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Bermuda's International and Local Companies and Limited Partnerships, M to Z

Many offshore entities incorporated here have world interests

line drawing

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

Bermuda-incorporated Companies M to Z


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.

M-Core 12/20/2012
M-Cube Technology Company 6/21/2000
M-Image Communications 10/14/2003
M-M Two Master Trading Company 9/18/1991
MC Insurance 10/11/1984
M Channel Corporation 5/8/2000
M Communications 4/25/1997
M Dream Inworld Limited Cont 1/9/2014
M Fifty Eight 3/31/1997
M Fifty Eight (Bermuda) 2/26/2004
M Financial Bermuda 11/18/2009
M Financial Global Services 3/15/2010
M G Aerospace 12/5/1988
M Investments II 12/13/1995
M Investments 12/21/1994
M L International 4/28/1971
M Lending 5/14/1999
M M & K International 4/21/1993
M Private Trust 11/26/2012
M Q Services 5/22/1992
M&B International 11/15/1994
M&B Money Management Company 6/20/1979
M&D Inc Cayman Islands 10/14/1993
M&G Holdings 9/9/1981
M&G Services 12/1/1989
M&H 10/25/1974
M&K Investments 8/12/1976
M&M Construction 7/6/2000
M&M Depot 3/11/2010
M&M Excavation 10/13/2004
M&M International 6/10/1982
M&M Maintenance 9/8/2005
M&M Pools 10/10/2008
M1 Aircraft Dash 8-4017 3/3/2014
M1 International 7/4/2002
M2 Entertainment 5/8/2002
M2 2/6/1997
M3 Wireless 8/12/1996
M3Com1 10/21/2008
M3Com2 10/8/1999
M3Com 10/8/1999
M51 6/5/2014
MAAC Holdings (Bermuda) 5/20/2011
Mabuhay Space Holdings 9/2/1977
Mac Financial 7/2/2009
Mac Istabraq 18A 7/6/2004
Mac (Bermuda) 5/11/1989
Macabee 2/13/1979
Macadamia 2/16/1993
Macassa Capital (Bermuda) Limited Partnership I 6/26/2000
Macassa Capital (Bermuda) Limited Partnership II 3/26/2001
Macaulay McAllister Holdings 2/19/1987
Macaw Capital Partners 4/30/2002
Macbeth Distributors 8/9/1985
MACC Group 8/2/1994
MACDE 11/1/1985
Mace Management 3/16/1989
MacFarlane, Annette B 8/4/1981
Machado (Bermuda) 9/24/1980
Machine Leasing 4/22/1992
Machine Tool Assurance 5/14/1976
MacIntire, Penny 8/5/2008
Mack Global Fund 9/16/1998
Mack Trucks Worldwide 11/16/1962
Mackay Shields CSA Fund 4/9/1998
Mackay Shields Defensive Bond Arbitrage Fund 4/9/1998
Macquarie Absolute Return Strategies Global 4/26/2001. Australia's largest investment bank,
Macquarie Advanced Investment International. 6/5/2008
Macquarie Advanced Investment 6/5/2008
Macquarie Aerospace 3/29/2010
Macquarie Airfinance Acquisitions Holdings 1/21/2008
Macquarie Airfinance Acquisitions  12/21/2007
Macquarie Airfinance International Group 10/22/2007
Macquarie Airfinance International 8/22/2007
Macquarie Airfinance  9/22/2006
Macquarie Airfinance Securitization 10/10/2007
Macquarie Airfinance Warehouse (No 1) 9/13/2007
Macquarie Asia Property Advisers 1/25/2002
Macquarie Asia Real Estate 8/9/2005
Macquarie Atlas Roads International 12/15/2009
Macquarie Bermuda Investments 10/20/2008
Macquarie Capital Alliance International 4/27/2005
Macquarie Capital Alliance International (2) 4/29/2005
Macquarie Capital Alliance International (3) 7/5/2005
Macquarie China Logistics Fund 2/13/2015
Macquarie China Retail Company 1 9/11/2008
Macquarie China Retail Company  2 10/10/2014
Macquarie Commodities Fund 5/11/2004
Macquarie Crop Partners Feeder LP 6/1/2010
Macquarie Crop Partners GP, LLC 8/28/2012
Macquarie Equinox 4/26/2001
Macquarie FX Feeder Fund 4/6/2001
Macquarie Global Active Currency Fund 12/22/2003
Macquarie Global Infrastructure Bermuda 7/8/2002
Macquarie Green Bermudian Holdings 7/8/2005
Macquarie Infrastructure Philippines 7/12/2012
Macquarie Infrastructure Private Trustee Company 8/29/2000
Macquarie Infrastructure Reinsurance Company 2/26/2008
Macquarie International Broadcast Holdings 11/9/2007
Macquarie International China Holdings 7/26/2007
Macquarie International Infrastructure Fund 1/7/2005
Macquarie International Infrastructure Holding 10/13/2005
Macquarie Investment Management (Bermuda) 2/14/2008
Macquarie 10/18/1983
Macquarie Lion Energy 2/27/2008
Macquarie Offshore Funds 4/6/2001
Macquarie Offshore Funds No 2 4/26/2001
Macquarie Offshore Master Fund 4/26/2001
Macquarie Renewables 10/6/2004
Macquarie RG Investments 10/20/2005
Macquarie SBI Infrastructure 3/28/2008
Macquarie SBI Infrastructure Trustee 5/21/2008
Macquarie Special Situations Executive Fund 2/14/2008
Macquarie Special Situations Founder 3/7/2008
Macquarie Special Situations Fund 11/8/2007
Macquarie Special Situations 4/8/2014
Macquarie Special Situations Master Fund 11/8/2007
Macquarie Specialised Asset Management (Bermuda) 12/8/2006
Macquarie Storage Holdings 7/5/2005
Macquarie Treasury Management 8/29/2000
Macro Fund (The) 7/21/1998
MACS Holdings 4/8/2005
MacSaver Insurance Company 3/21/1994
MacStay Aircraft Leasing 11/17/2010
MacSteel Jet Services 6/1/2007
Mactras (Bermuda) 9/3/1968
Mad-Jack Holdings 4/16/1992
Mad Hatters 6/19/2006
Madagascar Oil 1/25/2006
Madbrow Investments 1/15/1975
Maddydell Mezzanine Leasing 1/18/2008
Madebras International 1/13/1982
Maersk Central America and Caribbean 11/5/1970. Maersk Line, of Copenhagen, Denmark, is the largest global shipping container company in the world. It has many companies registered in Bermuda including the following under its own name:
Maersk Jupiter Drilling Corporation SA 4/13/1994
Maersk Line (Amalgamated) 9/2/1984
Maersk Logistics South America 6/12/1998
Maersk Offshore (Bermuda) 3/4/1997
Maersk South America 3/12/1998
Maersk Tankers (Bermuda) 9/23/1997
Maersk West and Central Asia 10/24/1989
Magician Industries (Holdings)  C/o Codan Services Ltd
Magna Absolute Return Fund 12/10/2008
Magna Carta Insurance 4/5/1978
Magna Carta Life Insurance 12/17/2001
Magna Carta Life Insurance Ltd 11/19/2001
Magna Carta Life Insurance  12/17/2001
Magna Foundation (The) 5/11/2006
Magna Holdings International 7/17/2006. Chaired by Lord Charles Powell, it constructed the new 50-storey“Gaddafi Tower” in Tripoli, from funds beneficially owned from allegedly stolen oil revenues by the now-notorious Gaddafi family of Libya. It had already rebuilt one five-star hotel in the Libyan capital, with another due for completion. The Daily Telegraph newspaper in the UK stated one of the major financial backers of Magna Holdings is Wafic Said, a controversial billionaire who has homes in Britain. Mr Said was a middleman in the controversial BAE deal to sell armaments to Saudi Arabia.
Magna Holdings 6/23/2004
Magna International 7/6/1978
Magna Management International 5/5/2006
Magna Petrochemicals 7/19/2004
Magna Re 6/25/1997
Maiden Holdings 2019. March 17. Maiden Holdings has reported a net loss of $269.2 million, or $3.25 per common share, for the fourth quarter. That marks the sixth loss in the past seven quarters for the Bermuda-based company. The amount is more than double the $133.6 million loss the company reported in the corresponding period in 2017. For the full year, net loss jumped from $199.1 million in 2017, to $570.3 million. Lawrence Metz, president and chief executive officer of Maiden, said 2018 had been an extremely difficult year for shareholders and employees. He also said: “With our recently announced revised LPT/ADC [loss portfolio transfer/adverse development cover] transaction with Enstar, we believe we are nearing the end of our strategic review process.” He said there has been continued decisive action since the third-quarter report, with the completion of the sale of Maiden’s US reinsurance business to Enstar, mutually agreeing with AmTrust to first amend and then terminate Maiden’s quota share reinsurance contracts effective January 1, completing the sale of some European subsidiaries and entering the aforementioned new agreement with Enstar. Mr Metz said: “We look forward to now taking the necessary steps to enhance our business and create lasting shareholder value.” Patrick Haveron, chief financial officer and chief operating officer, said that since September 1, 2018, the company had taken a series of strategic measures that have “de-risked our balance sheet, improved liquidity, significantly strengthened our capital position relative to regulatory requirements, and cured our breach of the Bermuda Enhanced Capital Requirement. Looking ahead, we have also reduced our annual total operating expenses by more than $50 million, and look to improve on that to reflect the significant changes in our business during 2018 and 2019. The new LPT/ADC with Enstar will further solidify the progress we have made by protecting our reserves while retaining more assets for investment. Maiden enters 2019 with a stronger balance sheet and we expect to further improve our solvency ratios as we look to rebuild shareholder value and begin repositioning our business for the future.” On March 1, Maiden terminated the master agreement it had with Enstar Group Limited and simultaneously signed a new agreement. In a statement, Maiden said: the new agreement was “pursuant to which an Enstar subsidiary will assume liabilities for loss reserves as of December 31, 2018, associated with the quota share reinsurance agreements between the company’s wholly-owned subsidiary Maiden Reinsurance Ltd and AmTrust Financial Services Inc, or its subsidiaries in excess of a $2.44 billion retention up to $675 million”. It added: “The $2.44 billion retention will be subject to adjustment for paid losses since December 31, 2018. The new MTA [agreement] and associated reinsurance agreement will provide Maiden Bermuda with $175 million in adverse development cover over its carried AmTrust reserves at December 31. The transaction is subject to regulatory approvals and other closing conditions.”

2019. February 13. Bermuda-based reinsurer Maiden Holdings is facing a class-action lawsuit which alleges that it made “misleading statements” about its business. Several law firms yesterday posted press releases to persuade investors who had lost money from the sharp fall in Maiden’s share price over the past year to join the suit. The firms aim to recover damages through the courts for buyers of Maiden shares under US securities laws. The suit focuses on Maiden’s reinsurance of its AmTrust portfolio and states that it failed to ensure that this business was properly priced and that it did not expose Maiden to the risk of excessive losses. The suit, which was filed in the US District Court for the District of New Jersey, on Monday, names Michael Wigglesworth as the plaintiff and Maiden Holdings Ltd, as well as former executives Arturo Raschbaum, Karen Schmitt and John Marshalek as defendants. The action is on behalf of all purchasers of Maiden common stock between March 4, 2014 and November 9, 2018, seeking to pursue remedies under the Securities Exchange Act 1934. Maiden’s share price has fallen more than 80 per cent over the past year and the company has reported five losses in the past six quarters. Maiden did not respond to a request for comment by press time last night.

2018. December 28. Enstar Group Ltd has completed its acquisition of a US subsidiary of fellow Bermuda-based company Maiden Holdings Ltd. Enstar, a company that specializes in acquiring and managing companies and portfolios in run-off, said last night it paid out $272.4 million to buy Maiden Reinsurance North America, Inc. Maiden Re North America is a diversified insurance company, domiciled in Missouri, that provides property and casualty treaty reinsurance, casualty facultative reinsurance and accident and health treaty reinsurance. As previously disclosed, the transaction included novation and retrocession agreements pursuant to which the company’s subsidiary, Cavello Bay Reinsurance Ltd, assumed certain Maiden Re business in exchange for a ceding commission. The $272.4 million represents the adjusted purchase price less the ceding commission. At closing, Enstar assumed approximately $1.3 billion of net loss and loss adjustment expense reserves and unearned premium reserves. Enstar is a market leader in completing legacy acquisitions, having acquired over 80 companies and portfolios since its formation in 2001. Enstar’s active underwriting businesses include the StarStone group of companies, an A- rated global specialty insurance group with multiple global underwriting platforms, and the Atrium group of companies, which manage and underwrite specialist insurance and reinsurance business for Lloyd’s Syndicate 609. Enstar Group shares gained $2.34, or 1.46 per cent on the Nasdaq Stock Exchange yesterday, while Maiden Holdings rose four cents, or 2.7 per cent, to close on $1.52.

