen Ironshore’s operations in Bermuda and globally. “It provides us with the platform with a very strong parent company, and balance sheet, to continue to expand our operations and build out the specialty businesses of Ironshore as part of Liberty Mutual, which will bode well for our Bermuda operations.” He said Ironshore Bermuda will see opportunities to cross-sell to Liberty Mutual’s client base. Mr Blaser, who is also COO of Ironshore Inc, added: “In addition, as of today we are globally a US company with so many of our clients and client-base emanating out of the US. From a Bermuda standpoint the closure of this deal provides for a growth platform in terms of the strength of our balance sheet, the strength of our ratings, access to the client base of Liberty Mutual and the strength of the resources that Liberty Mutual brings to Ironshore Bermuda and the rest of Ironshore.” The combination of Ironshore and Liberty Mutual has created a global specialty business with about $6.5 billion in net written premiums. When asked if he thought mergers and acquisitions in the insurance and reinsurance sector would continue, with companies morphing into larger entities, Mr Blaser said: “Yes, it will continue. I don’t know if this is the beginning or the middle, it’s certainly not the end. It’s very difficult for businesses in our industry to survive without the scale of resources and a strong balance sheet behind them. This type of consolidation has been evident in the reinsurance space probably for over five years. Now you are seeing it in the insurance space as well.” He said that when capacity is widely available and it becomes difficult for a company to differentiate itself from competitors, then having a strong financial rating and balance sheet are increasingly important factors for clients and brokers deciding where to place business. “Those advantages and those resources help differentiate yourself with the customer and are the most important features today. That will force more consolidation.” Ironshore is the official insurer of America’s Cup defender Oracle Team USA. Looking ahead to the competition, which starts at the end of this month, Mr Blaser said: “We are very much plugged into and excited about the potential of the America’s Cup for Bermuda, not only as a sponsor, but to support it in any way possible.”

2016. December 6. The Chinese owner of Ironshore has agreed to sell the Bermudian-based insurer to US giant Liberty Mutual in a $3 billion deal. The US company, which struck the deal with Shanghai-based Fosun International, said it planned to let Ironshore “operate with the same management team and brand, but as part of the larger Liberty Mutual organisation, which has a focus on growing its specialty lines operations”. And Mitch Blaser, CEO of the Bermuda arm of Ironshore, said the move could mean an expansion and more jobs for the island operation. Mr Blaser said: “If anything, from a business perspective, we would expect to see the opportunity to expand, taking advantage of the Liberty Mutual resources, global client base and infrastructure.” He added: “Liberty Mutual does not have a Bermuda operation, so Ironshore will become the Liberty Mutual and Ironshore Bermuda operation.” Mr Blaser said the nuts and bolts of the deal had still to be negotiated, so any changes could not be expected in the short term. But he added: “Our goal is to grow our Bermuda business — that’s a joint goal for Ironshore and Liberty Mutual.” Mr Blaser said: “We see this as a big positive for our global business and we also believe it’s a very big positive for Bermuda. When you are a Bermuda company, you are very restricted in being able to do business in other jurisdictions. When you are a US company, you have freedom to do business in the United States because you are paying taxes in the United States.” David Long, Liberty Mutual chairman and chief executive officer, said: “We are pleased to have Ironshore and its proven management team led by CEO Kevin Kelley join Liberty Mutual. Ironshore has a track record of profitably underwriting global and diverse specialty risks insurance and is an ideal complement to Liberty Mutual, providing additional scale, expertise, innovation and market relationships to our $5 billion global specialty business.” Kevin Kelley, Ironshore CEO, added: “The combination of Ironshore and Liberty Mutual is a win-win proposition and value creating for both companies. Ironshore will become part of a another A-rated company with a global reach, a strong balance sheet, wide client base and a much greater capacity to drive profitable growth.” And he said the deal was “beneficial for all three parties involved and is the culmination of a careful and considered process. We have aimed for the best possible outcome for our employees, clients and business partners and are confident this transaction achieves these goals and more.” Ironshore, founded in 2006, had gross premiums written in 2015 of $2.2 billion and is one of the top ten excess and surplus lines insurers in the US. The company has around 800 employees spread across 15 countries worldwide and is organized into three operating hubs in Bermuda, the US and London. Liberty, like Ironshore, has an A rating from agency AM Best, and more than $120 billion in assets. Ironshore was taken over by Fosun, which already had a 20 per cent stake, a little more than two years ago. The Liberty Mutual deal is expected to close in the first half of next year, subject to approvals by regulators and other conditions.

2016. July 23. NEW YORK (Bloomberg) — Ironshore Inc, the insurer purchased by Chinese conglomerate Fosun International last year, has filed for an initial public offering in the US. The company filed with an initial offering size of $100 million, an amount used to calculate fees that will change. Fosun will receive all of the proceeds from the offering, the filing shows. In December, ratings firm AM Best announced a review of Ironshore, and in June assigned a negative outlook on the company because of “the drag related to the credit profile and high debt leverage measures of Ironshore’s ultimate parent.” For insurance companies, downgrades can make it harder to win customers. Ironshore provides specialty commercial insurance coverage, protecting policyholders against environmental and political risks and offering liability coverage to corporate executives and healthcare providers. The company previously filed to go public in 2014. Last year, Fosun — the investment arm of China’s biggest closely held conglomerate, led by billionaire chairman Guo Guangchang — announced its plans for a $1.84 billion merger with Ironshore by buying up the shares it didn’t already own. Fosun also considered pursuing a sale of Ironshore, a person familiar with the matter said earlier this year. In June, the parent company submitted an application seeking approval for a proposed spin-off and US listing of the business, according to a filing in Hong Kong. Ironshore was founded in December 2006 with more than $1 billion in private equity backing. Two years later, chief executive officer Kevin Kelley and president Shaun Kelly joined the property-and-casualty insurer from American International Group.

2016. June 10. The acquisition of Bermuda-based Ironshore by Chinese conglomerate Fosun International is to be scrutinized in the US on national security grounds. The Shanghai-based company, headed by billionaire Guo Guangchang, is to appear before the US Federal Committee on Foreign Investment in the United States, which is reviewing the purchase. In a statement posted on its website, the Chinese insurer said that both it and Ironshore “have voluntarily notified CFIUS regarding Fosun’s acquisition of Ironshore, a US-based provider of casualty and speciality lines of insurance. “The parties have been working closely with CFIUS and providing CFIUS with all the information it needs for its considerations.” CFIUS is an inter-agency committee authorised to review transactions that could result in control of a US business by a foreign person in order to determine the effect of such transactions on the national security of the United States,” according to the CFIUS website. A spokeswoman for the committee declined to comment on any review of Fosun’s acquisition of Ironshore. Fosun International bought Ironshore at the end of last year for $1.84 billion. Ironshore was founded in Bermuda ten years ago with $1 billion in capital. It has expanded globally since, with around 30 offices in the US, Canada, China, Britain, Ireland, Japan Singapore, Australia and Dubai and writes around $2.3 billion in premiums a year.

2015. November 23.  Chinese investment firm Fosun International Ltd has completed the acquisition of the remaining 80 per cent equity interest in Bermuda-based insurer Ironshore. The Shanghai-based firm, headed by billionaire Guo Guangchang, bought 20 per cent of Ironshore in February this year. In May the two companies announced that Fosun would acquire all remaining Ironshore shares. In a statement released late on Sunday, Fosun said it had received approvals from all relevant regulatory authorities in the US, the UK and other jurisdictions for its acquisition of the remaining 80 per cent ownership interest in Ironshore, by way of the merger. Fosun has made clear its support for the Ironshore management team and that it views its investment in the insurer as a long-term commitment. “Ironshore is pleased to jointly announce the completion of the merger transaction with Fosun, which will enable us to continue to build upon our international specialty platform and enhance our global brand,” Kevin Kelley, chief executive officer of Ironshore, said. “Fosun’s financial strength and established investment management approach provides long-term strategic capital to bolster Ironshore’s expansion strategy and further adds to Ironshore’s uniqueness. With our new owner, Ironshore is well positioned for the future as a global insurance industry leader.” Mr Guangchang, chairman of Fosun, said: “Ironshore’s excellent team has outstanding managing and underwriting insurance capabilities which are widely recognized in the insurance industry. Ironshore has the capability to provide its clients with comprehensive and quality specialty insurance products. The successful completion of this transaction marks a historic milestone for Fosun’s investments in the specialty insurance industry as well as the American financial-service sector, which significantly boosts our insurance-oriented comprehensive financial capabilities.” Fosun has other investments in insurance companies including Yong’an P&C Insurance, Pramerica Fosun Life Insurance, Peak Reinsurance, Fidelidade Group and MIG. The investment firm intends that these companies work together where it is advantageous. “Now and in the coming year, Fosun will strengthen its integration and collaboration efforts, seeking to establish a cross-region and cross-industry global insurance and financial group,” Mr Guanchang said. “We encourage our invested companies to collaborate wherever applicable, seeking to connect them to Fosun’s resources with our global insurance and finance platforms to enhance their competitiveness in their respective industries.”

2015. October 14. Bermuda-based insurer Ironshore has been named the official insurer for Oracle Team USA for the 35th America’s Cup. Ironshore will provide comprehensive insurance coverage for the team, from the Louis Vuitton America’s Cup World Series Bermuda regatta, taking place this weekend, through the America’s Cup finals in Hamilton, Bermuda in June 2017. “Ironshore is pleased to be a sponsor and the official insurer of Oracle Team USA, defender of the 35th America’s Cup,” Mitch Blaser, chief operating officer of Ironshore and chief executive officer of Ironshore’s Bermuda office. “Hosting the America’s Cup in 2017 will be a fantastic achievement for Bermuda with legacy benefits for years to come. We are proud to support Bermuda and Oracle Team USA during this extraordinary chapter in Bermuda’s history.” Ironshore, a Bermuda-based specialty insurance firm established on the Island in 2006, provides specialty property and casualty insurance products. As the official insurer for the Oracle team, Ironshore’s coverage includes marine, cargo, travel, umbrella liability, property, casualty and personal accident insurance. The Oracle team’s operations are based in Dockyard and its team of sailors, designers, shore crew and support personnel live and train in Bermuda in preparation for the finals in 2017. “We’re happy to partner with Ironshore, a company that knows Bermuda and understands the industry we work in,” Grant Simmer, general manager and chief operating officer for Oracle Team USA, said. “Ironshore has tailored its coverage to protect our risks both on and off the Island, giving us peace of mind as we continue our preparations to defend the America’s Cup in 2017.”

2015. September 11.  Fosun International Ltd, which agreed a $1.84 billion deal to buy Bermuda-based insurer Ironshore earlier this year, aims to build up funds for more acquisitions. The Shanghai-based investment firm, backed by Chinese billionaire Guo Guangchang, proposed raising HK$11.7 billion ($1.5 billion) in a rights offer to fund its push into the banking and insurance industries. The company plans to sell as many as 871.3 million new shares at HK$13.42 each, the closing price in Hong Kong on Thursday, according to a Hong Kong stock exchange filing. Holders can buy 56 new shares for every 500 they now own. Fosun will use the money for “general corporate purposes including mergers and acquisitions in the banking and insurance industry and repayment of loans”, according to the filing. The company has spent $5.7 billion acquiring insurance assets in the past two years, according to data compiled by Bloomberg, as part of a shopping spree spanning Australian energy companies to New York City office buildings. The deal to buy Ironshore was announced in May. In July, Fosun made a hostile $545.5 million offer for BHF Kleinwort Benson Group SA, and agreed to buy German private bank Hauck & Aufhaeuser Privatbankiers KGaA for as much as 210 million euros ($237 million).

 2015. May 4. Ironshore has agreed to be acquired by Chinese investment firm Fosun International Ltd. It reached an agreement to sell to Fosun the four-fifths of the company that the Shanghai-based firm does not already own. Fosun completed its acquisition of a 20 per cent stake in privately held Ironshore only in February this year. Ironshore has created a global specialty insurance platform. Last year, it applied to hold an initial public offering (IPO) of shares, but the plans to go public were put on hold after Fosun came in to buy a one-fifth stake. As of last year, Ironshore had total net assets of $1.84 billion. Fosun Group is backed by Chinese billionaire Guo Guangchang, its chairman. In a statement released through the Hong Kong Stock Exchange the previous day, Fosun said its Mettlesome Investment 2 unit will combine with Ironshore to expand its presence in the insurance business. The acquisition of the remaining interest in Ironshore will be effected by the merger of an indirect wholly-owned subsidiary of Fosun International Ltd with and into Ironshore, with Ironshore as the surviving company. “After giving effect to the merger, Ironshore will be an indirect wholly-owned subsidiary of Fosun International Ltt. As well as its property insurance business and its Iron-Starr Excess Agency joint venture with Starr Insurance & Reinsurance and Hamilton Re in Bermuda, Ironshore has multiple operations in North America, Asia and Europe, and underwrites through the Pembroke Syndicate 4000 on the Lloyd’s of London market. Fosun, founded in 1992 and listed in Hong Kong since 2007, is a massive conglomerate with substantial interests in steel, property development and pharmaceuticals, as well as insurance, which provides around 13 per cent of its revenue, Fosun has more than one third of its total assets invested in insurance businesses. Fosun owns Peak Re, a Hong Kong-based reinsurer launched in late 2012, which focuses on Asia-Pacific region business. In December last year, Fosun entered into a deal to acquire Michigan-based Meadowbrook Insurance Group for $433 million. It was also reported to be in the bidding for Montpelier Re, before the reinsurer agreed to be bought out by Bermuda rival Endurance Specialty Holdings in a $1.8 billion deal. Ironshore’s long-term investors have included Calera Capital, Corporate Partners, GCP Capital, GTCR, Irving Place Capital, Tara Partners and TowerBrook Capital. Citigroup and Bank of America were Ironshore’s bankers on the deal, and the company got legal advice from Cahill Gordon & Reindel and Kirkland & Ellis. PricewaterhouseCoopers and Ernst & Young worked with Fosun, which got legal advice from DLA Piper. In February 2013. it closed a deal that will make Chinese investment firm Fosun International Ltd the firm's biggest shareholder.

Iron-Starr Excess Agency

A joint venture with Maurice (Hank) Greenberg's CV Starr & Co., Inc. Will write catastrophic excess casualty insurance products, targeting Fortune 2000 and other clients purchasing cat excess coverage. Policy limits up to $75 million will be issued.

2018. March 7. Ironshore Inc has expanded its partnership between Bermuda-based Iron-Starr Excess Agency Ltd with Oil Casualty Insurance Ltd to underwrite property lines. Iron-Starr has underwritten coverages on behalf of Ocil, a subscribing insurer for financial lines since 2016. In a statement, Ironshore said the broadened relationship with Ocil will enable Iron-Starr to deliver an increase in syndicated capacity for commercial property risks, including natural catastrophe perils, within the Bermuda market. Ian Smith, Ironshore senior vice-president and head of Bermuda Property, said: “Iron-Starr’s newest agreement with Ocil strengthens our capabilities for delivering greater capacity for commercial property lines, where we have seen growing demand in the Bermuda marketplace. We are pleased to incorporate property risk within Iron-Starr’s increasingly diverse product portfolio.” Ocil’s expanded relationship with Iron-Starr will focus on further building its presence in the direct & facultative property insurance sector. Iron-Starr is authorized to underwrite D&F insurance with limits separate and distinct from coverage offered directly by Ocil’s property team, led by Rolf Fischer. Jerry Rivers, chief operating officer of Bermudian-based Ocil, noted the longevity and strength of its relationship with both Ironshore and Iron-Starr. He said: “Our partnership allows us to tap into Ironshore’s underwriting expertise, technological efficiencies and production sources, thereby extending our goal to diversify the Ocil business portfolio.”