2018. November 13. Shares of Bermuda-based reinsurer Maiden Holdings plummeted 31.8 per cent yesterday, after the company announced a hefty third-quarter loss when analysts had forecast a profit. The company also continued its ongoing restructuring by striking a loss portfolio transfer deal with fellow Bermuda-based company Enstar Group. Maiden’s shares fell $1.12 to $2.41 on New York’s Nasdaq Stock Exchange after it announced a net loss of $308.8 million. The operating loss was $235.1 million, or $2.83 per share, compared to analysts’ consensus expectation of an 18 cents per share operating profit. Maiden’s combined ratio was 150.7 per cent, meaning that it paid out about $1.50 in claims and expenses for every $1 of premium it took in. Under the deal with Enstar, which specializes in acquiring and managing businesses and portfolios in run-off, Enstar will assume loss reserves of approximately $2.675 billion associated with Maiden Re’s quota share reinsurance contracts with AmTrust Financial Services. The retrocession will apply to losses arising and claims made on or prior to June 30, 2018; loss reserves assumed will be subject to adjustment for paid losses since such date. The transaction is subject to regulatory approvals and other closing conditions. In August, Maiden agreed to sell subsidiary Maiden Reinsurance North America to Enstar for $307.5 million. This year, Maiden has also sold its US casualty facultative reinsurance team to Sompo International and struck a renewal rights agreement with Transatlantic Re for net proceeds of $7.5 million. Lawrence Metz, Maiden’s chief executive officer, said: “While there is still work to do, we believe that much has been accomplished, and we remain committed to completing our strategic review process and to taking the actions necessary to further enhance value to all our shareholders.” Patrick Haveron, Maiden’s chief financial officer, said: “During the third quarter, we also took the opportunity to materially strengthen our carried loss reserves and position Maiden for profitable future results. Our announcement today with Enstar brings additional certainty and finality to the steps we have taken. Upon completion of all of the strategic transactions announced since August, Maiden’s capital position will be dramatically stronger. He added: “We anticipate an improved outlook for Maiden as 2018 heads to its final quarter and into 2019.”

2018. August 31. Maiden Holdings has sold its US reinsurance unit to a subsidiary of fellow Bermuda-based company Enstar Group. Maiden will receive net proceeds of $307.5 million for its Missouri-based subsidiary Maiden Reinsurance North America. Enstar will operate the business in run-off. On Wednesday, Maiden announced it had sold the business’s reinsurance renewal rights to Transatlantic Re, which was also taking on the unit’s underwriting team. “Today’s announcement of the sale of MRNA represents another step in our continuing strategic review. This transaction will broaden our ability to manage and allocate capital as we move forward, and will create value for our shareholders,” Lawrence Metz, Maiden’s chief executive officer designate, said. The transaction is expected to close in the fourth quarter of this year. Enstar will assume approximately $1.3 billion of net loss and loss adjustment expense reserves and unearned premium reserves from Maiden’s US Diversified business upon closing. As part of the transaction, an Enstar subsidiary will novate and assume certain reinsurance agreements from Maiden’s Bermuda reinsurer, including certain reinsurance agreements with MRNA. Patrick Haveron, Maiden’s chief financial officer and chief operating officer designate, said: “Today’s announcement along with our previously announced renewal rights transaction will further enhance our capital position. We are moving immediately to improve profitability by implementing additional operational efficiencies and expense reductions through the end of 2018, and we expect to provide further updates as we move forward.” Maiden’s shares were trading down 1.3 per cent at $3.90 at 2.51pm Bermuda time today, while Enstar’s shares were down 0.7 per cent at $212.25.

2018. August 30. Maiden Holdings Ltd has sold the renewal rights for its US treaty reinsurance business to American reinsurer Transatlantic Re. The Bermuda-based reinsurer said it was also in advanced talks to sell its US subsidiary Maiden Reinsurance North America. Maiden, whose head office is in Ideation House on Pitts Bay Road, has been undergoing a strategic review of operations in recent months. “The transaction, which has now closed, does not include any of the Bermuda underwriting elements of Maiden’s portfolio including its AmTrust Business or its International Insurance Services and Capital Solutions businesses in Europe, which forms the significant majority of Maiden’s existing business and will remain as part of its ongoing business,” the company stated. Maiden added that the sale of the renewal rights “begins the process of simplifying Maiden’s operations”. The company said anticipated restructuring and related expense reductions are expected to improve its business performance and profitability, as well as significantly reducing the amount of capital that Maiden needs for its operations. As part of the transaction, TransRe said it was taking on a team from Maiden Reinsurance North America, including Tom Highet, previously the company’s president, as well as underwriters, actuaries and claims personnel. The team will operate from new offices in Mt Laurel, New Jersey. Mr Highet, who was with Maiden Re and its predecessor GMAC Re for 30 years, has been appointed executive vice-president. TransRe said the renewal rights focused on regional property and casualty, accident and health, and personal auto insurers. Maiden added that it is “in advanced discussions regarding the sale of its wholly-owned subsidiary, Maiden Reinsurance North America, Inc to a third party”. The transaction would cover about $1.1 billion of loss and loss-adjustment expense reserves as of June 30, 2018. Earlier this month, the company’s shares fell more than 40 per cent in a single day, after Maiden announced an unexpected second-quarter loss and the retirement of its longstanding chief executive officer Art Raschbaum. Lawrence Metz, who succeeded Mr Raschbaum as CEO, said: “The announcement of this transaction represents an important step in Maiden’s continuing strategic review process and we believe this transaction will increase our financial flexibility, improve our operating efficiency and profitability and broaden our ability to allocate capital to future strategies, which in turn will create value for our shareholders. We are deeply grateful to the Maiden team for their continued efforts in this challenging environment and, prospectively, we will coordinate closely with clients to ensure a smooth transition.” Maiden’s shares closed at $3.95, down by ten cents or 2.5 per cent, in Nasdaq Stock Exchange trading today.

2018. March 1. Maiden Holdings’ chief executive officer acknowledged there is a risk of a ratings downgrade after the Bermuda-based reinsurer posted its fourth net loss in the last five quarters. But Art Raschbaum is hopeful that even if that occurred, clients would remain loyal. The company reported a fourth-quarter 2017 net loss of $133.6 million compared to a net loss of $74.7 million in the same period of 2016. Operating earnings per share for the quarter were negative $1.65, missing the 20 cents earnings expected by analysts tracked by Yahoo Finance. Maiden’s shares plunged 16.7 per cent to $6 yesterday after the results were released on Thursday evening. During yesterday’s conference call with analysts, Matt Carletti, from JMP Securities asked Mr Raschbaum about the likelihood of a downgrade. Maiden has an A (excellent) financial strength rating from AM Best. “Obviously, we’re in constant dialogue with all of our constituencies, rating agencies as well as our regulators. We’re not at liberty to communicate the details of our discussion. I’d say, with the kind of activity we’ve seen, certainly, there’s a risk of a downgrade. I think an important differentiator in our business model is — and we’ve done this since pre-Maiden days — we’ve collateralized the obligation for clients. And they’re collateralized to the full expected ultimate. And so repeatedly, we’ve had many customers that have remained very focused and committed to us because of that collateral. We see no change in that process.” The company had previously been able to grow with an A- rating, he added, though he conceded that a downgrade now would bring with it “noise” and challenges. The main driver of Maiden’s fourth-quarter loss was the performance of the AmTrust Reinsurance segment. Its combined ratio deteriorated to 131.1 per cent in the fourth quarter of 2017 from 108.1 per cent in the same period of 2016. The segment experienced adverse loss development of $139 million due primarily to workers’ compensation and general liability lines of business. Maiden has a multiyear quota share agreement with AmTrust Financial Services, which produced $1.8 billion of the reinsurers net premiums earned in 2016. During the conference call, Mr Raschbaum addressed speculation that Maiden’s major shareholders may have plans to take the company private. “As you know, AmTrust’s founding shareholders recently announced their plans to take the company private,” Mr Raschbaum told analysts. "While there has been speculation from some that Maiden could similarly be acquired by our founding shareholders, we have no such plans currently under way.” For the full year of 2017, Maiden reported a net loss of $199.1 million compared to a net income of $15.2 million in 2016. “While we are disappointed with our results for the fourth quarter, we believe we have taken significant steps to strengthen our reserves for losses which will help to accelerate a return to profitability in 2018 and beyond,” Mr Raschbaum said in a statement. “Our reserve actions in the fourth quarter reflect a more aggressive response to observed development in the quarter and throughout the year on the AmTrust Reinsurance segment as well as our Diversified segment.”

2017. November 8. Shares of Maiden Holdings plunged by more than 20 per cent in after-hours trading after the reinsurer reported a net loss of $63.6 million for the third quarter, driven primarily by a bolstering of loss reserves. The Bermuda-based firm’s net operating loss of 66 cents per share fell short of analysts’ expectations of earnings per share of 9 cents, sparking a sell-off after the results were announced. Maiden’s shares, which had closed regular trading at $8.40, tumbled 16.7 per cent to $7 after hours, having at one point fallen as much as 20.8 per cent. The reinsurer with offices on Front Street, Hamilton, estimated net catastrophe losses of $20 million in the third quarter, but it was the net adverse development on loss reserves of $77.7 million, which had the biggest impact on results. Maiden recorded $61.1 million of net adverse development in the AmTrust reinsurance segment, predominantly in its general liability line of business. In addition, the diversified reinsurance division had to bolster reserves by $7.9 million, related to prior-year losses, while the discontinued excess and surplus lines property business saw $8.7 million of adverse development, mainly emanating from increases in Superstorm Sandy loss reserves. That storm occurred five years ago. Art Raschbaum, Maiden’s chief executive officer, said: “Importantly, we believe that the actions we have taken to address historical loss reserve development while improving underlying business trends will benefit Maiden and our shareholders in the future.” He added the results, despite the losses, showed some favorable trends. “In the quarter we realized improved non-catastrophe operating performance in the US portion of our diversified reinsurance segment,” he said. “Across all of the diversified reinsurance segment we enjoyed strong premium growth. Investment earnings and invested assets continue to grow and operating cash flow was strong." During the quarter, Maiden repurchased just over two million common shares at an average price of $7.11 per share. Book value per share was $11.30 at the end of September, down 6.8 per cent over the first nine months of the year.

2017. August 9. Maiden Holdings Ltd made a loss of $22.4 million, or $0.26 per common share, for the second quarter. That compared to a $30.9 million profit for the same period of 2016. Art Raschbaum, chief executive officer of the Bermuda-based company, said: “The emergence of adverse loss development in both of our key operating segments has impacted our second quarter 2017 results. “We do not believe that the development observed in the quarter is analogous to the trend observed across our portfolio over recent quarters, which specifically emanated from elevated commercial auto liability frequency and severity from the 2011-2014 underwriting years, a phenomenon which has plagued many in the industry.” The net adverse development for the quarter in the AmTrust reinsurance segment was $29.4 million. Mr Raschbaum added: “While the AmTrust reinsurance segment adverse development is relatively modest in the context of the overall historical portfolio assumed, as we have committed to in the past, it is our practice to respond to confirmed adverse development promptly. In response to observed elevated claims activity which we noted in our first-quarter earnings call, Maiden’s audit activity has confirmed claims operational changes in AmTrust’s US small commercial lines business which are believed to have contributed to a portion of the increased emergence in related casualty lines. We have however increased our reserves in these lines in the quarter in response to elevated severity in specific jurisdictions.” There was also adverse development of $25.4 million in the company’s diversified reinsurance segment’s casualty facultative business. Mr Raschbaum said: “Despite the adverse development in the quarter, year-to-date treaty commercial auto which has been the source of significant development over many recent quarters, has been benign, giving us increasing comfort that we have addressed this issue.” He noted that most recent underwriting years continue to perform within expectations, adding: “We did benefit from strong investment income, up 14.7 per cent from the prior year period driven by increased investable assets. Absent adverse development, this will improve both return on equity and operating results in future quarters.” In the second quarter, gross premiums written increased 2.5 per cent to $705.2 million, while gross premiums written in the diversified reinsurance segment were down 14.6 per cent at $140.8 million. The combined ratio for the second quarter rose to 105.8 per cent, from 98.6 per cent a year ago. Book value per common share was $11.65, a decrease of 1.4 per cent compared to the year-end 2016. In June, Maiden redeemed its $100 million 8 per cent senior notes due 2042, and issued $150 million 6.7 per cent non-cumulative preference shares. Before the earnings report was released Maiden’s shares closed at $10.56 in New York, down 45 cents, or 4.09 per cent.

2017. February 28. Maiden Holdings Ltd made a net loss of $74.7 million in the fourth quarter of last year as the company had to bolster reserves for its commercial auto line of business. The Bermuda-based reinsurer said the $120.4 million charge included a provision for adverse development realized during the quarter, as well as “a more conservative view of the ultimate exposures on commercial auto liability through the portfolio”. Maiden, which has offices on Front Street, had announced the charge last week. The net operating loss of $69.7 million, or 81 cents per share, bettered the 98 cents per share loss consensus forecast of analysts tracked by Yahoo Finance. The combined ratio — reflecting the proportion of premium dollars spent on claims and expenses — was 117.4 per cent, compared to 99.9 per cent in the fourth quarter of 2015. The cost of deaths on US roads rocketed 12 per cent in 2016 to around $432 billion and there was a 6 per cent increase in road fatalities last year, on top of a 7 per cent jump in 2015. “Despite the significant challenges presented in the commercial auto business, we reported a modest profit for the year and have continued to grow our business and investible assets while strengthening investment income,” Art Raschbaum, Maiden’s chief executive officer, said. “We remain focused on improving the profitability of our business and believe the fourth quarter reserve charge will help us to stabilize underwriting performance as we enter 2017. Importantly, our 2016 underwriting year expected loss ratios reflect solid profitability. While the market remains competitive, we were able to expand our business in 2016 by leveraging our strong franchise and value-added products and services. We believe our prospects for continued disciplined growth are strong. Additionally, we are in an excellent position to improve our cost of capital, and will explore opportunities to refinance our existing indebtedness in 2017 at an improved rate.” Net income for the year was $15.2 million, or 19 cents per share, compared to $100.1 million, or $1.31 per share, in 2015. Gross premiums rose 6.3 per cent to $2.8 billion during the 12-month period, while the combined ratio for the year was 103.2 per cent, worsening from 99.3 per cent in 2015. Net investment income for the year was $145.9 million, up 11.3 per cent from the $131.1 million recorded in 2015. Book value per share at year end was $12.12 per share, up 3 per cent for the year. Maiden shares closed at $16.50 in Nasdaq Stock Exchange trading last night.