Island Intermodal Systems Has developed a new thermal container for different products at different temperatures, for chilled and frozen goods at the same time.
ITM Mining

Corner House, Parliament Street, Hamilton. The Angolan mining company Sociedade Lumanhe and the directors of this company together make up the mining consortium Sociedade Mineira do Cuango (SMC) in partnership with the state company Endiama. Lincoln Management Limited.

IWT Tesoro International  


Note: A Work in Progress, much more to be added. Showing when incorporated in Bermuda. With incorporation dates shown the American way.

J Bulgheroni & Co 1/3/1978
JJF Casualty 11/19/1979
J O Hambro Capital Management (Bermuda) 8/28/1998
J O Hambro Magan Irby International 2/23/1988
JR Executive Services 2/16/1977
J Singleton Mosby Associates 1/7/1999
J&A Construction 3/24/1998
J & A Investments 10/26/2001
J & B Enterprises 8/20/1999
J&C Construction & Maintenance 7/20/1993
J&D Building Services 2/8/1993
J&D 12/5/2011
J&E Imports 4/28/2008
J&H Intermediaries 10/12/1984
J&J Enterprises 1/2/1992
J&J Produce 11/3/2004
J&J Investments 6/21/1971
J&L Group 12/10/2007
J&O Asset Management 5/12/2005
J&O Global Forestry Investment Fund 5/13/2005
J&R Holding 12/8/1995
J&S Otten (International) 11/28/1996
J12 Birchwood SAC Holdco 12/12/2011
JA Chartering 11/7/1978
JA Strategic 10/10/2003
JA Strategic (ZC) 10/10/2003
Jabberwock Management 9/4/1984
Jabil Circuit Bermuda 2/20/2006
Jac Insurance Services 12/27/1996
Jacana Diversified Fund Ltd Con't 12/1/2003
Jacana Fund Ltd Con't 12/1/2003
Jacana Fund Management 12/24/1999
Jacana Investments 12/24/1999
Jacana Re 3/22/2004
Jacaranda Foundation 12/1/2003
Jacaranda Investments 9/6/1989
Jacija 5/4/1998
Jackal Bermuda 4/30/2010
Jackson Holdings 2/17/1989
Jackson National Life (Bermuda) 4/15/2003
Jackson Services 3/10/1988
Jackson United Insurance 12/9/1985
Jackson (Bermuda) Shipping & Trading Co 9/2/1980
Jacksondell Mezzanine Leasing 5/4/2011
Jackson, Wayne W 1/1/1981
Jackson, William Wayne Tucker 11/9/1989
Jacmel 7/21/2000
Jacobi 5/19/1994
Jacobs Transportation 1/10/1994
JD Irving The famous Canadian dynasty, the Irving family, has a major offshore corporate base in Bermuda. A $6 billion empire, it controls huge business concerns in New Brunswick. The 125-year-old dynasty has a number of JD Irving Limited Bermuda-registered entities, and the Island became the final home for company patriarch Kenneth Colin Irving before he passed away in 1992. Since then it has been Mr. Irving's three sons JK, Arthur and Jack, all in their 70s, who have overseen the various elements of the business, which includes media, oil and energy, and forestry. The Irving family is the third richest in Canada.
JLH International Windsor Place, 18 Queen Street, Hamilton. Phone 292-7801.
JLT Specialty USA A subsidiary of Jardine Lloyd Thompson Group, a specialty-focused provider of insurance, reinsurance and employee benefits related advice, brokerage and associated services.

2015. October 29.  appointed Andrew Hersh as senior vice-president. Mr Hersh previously worked at The Newman Team at Aon as a senior vice-president with account executive responsibilities. In this capacity, he served as the outsourced risk manager for Warner Music Group and managed a diversified client base. “We could not be more thrilled to welcome Andrew to the JLT Specialty USA family,” said Mike Rice, chief executive officer of JLT Specialty USA. “Andrew’s 20 years of experience in risk consulting will prove to be invaluable to our clients and prospects.” Mr Hersh will be based in JLT’s New York office where his primary focus will be supporting the financial and operational objectives of clients, providing risk financing and risk consulting solutions that mitigate and transfer risk.

JLT Park (Bermuda)  
JPMorgan Hedge Fund Services (Bermuda)

11/22/1999. Division of US banking giant. Once had a JP Morgan Chase private-equity office on 4th floor, Schroders House, Hamilton. Closed December 2012 with the loss of 16 jobs. Relocated to Dallas where JP Morgan has similar functions. In April 2010, JP Morgan acquired the private-equity services operations of Schroders, based in Guernsey as well as Bermuda. In July 2009, the company moved its Bermuda-based Hedge Fund Services operations off the Island, with 27 staff impacted.

JPMorgan Tranaut Holdings 1/15/2002
Jacobson Global Hedge Fund Launched in February 2001 by Jacobson Global Management.
Jade Dynasty Food Culture Group Codan Services Ltd
James River Group Holdings Moved to Bermuda from North Carolina in 2007.

2019. August 5. Robert Myron has stepped down as chief executive officer of James River Group Holdings Ltd due to ill health caused by Lyme disease. He has taken on the positions of president and chief operating officer, and remains on the board of directors. J. Adam Abram, a former CEO of the Bermudian-based company, will return to that role. The shift in management duties is effective from today and is expected to be permanent. Mr Abram said: “The Company has performed extremely well under Bob’s skilful leadership. Indeed, the results from our most recent quarter demonstrate his success as CEO. However, lingering effects from a case of Lyme disease make it impossible for Bob to perform all the duties of CEO to his satisfaction. In consultation with the board of directors, he has asked me to return as CEO. Bob and I, and the broader management team, have worked together in this configuration before, and we return to this arrangement with confidence. Our focus will remain on continuing to seek to deliver strong underwriting results, profitable growth and earning industry leading returns on equity.” Mr Myron said: “I have enjoyed being CEO of James River and have great confidence in our future. I look forward to working with Adam and our team to build on our momentum.” On Wednesday, the company reported a $20.3 million profit, or 66 cents per diluted share, for the second quarter. That was up from the $17 million net income achieved for the same period last year. Adjusted net operating income for the quarter was $20.2 million. Mr Myron said: “James River had another strong quarter, generating a 95.2 per cent combined ratio while our largest business, core E&S [excess and surplus], experienced an increase in gross written premium of 81 per cent with every division growing. Our core E&S gross written premium was $247 million for the first six months of 2019, which represents a 42 per cent increase over the $175 million of premium we wrote during the first six months of 2018. For the ninth consecutive quarter, we were able to achieve rate increases on our core E&S renewals, which were up 5.4 per cent in the quarter year over year, and submissions increased 20 per cent. New business pricing was also very strong.”

2019. May 2. James River Group Holdings, Ltd made a first-quarter 2019 profit of $22.7 million, or 75 cents per share. That was a 45 per cent improvement on the $15.6 million, or 52 cents per share, achieved a year ago. Adjusted net operating income for the first quarter was $21.7 million, or 71 cents per share, beating the 64 cents consensus estimate of analysts tracked by Yahoo Finance. The Bermuda re/insurer’s expense ratio was 22.6 per cent, an improvement of 2.3 percentage points year-on-year. Gross written premiums were $327.3 million, an improvement of 10 per cent. Robert Myron, chief executive officer, said: “We have begun 2019 with an outstanding quarter, generating a 16.9 per cent annualized adjusted net operating return on average tangible equity. We also grew tangible book value per share inclusive of dividends by 10.4 per cent during the quarter. We had strong earnings contributions across the organisation, as all three operating segments generated positive underwriting income. We were again able to achieve rate increases on our core excess and surplus renewals, which were up 3 per cent in the quarter year over year, and submissions increased 17 per cent. I am pleased that we grew gross written premium 14 per cent across our two primary insurance segments, E&S lines and specialty admitted insurance, as this is where we have been focusing our growth efforts.” Mr Myron said investment income increased 47 per cent over the prior year quarter, as the company benefited from the investment markets’ rebounding during the first three months of the year.

2018. February 26. Bermuda-based insurer James River Group Holdings Ltd has altered its corporate structure in response to US tax reform. In its fourth-quarter earnings statement, James River said the reorganization meant its internal quota share would now be ceded to a newly formed Bermudian company called Carolina Re, described as “a related counterparty”. Carolina Re will formally elect to be a US corporate tax payer. The Tax Cuts and Jobs Act, which took effect at the start of this year, slashes the corporate tax rate for US companies to 21 per cent from 35 per cent. It also introduced the base erosion anti-abuse tax, which targets internal company transactions between US companies and their non-US affiliates. This impacts Bermudian insurance groups, which cede premiums from their US subsidiary insurers back to Bermuda by way of quota share reinsurance transactions. Only affiliated reinsurance business is liable to the tax, not third-party business. Robert Myron, James River’s chief executive officer, said: “In light of recent US tax law changes, we altered our corporate structure after year end. We will remain a Bermuda-based company and expect our tax rate will remain consistent with our tax rates over the past five years.” James River stated: “Effective January 1, 2018, the Company will restructure its internal quota share to be ceded to a newly formed related counterparty, Carolina Re Ltd, which will be licensed as a Bermuda Class 3A re/insurance company. Carolina Re Ltd will make a 953(d) election to become a US corporate tax payer. The company does not expect that its third-party casualty reinsurance operations will be affected by the TCJA.” Ratings agency AM Best said the financial strength rating of A (excellent) of JRG Reinsurance Co Ltd, a subsidiary of the firm, and its US-based affiliates remain unchanged after the restructuring announcement. Best stated: “AM Best’s comment takes into consideration that these steps are in response to the introduction of the Tax Cuts and Jobs Act of 2017. The comment also takes into consideration that while JRG Re will no longer act as the internal reinsurer, it will continue to write third-party casualty reinsurance.”

2017. February 17. James River Group Holdings Ltd’s profits surged in the fourth quarter, propelled by a 60 per cent growth in gross premiums written. The Bermuda-based re/insurer recorded net income of $25.7 million for the three months ended December 31 and a record $74.5 million for the full year 2016. Operating earnings per share totaled 77 cents surpassing the 65 cents forecast of analysts tracked by Yahoo Finance. The company’s shares rose more than 3 per cent in New York Stock Exchange trading yesterday in response to the Wednesday night release of the results. During the fourth quarter gross premiums rose to $173.5 million from $108.7 million in the corresponding period in 2015. The biggest contributing factor was the specialty admitted insurance segment, which wrote $63.2 million in premiums, more than double the prior-year quarter’s total. James Rivers’ largest segment is excess and surplus lines, in which premium grew nearly 25 per cent to $91.4 million. It’s casualty reinsurance unit, which is based at the company’s head office in Wellesley House on Pitts Bay Road, saw gross premiums grow by 207 per cent from the previous year to $18.8 million. For the full year, gross premiums written grew 28.9 per cent to $737.4 million, while the combined ratio — the proportion of premium dollars spent on claims and expenses was 94.3 per cent. Net operating income per share for 2016 was $2.39, up from $2.08 in 2015. J. Adam Abram, chairman and chief executive officer of James River Group, said: “Our team continues to drive strong risk adjusted returns for our shareholders. Our full year 14.6 per cent adjusted operating return on tangible equity and 94.3 per cent combined ratio demonstrate the strength of our franchise. We believe we are well positioned for continued success in 2017.” In its guidance for 2017, the company said it expected to generate a 12 per cent or better operating return on average tangible equity for the year and a combined ratio of between 92 per cent and 95 per cent.

Jardine Lloyd Thompson 2018. September 20. Marsh & McLennan Companies plans to cut its global workforce by as much as 5 per cent after it completes the planned $5.7 billion acquisition of Jardine Lloyd Thompson. The news came in a filing by MMC with the US Securities and Exchange Commission. The two companies, both of which have operations in Bermuda, announced agreement on the takeover deal on Tuesday. It is expected to close in the spring of 2019. MMC says there will be “duplication” of functions between the merging businesses and that it plans to achieve annual cost savings of about $250 million. Given that the two firms have a combined global workforce of around 75,000, as many as 3,750 jobs could be at risk. In Bermuda, both companies offer captive management services and act as re/insurance brokers and risk advisers. MMC’s business is based in the Power House on Par-la-Ville Road and JLT’s base is in Cedar House, on Cedar Avenue. In the SEC filing, MMC said that it had not finalized its plans for staffing yet. “MMC’s preliminary evaluation suggests that MMC is expected to achieve synergies of approximately $250 million within three years of completion of the acquisition, a substantial portion of which could come from headcount reductions in addition to savings in real estate, IT, outside services and other initiatives,” the filing states. “Based on this preliminary evaluation, MMC expects a potential headcount reduction of between 2 and 5 per cent of the total combined group workforce across all geographies, including in the UK, Continental Europe, Asia, North America, the Middle East, Latin America and the Pacific, and from a broad range of job categories, including functional support areas such as finance, human resources, IT, operations, legal and administrative support staff.” MMC has about 85 office locations around the world and JLT has 40. MMC intends to “to consolidate offices where feasible in order to significantly reduce rental and lease expenses and to enable colleagues to work more closely together”.
Jardine Matheson Holdings C. H. Wilken, Secretary
Jardine Matheson International Services For the Jardine Matheson group of Companies. Most of its operations are in China (and its administrative territory Hong Kong), Singapore and elsewhere in Asia. They employ 60,000 in Hong Kong alone. Bermuda companies include Connaught Investors Limited, Dairy Farm International Holdings Limited, Hong Kong Land Holdings Limited, Jardine Fleming Group Limited, Jardine International Motor Holdings Limited, Jardine Matheson Holdings Limited, Jardine Matheson International Services Limited, Jardine Pacific Group Limited (formerly Jardine Pacific Limited), Jardine Pacific Limited (formerly Jardine Pacific Management Limited), Jardine Strategic Holdings Limited and Mandarin Oriental International Limited. The latter's assets include the Hyde Park Hotel in London, England. It also manages the Elbow Beach Hotel in Bermuda and hotels in in Hawaii, Hong Kong, Jakarta, Kuala Lumpur, London and Macau. Jardine Fleming Group Limited is the Group's joint-venture investment bank. Jardine International Motor Holdings Limited is 75% owned by Jardine Matheson Holdings Ltd. Jardine International Motor Holdings is in China, Hong Kong (including Mercedes-Benz models), Macau and Japan, Australia, France, United Kingdom and USA. Connaught Investors Limited (its parent company is Jardine Matheson Holdings Limited) bought an eight percent stake in Vietnam's Asia Commercial Bank (ACB). Based in Ho Chi Minh City, ACB is the largest of about 50 Vietnamese banks allowed to have private shareholders; and Jardine Strategic Holdings.
Jaspen Capital Partners c/o Appleby, Bermuda.  In August 2015 cited by the USA's SEC. Said to be Ukraine-based.
Jellybook Since 2011. Launched by Jonathan Rowland, son of former UK Conservative party treasurer David, to invest in social media companies. The Rowland family bank, Banque Havilland, created out of the Luxembourg operations of the collapsed Icelandic bank Kaupthing, underwrote the £3 million flotation on the AIM.
Jubilee Absolute Return Fund 2017. November 5. BBC London-obtained  Paradise Papers documents show the the Queen's Duchy of Lancaster invested £5m with this entity in 2004, with the investment coming to an end in 2010.
Juniper Catastrophe Fund 5/2/2006
Juniper Catastrophe Master Fund 7/2/2008
Juniper II 6/6/2006
Juniper Investment 7/26/1990
Juniper 3/17/2006
Juniperus Insurance Opportunity Fund 4/11/2008. Owned by Juniperous Capital. Hedge fund and investment management. Named after the Bermuda cedar tree Juniperus bermudiana. Substantial owner of the company is the Benfield Group. In December 2009, Itochu Corporation made a JPY 5 billion equity investment in this company.
Junius H Burrows Plumbing 1/10/1974
Juno Assurance 9/7/2010
Juno 2/11/1993
Juno Trust 12/21/1967
Jupiter Asia Pacific Hedge Fund 2/7/2007
Jupiter Asset Management (Bermuda)

Jupiter Bermuda

Since 1969, became part of the Jupiter Group in 1991. A hedge fund management company. In January 2012,  after more than 40 years in Bermuda it closed, letting go all ten employees. According to Citywire UK, Jupiter suffered a net outflow of £225 million in the final three months of 2011 as it took the decision to close its Bermuda-based hedge operation.