2017. February 16. Maiden Holdings Ltd shares plunged by nearly 10 per cent yesterday after the reinsurer said it was taking a $120 million charge to boost reserves in its commercial auto division. The Bermuda-based company, which has offices at 131 Front Street, is due to report fourth-quarter and full-year earnings on February 27. Despite the charge Maiden said in a statement that it expected to report “a modest level of operating and net income for the full year”. The company’s shares fell by $1.85, or 9.8 per cent, to close on $17 in New York. Art Raschbaum, Maiden’s chief executive officer, said: “For some time, Maiden has experienced adverse development across its historical commercial auto portfolio, primarily emanating from the 2011-2014 underwriting years. “Throughout the industry, commercial auto loss cost severity trends have been rising and we believe it is prudent to address this adverse trend by strengthening the company’s loss reserve position. We believe we have taken appropriate steps to respond to adverse development and believe this reserve strengthening will help to stabilize forward performance and profitability.” Maiden added that it would have generated profitable underwriting results for the year, absent the reserve strengthening measures. The company said it expected no change to be made to its quarterly dividend policy. According to company data, the commercial auto business generated 11 per cent of Maiden’s gross premiums in 2015.

2016. November 2. Maiden Holdings Ltd has reported net income for the third-quarter of $31.8 million. That is up on the $22.5 million recorded for the same period last year. Art Raschbaum, CEO of Maiden, said: “Maiden continued to deliver strong results with a year over year improvement in our combined ratio, double-digit operating return on common equity, increased investment income, continued book growth in book value and disciplined growth from virtually all business activities, despite an increasingly challenging operating environment with intensifying competition, as well as growing loss cost volatility.” He said that the boost came from both existing clients and new business won by the firm. Gross premiums written for the quarter went up 12.5 per cent to $706.9 million, compared to the $628.5 million recorded in the same period last year. Net investment income also went up 8.6 per cent to $35.7 million. The total net operating income also increased, up $4.4 million, to $30.2 million.

Majestic Capital

Bermuda-based, subsidiaries of which offer workers’ compensation insurance in the US. Changed its name from Compensation Risk Managers. Majestic Insurance also provided workers’ comp coverage to employers in Arizona, Nevada, New Jersey and other states. During 2010 it wrote $69 million direct premiums in California.

Mandarin Oriental Hotel Group A member of the Bermuda-registered Jardine Matheson Group, an international hotel investment and management group with luxury hotels, resorts and residences in Asia, Europe and the Americas, including in Hawaii, Hong Kong, Jakarta, Kuala Lumpur, London and Macau. One of the prominent exceptions to the rule that Bermuda international or exempted companies cannot operate in Bermuda. This group once (until 2014) operated Bermuda's Elbow Beach Hotel, among many others.
Mandarin Oriental International  
Magnuss 10/18/2011. Since 2010. 21 Laffan Street, Hamilton, Bermuda. Email info@magnuss.com. Leading maritime shipping technology firm. Named after German physicist Heinrich Gustav Magnus who discovered that a rotating cylinder exposed to a stream of wind generates a force perpendicular to the direction of the wind. Delivers onboard systems tracked from Magnus discoveries that reduce fuel consumption and emissions for many clients owning and operating global shipping fleets.
MAK Capital Fund LP By MAK GP LLC.
Mam 5/19/1997
Man-AHLI Converter 4/14/2000
Man-AP Stratum 7/2/1999
Man-Barnegat Strategies 1/29/2001
Man-Diversified Fund II 6/23/2003
Man-Diversified Funds 9/24/1999
Man-Fidex (Bermuda) 9/29/1999
Man-Glenwood Holdings 1/3/1995
Man-Glenwood Nexus Dollar Trading 9/1/2000
Man-Glenwood Nexus Euro Trading 9/1/2000
Man-Glenwood Nexus Guaranteed 9/1/2000
Man-Glenwood Select Dollar Trading 12/11/2000
Man-Glenwood Select Euro Trading 12/11/2000
Man-Glenwood Select 12/11/2000
Man-Glenwood Select Series B 4/25/2002
Man-Glenwood Select (Series A) 6/5/2001
Man-Glenwood Select (Series A) Trading 6/5/2001
Man-Glenwood TEI Fund 12/11/2000
Man-IP 220 Eur Bonds Trading 5/17/2005
Man-IP 220 Fusion 1/15/1998
Man-IP 220 8/9/1996
Man-IP 220 Plus Bonds 3/28/2000
Man-IP 220 Plus 9/3/1999
Man-IP 220 Plus (Series 2) 1/7/2000
Man-IP 220 Plus (Series 3) 3/30/2001
Man-IP 220 Plus (Series 4) 8/1/2001
Management Solutions A local company that holds the IIP licence for Bermuda and the Caribbean region. The Investors in People (IPP) Standard is an international framework and mark of excellence for people management across 75 countries, enabling organisations to realize improved business results and strategic targets. IIP International announced its sixth-generation Standard in September 2015. 
Mandarin Oriental 2026. January 7. This Bermuda-based hotel firm has bought Boston’s Mandarin Oriental Hotel for $140 million. Mandarin Oriental has managed the hotel on the city’s upmarket Boylston Street since it opened in 2008. But now the company, part of the Bermuda-based Jardine Matheson empire, has bought the freehold and hotel business from CWB Hotel Ltd Partnership. Mandarin Oriental also manages the 85 privately-owned “Residences at Mandarin Oriental” which are linked to the hotel. Mandarin Oriental chief executive Edouard Ettedgui said: “We are delighted to acquire the property that houses our luxury hotel in the heart of Boston.” Mandarin Oriental operates or has under development 47 hotels in 25 countries with a total of 11,000 rooms. It also operates or is developing 17 residential developments connected to its properties.
Man Sang International Represented by Codan Services Ltd.
Manulife International Holdings Appleby Spurling & Hunter
Mapely Steps

HMRC HQ owned by this company

A subsidiary of UK-based Mapely Ltd. In late 2002, the UK Inland Revenue sold Mapely 600 UK properties worth over 100 million pounds sterling, then leased them back. In 2016 England's Sunday Times newspaper revealed that UK Land Registry records seen by it show that one of Her Majesty's Revenue and Customs (HMRC) most prestigious offices in London (see above photo) is owned by this Bermuda-based company set up to legally avoid tax of £170m on the UK government deal referred to above. Custom House, an imposing neo-classical building on the Thames, is owned by Mapeley Steps. The grade I-listed building is among more than 490 UK government offices ultimately owned by companies based in tax havens.

Marcuard Capital (Bermuda) Run by investment banker Han-Joerg Rudloff, deputy chairman of Rosneft until 2013.
Marcuard Holding Chaired by investment banker Han-Joerg Rudloff, deputy chairman of Rosneft until 2013.
Marcuard Services London-based
Marcuard Spectrum Chancery Hall 52 BMU, Hamilton HM 12. Swift code MAUMBMH1
Marine and Aerospace Systems  
Marine Management Services P. O. Box HM 1543, Hamilton HM FX. Hemisphere House, 9 Church Street West, Hamilton HM 11. Phone 292-6622. Fax 292-8555.
March International Holdings  
Marco Polo Pure Asset Management 2015, April 23. The Shanghai stock market is set for a boom after Chinese government reforms, said Aaron Boesky, CEO.  said that investors should look east as China cuts interest rates and pumps money into creating a service economy. He told guests at the Royal Bermuda Yacht Club that the Chinese market was 99 per cent Chinese-owned and investors, with state-limited information, tended to move in packs.  Mr Boesky said over the last few years, a new Chinese administration had raised its interest rate, currently at more than 5 per cent, compared to near zero in the US and Europe, and cleaned up corruption after years of a building boom, but had now signaled interest rate cuts to stimulate service industries. He added: “The new leadership has signaled to the market that they are essentially satisfied with the clean-up and they now want to see the economy go again. The leaders have a vision, which is spot on, that China will reaccelerate a second boom which will be services-driven.”
Markel Catco Investment Management 141 Front Street, Top floor of 10-storey office building. Manages a range of diversified Bermuda insurance and reinsurance-based investments. Listed on the London Stock Exchange's Specialist Fund Market. It raised $80 million from investors, before its shares started trading. Its institutional investors include Henderson Global Investors ($16.1 million), Co-operative Insurance Society ($16.1 million), Baillie Gifford ($8 million) and JP Morgan Asset Management ($6.5 million). CatCo also has substantial financial backing from the Qatari Insurance Company. 

2017. November 28. Markel Catco Investment Management Ltd has raised $543 million of new capital from a share offering. The successful raise follows last month’s raising of $1.8 billion by the Bermudian-based company, which offers collateralized reinsurance products and invests in insurance-linked securities. Tony Belisle, chief executive of Markel Catco, said: “We are delighted with the tremendous support shown by existing and new investors for Markel Catco’s specialized ILS investment opportunity. “The fundraise will ensure the company continues to meet the growing demand from our buyers for our unique reinsurance protections.” The company was hit hard by catastrophes in the third quarter. Last month Markel Catco said its CatCo Reinsurance Opportunities Fund had implemented loss reserves for hurricanes Harvey, Maria and Irma amounting to 20 per cent of the fund’s net asset value. Large industry losses had also “resulted in increased pricing within the retrocessional reinsurance market and, in addition, a requirement by the company for new capital”, Markel Catco said on October 2.

2017. October 30. Bermuda-based Markel CatCo Investment Management Ltd has raised more than $1.8 billion for its private fund from existing and new investors — and next month it intends to raise more new capital. The company with a focus on collateralized reinsurance products was hit hard by catastrophes in the third quarter. Earlier this month, the company announced that its CatCo Reinsurance Opportunities Fund had implemented loss reserves for hurricanes Harvey, Maria and Irma amounting to 20 per cent of the fund’s net asset value. On October 2, CatCo said the hurricanes had “resulted in increased pricing within the retrocessional reinsurance market and, in addition, a requirement by the company for new capital”. And after its successful first wave of raising capital, it intends to publish a prospectus in early November with the aim of closing the fundraise, through a placing of new C shares, by the end of the month. “With over $1.8 billion already raised, this ensures that Markel CatCo can fund all of its January 1, 2018 reinsurance contract renewals as well as a portion of the increased buyer demand from its reinsurance clients,” the company said in a statement today. “The proceeds from the C shares will enable the fund to satisfy the additional buyer demand from existing and new reinsurance clients.” Tony Belisle, chief executive officer of Markel CatCo Investment Management Ltd, said: “The Markel CatCo team is extremely grateful for the tremendous support demonstrated by our investors and, equally importantly, by the buyers of our reinsurance protections and the loyalty they have shown towards our unique product offering. The ability to raise and deploy this significant amount of additional capital is testament to the Markel CatCo team focus on providing both exceptional, long term returns to our investors and, also, the highest levels of service to our reinsurance clients.”

2017. July 27. Financial holding company Markel has bought out a US insurer in a $919 million deal. Markel, based in the US but with this Bermuda subsidiary, is expected to take over State National in the cash transaction by the end of the year. Richard Whitt, Markel’s co-chief executive, said: “We are excited to be joining forces with State National — an industry leader with a talented management team that has delivered exceptional long-term results. “In addition, we are impressed by the cultural fit between our two organisations. Strategically, State National will help us to leverage our Insurtech and digital distribution initiatives, diversify our underwriting and fee based portfolios and revenue streams, and add to Markel’s third party capital capabilities. Combining Markel’s financial strength with State National’s unique business model and proven record of success, we are confident that all stakeholders will be well served moving forward.” State National, based in Texas, will continue under the same leadership and will operate as a separate business unit. Terry Ledbetter, State National’s chairman, said: “After careful and thorough analysis of a range of opportunities, our board of directors determined this transaction with Markel to be in the best interest of State National and our shareholders. We believe the transaction appropriately recognizes the value of State National’s business model, recent growth and future market opportunities as a leading specialty provider of property and casualty insurance services operating in two niche markets throughout the United States, and provides our shareholders with an immediate and attractive cash premium for their investment in State National. We believe this transaction with Markel is good for our employees and clients, as well as our shareholders. Markel recognizes our shared commitment to offering unique, high-quality solutions that simplify the complexities of insurance for clients nationwide. We have long respected Markel and are proud to partner with this distinguished company that has a strong reputation and proven track record of success in acquiring and partnering with insurance companies. This transaction is all about growth, not cost-cutting, and we believe that State National employees will benefit from being part of a larger, stronger, growth-oriented company with a more diversified platform. Our success is driven by the ongoing efforts of our talented employees and I thank them for their continued hard work and dedication. We look forward to working with Markel to quickly complete the transaction and are committed to ensuring a smooth transition.” The transaction is subject to the approval of a majority of State National shareholders, approvals by relevant state insurance regulators and other customary closing conditions. Members of the Ledbetter family have entered into a voting agreement with Markel in support of the merger. CF SNC Investors has entered into a separate similar voting agreement with Markel. The agreements mean around 37 per cent of State National’s common stock is committed to vote in favour of the transaction.