Jupiter Assurance 11/15/1974
Jupiter Callisto Hedge Fund 10/15/2004
Jupiter Financials Hedge Fund 4/2/2007
Jupiter Ganymede Hedge Fund 7/21/2003
Jupiter Global Fund (The) 12/20/1999
Jupiter Green Hedge Fund  12/17/2007


Note: A Work in Progress, much more to be added. Showing when incorporated in Bermuda. With incorporation dates shown the American way.

K-J14A Sac Holdco 2/12/2014
K-Jet Company 11/10/2009
K-Line (International) 7/5/1979
K-Right Cable TV 8/2/1995
K-Right Communications 8/2/1995
K-Right Financial Services 8/2/1995
K-Right Leasing 8/2/1995
K-Star Sports International 4/30/2008
K-Swiss International 1/8/1991
K-Swiss International Manufacturing 9/23/2009
K-Swiss (Hong Kong) 6/26/2009
K&P 11/9/1979
KCM 12/30/1996
K Mart (Australia) Finance 5/31/1976
K Mart (Australia) Properties Finance 5/29/1972
K One 3/16/2006
K&D 8/14/2009
K&G 9/21/1982
K&G Trading (Bermuda) 6/22/1999
K&P International Holdings 9/13/1996
K&S Associates 10/21/1992
K1 Global LP 6/30/2006
K2 Reinsurance 12/4/2000
K2 Ventures 4/30/1999
KA Trading Corporation 11/29/2012
Kabardino Saudi Company 4/22/1999
Kabir Enterprises Ltd Delaware 1/6/1966
Kabuye Depot Holding Company 7/20/2010
KAC Holdings 9/15/2004
Kada Technology Holdings 5/3/2010
Kader Holdings Company 9/18/1989
Kading International Holdings 1/9/2009
Kadoorie McCaulay 12/18/1987
Kaenco 6/10/2013
Kafinvest 5/1/1991
Kafinvest Operating 7/8/1991
Kage International 9/19/1983
Kaguya Hime LP 7/7/2003
Kahala Aviation 9/16/2011
Kahn Capital Fund (Bermuda) 6/28/2000
Kai Bo Holdings 7/7/2009
Kai Yuan Holdings 8/8/1996
Kailani 6/24/1997
Kaines Corporation 12/5/1985
Kaines Holdings 12/5/1985
Kaines Services 12/5/1985
Kairngorm 12/18/1990
Kairos Catastrophe Fund 11/17/2008
Kairos Catastrophe Master Fund 11/14/2008
Kaiser Holdings 10/24/1997
Kaiser Investments 7/1/2004
Kaiser Yellow Fever Investment 7/18/1995
Kaissa 5/2/1985
Kaith Re 3/13/2002

2019. December 27. Some $27 million of new bond notes have been admitted to the Bermuda Stock Exchange. The Seaside Re 2020-1 $7 million bond, and the Seaside Re 2020-2 $20 million bond, will be due on January 15, 2021. The issuer is Kaith Re Ltd.

2018. December 31. Hannover Re’s Bermudian-domiciled Kaith Re vehicle has issued a $10 million private catastrophe bond transaction to cover California earthquake risk. The so-called “cat bond lite” transaction was for an unknown cedant. Hannover Re has been busy using its Kaith Re transformer vehicle to facilitate the securitisation of reinsurance and retrocessional risks for investors and cedants. The latest private catastrophe bond, LI Re (Series 2018-1), meant that Hannover Re had now assisted in the issuance of $97 million of securitised risk to investors just in the last week. This is the first LI Re transaction since a year ago and it covers the same risks of California earthquake. The underlying transaction would be a one-year collateralized reinsurance or industry loss warranty deal, as are most common with private cat bonds. The $10m of LI Re Series 2018-1 private cat bond notes issued through Kaith Re have been listed on the Bermuda Stock Exchange.

KAL Enterprises 6/14/1979
KAL Marine 3/2/2007
Kalahari 8/28/2000
Kalahari Resources (Bermuda) 6/10/1988
Kalair International 8/23/2007
Kalair 1/2/1998
Kaldor North America. John 4/22/1975
Kaleidoscope Arts Foundation 4/17/2006
Kaleidoscope Capital 1/6/2015
Kaleidoscope Media 4/18/2001
Kaleidoscop 3/14/2000
Kalex International 10/24/1995
Kalgoorly 3/9/1970
Kalimantan Gold Corporation, Con't 10/7/1997
Kaljag Trading Company 8/24/1972
Kalong Investments 10/27/2010
Kalport Corporation 10/22/1976
Kaltenberg Overseas 11/14/1978
Kam2 Finance Company 7/19/1999
Kamala Private Trust Company 12/17/2013
Kamaz International - III, LP 4/21/1994
Kamaz International II, LP 4/21/1994
Kamaz International 4/21/1994
Kane Group 4/18/2008. Bermuda-based global independent insurance manager Kane, a provider of Insurance Linked Securities (ILS) and Life, Pension and Investment (LPI) administration services.

2016. March 23. Insurance management assets acquired by Arrtex Risk Solutions. 

Kane LPI Solutions

1/22/2013. See Kane Group. Licensed by the Bermuda Monetary Authority as a fund administrator and operates as the head office for the firm’s life, pension and investment administration activities. It provides administration solutions to clients all around the world in the investment, pension and insurance sectors. Services offered include all aspects of the product life-cycle, spanning the initial design and development of the solution, through to the product build, launch and ongoing administration. Has expanded its scope and now provides comprehensive fund administration services from Bermuda, including ILS and reinsurance investment fund administration services.

2018. February 19. Kane LPI has appointed Alain Fournier as head of fund administration services. Based in the firm’s Bermuda head office, Mr Fournier, a 15-year veteran of the industry, will be responsible for all aspects of the management of the life, pension and investment division, which provides an extensive range of customized fund administration services. Mr Fournier was previously managing director and chief operations officer at HH Management. He joined the firm in 2010 as a start-up and played a central role in establishing the Bermudian-based investment management company. Before this, he was group manager at Citi Hedge Fund Services Ltd, responsible for the management of the shareholder services and transfer agency team. He has also worked at Olympia Capital International, Charles Taylor Captive Management Company and KPMG. Mr Fournier is a member of the Institute of Chartered Accountants of Canada and a CFA charter holder. John Uprichard, Kane LPI’s chief executive officer, said: “We are delighted to welcome such a highly respected and experienced practitioner in the fund management arena to our team.” Mr Fournier added: “Bermuda offers an extremely efficient and cost-effective location in which to establish a variety of fund structures. By offering the full spectrum of administration capabilities, Kane LPI is ideally positioned to support managers across the investment spectrum, from the initial start-up of the investment vehicle through to providing the flexible and robust infrastructure to facilitate their growth ambitions.”

Kane SAC 7/2/1981. See Kane Group. 2015. January 16. Global insurance manager Kane SAC listed a total of $125.8 million in new notes on the Bermuda Stock Exchange. The cash is spread over four segregated accounts — called Exeter, Troon, Muirfield and Hereford — worth between $16.8 million and $54.8 million each. Kane SAC made the issues as part of its limited note programme, the firm’s independent private catastrophe bond platform. Robert Eastham, managing director of Kane (Bermuda), said: “The announcement of four new issuances on the Kane SAC platform serves to demonstrate that the programme is meeting a very clear market demand for the ability to transact smaller capital market deals in an efficient and cost-effective manner. We expect to see strong growth in this area moving forward given the growing influence of the investment community in the insurance arena.” The new notes brings the total Kane has listed as part of its catastrophe bond platform to 11 since its launch in August 2013.
Kane (Bermuda) II 4/19/2011. See Kane Group
Kane (Bermuda) 6/13/2001. See Kane Group
Karen Clark & Co 2018. May 24. About $2.5 billion in insurance claims will emerge after a spell of severe weather in parts of the US, says catastrophe modeling firm Karen Clark & Co. The estimate relates to damage to residential and commercial properties and automobiles from a spell of tornadoes, hail and strong winds between May 11 and 16. KCC estimates that 12 states will likely see insured losses exceeding $100 million: Colorado, Connecticut, Illinois, Indiana, Iowa, Kansas, Maryland, Michigan, New York, Ohio, Pennsylvania, and Virginia. For Bermuda reinsurers, it means some substantial claims will be coming in with hurricane season about to get under way on June 1. Last week’s weather system spawned over 900 reports of wind gusts in excess of 58mph, over 500 hail reports, and 28 tornadoes, KCC said. Several microbursts caused wind gusts over 100mph. Hail was reported across the regions with several reports of baseball size hail stones. “Most of the storm activity was along an arc from Texas to Kansas, through the Ohio Valley to the Mid-Atlantic states, a set-up meteorologists refer to as a ‘ring of fire’,” KCC said.
Karlholt Rupert Murdoch-owned. It is his family's £3.8 billion investment vehicle and listed on the Bermuda Sock Exchange
Karrie International Holdings C/o Codan Services Ltd
K&P International Holdings Ltd C/o Codan Services Ltd
Katierich Asset Management One of the several Bermuda-incorporated exempted companies of the USA's Lawrence (Larry) Doyle who also owns and controls Bermuda's Lantana in Somerset and Newstead Hotel and Spa.
Katanga Mining $1.4 billion-valued mining company, cobalt and copper in the Democratic Republic of Congo.
KaylaRe 2016. December 16.  Formerly Aligned Re Ltd. Enstar Group Ltd and its investment partners launched this new Class 4 Bermuda-based reinsurer with capital of $620 million. KaylaRe will offer “a diversified range of specialty reinsurance to the global insurance market”, according to a statement from Enstar last night. Enstar is also a Bermuda company with its head office in Queen Street, which specializes in buying and managing companies and portfolios in run-off. It trades on the Nasdaq Stock Exchange and has a market capitalisation of $3.2 billion. KaylaRe will be backed by a $300 million investment from Enstar, as well as $270 million from funds managed by Hillhouse Capital Management, Ltd, a global investment manager with more than $25 billion in assets under management. Another $50 million will come from funds managed by Stone Point Capital LLC, a private-equity firm with aggregate committed capital of some $13 billion. KaylaRe will be led by Nick Packer, a co-founder of Enstar, who will be the new company’s chief executive officer. Mr Packer has served as Enstar’s executive vice-president and joint chief operating officer since 2001 He has also served StarStone, Enstar’s global underwriting subsidiary, as executive chairman and CEO since 2014. Mr Packer will remain on the StarStone board as a non-executive director. “KaylaRe aims to deliver superior risk-adjusted returns over market cycles through a diversified asset allocation and selective underwriting,” Enstar said in a statement. “KaylaRe has entered into a 35 per cent quota share agreement with StarStone, Enstar’s global underwriting subsidiary, and loss portfolio transfer agreements with Enstar for certain legacy business. Over time, KaylaRe expects to develop and opportunistically write third-party premium, and to participate in certain future Enstar legacy transactions.” Enstar will act as KaylaRe’s exclusive reinsurance manager, while Hillhouse will be its primary investment manager. Dominic Silvester, Enstar’s CEO, said: “KaylaRe brings Enstar together with partners Hillhouse and Stone Point to create a unique global reinsurer. “KaylaRe has great performance potential, and a dynamic and proven leader in Nick Packer, who has been a core contributor to Enstar’s growth and success.” Mr Packer said: “KaylaRe is a differentiated total return reinsurer, and it is an honour to lead this company from its inception. Through Enstar, we have long-term access to a high-quality, diversified portfolio of low volatility specialty insurance risks and supporting infrastructure. Further, the additional investment and support of Hillhouse and Stone Point provide KaylaRe with the capability to create substantial incremental value for shareholders through market cycles.” With the launch of KaylaRe, Enstar also announcing several management changes. Paul O’Shea has been named as president of Enstar and executive chairman of StarStone. Orla Gregory, a 13-year veteran of Enstar, has been appointed the firm’s chief operating officer. Paul Brockman and David Atkins will take on broader responsibility for Enstar’s core insurance and legacy activity, including oversight of claims, commutations, and ceded reinsurance. Demian Smith has been named group CEO of StarStone, while David Message has been named the company’s chief underwriting officer.
K. Wah International Holdings Butterfield Fund Services (Bermuda) Ltd.
KEB Holdings LP C/o Conyers Dill & Pearman
KEB Investors III, LP C/o Conyers Dill & Pearman
KEB Investors IV, LP C/o Conyers Dill & Pearman
KEL Holdings C/o Bank of Bermuda Ltd
Kenbelle Capital LP 4/17/2013. A hedge fund launched by Wall Street analyst Meredith Whitney who also owns the American Revival Fund. She is was the chief investment officer and managing principal. It's an investment manager to a partnership based in Bermuda. Whitney is married to former WWE wrestler and US TV business commentator John Layfield, who relocated to Bermuda in 2011.
Kenco International 8/12/1982. International coffee company.
Kendel 3/29/1977
Key International Drilling Company Chevron House, Hamilton. Phone 295-1774
Kingate Management John S. Darrell Building, 99 Front Street, Hamilton. A victim of potential fraudulent activities revealed in December 2008 by Mr. Bernard L. Madoff and his investment advisory business, which potentially had a material impact on both direct and indirect investments in the Madoff funds. Suffered exposure through its Kingate Global Fund Ltd, also Bermuda-based, hedge fund with some $2.8 billion in assets. 
Kinesis Capital Management One of the Lancashire Holding group
Kirkway International Insurance and reinsurance intermediary. Michael Woodroffe.
Kiskadee 1 1/28/2013
Kiskadee Communications (Bermuda) 2/14/2003. Owned by local and non-Bermudian business interests including local legislators. Its lawyers are Appleby Spurling & Hunter. In early 2011 sued two officers of ProtoStar Ltd for $18.25 million in compensatory damages. Kiskadee's principal shareholders are Bermudian businessman Jeffrey Conyers and David Mallof, of Washington, DC, according to the complaint, filed in the US District Court for the Northern District of California. Kiskadee's complaint was lodged against California resident Philip Father and Maryland resident Eugene Cacciamani, who served as chairman and chief technology officer, respectively, of ProtoStar. Kiskadee had formed a joint venture with ProtoStar, aiming to utilise one of Bermuda's potentially lucrative satellite location slots, which were granted to Bermuda in 1983 by the United Nations and International Telecommunications Union. The complaint revealed Kiskadee was granted an exclusivity agreement on a satellite slot by the Bermuda Government. But after ProtoStar filed for bankruptcy and its joint venture with Kiskadee failed, Government terminated the exclusivity deal in June 2010. Kiskadee formed a joint venture with ProtoStar in October 2008 to implement Kiskadee's extremely valuable exclusive right to commercialize a satellite orbital location, positioned over the center of North America, that is controlled under international treaty and assignment by the Government of Bermuda. The joint venture entity, also incorporated in Bermuda and known as ProtoStar Kiskadee (Bermuda) Ltd., is 75 percent owned and controlled by ProtoStar. Mid-Ocean News revealed in 2005 that Kiskadee had started talks with Government over the Island's satellite slot in July 2001.
Kiskadee Diversified Fund 2015 January 21.  New investment has boosted the assets in Hiscox's Bermuda-based Kiskadee insurance-linked strategies funds to more than $400 million. And Hiscox said investors have committed to inject more capital by the time reinsurance renewals take place next summer. The two open-ended funds, Kiskadee Diversified Fund Ltd and Kiskadee Select Fund Ltd, are based in Bermuda. Their connection with Hiscox, the insurer said in a statement, "offers investors greater capital efficiency and market access than traditional direct collateralised ILS funds". Fellow Bermuda reinsurer Third Point Reinsurance Ltd is one of those to express interest in Kiskadee. In announcing in December 2014 that it would wind down its role in its catastrophe fund, Third Point Re said it would earmark funds to Kiskadee. "Our Kiskadee funds combine superior risk selection with diversified market access provided by the Hiscox Group," Jeremy Pinchin, chief executive officer of Hiscox Re, said in a statement. "We believe this is a truly distinctive offering and so are pleased at the enthusiastic response from new and existing investors." Kiskadee Investment Managers, a wholly owned subsidiary of Hiscox, provides tailored investment offerings as well as funds aimed at single investors. Third-party capital, in the form of insurance-linked securities such as catastrophe bonds, as well as collateralised reinsurance, has claimed a growing market share and applied downward pressure to reinsurance rates. Hiscox is one of the reinsurers to embrace the alternative capital rather than view it as a threat, by setting up its own ILS management operation.
Kiskadee Insurance Managers 9/12/2013. See above. 2015 September. Via this firm, its owner, Hiscox, added a new insurer, Cardinal Re.
Kiskadee Investment Managers 9/12/2013. See above
Kiskadee 6/24/1997
Kiskadee Re 3/28/2013
Kiskadee Reinsurance 1 9/12/2013
Kiskadee Reinsurance 2 9/12/2013
Kiskadee Select Fund See under Kiskadee Diversified Fund.
Kin Yat Holdings C/o Codan Services Ltd
Klein Since 2011.  Represented by Bermuda legal firm Wakefield Quin. It recently paid millions of dollars to charity Sea Change Foundation, which supports prominent US environmentalist groups like the Sierra Club. The latter launched a campaign called Beyond Natural Gas in 2012 to fight fracking, the use of high pressure water mixed with sand and chemicals to break open rock and release gas and petroleum and natural gas extraction. Widespread use of the technique in the US has reduced the need for imports further damaging the struggling Russian economy. Klein's activities were noted by the US Senate Environment and Public Works Committee in 2014. Klein Ltd is run by California-based hedge fund millionaire Nathaniel Simons. 

2017. July 13. Republican lawmakers in the United States have called for an investigation into a Bermuda-based firm they accuse of using Russian money to disrupt the fracking industry. However, Wakefield Quin, who represent the company, called the allegations “completely false”, adding that the company has no Russian connection whatsoever. “Attorneys, law firms, financial institutions and all other companies based in Bermuda operate under a regulatory and anti-money laundering regime which applies standards which are among the highest in the world,” a spokesman said. “Illicit movement of funds falls well below such standards and any informed party would understand that. Not only is there no substance or truth to such allegations in this case, the allegations appear to be intended to damage the reputation of the Bermuda-based individuals and businesses named.” According to the Washington Times, House Science, Space and Technology Committee chairman Lamar Smith and energy sub-committee chairman Randy Weber have urged Treasury Secretary Steven Mnuchin to investigate claims that Russia has been funding a “propaganda campaign” against fossil fuels. In a statement, Mr Smith said Russia had been using Bermudian-based shell companies to support US environmental groups targeting hydraulic fracking. “This scheme may violate federal law and certainly distorts the US energy market,” he said. “The American people deserve to know the truth and I am confident Secretary Mnuchin will investigate the allegations.” The Republicans noted claims that Russian entities may have used Bermuda-based Klein Ltd to fund the Sea Change Foundation in San Francisco, which in turn provided support for anti-fracking groups such as the Sierra Club. “Russian government and complicit parties have executed a political agenda with little or no paper trail,” the letter stated. “By incorporating in Bermuda, Klein is not required to disclose its donors’ identities or countries of origin.” Claims that Klein has been using Russian funds to support anti-fracking organisations arose in 2014 when a report by the US Senate Environment and Public Works Committee raised concerns. The committee’s report on Klein — which includes a reference to local law firm Wakefield Quin’s — said: “None of this foreign corporation’s funding is disclosed in any way. This is clearly a deceitful way to hide the source of millions of dollars that are active in our system, attempting to effect political change.” In a statement, Wakefield Quin fiercely denied the allegations, calling the claims “completely false and irresponsible”. A spokesman said: “Our firm has represented Klein since its inception, and we can state categorically that at no point did this philanthropic organisation receive or expend funds from Russian sources or Russian-connected sources and Klein has no Russian connection whatsoever.” The spokesman also noted that Bermuda and the US had an information exchange framework in place that allows the US Government, regulators and law enforcement agencies to have access concerning financial transactions in Bermuda and by Bermuda entities. “Through this framework, information is available to such proper authorities, enabling them to be satisfied as to the probity of any alleged payments,” he added. “Making false allegations about such payments is actionable and Wakefield Quin Limited will take such steps as it deems appropriate to prevent the distribution and dissemination of such falsehoods.” Klein Ltd was incorporated in Bermuda in 2011 “exclusively for philanthropic purposes” and a statement to the Registrar of Companies said that none of the earnings would go to private shareholders or individuals and that it did not propose to carry out business on the island.

Knightsbridge Shipping Another Bermuda-incorporated shipping company led by Norwegian billionaire John Fredriksen.
Knightsbridge Tankers Incorporated in September 1996 expressly to acquire, charter sell, own and lease, as appropriate, five new at the time double hull very large crude oil tankers. Its primary business involves chartering vessels to Shell International.
Koch Asia Fiber Holding LP 5/31/2006
Koch Cal 11/6/2007
Koch Cal LP 11/6/2007
Koch Canada Fiber Holding LP 7/20/2007
Koch Canada Regional Holding LP 8/27/2007
Koch CT Europe Investments GP 8/17/2007
Koch CT Europe Investments LP 8/16/2007
Koch CT Foreign Holdings GP 8/17/2007
Koch CT Foreign Holdings LP 8/16/2007
Koch CT GP 5/18/2007
Koch CT Investments GP 8/20/2007
Koch CT Investments LP 8/17/2007
Koch CT LP 12/16/2009
Koch Equity Investments Holding LP 10/28/2005
Koch Equity Investments LP 5/26/2006
Koch European and La Fiber Holding LP 5/26/2006
Koch European and Sa Fiber Holding LP 5/31/2006
Koch Exploration Brazil LP 2/22/2007
Koch Fertilizer International Marketing LP 11/23/2011
Koch Fiber Finance Holding LP 5/31/2006
Koch Fiber Holding LP 5/26/2006
Koch Fiber Management LP 5/26/2006
Koch Fiber Technology Holding LP 8/28/2007
Koch Finance Holding LP 12/13/2006
Koch Financial Re 7/24/2003
Koch G/P 1 5/26/2006
Koch G/P 2 5/26/2006
Koch G/P 3 11/2/2006
Koch Industries

Charles Koch David Koch

Led by Charles and David Koch, photos above. Second-biggest private corporation in the USA, with numerous Bermuda subsidiaries. Huge in oil pipelines and other ventures.

Koch International Shared Services GP 5/15/2009
Koch International Shared Services LP 5/14/2009
Koch Investments Holding, LP 5/31/2006
Koch Investments, LP 5/26/2006
Koch Kex A, LP 2/22/2007
Koch Kex B, LP 2/22/2007
Kock Kex C, LP 2/22/2007
Kock Kex D, LP 2/22/2007
Koch Kig Financing II, LP 3/16/2009
Koch Kig Financing, LP 5/18/2007
Koch Kig Investments 12/19/2006
Koch Kig Treasury 1, LP 12/18/2006
Koch Kig Treasury 2, LP 9/12/2007
Koch Kig Treasury II GP 9/10/2007
Koch Nitrogen International Sarl 4/27/2005
Koch Plastics Holding 3/2/2007
Koch Plastics, LP 3/2/2007
Koch Regional Holding, GP 11/17/2014
Koch Regional, LP 5/31/2006
Koch Resources Canada, GP 12/13/2010
Koch Resources Investments, LP 10/30/2006
Koch Resources Treasury, LP 10/23/2006
Koch Treasury Canada II, LP 4/25/2007
Koch Treasury Canada I, LP 4/25/2007
Koch Treasury GP 12/1/2006
Koch Treasury Holding II, LP 11/6/2006
Koch Treasury Holding I, LP  10/30/2006
Koch Treasury Holding, LP 4/25/2007
Koch Treasury Investments II, LP 12/5/2006
Koch Treasury Investments I, LP 12/5/2006
Koch Treasury Investments 11/2/2006
Koch Treasury Investments, LP 4/25/2007
Koch UK and Mexico Fiber Holding, LP 5/31/2006
Kocit Financial Assets I 7/16/2013
Kocit Financial Assets 11/19/2012
Kosmos Energy


KPMG Advisory 7/28/2003. KPMG, Crown House, 4 Par-la-Ville Road, Hamilton HM 08 Serves an international base, provides professional advice on issues affecting the insurance and reinsurance industry, with a growing Financial Risk Management team.
KPMG Americas 11/22/1999
KPMG Audit 3/2/2012
KPMG Global Advisory Holdings (Bermuda) LP 3/8/2011
KPMG Internal Services 6/5/2000
KPMG Tax 3/2/2012
KPNQuest Transatlantic Carrier Services 12/14/1998
KPS Multimedia (Holdings) 7/13/1992
KRyS Global

Since 2010. Corporate recovery, insolvency, forensic accounting and business advisory services. Bermuda office supports the largely cross-jurisdictional nature of its operations in the Cayman Islands, British Virgin Islands and Bahamas.

Kuehne + Nagel PO Box HM 2763, Hamilton HM LX. Phone 441 295 9169. Bermuda subsidiary of the Kuehne + Nagel Group, one of the world's leading global logistics providers in Sea and Air, Overland and Contract logistics.
Kuvare Life Re Since October 2016
Kwoon Chung Bus Holdings C/o Codan Services Ltd


Note: A Work in Progress, much more to be added. Showing when incorporated in Bermuda. With incorporation dates shown the American way.

L'Bel international 1/2/2007
L'Interpeche Holdings 8/24/1971
L'Interpeche 8/24/1971
L'Interpeche South America 8/4/1982
L'Interpeche (Chile) 3/4/1978
L'Interpeche (West Africa) 2/23/1978
LSM Properties 5/13/1988
L&C III 2/4/1980
L&C II 4/16/1979
L&C Marine Transport 4/28/1972
L&D Investments 12/7/1976
L&F Holdings 6/25/1998
L&F Indemnity 6/25/1998
L&G Commercial 9/24/1971
L&H Investment 6/6/1997
L&M Management 1/14/2004
L&P International 5/22/1979
L&S Construction 9/20/2000
L&T Insurance 12/17/2003
L&T 4/1/1986
L&V 1/29/2009
La Borsa 5/11/2006
La Coquille 6/26/2007
La Corte Limited S/Q 6/28/1988
La Corte 12/20/1995
La Covadonga 6/6/2013
La Femme de Finesse 3/24/1986
La Jolla Insurance 3/30/1979
La Management 2/17/1989
La Trattoria 3/6/1989
La Vie en Rose 4/11/1985
Laep Investments Private equity fund which controls the Brazilian unit of Parmalat SpA.
Lagoon Investment B  Hit by the Madoff fraud
Lagoon Investment C Hit by the Madoff fraud
Lancashire Holdings 10/2/2005. See below.

2019. March 14. Lancashire Holdings Ltd has re-established its group supervisory and tax domicile in Bermuda after a seven-year sojourn in the United Kingdom. The specialty insurance and reinsurance group, originally domiciled in Bermuda, switched its tax base to the UK in 2012, establishing its head office and conducting the majority of its board business in the UK. The re-domiciliation to Bermuda was announced in the company’s 2018 annual report, which was released yesterday. Peter Clarke, the company’s non-executive chairman, said the Lancashire board held detailed discussions during 2018 about the most suitable group insurance supervisory and tax domicile for the company. The company, Mr Clarke wrote, initiated engagement with the Prudential Regulation Authority in the UK — the group’s supervisory regulator between 2016 and 2018 during which time the group was subject to the requirements of the UK’s Solvency II regime — the Bermuda Monetary Authority and HM Revenue and Customs in the UK, further to which it was agreed the company should make the switch. “On balance,” Mr Clarke wrote, “the board felt that the transition of group supervision to Bermuda and the BMA would assist in ensuring a continuing strategic focus on the growth and development opportunities in the US specialty and catastrophe markets.” Mr Clarke said the move will not affect the regulation of the group’s UK insurance entities, which will continue to be regulated by the PRA and the Financial Conduct Authority — and in the case of CUL and Syndicates 2010 and 3010, Lloyd’s. Lancashire announced in August 2011 that it would be switching its tax base from Bermuda to the UK. At the time, Neil McConachie, Lancashire Group Holdings’ president, said that the move would make senior management decision-making faster and easier while reducing risks.

2019. February 15. Shares of Bermuda-registered insurer Lancashire Holdings Ltd soared 7.1 per cent in London yesterday after the company said it expected to benefit from higher rates. The company suffered a fourth-quarter loss but swung to profit for the full year 2018, partly helped by a rise in gross written premiums. The Lloyd’s of London insurer, which writes policies for heavy-duty assets such as oil rigs, ships and aircraft, reported profit before tax of $33.6 million for 2018, compared with a loss of $72.9 million a year earlier. Its combined ratio — a measure of underwriting profitability — was 92.2 per cent, a significant improvement on last year’s 124.9 per cent. Lancashire recorded a 7.9 per cent rise in gross written premiums to $638.5 million. The company said the fourth quarter had been challenging with “higher levels of loss activity than average”. Lancashire said it expected to see “improved rates across many of our lines of business, and growth through new business where we have recently added new teams”. A final dividend of 10 cents per share was declared, taking the total dividend for the year to 35 cents a share, helped by the special dividend of 20 cents declared earlier this year. Alex Maloney, Lancashire’s chief executive, said: “The fourth quarter of 2018 once again witnessed higher levels of loss activity than average, with the occurrence of Hurricane Michael in October and a further series of catastrophic wildfires in California causing a tragic loss of life. When considered with the other major loss events during the year, 2018 ranks among the four largest loss years of the last couple of decades. Following 2017, this is the second year in succession of well above average global insured catastrophe losses. Against this backdrop, the group has generated a positive return on equity for the full year of 2.4 per cent. Overall, I am pleased at the resilience of our portfolio and our reinsurance programme, given the loss environment.” Andreas van Embden, an analyst with Peel Hunt, said: “The outlook is encouraging as specialty insurance rates recover and the company starts rebuilding its portfolio, which had been shrinking in a disciplined way during the soft cycle.” Lancashire shares rose 42p to close on 637p in London after the results were announced.