2015. September 10. Catco is to be acquired by US financial holding company Markel Corporation. Markel will acquire “substantially all of the assets of Catco”, according to a joint statement from the two companies. The deal is expected to close in the fourth quarter of this year, subject to conditions. Two years ago, Markel acquired Bermuda insurer Alterra Capital in a $3.1 billion deal. Financial details and terms relating to the Catco deal have not been disclosed. However, there will be no changes to the Catco team, which will continue operating in Bermuda under the new name of Markel Catco Investment Management, led by chief executive officer Tony Belisle. Catco has a different office to Markel, with the head offices of Markel Global Insurance and Markel Global Reinsurance Corporation at Markel House, at 2 Front Street. Markel Corporation has its headquarters in Virginia. Mr Belisle said: “We are excited to join forces with Markel, a leading global speciality insurer and reinsurer which operates with a strong commitment to its core values and distinguished corporate culture. We felt this partnership offered a rare opportunity for Catco to combine with a culturally similar organization which shares our results-oriented commitment to success and market leadership. We are confident that uniting the strength of the Markel brand and its global reach with Catco’s differentiated product innovation capabilities will serve to improve our value proposition for investors and cedants. Catco has grown significantly since its launch in 2010, and the agreement with Markel will allow the same management team to maintain its commitment to both client service and continual product innovation.” Catco manages about $2.7 billion of retrocession and traditional reinsurance portfolios. Markel primarily markets and underwrites specialty insurance products. It also has market venture investments in a number of companies, which has resulted in it sometimes being referred to as “baby-Berkshire”, in reference to Warren Buffett’s conglomerate Berkshire Hathaway. Commenting on the Catco deal, Markel’s president and co-chief operating officer, Richard Whitt, said: “We are very pleased for Tony Belisle and the entire Catco team to join Markel. The addition of Catco’s insurance-linked investment management capabilities alongside Markel’s traditional reinsurance capabilities makes for a powerful combination. While Markel has a long and successful track record in the insurance linked securities space, the addition of the Catco team takes our capabilities to an entirely new level. The current challenges in the reinsurance and retrocessional markets are well documented. Despite these short-term challenges, we believe that with innovative products and services the long-term future is bright.”

Markel Global Insurance Markel House, 2 Front Street, Hamilton. HQ in Virginia, USA. 

2017. June 8. Markel is restructuring its insurance operations to combine two divisions into one. The company, which is based in the US, but which has offices on Front Street, said the new division, to be known as Markel Assurance, would be up and running by the start of next year. The company’s existing Wholesale and Global Insurance operations will combine under the new banner, to be led by Bryan Sanders, president of Markel Wholesale. Bermuda will host an underwriting team for the new division, as will Dublin and London. In the US, Markel Assurance will operate through a regional structure with ten offices in six regions serving all major insurance hubs. Markel Assurance said gross written premium of the new division was around $1.8 billion, coming from three product lines — casualty, professional liability, and property/marine. “This move combines two talented and successful divisions and aligns our structure more closely with both production partners and customers,” said Richard Whitt, the co-chief executive officer of Markel. “We are committed to innovation and to making it easier to do business with Markel — establishing this new division accomplishes both of those objectives.” Mr Sanders added: “We will have more resources, more products, and all of the long-term relationships that have brought us this far. Creating this new division will help Markel maintain its leadership position.”

Markel Global Reinsurance Markel House, 2 Front Street, Hamilton. As above.
Markit 1/16/2014. See under IHS Markit.
Marriott International Services Since 2/17/1971
Marriott (Germany) Hotels Since 4/21/1989
Marsh Executive Benefits International 7/8/1998. Victoria Hall, 11 Victoria Street, Hamilton HM 11. Phone 441-292-4402. Fax 441-297-9780. Website mmc.com.The firm, based in New York, one of the largest insurance brokers in the world, has offices in Bermuda operating under the Marsh and Guy Carpenter names. It generates more than half of its revenue outside of the US.
Marsh IAS Management Services (Bermuda) 9/9/1998
Marsh International Holdings II Inc 8/24/1999
Marsh & McLennan Bakhsh 9/30/1980
Marsh & McLennan Companies Inc 8/7/2008

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”.

Marsh & McLennan Global Broking (Bermuda) 10/17/1978
Marsh & McLennan Innovation Centre Holdings II 9/2/2014
Marsh & McLennan Management Services (Bermuda) 8/14/1968. .
Marsh & McLennan Properties (Bermuda) 6/17/1997
Marsh & McLennan Risk Capital Holdings (Bermuda) 6/18/1993
Martin Currie China A Share Fund Administered by Citigroup Forum FD Services Bermuda 
Marvell Technology Group

Canons Court, 22 Victoria Street, Hamilton HM 12. Marvell.com. The maker of chips for Apple Inc.'s iPod media player. Co-founder and former chief operating officer was Weili Dai, of  Los Altos Hills, California, founded the company in 1995 with husband Sehat Sutardja. Today, Marvell makes processors that run smartphones, has its US operating subsidiary in Santa Clara, California and operations worldwide with approximately 5,000 employees. It has international design centers located in the US, Europe, Israel, Singapore and China.

2017. November 21. LOS ANGELES (Bloomberg) — Marvell Technology Group Ltd, a microchip maker domiciled in Bermuda, has agreed to pay $6 billion to acquire Cavium. The buyer will pay $40 in cash plus 2.1757 Marvell common shares for each Cavium share, according to a statement yesterday. Marvell plans to use $1.75 billion in debt financing to fund the transaction. Cavium shares rose to a record yesterday, while Marvell also gained. The main business of Marvell, which is run from Santa Clara, California, is in chips that control hard disk drives, a market that’s no longer growing as new technology begins to take over data storage. Cavium, which is based in San Jose, California, makes networking processors and is one of several companies trying to use ARM Holdings technology to break into the server microprocessor market. It’s an ambitious move because Intel, the world’s largest chipmaker, dominates the sector with a 99 per cent share. The deal was expensive but necessary to help both companies compete with the giants of the semiconductor industry, including Intel, Qualcomm Inc and Broadcom Ltd, Kevin Cassidy, an analyst with Stifel Nicolaus & Co, said in a note. Cost savings could add 10 per cent to the combined company’s annual profit, he said. The acquisition of Cavium is the biggest deal for Marvell chief executive officer Matthew J. Murphy, who took the role last year after an accounting scandal forced the resignation of his predecessor. “This is an exciting combination of two very complementary companies that together equal more than the sum of their parts,” Murphy said in a statement.

Mayfair Bermuda Holding company
Mass Mutual Finance Group Victoria Hall, 11 Victoria Street, Hamilton HM 11. (441) 299-8828. (441) 299-8813. Other Bermuda-based companies include Mass Mutual International (Bermuda) Ltd and Mass Mutual Life Insurance Company Ltd.
Mearbridge LLC Victoria Hall, 11 Victoria Street, Hamilton HM 11. Phone 292-8725. Fax 292-2216.
Medallion International A hedge fund management firm with close links to Mr. Jim Simons. 
MediaAlpha 2017. October 16. MediaAlpha, a company owned by Bermuda-based White Mountains Insurance Group Ltd has acquired parts of Healthplans.com’s health and life insurance business. Terms of the transaction were not disclosed. MediaAlpha is an advertising technology company. It operates exchange platforms that facilitate real-time transactions between advertisers and publishers of performance media (i.e., clicks, calls and leads). MediaAlpha has developed distinctive platform solutions for a range of insurance verticals, including auto, motorcycle, home, renter, health and life, and non-insurance verticals, including travel, education, personal finance and home services. It powers over 25 million transactions annually, representing more than $250 million in aggregate media spend. In a statement, White Mountains said the acquisition will expand MediaAlpha’s footprint in the health insurance and life insurance verticals and increase the company’s scale and profitability. “We are pleased to support MediaAlpha in its acquisition,” commented Chris Delehanty, Managing Director of White Mountains. “The deal supplements MediaAlpha’s strong organic growth and further establishes MediaAlpha as the leader in its marketplace.” The acquisition was financed with debt from MediaAlpha’s existing lender, Bridge Bank, and equity funded by MediaAlpha’s existing unit holders. As a result of the transaction, White Mountains’ ownership in MediaAlpha increased to approximately 59 per cent on a fully-diluted basis.
Medici Ventures LLC 2018. This entity reaffirmed with a memorandum of understanding signed with the Bermuda Government its intention to create 30 jobs in Bermuda.

2018. April 30. Government has signed a Memorandum of Understanding with this second fintech business as efforts to build the industry in Bermuda continue. David Burt, the Premier, announced this morning that an MOU had been signed with Medici Ventures with the intent to create jobs and educational opportunities for Bermudians. The MOU was signed by Patrick Byrne, the founder and CEO of Overstock.com, of which Medici Ventures is a subsidiary. The company was formed to incubate, launch and invest in blockchain investments. A spokesman said the MOU established that Medici Ventures would make Bermuda its “laboratory” for blockchain innovations coming out of its stable of a dozen blockchain firms. The MOU also promised at least 30 jobs in Bermuda over the next three years. The company will develop a security token trading platform in Bermuda and work with the Bermuda Government to develop and improve a legal and regulatory framework. Mr Burt said: “On behalf of the Government of Bermuda, I am extremely pleased to sign this MOU which demonstrates that global investors are taking note of what Bermuda is doing. We look forward to working with Medici to ensure that the commitments made in this MOU are realised. Bermuda is at the forefront of the fintech industry creating an environment in which Bermudian businesses can thrive, opportunities for Bermudians can be created and in which capable, qualified Bermudians can benefit from opportunities to train, work and succeed at every level.” The signing comes days after Government signed and MOU with the Binance Group, which was promised to create 30 jobs for Bermudians and a $10 million investment in training. The House of Assembly approved legislation to regulate Initial Coin Offerings on Friday, with legislation covering cryptocurrencies expected to be tabled soon.

Mercalli Re 2016. Special Purpose insurer.
Mercury Consultants PO  Box HM 187, Hamilton HMAX
Mercury Group Since 1996.A management company which provides corporate and specialized support to its funds and family office clientele.
Meridian Capital Ventures P. O. Box 215, Devonshire DV BX, Bermuda
Meridian Global Fund Services Bermuda-incorporated, named 2012 best hedge fund administrator in North America by Hedgeweek.
Meditor Capital Management (Bermuda) 79 Front Street, Hamilton HM 12. Phone 296-5946. Fax 296-4999.
Merck Sharp and Dohme (International) P. O. Box HM 1429, Hamilton HM FX. Bermuda office of Merck & Co Inc, a major USA research-based pharmaceutical company of Rahway, New Jersey.  Known to have 14 subsidiaries in Bermuda.
Meridian Fund Services  Bermuda incorporated, head office is in Bermuda, named in 2012 as the best hedge fund administrator in North America by Hedgeweek. Administers around $13.5 billion for 85 hedge fund clients. Started out in Bermuda as Meridian Corporate Services in 1996 and became Meridian Fund Services eight years later. Also has offices in the Cayman Islands, Cambridge Massachusetts, and Halifax, Canada, where, like other fund administrators, it opened a lower-cost servicing centre.
Meritage Holdings Based in San Francisco. 
Meritus Trust Company 2015. July 1.  This Bermuda-based company was short listed for the “Independent Trust Company of the Year” category of the 2015/2016 Society of Trusts and Estate Practitioners (STEP) Private Client Awards. STEP is the leading worldwide professional body for practitioners in the fields of trusts, estates and related services. The STEP Private Client Awards highlights excellence and innovation among private client solicitors/attorneys, accountants, barristers, bankers, trust managers, financial advisers and insurance professionals worldwide. 
Merrill Lynch  Two subsidiaries in Bermuda.
Metrocat Re 2017. May 23. A $125 million catastrophe bond covering some of the risks of the body responsible for public transport in New York has been listed on the Bermuda Stock Exchange. It is the second issuance from MetroCat Re, the Bermuda-domiciled special purpose insurer set up to issue the cat bond for the First Mutual Transportation Assurance Co, the New York state-licensed captive insurer and subsidiary of the New York Metropolitan Transportation Authority. According to the Artemis.bm website, which follows the alternative risk transfer market, the new MetroCat Re 2017-1 cat bond sees the MTA expanding the coverage it will receive from the capital markets, as it adds earthquake coverage to the named storm-induced storm surge risk it secured with its previous deal. The notes are exposed to parametric factors associated with storm surges caused by named storms and also earthquake risks, both within the New York metropolitan area, across a three-year term. The notes were eventually priced at a coupon of 3.7 per cent, just below the midpoint of initial price guidance, according to Artemis.
Mexico Infrastructure Finance (MIF) 2019. January 24. This company that lost millions in the failed Par-la-Ville hotel project has urged businesses to avoid the island in a message to the United States Consulate for Bermuda. A spokesman for Mexico Infrastructure Finance Ltd wrote to Constance Dierman, the US Consul General, urging her to warn other companies from “doing business with and in the jurisdiction”. The company said: “MIF has incurred a multimillion-dollar loss of principal, plus substantial litigation expenses, including those of the City of Hamilton, having done nothing other than provide, in good faith, financing to support a hospitality project fully endorsed by the CoH and Government of Bermuda. Although the CoH and PLV were undeniably responsible for releasing the MIF loan proceeds to their immediate theft, the CoH has unjustly succeeded in shifting the monetary loss consequences of those actions to MIF. While MIF will continue to seek justice, in addition to a lawsuit already in course in New York, we believe it is important that other potential investors in, and lenders to, Bermuda be aware of the above facts and actions by the CoH.” The message came after London’s Privy Council ruled against the company in a dispute over a loan guarantee issued by the City of Hamilton. The municipality has signed an agreement in 2014 to guarantee an $18 million bridging loan from the company to Par-la-Ville Hotel and Residences Ltd. When PLV defaulted on the loan, the city initially accepted a consent judgment and began to arrange financing. But the municipality later appealed the judgment on the basis that it was not empowered to issue the guarantee as it was not for a “municipal purpose”.

2019. January 24. Criminal charges were dismissed yesterday against former Mayor of Hamilton Graeme Outerbridge, city secretary Ed Benevides, developer Michael MacLean and his wife, Yasmin MacLean. The four had been charged with offences related to a failed hotel development on Hamilton’s Par-la-Ville car park. Puisne Judge Charles-Etta Simmons ruled yesterday that there was not enough evidence against any of the four to proceed to trial. She dismissed all of the charges against the group and released them. Mexico Infrastructure Finance, the complainant in the case, said legal actions over the dispute continue in New York. MIF immediately fired off a letter to the US Consul General urging that business contacts in Bermuda be discouraged. Mr Outerbridge and Mr Benevides had been accused of agreeing corruptly to obtain property for the benefit of the MacLeans by authoring the release of $15,449,858 from an escrow account at the Bank of New York. Mr MacLean, Mr Outerbridge and Mr Benevides were also accused of dishonestly obtaining the money in the account, belonging to Mexico Infrastructure Finance. The MacLeans were further charged with stealing $13,749,858 belonging to MIF and using stolen money knowing that it “in whole or in part directly or indirectly” was the proceeds of criminal conduct. Before the group were required to enter pleas to the charges, they filed applications on the grounds that there was insufficient evidence for the matter to go before a jury. Mrs Justice Simmons delivered a decision in Supreme Court yesterday, in which she said there was a “paucity of evidence” against Mrs MacLean. She told the court: “It seems to have been a presumption by the prosecution that because her name is on the account, and because her husband was involved in business arrangements, that she committed the offences with which she has been charged. “No reasonable jury could make a finding of guilty in the circumstances.” Mrs Justice Simmons said Charles Richardson, who represented the MacLeans, argued there was no evidence they acted dishonestly. She said: “He contends that lawyers for the relevant parties were advising them, that the principal of MIF himself had legal advisers, that three opinions from eminent law firms were required and were received.” Mrs Justice Simmons agreed there was insufficient evidence of dishonesty, therefore the allegations of corruption against Mr Outerbridge or Mr Benevides could not be stood up. She similarly dismissed the charges of money laundering and theft against both MacLeans. Mr Outerbridge and the MacLeans declined to comment on the decision yesterday, while Mr Benevides could not be reached yesterday Mr Benevides has been on administrative leave from the City of Hamilton since he was charged in May. The Royal Gazette asked mayor Charles Gosling for comment about the ruling and Mr Benevides’s status, but did not receive a response. Larry Mussenden, the Director of Public Prosecutions, did not respond when asked about the possibility of an appeal. After yesterday’s ruling, an MIF spokesman said: “Whether the actions are deemed criminal or not in Bermuda does not change the fact that they occurred and were extremely damaging to MIF.” All of the charges related to a 2014 bridging loan from MIF to Par-la-Ville Hotel and Residences, which was guaranteed by the City of Hamilton. As part of the agreement, $18 million was placed in an escrow account at The Bank of New York Mellon. The sum was released to PLV in October 2014 after PLV entered into a financial agreement with Gibraltar-based Argyle Limited. MIF has claimed the agreement was not a permanent loan funding agreement as required, but instead a “Trade and Profit Share Agreement”. London’s High Court heard in 2017 that PLV transferred $12.5 million through a trust to Argyle UAE Ltd, run by businessman Robert McKellar. It is alleged Mr McKellar used the money to buy a luxury Aston Martin car, an engagement ring and two countryside properties in the south of England. The developer defaulted on the loan in December 2014 sparking a series of legal actions in Bermuda and elsewhere. MIF launched legal action against the City of Hamilton and The Bank of New York Mellon in the Supreme Court of New York alleging the money was withdrawn through “fraudulent and negligent misrepresentations”. Fidelity National Title Insurance Company has filed a writ in the Supreme Court against Bermuda law firm Trott & Duncan claiming that it became involved in the failed hotel project because of advice it was given by the firm. Delroy Duncan, partner at Trott & Duncan, said the proceedings were “without merit” and would be “contested vigorously”.

2019. January 22. The City of Hamilton dodged a $30 million bullet after London’s Privy Council found in its favour in a dispute over a guarantee for a failed hotel project, the mayor said yesterday. The Corporation of Hamilton had guaranteed an $18 million bridging loan, which defaulted, between Mexico Infrastructure Finance and Par-la-Ville Hotel and Residences Ltd. However, Lady Arden, in a majority decision released yesterday, ruled that the project did not have a “municipal purpose” — which meant the corporation did not have the power to give the guarantee, which voided it. Charles Gosling, the Mayor of Hamilton, said he was pleased by the ruling. He added: “If we had not challenged the guarantee, the city ratepayer and anyone using city services would have had to shoulder, in large part, the funding for the financing of the debt, which, with financial and other charges, could conceivably have totaled close to $30 million.” Lady Arden, in a decision backed by Lord Reed and Lord Briggs, said it was clear the purpose of the guarantee was to help the developer obtain funding. She added: “It is no part of the corporation’s functions to act as banker to a developer. The hotel complex did not provide any service or facility for inhabitants, except possibly for the conferencing facilities, but it has not been suggested that the conferencing facilities alone, doubtless a relatively small part of the total complex, could make the purpose municipal. The guarantee was not capable of being brought within the corporation’s powers by reference to a wider motivation and desire on the corporation’s part generally to promote Hamilton’s economic development.” Lord Sumption wrote a dissenting opinion, supported by Lord David Lloyd-Jones, that argued the Corporation did have the power to guarantee the bridging loan. He said: “‘Municipal purposes’ are purposes calculated to benefit the current and future residents, permanent or temporary, of Hamilton in their capacity as such. That is the relevant limitation. I can see no justification either in principle or in the language of the provision for distinguishing between benefits consisting in the direct provision of services or facilities to residents, and expenditure on the promotion of the city’s economic development which benefits the residents less directly.” Lord Sumption wrote that the city could invest in sports or entertainment facilities, even if they would be mostly used by non-residents. He said: “It would be artificial to say that these purposes, which indirectly serve the economic interests of the city and its inhabitants, are not municipal purposes. These examples, and one could give many others, illustrate the technical, functionally irrelevant and barely workable distinctions which it is necessary to make if the test favored by the majority be correct.” The Corporation of Hamilton backed an $18 million bridging loan from MIF to Par-la-Ville Hotel and Residences Ltd in 2014 and put up the city’s Par-la-Ville car park as collateral. The guarantee was intended to help the development of a $350 million luxury hotel, to have been built on the site of the car park. But the developer defaulted on the loan and a consent ruling was made by the Supreme Court in May 2015 against the corporation for the full amount plus interest. The city later appealed on the ground that it never had the legal power to make the guarantee, which meant the agreement was null and void. The Supreme Court found in favour of the municipality in 2016 and the decision was later upheld in the Court of Appeal. Mr Gosling said the ruling removed a “potential commitment” from the city’s books, but that the prolonged legal battle gave the city time to tackle a decline in revenues. He added: “We will carry on with that initiative. We still see street parking revenue continuing to fall, even with a reinvigorated collection of parking fines.” Mr Gosling said: “This revenue recovery has greatly lessened the hindering impact of a repayment schedule, but we will continue on that front as well as other issues such as the installation of solar panels where we can promise full power usage for such everyday energy gobbling utilities as our sewerage pumps.” He added that the municipality also wanted to improve sewage treatment in a bid to cut the risk of “grease balls” off South Shore. He said: “Initial studies have been very positive. If our results are reaffirmed, this multiyear project could be started within months — as long as we remember anyone can borrow money. It is the paying back that is the challenge.”

2017. August 2.  This finance firm has launched a bid to claw back a $13.7 million loan intended to help fund the failed Par-la-Ville hotel development from the City of Hamilton and a US bank. Mexico Infrastructure Finance wants compensation plus interest on the money, loaned to Par-la-Ville Hotel and Residences three years ago, from the city and The Bank of New York Mellon. While courts in Bermuda last November ruled that the Corporation’s guarantee for the $18 million loan was void, Mexico Infrastructure Finance (MIF) has alleged that the money was withdrawn through “fraudulent and negligent misrepresentations” in a complaint filed in the Supreme Court of New York. According to a press statement released on behalf of MIF, in July of 2014 the company agreed to loan up to $18 million to the hotel developer, subject to various conditions. The statement said: “The purpose of the MIF Loan was to cover PLV’s expenses associated with procuring $325 million in long-term, senior financing to construct a luxury hotel, condominium, and car park project in Hamilton. The MIF loan was a short-term bridge loan that would mature on December 30, 2014. The majority of the loan could not be accessed by PLV unless and until PLV had secured a senior loan of at least $225 million and an equity investment of at least $100 million to finance the project, all of which was subject to the review by and approval of Hamilton. Hamilton signed an escrow agreement with MIF, PLV and The Bank of New York Mellon as escrow agent, which allowed the proceeds of the MIF Loan to be released only upon the written authorization of Hamilton and then only to a senior escrow account for the benefit of the senior lender.” According to the complaint, MIF was unable to review or approve the loan documents due to “supposed confidentiality concerns” and relied on the Corporation and the bank to ensure that senior financing was secured. In October of 2014, the complaint claims that PLV informed the municipality that it had entered into a financial agreement with Argyle Limited. However, MIF claims that the agreement was not a permanent loan funding agreement, but instead a “Trade and Profit Share Agreement” between Argyle and trustees of the Skyline Trust. “The Argyle agreement was not and does not even purport to be a ‘loan agreement’, and unquestionably did not qualify as a ‘permanent loan’ to PLV as defined in the escrow agreement,” the complaint said. “Indeed, PLV is not a party to the Argyle agreement.” It added that the fact the money was moved into the PLV director’s personal account should have raised clear “red flags”. The lawsuit alleged that the municipality “falsely represented” that senior financing was in place and instructed the escrow agent to release the funds to PLV instead of to the senior escrow. The statement by MIF continued: “As a result of Hamilton’s fraudulent and negligent misrepresentations, more than $13.7 million of MIF’s funds were diverted and, according to press reports, were used to finance extravagant purchases, including an Aston Martin, an engagement ring, and two properties in the English countryside.” The Corporation of Hamilton had not responded to a request for comment by press time last night. The loan and guarantee has been the subject of legal contention since the loan first defaulted on December 31, 2014. While the Corporation initially signed a consent order, it later applied to overturn that order on the grounds it was not legally empowered to make the original guarantee. Bermuda’s Supreme Court last November ruled that the Corporation had acted “ultra vires” — beyond its powers — in providing the guarantee, which made both the guarantee and the consent order invalid. The decision was upheld by the Court of Appeal this year.

2017. May 15. Finance firm Mexico Infrastructure Limited has failed in its bid to overturn a court ruling that removed responsibility for repaying an $18 million loan from the Corporation of Hamilton. Last November, Supreme Court Judge Stephen Hellman ruled that the Corporation had no power to guarantee the loan from MIF to build a hotel on the Par-la-Ville car park. The judgment prompted an appeal by MIF who insisted the Corporation of Hamilton should be responsible for repaying this loan because it “unilaterally signed off on releasing the monies we lent to the hotel project”. The Court of Appeal handed down its judgment dismissing the appeal by MIF on Friday morning. Its ruling stated: “In the circumstances I would dismiss the appeal and uphold the learned judge’s conclusion that, firstly, in providing the guarantee acted ultra vires and the Corporation’s application to set aside the Consent Order was not an abuse of process. Accordingly, I would agree with the judge’s order than the consent order should be set aside.” Mayor of Hamilton Charles Gosling, commenting after the ruling, said: “In early May 2015, the morning following my election as Mayor, along with newly elected and returning council members, we were summoned to a meeting with those familiar with the MIF guarantee case before the courts. We were unequivocally told that there was no defence and that the new Corporation of Hamilton team had no recourse but to accept the fact that ‘we’ were liable for an $18 million guarantee given to MIF plus any arising interest. A couple of years later I am happy that two courts have decided otherwise. Without having a consistent revenue stream, stronger than what we had in 2015, any other ultimate ruling would have devastated the Corporation of Hamilton. The $18 million, once paid back in full, would have been a sum closer to $30 million. That is the number I consider we have saved the rate payers (as the Corporation is simply the institution that acts on their behalf) and those who use our city and its services. In the meantime we are still actively trying to regain lost parking revenue and to be in a position to reinvest in vital city capital projects. We have a commitment from Government to support us in this regard as they are fully aware of the implications of further delay. We are pleased that a Hamilton Parking Ordinance 2017 is to be presented to Parliament in this sitting and the enactment of the Traffic Offences Procedure Amendment and Validation Act 2015 within the next couple of weeks.” It was in July 2014 that the Corporation agreed to guarantee a bridging loan of $18 million made by MIF to Par-la-Ville Hotel and Residences Ltd. On December 31 that year, PLV defaulted on the loan and MIF took the Corporation to court, in its capacity as guarantor, for the outstanding balance of $18 million plus interest. The Corporation initially concluded it did not have a defence to the claim and a Consent Ruling was made by the court in May 2015 against the Corporation for the full amount. However, the City launched a fresh legal challenge in June to set aside the Consent Order on the basis it had no power to make the original guarantee and therefore it should be null and void. In his ruling, Mr Justice Hellman agreed that the Corporation had acted “ultra vires” in providing the guarantee and set aside the Consent Order. “I have every sympathy with MIF given the position in which it now finds itself,” Mr Justice Hellman said. “Nonetheless, I would not go so far as to say that the Corporation’s behaviour was so unreasonable as to render the application to set aside the Consent Order abusive. When considering the matter in the round, in my judgment the most important contextual feature is that it is in principle undesirable for the court to enforce a guarantee which is in law a nullity. This outweighs the various contextual features pointing in the other direction, including the serious prejudice to MIF which may be caused by not enforcing the guarantee.” Mr Justice Hellman noted in his ruling that there might be other ways for MIF to pursue the $18 million. “This judgment does not determine that MIF cannot recover the amount of the loan monies from the Corporation: merely that it cannot do so by enforcing an ultra vires guarantee,” he said. Mr Gosling said the retrieved revenue would “enable us to work on such projects as taking further significant steps in improving the treatment of our sewerage output from the city and surrounding areas.  There are a number of other capital projects necessitating corrective maintenance or further development. This could be the first time in a number of years where we get to stand up on two feet and get things done, rather than being hobbled and looking at what has to be put off for another year. We did not enter into this action gladly. The guarantee was the wrong commitment made at the wrong time supporting the wrong developer. All parties involved in seeking the guarantee were aware of the ultra vires concern, everyone believed the issue had been corrected through legislation. No one took the effort to see if it had indeed been ‘fixed’. It had not. If we had not fought this issue, it would have cost every Bermudian in one way or the other. We did not think it fair to accept what was, because of the ultra vires, an agreement voided from the start. It was not through the fault of anyone besides that of the mayor and certain members of the council, an elected group who took it upon themselves to ignore their fiduciary duty and play outside their legislated remit with somebody else’s money. Taking this legal action was the best means to protect the Hamilton community from what was a horrible, ill-considered undertaking. Court actions in the UK continue the effort to recover the monies inexplicably released to a Gibraltar-based company. While this action is less our battle now, we invested in the outcome when no one else was interested in seeking recovery. When a group of us sought election, John Harvey, Dennis Tucker, Nicholas Swan, Larry Scott, Henry Ming, Carleton Johnson and myself, we made the commitment to restore good governance and bring the ‘best’ back to the city. With the able representation of Michael Beloff QC, Ronnie Myers, and Mark Diel, we are living up to our commitment.”