2018. February 15. One of the most severe years for catastrophe losses has proven to be a “stress test” for Lancashire Holdings. The Bermuda-based company suffered a pre-tax loss of $3.2 million, or three cents per share, in the fourth quarter. For the year, the pre-tax loss was $72.9 million, or 36 cents per share. There were declines across key indicators, including gross and net premiums written, and return on equity, which was 0.9 per cent lower for the quarter and 5.9 per cent down for the year, when compared with 2016. Catastrophe losses weighted heavily, particularly in the second half of the year, with net losses of $147.3 million attributable to hurricanes Harvey, Irma, Maria and earthquakes in Mexico, during the third quarter, followed by $34.5 million of losses in the fourth quarter as a result of wildfires in California. Alex Mahony, group chief executive officer, said the losses had provided “a real-time ‘stress test for Lancashire’s enterprise risk management function, so it is pleasing that we have passed another important test of our model. Overall we feel that we had the right underwriting strategy, risk levels and capital headroom to absorb these events when balanced against the underwriting opportunity that presented itself during 2017.” Mr Mahony said that as a result of the impairment of capital among insurers and reinsurers following more than $100 billion of catastrophe losses, he felt “the market has finally turned a corner and we are witnessing rate increases, or at least stability, across most of the classes of business we underwrite”. However, he believes this year to be challenging, but he expects Lancashire Group to maximize underwriting opportunities. Elaine Whelan, group chief financial officer, said: “With improved rates at the January 1 renewals, and our current outlook, we continue to expect to put all of our current capital to work this year.” Lancashire’s net operating loss for the fourth quarter was $3.1 million, compared to a profit of $45.9 million for the same period in 2016. The group’s operating loss for the year was $86 million, compared to a profit of $144 million in 2016. The combined ratio rose to 119.5 per cent in the fourth quarter, and 124.9 per cent for the year, up from 76.5 per cent. Lancashire’s fully converted book value per share fell 50 cents to $5.48 at the end of December, compared to $5.98 at the end of 2016. Gross premiums written for the fourth quarter were $67.4 million, down from $95.1 million year-on-year. Separately, Lancashire announced that Tom Milligan, a non-executive director, is retiring from the board. He will stand down on March 31 and will not stand for re-election at the company’s annual meeting. Peter Clarke, Lancashire’s chairman, said: “I would like to thank Tom for his valuable contribution as a member of our Board. In particular, Tom’s executive knowledge in the insurance industry has helped inform our strategic planning in recent years and contributed to the success of our business. Tom has served as a director on the Lancashire board for over three years and he has decided to step down in order to pursue other opportunities. We wish Tom well for the future.”

2017. November 2. Lancashire Holdings Ltd reported a third-quarter, pre-tax loss of $136.4 million on major catastrophe losses. But the Bermuda-based insurer is seeing signs of better pricing and is upbeat on the outlook for 2018. Lancashire recorded net losses from hurricanes Harvey, Irma and Maria, and Mexican earthquakes, of $165 million, which chief financial officer Elaine Whelan called an “extraordinary level of loss activity. While we have incurred a loss in the quarter and for the year to date, we anticipate an improvement in rates following these events,” Ms Whelan added. “Our outlook for 2018 is more positive than it has been for some time.” The company’s combined ratio — the proportion of premium dollars spent on claims and expenses — was 213.3 per cent. The company’s third-quarter return on equity was minus 10.4 per cent. Lancashire’s aim is to return surplus capital to shareholders by way of a special dividend in relatively quiet years. While there will be no special dividend this year, Lancashire intends to pay out a regular dividend. Alex Maloney, Lancashire’s chief executive officer, said the billions of dollars lost by the industry as a result of the natural disasters “will have depleted capital and stressed balance sheets across the global insurance sector”. He was hopeful this would herald better pricing for his company’s products. “After many years of soft pricing conditions we are at last seeing some evidence of an increase in pricing, particularly in catastrophe-exposed lines. The first major test of the market dynamics will be the year-end insurance and reinsurance renewal round. Many product lines will be loss-affected and I would expect to see a return across the sector to more disciplined underwriting standards and pricing which reflects the true risks and exposures.”

2017. July 27. Bermuda-registered Lancashire Holdings has posted after-tax profits of $38.2 million for the second quarter. The figure was up $6.7 million on the $31.5 million logged for the same quarter in 2016. The return on equity for the Bermudian-based insurer and reinsurer was unchanged at 3.2 per cent quarter on quarter. Alex Maloney, Lancashire Group CEO, said: “In the current continuing soft market I am very pleased with the return on equity for the second quarter of 3.2 per cent and 5.9 per cent for the half year. “Premium rating pressure continues in the market. There is evidence from the insurance industry that many insurance classes are operating at marginal levels of profitability at best. The dynamics of the loss environment cannot be accurately predicted in the short term, but it is evident that so far in 2017, there has been a lower level of catastrophe losses than occurred in the first half of 2016, while there has continued to be an active run of risk losses in the market.” Lancashire recorded $184.7 million in gross premiums written for the quarter, down $15.1 million on the second quarter of 2016. Mr Maloney said that the industry had gone through further rationalization through cost-cutting and a continued drive to mergers and acquisitions. He added: “Lancashire continues to respond to the pressure of the market by maintaining our underwriting excellence and discipline and keeping our overheads under control. Global headcount is around 200 and that gives us the size to retain some of the best underwriting talent while not having an infrastructure of such size and complexity as to require our business to ‘feed the beast’ through imprudent top line growth. I believe we are well positioned as we enter the wind season to provide solid risk-adjusted returns in what is a difficult market. Outwards reinsurance remains attractively priced and as a group we have purchased more reinsurance protection for hurricane risk than in previous years. We will review our capital needs following the wind season, whether that be to take advantage of underwriting opportunities or to return capital to our stakeholders.” The company recorded 19 cents in diluted earnings per share for the second quarter, three cents up on the 16 cents for the second quarter of 2016. Elaine Wheelan, group chief financial officer, added: “With our risk levels at historic lows, if there are no major events over the coming wind season and no change in market conditions, we anticipate returning earnings to our shareholders later in the year. As ever, the balance of capital we hold will match the underwriting opportunities we see.”

2017. February 16. Bermuda-based Lancashire Holdings has reported after tax profits for the last three months of 2016 at $51.1 million and $153.8 million for the full year, both down on the same figures in 2015. The fourth-quarter drop was about $3 million compared to the same period in 2015, while the full year figure was down $27.3 million. The company noted that the insurance market remains challenging, although it is seizing opportunities when its find them. One such area is the reinsurance market, which is similarly being squeezed. By purchasing additional reinsurance, and securing attachments at lower loss levels, Lancashire has reduced its risk levels to the lowest point in its history. Lancashire Holdings CEO Alex Maloney said last year had proved to be a turbulent one for the global political and macroeconomic environment. “Risk capital remains abundant, and there is continuing pressure upon pricing and terms and conditions. Against this background I am particularly pleased with the results for both the fourth quarter and the full year. The return on equity of 2.8 per cent for the quarter and 13.5 per cent for the year is an exceptional outcome in this environment and a tribute to the dedication and hard work of everyone across the business.” Lancashire’s gross written premiums for the quarter were $95.1 million, a drop of $2 million on the same period the previous year, while for the full year they were $633.9 million, down from $641.1 million in 2015. The company’s combined ratio for the year was 76.5 per cent, up from 72.1 per cent. In an earnings statement, Mr Maloney said: “Our principal focus has been to balance risk and return whilst serving the needs of our clients and their brokers. These results prove that, even in the current difficult times, we have relevance, our model works and is resilient. At 1 January, in line with our expectations and previous communication, we successfully renewed our core book across the Group, including at our Lloyd’s platform.” He said the company had been “rebuilding and reinvigorating” its Lloyd’s platform. Looking ahead, he said: “Whilst we expect market conditions to remain difficult for the foreseeable future, which requires discipline and patience to navigate, our strategy has the ability to respond across the insurance cycle. We are well equipped to meet the needs of our clients and to generate acceptable returns for investors, whilst having the flexibility to capitalize quickly on new opportunities as they arise.” Lancashire’s operating earnings per diluted share was 23 cents for the fourth-quarter, which was flat compared to the same period in 2015. For the full year it was 71 cents, down from 87 cents in 2015. The company’s ceded reinsurance premiums increased by $15.8 million, or 9.9 per cent, during the year as Lancashire and its Lloyd’s member Cathedral Underwriting, bought more reinsurance limit. They added new layers, attaching at lower loss levels for around the same outlay, according to the company report. Elaine Whelan, group chief financial officer, said: “Our outlook for 2017 is for a continuation of current market trends. At 1 January we have once again been able to further reduce our exposure levels with additional reinsurance purchases, and our risk levels are lower now than at any other point in our history. We are therefore carrying a bit more of a capital buffer than we typically would, which gives us the ability to take advantage of any opportunities that may materialize this year.” Within the Lancashire group are Bermuda-based Lancashire Insurance Company and Kinesis Capital Management, together with Lancashire Insurance Company (UK), and Cathedral Underwriting Ltd.

2016. November 4. Insurer and reinsurer Bermuda-based Lancashire yesterday posted pre-tax profits of $42.9 million. The figure is $10 million up on the same period last year. Gross premiums written dropped $12.2 million to $108.2 million quarter on quarter between last year and this. And earnings per share rose four cents to $1.21 per diluted share in the third quarter. Alex Maloney, group CEO, said: “The group’s results for the third quarter have once again been strong. Our return on equity of 3.1 per cent for the quarter and 10.5 per cent for the year to date demonstrate our ability to deliver excellent results throughout the insurance cycle and during challenging market conditions. These results are a tribute to the quality of our people throughout the group and an illustration of the fruits of disciplined underwriting and prudent risk selection.” Mr Maloney added that Hurricane Matthew, which devastated parts of the Caribbean, particularly Haiti, before striking Florida, Georgia and the Carolinas, fell outside the financial reporting period. But he said: “However, as an insured event affecting the US, the level of insured damage was less than it might have been in other circumstances. Matthew is an attritional loss for the insurance sector as a whole, certainly not of a size to constitute the market-moving event which sooner or later will occur. However, it is a timely reminder of the volatility and unpredictability of loss events in our industry and will contribute to the further erosion of margins and profitability across the sector.” Elaine Whelan, Lancashire chief financial officer, added: “Our outlook for 2017 is a continuation of current market trends. However, we expect to be able to maintain our core book and consequently operate at a similar capital level to this year. We are therefore returning approximately $150 million of capital via a special dividend. That represents $121.7 million of comprehensive income for the year to date. We have now returned $2.7 billion, or 104.9 per cent of total comprehensive income, since inception.”

2016. July 27. Lancashire Holdings made after-tax profits of $31.5 million for the second quarter of the year — down $7.4 million on the same quarter last year. Gross premiums written for the period totaled $199.8 million, an increase of $20.5 million on the $179.3 million recorded for the second quarter of 2015. Alex Maloney, group chief executive officer of the Bermudian-domiciled company with its head office in London, said: “Our return on equity of 3.2 per cent for the second quarter and 7.1 per cent for the half-year represent an excellent result achieved during challenging times. “I have previously talked about our commitment to maintain a strong core book of business serving the needs of our valued clients and their brokers, whilst also bringing down overall risk levels in line with our view of the underwriting opportunities. These results are clear evidence that our stated model is working.” Diluted earnings per share totaled 16 cents for the quarter, compared to 19 cents for the second quarter of 2015, while total investment return was 0.9 per cent. Mr Maloney said: “At a time when premium rates and insurance policy terms and conditions are under pressure, our model has helped not only to deliver the underwriting service which is expected of us but also to insulate our balance sheet against a string of small to medium-sized natural catastrophe and specialty market losses. We are starting to see evidence of the insurance industry sustaining a series of net losses during the first half of 2016. Against this background, it is reassuring to note that Lancashire’s reinsurance purchasing strategy has enabled the group to reduce our net liabilities by about $20 million when compared to the reinsurance programme purchased in 2015. On the investment side, the return of 0.9 per cent for the quarter is a strong return, proving our strategy remains appropriate for our business. Our conservative approach to our investments allows us to maintain our focus on the fundamentals of good underwriting and risk management.” Total investment return, including net investment income, net other investment income, net realized gains and losses, impairments and net changes in unrealized gains and losses was a gain of $17 million for the second quarter, compared to a lost of $0.3 million for the same period in 2015.

2016. May 5. Lancashire Holdings saw its profit almost halved to $28.3 million in the first quarter. However, the company kept its combined ratio steady at 72.7 per cent, only a fraction higher than the same period last year. Price reductions on renewals in January and April were evident in all classes, but particularly the energy sector where renewal prices were 86 per cent of those achieved in the first three months of 2015. Elaine Whelan, the group’s chief financial officer, said the price reductions “were broadly in line with our expectations on both the inwards and the outwards books” She added: “Although the market continues to be challenging, we remain well able to maintain our core portfolio. However, absent a market-changing event, there is no reason to believe pricing will improve in the near term, and it is therefore more likely that we’ll return capital than retain it later in the year.” Lancashire Holdings’s gross premiums written were $230.8 million for the quarter, down from $244.3 million. The group’s profit after tax dipped $25.4 million, while its net operating profit dropped to $32.4 million from $52.1 million. Alex Maloney, chief executive officer, referred to the group’s return on equity of 3.8 per cent as “strong”. He added: “I am pleased that we have managed to defend our core book of business, with premium income at a similar level to a year ago. In what remains a very tough underwriting environment, brokers are looking for quality of service and security and are increasingly tiering the insurance market on that basis. Whether in Bermuda, London or at Lloyd’s, our Group platforms are valued for their ability to provide excellent client service in those lines in which we specialize, and we are fortunately seeing opportunities not only to maintain but also to build our participation on some of our core books of business. This has helped insulate our business from some of the chillier blasts faced by the smaller following markets.” Lancashire’s total investment return, including internal foreign exchange hedges, was 0.7 per cent for the quarter, compares with 1 per cent a year ago. Within the Lancashire group are Bermudian-based Lancashire Insurance Company and Kinesis Capital Management, together with Lancashire Insurance Company (UK), and Lloyd’s member Cathedral Underwriting Limited.

Lancashire Insurance Company

10/28/2005. A very profitable Bermuda-incorporated and domiciled international insurance company. Part of Lancashire Holdings.

Lancashire Insurance Company (UK) 10/19/2006
Lancaster Aircraft Leasing Limited Partnership 12/6/2013
Lancaster Foundation 2/24/2011
Lancaster Insurance Co 6/30/1975
Lancaster International 5/23/1977
Lancaster Leasing 12/11/2013
Lancaster Ltd 9/16/1991
Lancelot Partners GP 3/18/2004
Langbar International Investment company. Has been under investigation in the UK since 2005. Previously known as Crown Corp.
Langhorne Re Bermuda 2019. January 25. Marvin Pestcoe has been appointed executive chairman and chief executive officer of Langhorne Re Bermuda. Langhorne Re was launched in January 2018 by Reinsurance Group of America, Incorporated (RGA) and RenaissanceRe Holdings Ltd. The company targets large in-force life and annuity blocks. In his more than 30 years of experience in the insurance industry, Mr Pestcoe has had a broad range of executive roles including leadership positions in profit centre management, investments, corporate strategy, data analysis, and risk management. In his new role, he will be responsible for leading Langhorne Re’s strategy and operations. Most recently, Mr Pestcoe was chief risk and actuarial officer at PartnerRe and served on the company’s executive committee. Before that, he held a number of senior management positions at PartnerRe, including CEO Life and Health, chief investment officer, and head of strategic ventures, and he represented the company as a director on multiple independent boards. Mr Pestcoe is a fellow of the Casualty Actuarial Society and a member of the American Academy of Actuaries. Langhorne Re has a website at langhornere.com.

2018. January 11. Bermuda-based reinsurer RenaissanceRe is teaming up with Reinsurance Group of America to launch a new life reinsurer. Langhorne Re, which will be based in Bermuda, is backed by $780 million of initial capital committed by RenRe and RGA, as well as third-party investors. The new reinsurer will target large in-force life and annuity blocks globally. “RenaissanceRe’s experience with managing third-party capital and sophisticated risk management combined with RGA’s experience in the life market make this a very attractive partnership,” said Aditya Dutt, president, Renaissance Underwriting Managers Ltd. “As a result, we expect both clients and policyholders will benefit from our long-term approach and track record of capital stewardship. Langhorne Re will combine a strong, long-term capital base with underwriting and third-party capital management support from RGA and RenaissanceRe “to purchase large in-force life and annuity blocks, allowing clients to de-risk and optimize their capital management. Scott Cochran, executive vice-president, corporate development and acquisitions, at RGA, said: “Powered by the complementary and industry-leading capabilities of RGA and RenaissanceRe, Langhorne Re is uniquely positioned to provide competitive and flexible solutions that expand RGA’s existing client offerings.” Barclays acted as financial adviser and Sidley Austin LLP as legal adviser for Langhorne Re.

Lawrie (Bermuda)

A Bermuda-based exempt company owned by UK investment firm Camellia Plc. It has invested heavily in Bermuda stocks. In 2013 it boosted its stake in Bermuda insurance company BF&M in a massive share transfer worth around $17 million. Now holds more than 861,000 shares in the firm — nearly 35 percent of the company. BF&M has an exemption to the 60/40 rule, which was designed to ensure majority Bermudian ownership of local companies.

Laureate Digital Securities  2018. September 14. A fintech start-up that wants to bring the power of blockchain technology to the asset-management industry has chosen Bermuda as its home. Laureate Digital Securities intends to enable the “tokenisation” of investment funds to create greater liquidity and access for new investors, as well as bringing greater efficiency to fund administration. While others in the industry also see the potential for blockchain-based disruption, Laureate Digital believes it has solved one of the key practical challenges through its “institutional-quality” platform for the trading of digitalized investment fund securities, or tokens. This, it argues can “build a bridge” between blockchain and the traditional asset-management industry. In an interview, Nicole Biernat, president and chief operating officer of Laureate Digital, said this year’s legislation that created a legal and regulatory framework for initial coin offerings and digital-asset business was a major factor in the company’s decision to base its headquarters in Bermuda. “There has been a lot of regulatory uncertainty about token offerings,” Ms Biernat said. “But the ICO legislation created by the Ministry of Finance and the Bermuda Monetary Authority brings the certainty necessary to create an institutional-quality product.” Ms Biernat views Bermuda as the leading jurisdiction for the confluence of blockchain and the asset-management industry. Martin Wörner, the company’s chief technology officer, explained the efficiency benefits of blockchain. “At Laureate Digital, we strongly believe that the days of paper-based subscription forms and confirmation letters from administrators will come to an end, and secondary market trading in blockchain-based securitised funds will be the norm,” Mr Wörner said. The securitisation of investment funds on a blockchain has great potential benefits for alternative asset managers and investors alike, Ms Biernat said. “For investors in asset classes like real estate and private equity, the big downside has always been that the money is locked up for seven, ten or 15 years,” Ms Biernat said. "If the fund is tokenized and can be traded, then it gives institutional investors liquidity and allows them to easily rebalance their portfolio, and it gives investors access to asset classes that they may not have invested in before.” A blockchain is a digitized, decentralized public ledger of transactions. Best known as the accounting basis of cryptocurrencies like bitcoin, blockchain is today appearing in a variety of commercial applications. Given that it creates an indelible record that cannot be changed, enormous potential is seen for blockchain technology applications in business that involve a lot of paperwork and verification processes, such as shipping and banking. Ms Biernat believes blockchain will “revolutionise” the asset-management industry, particularly in terms of efficiency of administration and auditing functions, greater liquidity and the diversification of funds’ client bases. Laureate’s founder and chief executive officer is Lawrence Newhook and like COO Ms Biernat, he has more than 20 years’ experience as an asset management professional. The pair have the same C-suite roles at Laureate’s sister company Alpha Innovations, an asset manager. Laureate and Alpha share an office in New York, on Madison Avenue. Ms Biernat will relocate to Bermuda to lead the island operation, based at 41 Cedar Avenue, Hamilton. She said all her discussions with different parties on the island over the past year had convinced her that the island recognized and embraced the potential of blockchain. “The BDA [Bermuda Business Development Agency] have been phenomenal in introducing us to exactly the businesses and people we should be speaking with, like auditors, fund administrators — even the real estate people to find our offices,” Ms Biernat said. “They could not have been more helpful. We’ve also met twice with the BMA. To have had that opportunity to explain what we want to do and to answer their questions was beneficial for us and for Bermuda. The island has all the different pieces for blockchain and asset management, so it was a no-brainer for us to domicile in Bermuda.” Sean Moran, interim CEO of the BDA, said: “We’re particularly excited that such an innovative company has chosen Bermuda as its global headquarters at a time when we are building a world-class platform for digital asset businesses. Laureate Digital is the first start-up to merge asset management and blockchain technology in this way, and it signals an evolution for the funds industry.”

For more information about Laureate Digital Securities, visit laureate.io.

Lauritzen Kosan A/S  
Lazard Completed move to Bermuda from New York in 2005, some operations moved earlier.
Lazard Debt Recovery Fund 9/28/2001. See below
Lazard Debt Recovery Master Account LP 9/28/2001. See below
Lazard EM Currency Income Fund 5/19/2011. See below
Lazard EM Currency Income Master Fund 9/30/2013. See below
Lazard EM Currency Income Master Fund LP 6/8/2011. See below
Lazard Emerging Income Master 9/30/2013. See below
Lazard Emerging Income Plus 11/22/2006. See below
Lazard Emerging Income Ltd 3/26/2004. See below
Lazard European Discovery Master Fund LP 9/21/2005. See below
Lazard European Explorer Master Fund LP 12/28/2001. See below
Lazard European Explorer 4/12/2004. See below
Lazard European Opportunities 5/13/1998. See below
Lazard Global Classic Value Long/Short Master Fund LP 3/26/2009. See below
Lazard Global Classic Value Long/Short 3/23/2009. See below
Lazard Global Hexagon Fund 3/2/2010. See below
Lazard Global Hexagon Master Fund LP 3/23/2010. See below
Lazard Global Opportunities Master Fund LP 12/27/2001. See below
Lazard Global Opportunities 9/20/1995. See below
Lazard Ltd

Multi-billion dollar Wall Street investment bank, Bermuda-incorporated and domiciled with many local subsidiaries as shown above and below but not offering banking service in the Bermuda market. Said to be one of the few investment banks to emerge from the sub-prime mortgage meltdown unscathed. Founded as a dry goods business in New Orleans in 1847, it ranks seventh among financial advisers for announced mergers and acquisitions globally in 2009, behind larger Wall Street companies Morgan Stanley, Goldman Sachs Group Inc., Citigroup Inc. and JP Morgan Chase & Co. Operates mostly in New York, London and Paris. Lazard has 2,300 employees worldwide and approximately $143.6 billion in assets under management. Now the largest independent merger-advisory firm. Derives about half its revenue from advising on mergers and restructurings. 2014 CEO is Kenneth Jacobs.  

2016. February 3. NEW YORK (Bloomberg) — Lazard Ltd, the investment bank domiciled in Bermuda, said fourth-quarter profit fell 8.1 per cent as currency fluctuations and market turmoil pushed asset-management and financial-advisory revenue lower. Earnings beat analysts’ estimates. Net income dropped to $158 million, or $1.18 a share, from $172 million, or $1.29, a year earlier, Lazard said yesterday in a statement. Earnings adjusted for one-time items were 92 cents a share, compared with the 87-cent estimate of 11 analysts surveyed by Bloomberg. Lazard, which derives about half its revenue from overseeing funds, said assets under management slipped 5 per cent last year to $186 billion as of December 31. The investment bank was also the No 7 merger adviser last year as the volume of deals climbed to a record globally, according to data compiled by Bloomberg. That fuelled the firm’s highest-ever operating revenue for that business. “Asset management, it really is reflective of the lower AUM and turmoil in the markets more than anything else,” chief executive officer Ken Jacobs said in an interview. “We’ve already seen some dramatic moves in currency and valuations. So hopefully we’ve seen the worst of that.” More than a fifth of Lazard’s assets under management were allocated to emerging-markets equity as of the end of September, according to the firm’s website. The MSCI Emerging Markets Index has tumbled 22 per cent in the past 12 months. Lazard dropped 20 per cent this year through Monday, adding to the 10 per cent decline in 2015. For the full year, Lazard had record operating revenue of $2.38 billion, and its highest-ever net income of $480 million, or $3.60 per share, on an adjusted basis. Lazard advised on six of the ten largest deals last year, Jacobs said. Just one of those transactions have been completed, he said. The firm worked with Anheuser-Busch InBev SA on its more than $100 billion agreement to buy SABMiller Plc and Royal Dutch Shell Plc’s on its deal to purchase BG Group Plc. Operating revenue for financial advisory slipped 7.8 per cent to $331 million in the fourth quarter, while asset-management fees declined 8.1 per cent to $261 million.

2015. October 23. NEW YORK (Bloomberg) — Shares of Bermuda-based Lazard Ltd, the largest independent mergers-and-acquisitions adviser by market value, shot up yesterday after it reported third-quarter profit that beat analysts’ estimates as fees from advising on M&A climbed. Net income rose to $399 million, or $2.99 a share, from $89 million, or 67 cents, a year earlier, the firm said yesterday in a statement. Earnings adjusted for one-time items were 93 cents a share, surpassing the 90-cent estimate of 11 analysts surveyed by Bloomberg. After the morning announcement, Lazard shares rose 5.3 per cent to close on $47.66 in New York. Lazard ranks seventh among merger advisers this year, a market that’s on pace to reach a record globally. The firm’s restructuring work may pick up if companies have a harder time finding access to financing amid market volatility, according to Devin Ryan, an analyst at JMP Securities. Lazard also derives about half its revenue from asset management, and may have been hurt by the 6.9 percent decline in the Standard & Poor’s 500 Index in the third quarter. “The current momentum has been quite strong, and Lazard’s backlog has been building at a pace we haven’t seen since the financial crisis,” Ryan said by phone before earnings were released. “There’s still some questions around whether the volatility that we saw in the middle and late summer will reverberate or have any impact on activity levels moving forward.”

Lazard Offshore Recovery LP 9/28/2001
Lazard Pacific & Emerging Opportunities Master Fund LP 4/12/2002
Lazard Pacific & Emerging Opportunities  4/5/2002
Lazard Rathmore Fund 4/25/2007
Lazard Rathmore Master Fund LP 5/1/2007
Lazard Technology Opportunities Master Fund LP 12/28/2001
Lazard Technology Opportunities 10/25/2000
Lazard UK Opportunities Master Fund LP 8/15/2003
Lazard UK Opportunities 8/4/2003
Lazard US Market Neutral Fund (Leveraged) 9/23/2002
Lazard US Market Neutral Fund 12/21/2001
Lazard US Market Neutral Master Fund (Leveraged) LP 10/3/2002
Lazard US Market Neutral Master Fund LP 12/28/2001
Lazard World Alternative Value Fund 2/28/2006
Lazard World Alternative Value Master Fund LP 3/27/2006
Lazard Worldwide Opportunities Master Fund LP 12/28/2001
Lazard Worldwide Opportunities  8/13/2001
Leadenhall Capital Partners LLP 2019. August 16. Ben Adolph has moved to the Bermuda office of Leadenhall Capital Partners LLP. Leadenhall is a London-headquartered insurance and reinsurance-linked investment manager. Mr Adolph’s transfer from the London office will give Leadenhall’s a senior presence on the island, the organisation said. Mr Adolph, managing partner and head of non-life portfolio management, has worked for Leadenhall since 2013. He said: “This exciting development for Leadenhall will help advance a more complete coverage of the market by generating additional contact points with Leadenhall’s strategic counterparties in the major insurance-linked and reinsurance hubs, but it does not signal a shift away from Leadenhall’s current investment-sourcing channels which it will continue to develop further.” The transfer was reported on cat bond, insurance-linked securities and alternative reinsurance capital website, Artemis. The ILS manager has around $5.5 billion of reinsurance-linked assets under management. It has offices in London, Bermuda and the United States, Artemis reported, but also benefits thanks to its joint venture with MS Amlin that provides it a presence in the major reinsurance hubs including London, Bermuda, Zurich, Singapore, the US and Japan.
Leeds Company 1/17/1973
Leeds Insurance Company 7/8/1963
Leeds Management GP1 4/3/1997
Leeds Management  7/3/1987. Front Street, Hamilton. A Bermuda-based hedge fund administrator. Established 1993 to provide administrative and accounting services to hedge funds. A division of the Dundee Bank, a subsidiary of Canadian asset management public company Dundee Bancorp Inc, it provides extensive domestic - in Canada - and international wealth management and financial services. 
Leeds Management (G.P-1) 6/27/1995
Leeds Securities 8/18/1989
Legacy Capital c/o Leeds Management
Legal and General Reinsurance (L&G Re) The global reinsurance hub of the Legal & General Group. Specializes in the reinsurance of annuity, longevity and mortality risks by providing bespoke solutions to meet the risk and capital management needs of clients. The Legal & General Group, established in 1836, is one of the UK’s leading financial services companies. It is one of Europe’s largest asset managers and a major global investor, with assets under management of £984.8bn* (as at 30 June 2018). Listed on the London Stock Exchange since 1979 and sit within the FTSE 100. Legal & General offers a range of de-risking solutions, which includes buyout, buy-in, longevity insurance and liability-driven investment (LDI), to pension schemes of all sizes. Legal & General has expertise in investment management, all aspects of defined benefit provision as well as an in-depth understanding of mortality trends and longevity risk.  Also owns shopping malls in the UK such as Eastbourne's The Beacon (Arndale until December 2018). For more information visit the Group website at legalandgeneralgroup.com. L&G Re is based in Bermuda and engages with clients located in strategic territories across the globe. Licensed by the Bermuda Monetary Authority and with credit ratings of A+ from both Standard & Poor’s and Fitch. Has a strong balance sheet with £6.2 billion ($8.3 billion) of assets under management at 31 December 2017. Active members of Bermuda International Long-Term Insurers and Reinsurers (BILTIR). BILTIR was created to serve as a formal association representing the long-term insurers and reinsurers in Bermuda. The primary focus of BILTIR is to act as an advocate for Bermuda’s life and annuity industry for public policy that supports the industry marketplace. 