2016. January 13. This firm has threatened to start selling off Corporation of Hamilton land if it does not receive the $18 million it is owed over the failed Par-la-Ville hotel project by the end of Friday. Mexico Infrastructure Finance’s legal team has told the corporation and the Bermuda Government it has no choice but to sell Hamilton Fire Station, the Chamber of Commerce building and the Custom House if the debt is not settled. In a letter seen by The Royal Gazette, the firm’s legal team expresses extreme disappointment at the conduct of the city’s administration for “failing to engage in any constructive dialogue”. MIF also accuses the corporation of going against the Supreme Court judgment that entitles it to an extra $800,000, on top of the $18 million, in receivership revenue and expenses over the failed hotel deal. Last night, Hamilton mayor Charles Gosling confirmed discussions between the two sides were continuing and the corporation had offered “every reassurance” that it was making “every effort” to settle the $18 million judgment. Mr Gosling pointed to recent legislation increasing the amount the corporation could borrow from $20 million to $30 million. He told this newspaper: “The corporation has also kept MIF abreast as best as possible in relation to its discussions with the lending institution for the securing of the funds as well as the ministry in relation to amending various legislation that would permit the corporation to borrow the necessary funds — while permitting them to continue with the day-to-day operations. “The corporation is confident that they will be in a position very shortly to pay all funds owed to MIF as they are fully aware of their commitment under the court judgment.” Mr Gosling’s pledge was endorsed by Michael Fahy, the Minister of Home Affairs, who said he remained confident in the mayor’s ability to see the matter resolved. Last week, senator Fahy told this newspaper the corporation could reach an agreement within days to satisfy its debt over the matter. Yesterday, he stated: “The ministry has separately kept MIF’s lawyers advised of efforts being made by the corporation to satisfy its obligations and more recently I commented publicly as to those efforts.” However, in its letter to the corporation and Government at the end of last week, MIF maintained it would take steps to execute the judgment “without further notice” if it did not receive the money owed on or before the close of business on Friday. “In light of these developments you have left our client with no other option but to proceed to execution which will include the sale of your client’s properties including Hamilton Fire Station, the Chamber of Commerce building, and the Custom House, as well as the garnishment of its income,” the letter states. “In an effort to provide your client with one last opportunity to meet its obligation, our client will hold off taking such action until close of business on January 15. Payment of the judgment of $18 million together with accrued judgment interest and net of receivership revenues and expenses of $817,935, as of January 15, must be received by our client, otherwise steps to execute against the judgment will commence without further notice.” On July 9, 2014, developer Par-la-Ville Hotel & Residences Ltd entered into a credit agreement with MIF to borrow $18 million for a proposed hotel development in Hamilton. On the same date, the Corporation entered into a guarantee of the loan and, as security for that guarantee, it provided MIF with a first mortgage over the Par-la-Ville parking lot. That loan was later recalled, leaving the corporation liable for the $18 million owed to MIF with interest of about $3,450 a day. The letter from MIF’s legal team further states: “Our client is extremely disappointed that your client has declined to engage in any constructive dialogue in connection with the repayment of our client’s $18 million judgment, together with accrued judgment interest net of receivership revenues and expenses, which stands at $769,606 for a total obligation of $18,769,606 as of January 1, 2016. No sensible timeframe has been provided, this despite the fact that your client promised to repay our client either at the end of 2015 or during the first week of January. Further, our client is deeply disappointed to now learn that your client is not intending repaying the judgment interest to which our client is legally entitled. It has been clearly agreed that if our client would refrain from commencing execution proceedings on its judgment, that the entirety of our client’s judgment would be repaid including the 7 per cent judgment interest according to law.”

MF Global

Clarendon House, Hamilton HM 11. Derivatives broker. USA head office is the largest brokerage of exchange-traded futures contracts. Swift Code MFGLBMH1

MGD Holdings Owned by Bermuda-based Canadian millionaire Mr. Michael DeGroote. Through it, he holds 44% of the shares of the Atlanta based solid waste services company Republic Waste Industries Inc.
Michelin Investment Holding Company  
Microsoft Asia Island  Bermuda incorporated
Microsoft Global Finance Bermuda incorporated
Mid Ocean Ship Management 69 Pitts Bay Road, Hamilton HM 08. Phone 292-5845
MJ Student-Run Insurance Company  2017. July 28. What does a university mascot bulldog called Trip, shelves of rare books, and a $2 million 100-year-old telescope have to do with Bermuda? The answer is they are all listed to be covered by a new captive insurance company based on the island. And that is only part of the story. Of greater significance is that the captive insurance company is thought to be the first in the world set up and run by students. It is a feather in the cap for Bermuda that the ground-breaking endeavour has landed on the island’s shores. And it was no accident. Bermuda’s responsiveness to an initial approach by the pioneering university students went a long way to securing the captive business. When the group at Butler University’s Lacy School of Business, in Indianapolis, got serious about forming a captive, they researched a number of possible markets where it could be based. Out of the ten investigated, only Bermuda and Vermont responded to the students’ enquiries, and both did so within a speedy four hours. Bermuda was ultimately chosen after other factors were weighed, such as the size and maturity of its insurance market, sophisticated infrastructure and the helpful nature of organisations including the Bermuda Monetary Authority and the Bermuda Business Development Agency. The BMA granted approval for the MJ Student-Run Insurance Company Ltd in April. This week, some of the students, along with facility members, visited the island to build relationships with service companies and organisations. There are also potential benefits for Bermuda and Bermudians, as Butler University would welcome students from the island who are pursuing studies in risk management, insurance and other business disciplines. “We want to get Bermudians to attend Butler University. We want to be a good partner,” said Zach Finn, clinical professor and director of the Davy Risk Management and Insurance Programme at the university. It is a sentiment shared by Stephen Standifird, dean of the university’s school of business. The university group was in Bermuda to bring together the captive’s directors, review the code of conduct and meet with partners, including Aon and auditors KPMG. They also met industry leaders and organisations, including Association of Bermuda International Companies, the Bermuda Foundation for Insurance Studies, and Bermuda College. Having an operating captive insurance company as part of the university’s curriculum is expected to better equip students with an understanding of different facets of the industry and give them a practical, hands-on experience beyond classroom theory. Being able to show they have played a role in running a captive insurance company is also expected to boost the students’ job prospects after graduation. A further beneficial spin-off for the students has been learning more about what is actually being insured through the captive. That has meant learning about, among other things, the rare books the university owns, its fine art collection, and the telescopes housed in the university’s Holcomb Observatory. The university’s bulldog mascot Butler Blue III, nicknamed Trip, is included in the insurance coverage of the captive. Trip is a real dog with an impressive 20,000 followers on Twitter. And if you’re going to insure one dog through your captive, why not make it two? The students have done that by also insuring Marcus, the university’s bomb-sniffing dog. For Butler University, having its own captive insurance company will provide greater loss controls. Since news of the pioneering student-run captive was announced earlier this year, it has featured in more than 330 media reports, according to Mr Standifird. “That’s without any media campaign. It’s been a significant experience,” he said. However, a bigger story in his eyes is the shortage of qualified professionals preparing for the anticipated 400,000 new employees the insurance industry will need by 2020. “The headlines in the Wall Street Journal should be about the crisis in the industry. People should be paying attention to this. It’s the opportunities in this industry that are immense.” And according to Mr Finn there are about 1,000 US universities with accounting programmes, 900 with finance programmes, but only 82 offering insurance and risk programmes. Butler University is underscoring its leading role in the field by giving students real-life experience operating a captive insurance company, together with opportunities to intern at partner companies. Anna Geist and Josh Toly, two of the students closely involved with the captive and among those visiting Bermuda this week, are currently interning with Aon. Mr Finn said companies know they can come to Butler and recruit people with hands-on knowledge. When asked if other universities are likely to follow Butler’s lead and create their own captives, Mr Standifird said: “There are going to be a lot who will try, but universities are risk adverse. You have to have the right people in place.” He added that it had worked at Butler because the university had the right people in place, and the right partnerships. Mr Finn believes others may follow. He added: “There are some universities looking at what Butler is doing — running an insurance captive as part of the curriculum. We are looking for partners in industry, and we would like to see others [form captives]. I’m happy that we are here and we are ahead of the game.” Regarding the future of the captive, Mr Finn outlined three phases. The first was setting up the captive and getting it running, while the second is to transition the captive from being “professor-run” to “more like a risk manager would run it”. As for the third stage, he said: “If we do it right, we will look at attracting third-party investors.”
Millennium Sense Holdings  
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Ming Pao Enterprise Corporation C/o Butterfield Fund Services (Bermuda)
Mitsubishi UFJ Fund Services Since 9/30/2013. The Belvedere Building, Pitts Bay Road, Pembroke. A leading alternative fund administration company providing full-service fund administration, middle office and reporting services to hedge funds, fund of funds, managed accounts, family offices, private equity and real estate funds. Senior Japanese bankers were in Bermuda in October 2014 as Butterfield Fulcrum Group (BFG) was officially rebranded by this new name. It is the first time the Mitsubishi financial group has made a wholly owned acquisitions of a non-Japanese business. "Our acquisition of BFG is a strategic move into the alternative fund administration business," said Tasuo Wakabayashi, president of Mitsubishi UFJ Trust & Banking Corporation (MUTB). "We will be expanding our reach and breadth of services rapidly. Clients can look forward to the addition of numerous new services including banking, custody, trust, foreign exchange and securities lending. The acquisition of BFG was completed on September 20. Established in 1927, MUTB is a wholly owned subsidiary of Mitsubishi UFJ Financial Group (MUFG), the second largest global bank holding company ranked by assets. Butterfield Fulcrum will become the global alternative asset administration platform of MUTB. And the senior management team, as well as all management and staff in all Butterfield Fulcrum offices will remain with the company. Butterfield Fulcrum employs around 40 staff in Bermuda and has offices on Burnaby Street. It has been rebranded as Mitsubishi UFJ Fund Services to reflect its new position in Japan's MUFG. The acquisition included FORS Ltd. Butterfield Fulcrum was part owned by Butterfield Bank and private equity firm 3i Group. The company services more than $100 billion of client assets across 850 funds and has seven offices in six countries.
MLG Blockchain A blockchain consulting and development firm.  Provides educational Blockchain workshops in Bermuda.
MM&I Holdings 2017. October 19. The firm bidding to provide a cashless gaming network for casinos in Bermuda claims it would retain only a “very small profit margin” from the tens of millions of dollars it stands to make. Responding to a special report by The Royal Gazette yesterday, MM&I Holdings said it would give the vast majority of profits to “churches, community clubs, vulnerable citizens’ programmes, etc”. In MM&I’s signed agreement with the Government — disclosed under public access to information and published by this newspaper yesterday — no reference was made to profits being given to churches, charities or programmes helping vulnerable people. Yesterday, MM&I said the agreement was deemed null and void once the referendum on gaming was withdrawn by the One Bermuda Alliance government. The Royal Gazette reported how gaming regulators fear a multimillion-dollar casinos deal involving the Government and MM&I remains on the table despite concerns it could damage the island’s financial reputation. Our report revealed individuals associated with the company’s partner firm, Florida-based Banyan Gaming, previously surrendered their gaming licences in two gaming jurisdictions in the United States, which the Bermuda Casino Gaming Commission believes could create problems if they were licensed on the island. Mark Pettingill, the former Attorney-General, whose law firm represents MM&I, and who was in Cabinet along with his business partner, Shawn Crockwell, when the deal was agreed with the Government, released a statement on behalf of MM&I Holdings Limited and its partners yesterday. “It is true that MM&I would seek to earn a profit as a service provider to the gaming market in Bermuda. That is the nature of any good business,” the statement said. “But it is also true that once MM&I reached the profit stage of its investment plan, 95 per cent of all profits would be donated to a government appointed Gaming Proceeds for Charity Committee to distribute the profits to churches, community clubs, vulnerable citizens’ programmes, etc. MM&I would have no say in who the money would go to. We would only serve to perform our services and collect the funds to make them available to the committee for disbursement. In fact, MM&I would retain a very small profit margin in reflection of our multimillion-dollar, upfront investment and necessary operating expenses for jobs, etc. Without hesitation, MM&I remains 100 per cent committed to ensuring that no overseas operator can enter the local gaming market and siphon off tens of millions of dollars out of our local economy and systemically erode our currency. We are also 100 per cent committed to establishing a legacy for Bermuda in that we implement a safe, responsible and controlled environment for gaming, including stringent anti-money laundering and vulnerable player controls.” On the fact that MM&I provided a $30,000 donation towards a pro-gaming marketing campaign, at the request of Mr Crockwell, Mr Pettingill’s statement said: “It is true that MM&I donated $30,000 towards the ‘Yes’ for gaming and ‘Jobs Bermuda’ campaigns. We fully believe that the Bermuda public should be educated on gaming prior to the referendum and that there should have been a referendum on gaming.” He said that MM&I and its partners were now seeking legal advice to claim significant damages because “the disclosure of confidential information” and comments made by the Bermuda Casino Gaming Commission “in a public forum” had severely impacted their ability to enter the gaming market in Bermuda. This newspaper reported how Mr Crockwell had told his Cabinet colleagues it was imperative to proceed with MM&I because “no other local entity” could provide the same networking system. Responding, Mr Pettingill said: “It was always the understanding that any decision to have a central/cashless system in place would result in a proper public tendering process. This was made clear by the former entire Cabinet. MM&I followed the RFQ [request for qualifications] process and we are positioned to bid based on a tender request. To date it has not gotten to the stage of being tendered, as no decision has been reached by the new administration.” The statement noted that MM&I is a “100 per cent owned and staffed Bermudian company” and said its MM&I references were never contacted by the Bermuda Casino Gaming Commission. Our report revealed that the gaming commission was unimpressed after speaking to referees included in a joint RFQ submission by MM&I and Banyan. Mr Pettingill’s statement continued: “So please ask yourself, is this a good deal for Bermuda? And why would anyone try and impact such a philanthropic and sensible approach to ensuring Bermuda’s future economic stability? We are asking for nothing up front and we are giving the vast majority of profits back to Bermuda and Bermudians.” He said the group had tried to “educate the OBA government” by hosting them overseas for an in-depth system and casino operation information session, and the public at large via the Progressive Labour Party’s forum on responsible gaming on May 3 this year. It said: “We have also strived to do the right thing for Bermuda, as this is our home. We are not an overseas entity trying to enter the market and extract tens of millions of dollars from Bermuda to fund offshore interests. We are here to stay and make sure that Bermuda is not adversely impacted by the gaming industry. Our philanthropic vision is that the disposable income that players spend on gaming is used to fund charities and community programmes in Bermuda for those who are struggling and/or in need of support. And we challenge the hotels who stand to make hundreds of millions of dollars from gaming to either match our vision or to make a significant contribution to Bermuda’s charities and community programmes from the proceeds of gaming. MM&I will be holding a public forum on its philanthropic-based gaming solution for Bermuda. This is an opportunity for Bermudians to help to form their own opinion on the best plan for Bermuda.” Dates for the open forums are to be announced shortly. The gaming commission disclosed records about the MM&I deal, including the agreement itself and e-mail correspondence, in response to a Pati request.