2020. January 23. Opinion. By Thomas Olunloyo, chief executive of Bermuda-based Legal & General Reinsurance, the global reinsurance hub of the L&G Group, a multinational financial services company. "Harry S. Truman, the US president between 1945 and 1953, once said: “It is amazing what you can accomplish if you do not care who gets the credit.” Too often we are focused on who is solving a problem and who gets the credit. The global climate crisis is too big a challenge for any one organisation, government or agency to solve. Addressing it by accelerating investment in renewable energy sources is something that can be achieved only through large-scale global collaboration. In Bermuda, this collaboration must stretch across the entire community — from property owners to legislators, from solar installers to Belco, and from the Regulatory Authority of Bermuda to, importantly, the private sector. We all have a role to play and success will depend on how effectively we collaborate. To be most effective, this collaboration should be focused on three crucial areas: funding, deployment and education. It will require an estimated $400 million to $500 million to achieve the renewable energy goals for Bermuda. While this may seem a daunting figure, global investments in renewable energy infrastructure projects in 2018 reached $289 billion, far exceeding investments in new fossil-fuel power projects. The private sector has proved it can embrace the principles of inclusive capitalism to generate broad-based and sustainable prosperity. It is Bermuda’s turn to benefit. We need to create opportunities for businesses to provide the capital required to accelerate this change in a framework that allows them to achieve their target returns. This can be in the form of joint ventures or clean-energy funds. Belco’s ongoing work to modernise its electricity network to accept clean renewable energy must continue and be supported. Private-sector funding can be used in part to support the development of the necessary infrastructure. This has been done in several jurisdictions and Bermuda can leverage that success for its benefit. The next steps in the IRP implementation include conducting pre-feasibility studies. Experienced companies can, and should, contribute both expertise and investment to bridge the gaps to ensure these are carried out quickly, effectively and, ultimately, successfully. This would be instrumental in deducting years and expenses from the IRP’s implementation process by providing solutions that have been already comprehensively investigated and tested elsewhere. While offshore wind projects can be developed once the appropriate feasibility studies have been completed, Bermuda should leverage existing technology and expertise to scale up solar. This will have the effect of increasing employment and reducing energy costs right away. The acceleration of solar deployment will require the right framework so that tens of thousands of residential, commercial and institutional property owners view solar as a sensible, low-risk investment that is as normal and as necessary in Bermuda as regular roof maintenance. We are in need of a people-powered, solar revolution. Private-sector funders must unlock access to financing by collaborating more closely with solar installers. This could include funding solar-financing products provided directly by solar installers, or local financial institutions could offer financing with fast-application processes and flexible approaches on collateral. Both solar and wind have reached technological maturity and the track records from countries where they have been deployed at scale demonstrate that they are an efficient, reliable and cost-effective solution to meet long-term energy needs. However, an element of uncertainty still exists concerning renewable energy in Bermuda. Therefore, it is important to demystify solar through education-outreach initiatives to ensure that the island can benefit from the newest developments in renewable-energy technology. Education will also open job opportunities and allow Bermudians to participate in one of the fastest-growing sectors in the world. Through collaboration, we can empower both businesses and consumers to become the change agents Bermuda needs to achieve greater energy security, reduce energy costs, create jobs and build a stronger economy."

2019. October 25. The home affairs minister has held discussions with potential investors in renewable energy projects. Walter Roban met top staff from reinsurance firm Legal & General Re to “discuss investment opportunities that could help Bermuda achieve future renewable energy goals”. The meeting on Tuesday included Thomas Olunloyo, the CEO of Bermuda-based Legal & General Re, and Laura Mason, the London-based CEO of Legal & General Retirement, Institutional. Mr Roban said: “I am pleased to have met with Mr Olunloyo and Ms Mason to discuss the best path of investment and partnership between this ministry and Legal & General regarding renewable energy projects. L&G has a breadth of experience in the renewables sector having invested over $1 billion worldwide in renewable energy companies and technology, and we look forward to exploring what can be done in Bermuda.” The minister said the partnership was in line with sustainability programmes such as the solar technology rebate programme, the LED Exchange initiative, the solar photovoltaic installation at the “Finger” at the airport, and work with green energy experts from the Rocky Mountain Institute. Mr Roban added: “The time to embrace new approaches towards achieving more energy independence while creating jobs and greater equity in the community is now.”

2016. August 16. Bermuda-based Legal & General Reinsurance is taking an active role in helping young Bermudians learn about and potentially establish a career in the insurance sector. It is doing so through a combination of scholarship, internship and graduate recruitment opportunities. Thomas Olunloyo, chief executive officer, knows from experience the value of helping others by supporting them through mentorship and scholarships. He took a similar path as he moved into the sector, firstly with Deloitte and then MetLife Assurance Ltd, before his move to Bermuda with Legal & General Re. He is keen for Bermudians to have opportunities to enter the insurance and reinsurance industry, and he involves himself in achieving those goals. He said it is part of the ethos of the Legal & General group, a British multinational financial services company with a 182-year history. “As a company we have this philosophy of inclusive capitalism. It’s part of the fabric of our organisation,” Mr Olunloyo said. One aspect of that is to help bring forward the next generation into the fold through educational and work opportunities. Legal & General Re has been in Bermuda for five years, with Mr Olunloyo part of the team from the beginning. He was previously chief actuary and chief investment officer before becoming CEO a year ago. In the past 12 months the scholarship, internship and graduate recruitment opportunities have been put in place. In partnership with the Association of Bermuda International Companies, Legal & General Re is assisting with the scholarship of Asia Atienza, who is about to begin studies in actuarial sciences at the University of Kent, in the UK. Mr Olunloyo is also acting as a mentor for Ms Atienza. In addition, the company provides opportunities for a Bermudian college student to be an intern. It does this by providing a placement for one of Bermuda International Long Term Insurers and Reinsurers’ internship recipients. This summer it was Nicolas Araujo. “We hope that they will do the internship and then become a graduate to start an actuarial career,” said Mr Olunloyo. The ultimate stage is the graduate recruitment programme, which aims to bring Bermudians into the company. Sinaé Smith will join Legal & General Re next month, having achieved first-class honours at the University of Leicester, in the UK. She studied actuarial science and maths. Mr Olunloyo said he knows the value of being assisted along the path to a career through mentoring and graduate programmes. He explained it was what gave him the chance to progress. “It’s a great foundation,” he said. He believes companies that want to make a difference by helping others have to show real commitment. “It can’t just be words. I believe that when talent meets opportunity — that’s when society is at its best.” He said Legal & General Re, which has offices on Par-la-Ville Road, wants to get the message out that Bermudians can come in and learn about the sector and its opportunities. Mr Olunloyo said: “I invite young Bermudians to learn more about what we do and to feel comfortable to come in and talk to us and ask questions.” Anyone interested in doing so should e-mail bdecosta@landg.bm, or call 249-2270.

Legal & General SAC  Since late 2015, a Class C entity. A wholly owned subsidiary of L&G Re, offering a risk transfer vehicle that allows pension schemes access to third party reinsurance.
Lehman Brothers European Mezzanine 2002 Associates LP 10/8/2003. Clarendon House, 2 Church Street, Hamilton HM 11.
Lehman Brothers European Mezzanine 2002 LP 10/21/2003. As above
Lehman Brothers European Mezzanine Associates 2003 7/2/2003. As  above
Lehman Brothers European Mezzanine Associates 2003 LP 7/14/2003. As above
Lehman Brothers European Mezzanine Capital Partners A LP 8/16/2004. As above
Lehman Brothers European Mezzanine Capital Partners B LP 8/16/2004. As above
Lehman Brothers European Venture Capital Associates LP 4/24/2001. As above
Lehman Brothers European Venture Capital LP 4/24/2001. As above
Lehman Brothers Executive Offshore Diversfied Private Equity Fund 200 7/2/2004. As above
Lehman Brothers Offshore Communications Associates 11/15/1999. As above
Lehman Brothers Offshore Communications Associates LP 9/14/2000. As above
Lehman Brothers Offshore Communications Fund LP 12/20/1999. As above
Lehman Brothers Offshore Communications Fund LP 1/17/2014. As above.
Lehman Brothers Offshore Communications Partners LP 1/17/2014. As above
Lehman Brothers Offshore Communications Partners LP 12/20/1999. As above
Lehman Brothers Offshore Diversified Private Equity Fund 2004 LP 6/16/2004. As above
Lehman Brothers Offshore DPEF Holdings 2004 LP. 8/16/2014. As above
Lehman Brothers Offshore Investment Partners II LP 7/17/1997. As above
Lehman Brothers Offshore Investment Partnership - Japan LP 3/3/1989. As above
Lehman Brothers Offshore Investment Partnership LP 3/3/1989. As above
Lehman Brothers Offshore Partners II 7/9/1997. As above
Lehman Brothers Offshore Partners 12/13/1998. As above
Lehman Brothers Offshore Partnership Account 2000/2001 LP 8/22/2000. As above
Lehman Brothers Offshore Partnership GP/2000/2001 LP 8/22/2000. As above
Lehman Brothers Offshore Real Estate Associates II Ltd 11/16/2004. As above
Lehman Brothers Offshore Real Estate Associates II LP 11/1/2005. As above
Lehman Brothers Offshore Real Estate Associates  9/8/2000. As above.
Lehman Brothers Offshore Real Estate Associates  LP 9/14/2000. As above
Leo Re 2016. December 23. Special Purpose insurer. Leo Re Ltd has issued $200 million of Class A participating notes, with a due date of March 2021. The nature of Leo Re and its securities is not known, however the listing sponsor is Clarien BSX Services Ltd. There could be a connection with Leo CA Ray, a prominent US asset management firm with its main office registered in Dublin.
Leucadia National Formed in the late 1970s from distressed Talcott National. Wineries, real estate, insurance and copper mines. Headquartered in Park Avenue South, New York. On May 14, 2002 the corporation  voted to re-incorporate in Bermuda, for huge tax savings. It is a financial services holding company engaged in banking, lending and insurance.
Lexington Green P. O. Box HM 1179, Hamilton HM EX. Arranges leases and sales of US manufactured property to be used predominantly outside USA.
Liberty International Underwriters  
Liberty Mutual Management (Bermuda) 2018. March 1. Liberty Mutual has reorganized its operations — including its Bermuda-based insurer Ironshore — to better address the needs of brokers and clients. According to Mitch Blaser, who will assume the title of vice-chairman of Ironshore Bermuda, the changes will only benefit the island-based part of the business. Under Liberty’s restructuring, its newly formed Global Risk Solutions will be divided into four segments, one of which is Liberty Special Markets, which will operate the group’s specialty business outside the US and Canada — including Ironshore Bermuda and Ironshore’s Pembroke Syndicate 4000 in the Lloyd’s of London market. LSM will bring together Liberty’s and Ironshore’s specialty operations in Bermuda, South America, the Asia-Pacific region and Europe under a single management team in London. The other three segments of GRS are National Insurance, including US large commercial lines and middle-market business, North America Specialty, the US and Canada specialty business including Ironshore’s North American components, and Global Surety, which includes surety business worldwide. Ironshore’s management team of Steve Horton, the Iron-Starr CEO, Susan Pateras, the Bermuda chief operating officer, and Ian Smith the Bermuda property CEO, will report to Ironshore veteran Mark Wheeler, who has taken on the position of president of international markets, with responsibility for co-ordinating LSM’s international business outside the UK. Mr Blaser, formerly CEO of Ironshore Bermuda, will assume the role of chief transformation officer of GRS, with responsibility for co-ordinating “operational excellence” efforts across the group. He will report to Dennis Langwell, president of GRS. Mr Blaser said the changes were effectively “moving around puzzle pieces” to better serve clients and brokers. “Ironshore Bermuda is not really changing, but the reporting line will now be to Mark Wheeler,” Mr Blaser said. “I’ll retain a Bermuda role as the vice-chairman. Everything will be intact, it’s not a case of being merged into something. So the starting point is that you are where you were yesterday, except the reporting line has changed. They get the added benefit of what Mark brings to the table from these other operations, which could bring business they haven’t seen before. It’s all additive. It’s not as if we’re taking anything anywhere else, we’re just bringing more in.” An added bonus for Bermuda has been the island’s popularity as a venue for Liberty Mutual meetings, as an alternative to New York or Boston. “You’re less likely to get snowed in and the airfares to Bermuda are the same or less than some of those shuttle flights,” Mr Blaser said. Ironshore Bermuda employs about 60 staff and operates from offices at 141 Front Street. Mr Blaser expressed confidence in Mr Wheeler who, he said, had built the Pembroke syndicate into a strong business. “Ironshore Bermuda has been a highly profitable and innovative platform and under Mark’s leadership, I’m confident that we will continue to drive new product development and expansion,” he added. Mr Wheeler said: “I am excited to work more closely with the strong and talented teams we have in Bermuda. Combining our international specialty businesses creates a segment with over $1 billion of premium and helps us better meet the needs of brokers and clients by seamlessly providing a wide array of specialty products across the globe.” In his role as GRS chief transformation officer, Mr Blaser said his focus would be “how we work together across the platforms and the geographies to make sure that we present the best operational excellence and support to our brokers and clients”. Efficiency and communication with the market were key aspects, he added. “The business that comes into Bermuda is largely from the US, but we also have business coming in from the UK, the Caribbean and the Asia-Pacific. All that business will still come to Bermuda, as well as other business we may attract as part of Liberty Mutual. A big feature of this new company structure is the cross-selling opportunity to clients who are Liberty Mutual but have not been with Ironshore. So it could bring more business to Bermuda and we have already started to see that.” Liberty Mutual’s large balance sheet — the sixth biggest in the industry — and strong ratings were additional attractions for clients, Mr Blaser said. As part of Liberty, Ironshore Bermuda is a US taxpayer and so is seeing no negative impact from the US Tax Cuts and Jobs Act. So what’s the advantage of having an operation in Bermuda at all? First, Bermuda is a vibrant marketplace and you have to be where your brokers and clients need you to be,” Mr Blaser said. “Bermuda is the third-biggest insurance marketplace in the world, so we certainly want to be here. The second reason is that Ironshore has got a successful, 11-year track record here, and we’ve built a great underwriting team. We’ve developed a lot of Bermudian talent and that’s part of our culture here on the island. The third reason is that Bermuda is a great market for innovation and speed to market and has a strong regulatory environment. So it’s a place where you can be creative and develop new products that are additive to the Liberty Mutual global business. The package of those three things give us a great laboratory for development that we want to continue to build on.” Aside from his full-time job, Mr Blaser serves as a member of the Bermuda Government’s Tax Reform Commission.

2017. May 4. Like a prize in a game of pass the parcel, Ironshore Inc switched hands this week for the second time in two years. But it is all good, according to Mitch Blaser, chief executive officer of Ironshore Bermuda. “It is fantastic news for Ironshore overall,” he said, a day after it was announced that Liberty Mutual Insurance’s $3 billion acquisition of Ironshore has been completed. “The fact that Liberty Mutual has confidence in our brand and our operations to integrate their US operations into ours — that was a very strong vote of confidence in the strength of our brand and our business model,” said Mr Mitch. He was referring to Liberty Mutual’s decision to combine its existing Liberty International Underwriters US business and Ironshore’s US specialty lines business under the Ironshore brand. “Clearly the retention of the Ironshore brand is another favorable aspect to our operations in the US, Bermuda and internationally.” He is not alone in his positive outlook for Ironshore under Liberty Mutual’s ownership. Ratings services have also weighed in. On Tuesday, AM Best removed Ironshore from “under review” and affirmed its “A” rating, while Moody’s lifted a number of its ratings of Ironshore segments to “A2”. Two years ago Ironshore was bought by Shanghai-based Fosun International. The global investment group then opted to sell the insurer last December to Liberty Mutual as it offloaded assets to “enhance” its financial flexibility. When asked if another change of ownership in such a short period of time was unsettling, Mr Blaser said: “We’ve been very fortunate because Fosun was a fantastic owner. They bought us with the idea to build the franchise and have us run as an independent entity, so the impact on our people was minimal post-acquisition. Now we have been fortunate again to have a company with the breadth and depth of Liberty Mutual buy us with the intention of keeping the brand intact and building on our franchise. From a business standpoint, and an underwriting standpoint, we’ve been very fortunate and the disruption as a result has been minimal. Our people are very enthusiastic about this latest change in ownership, and very motivated to grow the company.” Ironshore, which has offices in 34 countries, was formed in 2006 in the wake of the catastrophic losses caused by Hurricanes Katrina, Rita and Wilma. In Bermuda it has offices on Front Street. There have been no announced changes to the company’s operations on the island as a result of the acquisition. Mr Blaser sees opportunities to strengthen Ironshore’s operations in Bermuda and globally. “It provides us with the platform with a very strong parent company, and balance sheet, to continue to expand our operations and build out the specialty businesses of Ironshore as part of Liberty Mutual, which will bode well for our Bermuda operations.” He said Ironshore Bermuda will see opportunities to cross-sell to Liberty Mutual’s client base. Mr Blaser, who is also COO of Ironshore Inc, added: “In addition, as of today we are globally a US company with so many of our clients and client-base emanating out of the US. From a Bermuda standpoint the closure of this deal provides for a growth platform in terms of the strength of our balance sheet, the strength of our ratings, access to the client base of Liberty Mutual and the strength of the resources that Liberty Mutual brings to Ironshore Bermuda and the rest of Ironshore.” The combination of Ironshore and Liberty Mutual has created a global specialty business with about $6.5 billion in net written premiums. When asked if he thought mergers and acquisitions in the insurance and reinsurance sector would continue, with companies morphing into larger entities, Mr Blaser said: “Yes, it will continue. I don’t know if this is the beginning or the middle, it’s certainly not the end. It’s very difficult for businesses in our industry to survive without the scale of resources and a strong balance sheet behind them. This type of consolidation has been evident in the reinsurance space probably for over five years. Now you are seeing it in the insurance space as well.” He said that when capacity is widely available and it becomes difficult for a company to differentiate itself from competitors, then having a strong financial rating and balance sheet are increasingly important factors for clients and brokers deciding where to place business. “Those advantages and those resources help differentiate yourself with the customer and are the most important features today. That will force more consolidation.” Ironshore is the official insurer of America’s Cup defender Oracle Team USA. Looking ahead to the competition, which starts at the end of this month, Mr Blaser said: “We are very much plugged into and excited about the potential of the America’s Cup for Bermuda, not only as a sponsor, but to support it in any way possible.”

2016. December 23. Liberty Mutual Insurance announced the creation of its new Limestone Capital Markets platform, listed on the Bermuda Stock Exchange.

Liberty Special Markets 2019. August 28. Nicholas Garside has been promoted to head of Bermuda property at Liberty Specialty Markets, which is part of Liberty Mutual Insurance Group. He takes on the role on Monday, and reports to Steve Horton, president, Liberty Specialty Markets Bermuda. Mr Horton said: “Nick is an exceptionally capable executive who’s amassed considerable experience in both the Bermudian and international property markets. His skills and in-depth knowledge will be of tremendous value.” Mr Garside joined Ironshore Bermuda as senior vice-president of property last year, prior to its rebrand to Liberty Specialty Markets. During his 15-year career in insurance, he worked for Novae Bermuda as deputy head of direct and facultative property. He also brokered property risks for Willis in London, Sydney and Bermuda.
Limestone Re Late 2016. Bermuda-domiciled Special Purpose Insurer segregated account company. In December 2016 it  listed $72 million of Class A participating voting notes, and a further $13 million of Class A participating non-voting notes, on the Bermuda Stock Exchange. Both sets of notes are due in August 2021.

2019. July 2. US insurer Liberty Mutual has utilized its Bermuda-based special purpose insurer Limestone Re Ltd to raise $240 million of new reinsurance capacity. The company said in a press release that the transaction was comprised of $135 million of Bermuda Stock Exchange listed 2019-2 notes issued by Limestone Re and the remainder of the capacity provided via private placements. James Slaughter, executive vice-president and chief underwriting officer of Liberty Mutual’s Global Risk Solutions strategic business unit, said: “This result reaffirms the quality of risk which insurance-linked securities investors can access via Limestone Re. “Third-party capital will continue to be a growing presence in the re/insurance market, and the Limestone Re platform remains an integral component of Liberty Mutual’s strategy for accessing this capital.” Arno Gartzke, vice-president and director of ILS, Liberty Mutual, the transaction successfully replaced the expiring Limestone Re 2018-1 placement and had an overall lower target size due to a revised portfolio composition. “The continued support from our key capital markets partners enabled a successful placement despite a challenging ILS market, and provides a robust foundation for the Limestone Re platform going forward,” Mr Gartzke said. “The strong performance of previous Limestone Re placements relative to the broader ILS market through 2017 and 2018 is reflected in this solid base of support.” Liberty Mutual has underwriting operations in Bermuda, having acquired Ironshore two years ago.

2018. June 29. June 29. Bermuda-based Limestone Re Ltd is providing nearly $700 million of capacity to US insurance giant Liberty Mutual. Limestone this week announced an issuance of $278 million in notes purchased by insurance-linked securities investors — the latest in a series of transactions for the segregated account company. Liberty, which owns Bermuda-based insurer Ironshore, said the private placement transaction would provide collateralized reinsurance for Liberty’s US property catastrophe programme, as well as its US homeowners and global property reinsurance risk. “Reinsurance through the Limestone Re platform forms an integral component of Liberty Mutual’s long-term strategy for accessing third-party capital,” James Slaughter, senior vice-president and chief underwriting officer of Liberty Mutual’s Global Risk Solutions strategic business unit, said. “Liberty Mutual is able to leverage our global distribution platform to provide, through reinsurance with the Limestone Re platform, insurance-linked securities (ILS) investors diversified pools of risk while concurrently bringing investors as close as possible to the underlying insurance risks. This latest transaction brings the total Limestone reinsurance collateralized capacity placed with ILS investors to nearly $700 million, demonstrating our commitment to the ILS market.” Investors positively responded to the Limestone Re offering, according to Matthew Moore, president, Liberty Specialty Markets, Liberty Mutual. “We’re pleased with the overwhelmingly positive market reception and look to continue to broaden our partnerships with ILS investors through future transactions,” Mr Moore said.

Linmark Group C/o Codan Services Ltd
Lion II Re 2017. June 28. Lion II Re has listed securities valued at 200 million euros ($227 million) on the Bermuda Stock Exchange. The principal at-risk variable rate notes will become due in July 2021.The catastrophe bond is said to be sponsored by Italian insurer Assicurazioni Generali, and provides the company with reinsurance protection against windstorms and flooding in Europe, and earthquakes in Italy.
Lombard Odier Darier Hentsch (Bermuda) P. O. Box HM 2271, Hamilton HM JX. Fax 299-8796.
Lombard Odier International Trust Company (Bermuda) P. O. Box HM 2271, Hamilton HM JX. A member of the Lombard Odier Group with head office in Geneva. Fax 299-8796
London American Managers Insurance agent
Lone Star Advisors International

John Grayken

Since 12/7/2001 in Bermuda. Lone Star Funds, an American private equity firm was founded by John Grayken in 1995. It invests in distressed assets in the USA, Canada and internationally. Lone Star’s investors include corporate and public pension funds, sovereign wealth funds, university endowments, foundations, fund of funds and high-net-worth individuals. Grayken also owns Hudson Advisors. Since then, its many Bermuda-incorporated and other companies have organized numerous funds with aggregate capital commitments totaling over $52 billion. In addition to its Bermuda-incorporated entities, Lone Star Funds has affiliate offices in North America, Europe and Japan.

Lone Star Asia-Pacific 12/12/2001
Lone Star Europe Acquisitions 7/6/2007
Lone Star Europe Holdings (Bermuda) LP 9/22/2008
Lone Star Europe Holdings 8/22/2008
Lone Star Europe Holdings LP 9/15/2008
Lone Star Fund II (Bermuda) LP 8/21/1998
Lone Star Fund III (Bermuda) LP 5/31/2000
Lone Star Fund IV (Bermuda) LP 4/30/2001
Lone Star Fund V (Bermuda) LP 8/10/2004
Lone Star Fund VI (Bermuda) LP 12/7/2007
Lone Star Fund VII (Bermuda) LP 7/14/2009
Lone Star Fund VIII (Bermuda) LP 1/17/2013
Lone Star Fund IX Parallel (Bermuda) LP 6/3/2014
Lone Star Fund IX (Bermuda) LP 1/9/2014
Lone Star Global Acquisitions 8/25/1998
Lone Star Global Holdings II 7/14/2011
Lone Star Global Holdings III 4/17/2002
Lone Star Global Holdings III IV 5/20/2014
Lone Star Global Holdings Ltd 11/13/2002
Lone Star Global Lendings II 7/14/2011
Lone Star Global Lendings III 11/12/2013
Lone Star Insurance Company 9/1/1993
Lone Star Investment Holdings 12/18/2007
Lone Star Management Co II 8/10/1998
Lone Star Management Co III 4/26/2000
Lone Star Management Co IV 4/23/2001
Lone Star Management Co V 8/22/2003
Lone Star Management Co VI 9/7/2007
Lone Star Management Co VII 8/6/2012
Lone Star Management Co VIII 8/6/2012
Lone Star Management Co IX 12/11/2013
Lone Star Management Co X 11/6/2014
Lone Star Partners II LP 8/21/1998
Lone Star Partners III LP 5/10/2000
Lone Star Partners IV LP 4/30/2001
Lone Star Partners V LP 10/3/2003
Lone Star Partners VI LP 12/21/2007
Lone Star Partners VII LP 4/6/2009
Lone Star Partners VIII LP 9/7/2012
Lone Star Partners IX LP 12/30/2013
Lone Star Partners LP 1/13/1996
Lone Star Real Estate Fund II (Bermuda) LP 7/14/2009
Lone Star Real Estate Fund III (Bermuda) LP 6/27/2013
Lone Star Real Estate Fund (Bermuda) LP 11/7/2007
Lone Star Real Estate Holdings 12/8/2007
Lone Star Real Estate Partners II LP 4/6/2009
Lone Star Real Estate Partners III LP 5/29/2013
Lone Star Real Estate Partners LP 11/21/2007
Lone Star Residential Mortgage Management Co I 8/18/2014
Lone Star R. E. Management Co II 1/9/2009
Lone Star R. E. Management Co III 5/8/2013
Lone Star  R. E. Management Co IV 11/6/2014
Lone Star  R. E. Management Co 9/25/2007
Lone Star Sea Foods (International) 9/29/2010
Lone Star Securities 5/6/1999
Lone Star US Investments (IF) LP 10/6/2008
Lone Star US Thrift Management Co 6/15/2010
Lone Star US Thrift Partners LP 7/12/2010
Lone Tree Holdings 12/8/2006
Lone Tree Insurance Group 7/17/2006
Lonemore 4/29/2014
Longtail Aviation 2019. April 27. Bermuda-based charter jet operator Longtail Aviation has sold a majority stake to a group of investors led by aviation industry veteran Fabian Bello. Mr Bello is the chief executive officer of Journey Aviation in Boca Raton, Florida. The infusion of capital from the acquisition will help Longtail to grow and “to offer the world a viable, first-world aircraft management solution with no passenger seat or maximum weight restrictions”, the company said. “My partners and I believe our investment will propel Longtail to the next level, and make them the ‘go-to’ operator of choice for large passenger and/or cargo planes,” Mr Bello said. “We can take on anything from a Boeing 737 or Lineage 1000 to an Airbus 330 or a 747-800 cargo aircraft.” With the acquisition, Mr Bello will serve as chairman of the board of the entities that own Longtail Aviation, while longtime CEO and accountable manager Marty Amick will continue in those roles. The terms of the transaction were not disclosed. Longtail’s history goes back to 1999 when Mark Byrne, the former chairman of Flagstone Re and a fully licensed pilot, set up Island Aviation. In 2004, the company rebranded as Longtail Aviation and received its Bermuda air operator certificate from the Bermuda Department of Civil Aviation. Longtail remains the only holder of a Bermuda AOC, which means it is the only company with the direct authority to operate charter flights with Bermuda-registered aircraft. The company operates out of a 70,000 square-foot hangar at LF Wade International Airport. “Through this acquisition led by Mr Bello, Longtail is now positioned to accommodate any customer, anywhere in the world from their strategic Bermuda location, and establish first-world operations in areas that have traditionally been underutilized,” Longtail stated. Longtail has operated aircraft ranging in size from turboprops and light jets to Boeing Business Jets, and was the first non-US carrier to achieve the ARG/US Platinum rating, an international charter operator’s safety standard. Aircraft from many countries are registered in Bermuda. The island’s registry includes 125 private aircraft and 625 commercial aircraft, according to the Bermuda Government website. “An aircraft which is being registered in Bermuda and added to our AOC does not need to come to Bermuda for its airworthiness inspection,” Martin Amick, Longtail’s CEO, said. “We believe that this new acquisition and partnership coupled with Mr Bello’s proven track record in aircraft management and his extensive contacts and friends within the industry, will enable Longtail to achieve new levels of success, market penetration and customer service.” Longtail added that with the growing globalization of businesses and overall strength of the economy, Mr Bello has identified opportunities to help satisfy the demand for additional aircraft and routes in cargo transport, as well as private aviation. Mr Bello is founding member of Journey Aviation, one of the world’s top Gulfstream operators. The company manages and charters more than 15 aircraft in the US. Under his leadership, the company has grown since inception in January 2014 to exceed $150 million in total revenue within its first five years in business. Mr Bello’s background includes having served in positions including executive vice-president and CEO of an international division as well as CEO of other related aviation companies that operated in the Middle East, Africa and Asia. Mr Bello is also known for managing the introduction of Deer Jet’s BBJ and ACJ fleet into the Middle East. For Mr Bello, his involvement in Longtail represents a personal journey that has taken him full circle. “Life is very interesting,” Bello stated. “I became known in the market while successfully operating in BBJ/ACJ world almost a decade ago. To have the opportunity to acquire an entity that I started working with and learnt from back then, is truly remarkable. It shows that if you focus and consistently do the right thing, at some point, you’ll not only be recognized, but rewarded for it.” For more information on Journey Aviation, visit journeyflight.com

2017. April 12. A founder of this company has died in Canada. Mark Byrne, who also founded Flagstone Re, died in Montreal last Thursday. He was 55. Mr Byrne was involved in the island’s insurance and reinsurance business as an owner, investor and board member for many years. Mr Byrne, originally from County Wexford, Ireland, was a qualified jet pilot and flew his own private plane around the world. He also headed Bermuda Government’s Education Board for a short time in 2009, standing down after six months due to what he said was a “a lack of political will” to improve the system. In 1993 he became chairman of Haverford, a holding company for insurance interests in Bermuda and internationally. Mr Byrne also set up Longtail Aviation in 1999. A self-confessed aviation fanatic, who started out learning how to fly gliders at age of 13, Mr Byrne said in 2008: “I love to fly whenever I get the chance. I fly helicopters, light planes, gliders, everything.” Longtail Aviation has offices in Martigny, Switzerland, and Halifax, Nova Scotia, as well as its headquarters at the Longtail Hangar in Southside, St David’s. Mr Byrne is survived by his wife Rebecca, four children, Sophie, Jacqueline, Matthew and Christopher, as well as his mother, Dorothy Byrne and brothers John and Patrick.

Loral Licensing Ltd  
Loral Space & Communications Moved from New York to Bermuda in 1996.

C/o Appleby, Spurling & Hunter.  The No. 3 US satellite maker, exited bankruptcy recently after shedding almost $3 billion in debt.

Lorraine Grace Trust 1847 Trustee is Bank of Butterfield
Lorenz Re 2013.
LRG PP (Ber) LP Formed by Lehman Brothers Offshore Real Estate Associates II
LSF4 Global Management C/o Conyers Dill & Pearman
LSF IVB Korea 1 LP C/o Conyers Dill & Pearman, by Lone Star Partners IV LP
LSF IVB Korea II LP C/o Conyers Dill & Pearman, by Lone Star Partners IV LP
Lunar PPP (Ber) LP Formed by Lehman Brothers Offshore Real Estate Associates II
Lung Kee (Bermuda) Holdings C/o Codan Services Ltd
Luk Fook Holdings International Bank of Bermuda is registrar and transfer agent


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