2017. October 18. THE ROYAL GAZETTE investigates how a potential multimillion-dollar deal for a cashless gaming system could prove “problematic” for the Bermuda Government Gaming regulators fear that a multimillion-dollar casinos deal involving the Government is still on the table, despite concerns that it could damage the island’s financial reputation. Local company MM&I Holdings stands to potentially net tens of millions of dollars a year if it is given the contract to provide a cashless gaming network management system for any casinos that open on the island. But the Bermuda Casino Gaming Commission has warned that individuals associated with the company’s partner firm, Florida-based Banyan Gaming, have previously surrendered their gaming licences in two major gambling jurisdictions in the United States and this could be “problematic” in relation to them being licensed in the Bermuda market. In addition, after checking references provided by the two companies, the commission questioned why those referees seemed “unwilling to endorse” them. Disclosures made under the Public Access to Information Act reveal that Deborah Blakeney, the commission’s lawyer, raised the issues in an e-mail to MM&I earlier this year. She wrote: “It is the commission’s goal to ensure that the highest standards of suitability will be employed in allowing operators to enter the Bermuda integrated resort market. To do anything less not only jeopardizes the ability of the industry to secure a correspondent banking relationship, but can also damage the reputational brand of the island.” MM&I is owned by Bermudians John Tartaglia and Michael Moniz. As of July 2016, MM&I was represented by Mark Pettingill’s law firm and the company reached its agreement with the Government when Mr Pettingill and his business partner, the late Shawn Crockwell, were in Cabinet. Mr Crockwell, in a Cabinet memorandum seen by The Royal Gazette, told his colleagues it was “imperative” to proceed with the agreement with MM&I since “no other local entity” could provide the same networking system. The agreement itself, obtained through public access to information, was non-binding, conditional upon the legalisation of casino-style gaming and was signed by Mr Crockwell as tourism minister and witnessed by Mr Pettingill, then the Attorney-General, on December 3, 2013, a year before casino gaming was given the green light by Parliament. It proposed a ten-year contract for MM&I, with the option to renew for another ten years, giving the company 40 per cent of Bermuda’s gross gaming revenue from electronic gaming devices — slot machines and electronic table games — and an 8 per cent transaction fee on the purchase of chips for use at dealer-operated tables. With Bermuda’s annual revenue from casinos projected to be between $84 million and $146 million, according a 2010 government-commissioned report, and electronic gaming probably accounting for about three quarters of that, the rewards for MM&I and Banyan were likely to be substantial. At about the time the agreement was signed, at the request of Mr Crockwell, MM&I gave a $30,000 donation towards a marketing campaign aimed at persuading Bermudians to vote in favour of casino gaming in a planned referendum on the issue. The One Bermuda Alliance government decided to break its promise to hold that referendum just ten days after the MM&I agreement was signed. Mr Crockwell later tabled the Casino Gaming Act, which passed in Parliament in December 2014, paving the way for a casino industry in Bermuda. Mr Crockwell said the introduction of casinos would significantly enhance Bermuda’s tourism product and the referendum was ditched “for the better good”. Although MM&I’s agreement with the OBA government was terminated by Michael Fahy, who replaced Mr Crockwell as tourism minister after the latter quit Cabinet, gaming commission executives are querying whether it is still under consideration by the new Progressive Labour Party administration. The PLP, when in Opposition, invited two representatives of Banyan to sit as panellists at a forum it held on “safe and responsible” gambling on May 3 this year. At that meeting at Elbow Beach Bermuda Resort & Spa, Banyan president Jason Seelig outlined the benefits of a cashless gaming system and suggested that it be mandated by law. He was backed by Australian attorney Tibor Vertes, another panelist and client of Mr Crockwell and Mr Pettingill’s law firm. Just the day before, according to the records disclosed under Pati, the gaming commission’s lawyer had written to MM&I with questions about a firm that Mr Seelig previously ran with his father, Mac Seelig, and its “history of regulatory difficulties in markets” in which it was licensed. That history was a concern, according to the commission’s lawyer, Deborah Blakeney, because any sound anti-money laundering regime requires thorough background checks on operators, and banks could be deterred from dealing with the proceeds of the island’s casinos. Ms Blakeney wrote on May 2: “I raise these two issues because in the commission’s dealing with the correspondent banks for the island, and in dealing with the mandates of the Financial Action Task Force, a keystone condition concerns the suitability of the operator and all associates thereof. “The fact that it appears that this operator is considered unsuitable for licensing in at least two major US jurisdictions appears problematic. If I am missing something here, I would appreciate your guidance.” Public records show that the predecessor company, AC Coin & Slot, voluntarily surrendered its licence in New Jersey after the company was wound down in July 2013. In doing so, it became ineligible to apply again for a licence for five years. In the same month in Pennsylvania, AC Coin & Slot withdrew “with prejudice” its application for a licence. Such withdrawals can result in a five-year period of ineligibility to apply for a licence, in certain circumstances. Ms Blakeney referred to a list of references provided to the Government by MM&I and Banyan. “You are obviously not aware that my executive director, Richard Schuetz, knows many of these individuals and he was able to make inquiries,” she wrote. “The written and verbal responses from these individuals was generally less than glowing and the commission is puzzled as to why such individuals would be included as references for your company.” Ms Blakeney added: “We would ... appreciate your explanations as to why your listed references seem unwilling to endorse you.” Commission executive director Mr Schuetz reiterated the commission’s concerns in an e-mail to Ms Blakeney on August 2, pointing out that MM&I had not responded to her questions. He said since her letter was sent, Banyan had removed the names of Jason Seelig and Mac Seelig from its website. “This may all result from the fact that Jason and Mac are no longer associated with Banyan,” he wrote. “That would be a most interesting coincidence.” Mr Schuetz also considered the possibility that Banyan was distancing itself from those two individuals in order to pursue a licence in Bermuda without any legacy licensing issues or to position itself to argue that past concerns were no longer relevant. “This is particularly disconcerting if their plan of entry is by way of legislative mandate,” wrote Mr Schuetz. “I believe that certain people on this island believe that legislative mandate is worth $40 million per year for ten years. If, in fact, Mac and Jason are no longer listed on the Banyan website to create the impression that our past licensing concerns are no longer relevant, then I believe it is safe to conclude that the legislative mandate option is still being considered...” Mr Schuetz, who resigned from the commission on the day of the General Election and is serving out his notice period, has been criticized by Mr Crockwell and Mr Pettingill, as well as by Mr Vertes and social development and sports minister Zane DeSilva, a friend and sometime legal client of Mr Pettingill. Mr Vertes is being sued by Mr Schuetz for defamation. The Royal Gazette asked new tourism minister Jamahl Simmons if he was aware of the December 3, 2013 agreement with MM&I and whether the Government was still in talks with MM&I/Banyan or any other company about a casino gaming system for Bermuda. Mr Simmons replied: “As the ministry responsible for gaming, the main priority is ensuring that our gaming regulations are in place to assist with passing the current global review process, protecting our reputation as a jurisdiction and ensuring a clean gaming industry that benefits Bermudians first. Matters related to gaming systems should be addressed by the gaming commission.” There was no response by press time to a request for the minister to clarify what he meant by the “current global review process”. Digital Gaming Corporation USA acquired Jason Seelig’s 50 per cent share in Banyan in July. Jason Seelig now lists himself on LinkedIn as an executive vice-president at DGC. Mac Seelig’s profile on LinkedIn refers to him as a senior business analyst at Banyan. Keith Furlong, from DGC, told this newspaper: “Banyan Gaming LLC was established in January 2015 with Jason Seelig as a 50 per cent owner of the entity. “On or around July 2017, Seelig’s interest in Banyan Gaming was acquired by Digital Gaming Corporation USA. Seelig is no longer a shareholder of Banyan Gaming or Digital Gaming Corporation USA. The company does not wish to comment further.” Company filings in Florida from August show that Mr Furlong replaced Mr Seelig as Banyan’s manager. Mr Pettingill, the lone respondent to The Royal Gazette’s request for comment yesterday, has promised to speak today after consulting his clients.

Monsanto Finance Holdings

A tax resident in Bermuda, an Irish-incorporated company with an address on Lower Hatch Street, Dublin, made a profit of €2.5 million in 2012 but paid no tax.  The Irish Times said : "The firm made a profit of €3.69 million in 2011, when it again paid no tax. It is exempt from all forms of taxation including income, capital gains and withholding taxes as it is tax resident in Bermuda. The firm has no employees and its three directors have addresses in Bermuda.” The report added the firm’s balance sheet shows that at the end of August 2012 it had financial assets of €50.8 million. Accumulated profits at that stage were €53.3 million and shareholders’ funds were €103 million. The firm is owned by a Monsanto company based in Switzerland, and is ultimately owned by Monsanto of St Louis, Missouri, US. The agricultural product company Monsanto produces genetically engineered seeds used by farmers for their pest resistance and ability to produce bigger crops. The crops have drawn criticism from organic food advocates who say they are harmful to people and the environment. But Monsanto has maintained that its seeds improve agriculture by helping farmers produce more from their land while conserving resources such as water and energy.

Morgan Creek International changed its name, see under Inverness Distribution.
Morgan Stanley Known to have two Bermuda subsidiaries
MPRI International Services

American corporation, Virginia-based, with a Bermuda shell company since April 2005. Won a multi-million-dollar US government contract to train police officers in Iraq. Was accused in April 2008 of using its Bermuda shell company to shield itself from US taxes. The Boston Globe reported that the Bermuda office appeared to have no staff, telephone number, or website. Said by it to be one of the offshore entities to avoid US taxes, even as they profit from lucrative federal contracts.

MTS Bermuda Wholly owned subsidiary of Mobile TeleSystems.
Montpelier Associates 11/3/1972
Montpelier International 6/8/2005
Montpelier Investment Holdings 9/21/2007
Montpelier Ltd 2/16/1993
Montpelier Re Holdings 2015. August 2. Endurance Specialty Holdings has completed its acquisition of fellow Bermuda-based reinsurer Montpelier Re Holdings. The $1.83 billion cash-and-shares deal was announced in March when the boards of directors of both companies unanimously approved the merger. With the granting of all necessary regulatory approvals, the acquisition was completed at the end of last week. Shares of Montpelier Re ceased to trade when markets closed on Friday. Three directors of Montpelier have been appointed as non-executive directors on the board of Endurance. The new combined company will be run by Endurance’s senior management team from its headquarters in Waterloo House on Pitts Bay Road. Endurance CEO and chairman John Charman said in a statement: “Endurance’s strategic acquisition of Montpelier combines two strong underwriting businesses resulting in an organization with increased scale, scope and more relevant market presence. “The acquisition materially expands our breadth of distribution with the addition of a good-sized and scalable Lloyd’s platform and a third-party capital insurance and reinsurance investment product business. We expect the transaction to enhance the long-term value of our business for shareholders with accretion to earnings per share and return on equity.” When first announced the cash-and-shares deal was worth $40.24 per Montpelier Re share, with Montpelier shareholders to own just under one third of the combined company. Montpelier shares closed up 14 cents at $42.65 on Friday, their last trading day. Montpelier directors Morgan Davis, Nicholas Marsh and Ian Michael Winchester have been appointed non-executive directors of Endurance. Mr Charman said: “I am delighted to welcome our new directors. Their knowledge of Montpelier’s business and their broad experience across the insurance and reinsurance industry will be great assets to our board, as we continue to transform Endurance into a larger and more globally relevant industry leader.” Mr Davies is a director of White Mountains Insurance Group and OneBeacon Insurance Group. He was formerly managing director of OneBeacon. Mr Marsh worked for Atrium Underwriting Group for 40 years. Before he retired in 2013 he was director of corporate underwriting and director of underwriting review. He is on the board of HCC International Insurance Company, holding the position of non-executive chairman of HCC International and HCC Underwriting Agency. While Mr Winchester also has an extensive background in the industry and is a managing partner and chairman of the investment committee of BHC Winton Funds, an investment fund which focuses on providing capital to syndicates operating in the Lloyd’s market.
Montpellier International 6/8/2005
Montpellier Redemption Holdings Company 12/23/2008
Montpellier Resources LDC 9/21/2000
Montpellier Resources  Ltd (Sec 61 M/C) 8/4/1994
Montpellier USA Holdings  6/17/2005
Monument Re 2019. March 26. Bermuda-based reinsurer Monument Re has announced the completion of its acquisition of Dutch insurer Robein Leven NV from Amerborgh Financial Services BV. The deal, which was first announced in July last year, was closed after receipt of regulatory approval by the De Nederlandsche Bank. Monument Re, a Bermuda Class E long-term insurer, previously stated that the acquisition would establish its long-term presence in the Netherlands. The company has a presence in Bermuda, Ireland, Belgium and Luxembourg. “We are pleased to announce the regulatory approval from the De Nederlandsche Bank and the completion of our acquisition of Robein in the Netherlands,” said Manfred Maske, CEO of Monument Re Group. “We look forward to further growth and opportunity with this platform.” Monument Re’s major shareholders include Bermudian-based Enstar Group and German reinsurance giant Hannover Re.
Moongate Insurance Since 2013. 2015. June 8. As the cost of Bermuda health insurance goes up and up, newcomer MoonGate Insurance Group aims to fill the service gaps for locals on the most basic packages. Its latest step, using an affiliate company in the United States, has resulted in MoonGate adding an entirely United States-based package. The link with Welldyne Inc gives residents access to discount pharmaceuticals, dental treatment, glasses and services such as X-rays, MRIs and the mammogram screening that dominated recent headlines. Provides a network of over 410,000 US locations Bermuda-based visitors can go to. On the prescription side, there are 59,000 locations — the likes of CVS, Walmart, Walgreens and Duane Reade — and there are 80,000 dentists. MoonGate specializes in filling coverage gaps. It ties in with the basic packages Health Insurance Plan (HIP) and FutureCare, and also links to the Medical Air Services Association for emergency relocations. It is additionally an agent for the Freisenbruch-Meyer Group. Bermudians travel frequently to the US where the option for purchasing through the company’s WellCardHealth programme includes buying prescription drugs. In addition, the deal with WellCard gives Bermudians access to 80 different hearing aid models and discounted diabetic supplies.
MS Amlin 2018. February 1. MS Amlin was today announced as a title sponsor of the ITU World Triathlon Series in Bermuda. The reinsurance firm said the move was a natural step as its parent company, MS&AD, is based in Tokyo, where the Olympic Games will be held in 2020. During the Bermuda event in April, athletes will win points on their long road to qualification for the Tokyo Olympics. Rob Wyatt, CEO of MS Amlin AG Bermuda Branch, said: “We are honoured to have been chosen as the title sponsor for the first ITU World Triathlon being held here in Bermuda. “As an active office keen on sport, we are delighted to be lending our support to such a fantastic event — particularly one that resonates with Bermudians thanks to the success of triathletes such as Flora Duffy. We hope the event again showcases Bermuda as a wonderful venue for top level sporting activities, inspiring those of all ages to swim, bike and run.” Phil Schmidt, local organising committee chairman of World Triathlon Bermuda, said: “We are delighted to be partnering with MS Amlin. MS Amlin stands for quality and fairness in the reinsurance industry, which are key values for any athlete.” Pat Phillip-Fairn of the Bermuda Tourism Authority said: “We look forward to welcoming the world’s top athletes and triathlon enthusiasts to experience all that Bermuda has to offer. The MS Amlin World Triathlon Bermuda will become a pinnacle event in the triathlon calendar. We are extremely grateful for the generous support of MS Amlin, and we thank them for their partnership, demonstrating their wider, ongoing support for Bermuda.” The event will be hosted in Hamilton on April 28. The day will comprise of the Elite race and the Age Group amateur race, which will attract hundreds of runners, including locals trying their first triathlon. A team of employees from MS Amlin will participate in the amateur Age Group triathlon race, while others in the MS Amlin family will volunteer at the event. Front Street will be the focus of all racing and MS Amlin’s Bermuda offices, which will also house the event office, is well positioned on the course. Sports enthusiasts of other disciplines are encouraged to register and train for the April event, which does not require a qualifying time.

2018. January 8. MS Amlin has set up a new Bermuda-domiciled sidecar with more than $60 million of capital backing. The global re/insurer with offices in Bermuda, the UK and continental Europe, said the new special purpose insurer, Viribus Re Ltd, would provide collateralized capacity support for MS Amlin Syndicate 2001’s global reinsurance portfolio in 2018. Viribus Re Ltd has entered into a quota share agreement with MS Amlin, from the start of this year, under which it will reinsure a share of MS Amlin’s worldwide property catastrophe excess of loss portfolio. MS Amlin said capital had been committed by a number of third-party investors, including MS Amlin, which has committed $5 million. James Few, global managing director of reinsurance at MS Amlin, said: “This is an important long-term strategic initiative for MS Amlin as we continue to seek ways to build capacity and relationships with capital market partners, whilst providing us with greater scope and flexibility to support the evolving needs of our clients. We are delighted to have secured funding for Viribus Re Ltd from a range of new partners whom we look forward to working with closely in the future.”

Mt. Logan Re  2013 sidecar launched by Everest Re Group Ltd
Multi-Manager Investments (Bermuda) c/o Codan Management
Multi Packing Solutions International Moved to Bermuda from New York in 2014
Mundipharma Pharmaceutical Company Par-la-Ville Place, Par-la-Ville Road, Hamilton. Phone 295-6480

2018. May 15. A drug manufacturer has come under fire in Britain for allegedly diverting $1.35 billion through Bermuda to avoid taxes. A report in London’s Evening Standard said pharmaceutical firm Napp has funneled cash through its Bermuda-based Mundipharma offices for more than 25 years. Napp, which manufactures painkiller OxyContin among other drugs, and Mundipharma are controlled by the billionaire Sackler family. The UK’s NHS Digital, which provides data to the National Health Service, said Sackler drugs make up 68 per cent of the volume of the oxycodone market in England and 29 per cent of the entire $356 million opioid market. The newspaper report, published last week, said the company manufactured drugs in Cambridge, England, and has paid taxes on drugs sold to the NHS. The report added sales to other parts of the world were routed through Mundipharma’s office on Par-la-Ville Road in Hamilton. The story said: “This would have allowed profit to be taken on the island nation, where no tax is payable. According to our sources, Mundipharma bought the drugs from the UK at one price and sold them to Mundipharma entities for a lot more — keeping the profit made in Bermuda. However, the products were shipped directly from the UK to the country where they were sold and did not go anywhere near Bermuda.” Napp’s turnover for international sales totaled $182 million in 2015. The report said: “Over 25 years, our sources said, the amount of profits diverted to Bermuda from Mundipharma Europe and Australasia was well over £1 billion. If the 2015 profit had been taxed in the UK, where the drugs are manufactured, it would have attracted corporation tax of 20 per cent, which equates to £30 million.” Over the 25 years the scheme has operated, this may add up to the avoidance of hundreds of millions of pounds in corporation tax. Bermuda’s role was reduced in 2015 due to changes in UK law, with profits being repatriated through the UK. The report quoted a tax expert who said the process used by Napp was not illegal or considered tax evasion “provided the transfer pricing arrangements with Bermuda could be commercially justified”. The unidentified expert said: “One way to add value is for the offshore company to hold the intellectual property and charge a fee for this, but in this case it appears the IP for OxyContin is held by Napp in the UK, and their larger trademark portfolio is held by Mundipharma AG in Switzerland. So it is hard to see, at least on the facts supplied, what activity in Bermuda added the value to justify the higher pricing.” The expert added that it was possible that the company entered into an advance pricing agreement with HM Revenue and Customs. The expert said: “Before 2015 this was relatively easy, as such arrangements were often difficult for HMRC to challenge successfully. The introduction of diverted profits tax in 2015 made it harder for multinationals and this may be why the arrangements changed so radically in 2016.” In a joint statement, Napp and Mundipharma said they had a long history of paying taxes in the UK, including $90.7 million between 2013 and 2016. The statement said: “Napp and Mundipharma independent associated companies based in the UK are transparent in the disclosure in their public accounts of their dealings with independent associated companies and in their dealings with HMRC. We follow HMRC’s guidance in full. We pay all taxes that we owe.”

Munich Re Bermuda 2018. May 14. Munich Re has ploughed $330 million of capital into a new Bermudian-based vehicle that will reinsure some of its life business. The island-based entity, to be known as Munich Re Bermuda, has been assigned a financial strength rating of A+ by AM Best. Munich Re Bermuda was formerly named Princeton Eagle West Insurance Company Ltd and was authorized to operate property and casualty business, all of which was in run-off. The company was renamed Munich Re of Bermuda in March 2018 and was repurposed as a Class C insurer by the Bermuda Monetary Authority in order to serve as an authorized reinsurer of the Munich Re group. Its main purpose will be as a vehicle to place Munich Re’s related US life reinsurance business. Munich Re will support the newly repurposed entity by providing an excess of retention and excess of loss reinsurance treaty, as well as the initial $330 million capital injection.
Multi-Strat Advisors Since 2014. Owned by Crabel Capital Holding, a Los Angeles-based global alternative investment firm overseeing over $1.7 billion in funds for its clients. Toby Crabel is the founder and CEO of Crabel Capital. It and its Crabel Re will use the Multi-Strat Re platform for its underwriting and reinsurance operations. The move allows Crabel Capital, which manages a total of $1.7 billion for its clients, to enter the reinsurance market more easily and also to focus on the investment management side of the business. The firm aims to use Crabel Re to underwrite reinsurance business and invest the premium float in its short-term systematic trading strategy, Crabel Multi-Product. Mr Crabel, who had three years as a professional tennis player, made his name as a commodities trader. In 2005, the Financial Times described him as the most well-known trader on the counter-trend side. Multi-Strat Re is designed to help asset managers get into reinsurance, with the option to break away and become independent reinsurers in the future. Crabel Capital focuses on futures and foreign currency trading and was a pioneer in short-term trading, The firm offers diversified systematic products with low correlation to traditional asset classes. In May 2015 Multi-Strat took over Annapolis Consulting Group (ACG), a Maryland international consultancy business that provided services to the reinsurance sector. ACG has an office in Bermuda and one in South Carolina, specializes in the resolution of legacy claims and captive run-offs. MultiStrat will also take over ACG Brokerage (Bermuda) as part of the deal, subject to approval by regulators.

2017. June 7.  Island-based investment manager HSCM Bermuda 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.

Multi-Strat Re See above
Munich-American Global Services (Bermuda) 45 Reid Street, Hamilton. P. O. Box HM 204, Hamilton HM FX. Phone 292-5794. Fax 292-5592. International management company.
Munich Re World's largest insurer. In December 2014 added another Bermuda sidecar to its roster after $75 million of participating notes from a special purpose insurer called Eden Re I was listed. The move follows a similar $290 million Eden Re II Ltd vehicle listing on the Island just before Christmas. Industry experts said the listings confirmed Munich Re's intention to make more use of alternative capital and maximize relations with capital market investors. Munich Re launched its Eden Re Ltd sidecar, a $63 million collateralised vehicle that provided it with capacity to support its property catastrophe business, a year ago. The latest sidecar was listed on the Bermuda Stock Exchange late last month. Eden Re I is being registered as a segregated accounts company, as well as a special purpose insurer, leading to the issuance of segregated account participating notes. This likely makes it more suitable for deals involving single large investors, where the Eden Re II vehicle looks more like a multi-investor vehicle as the notes it issued were not for a segregated account. According to financial website Artemis, the participating notes issued by Eden Re I are "exposed to a wide range of perils including earthquake, seismic and/or volcanic disturbance or eruption, hurricane, rainstorm, storm, tempest, tornado, tidal waves and tsunamis." Artemis said the type of deals set up by Munich allowed the firm to access third-party capital to support its underwriting and retrocede a share of business to the investors. They are similar to a catastrophe bond or private insurance linked security (ILS) deal, but allow for a full quota share of the reinsurers' portfolio to be offered to ILS insurers if it chooses.

2019. January 9. Climate change is having a growing impact on insurers’ bottom lines. That is the view of Bermuda-registered German reinsurance giant Munich Re, which highlights an increasing incidence of costly forest fires as a symptom of global warming. In its global catastrophe report, published yesterday, Munich Re estimated that insurers and reinsurers paid out $80 billion on worldwide natural disaster claims in 2018. That covered half of the estimated $160 billion in economic losses. The single most costly event was the Camp Fire, which devastated the small town of Paradise in northern California in November and caused 68 fatalities, as well as total losses of $16.5 billion, of which $12.5 billion were insured. Ernst Rauch, Munich Re’s chief climatologist, said global warming was causing forest fires to enter a new dimension, with losses running into the tens of billions of dollars. “Higher and higher temperatures are leading to ever greater droughts, and high humidity in the winter means that shrubbery grows quickly, creating an easily flammable material in dry summers,” Mr Rauch told Reuters. The report highlights three California wildfires, the Carr Fire in July and August and the Camp and Woolsey Fires of November, which between them caused overall losses of $24 billion, of which $18 billion were insured. So almost one quarter of insured natural disaster losses were attributable to wildfires. The year’s total of $80 billion paid out by insurers was less than the $140 billion tab they picked up in 2017, but still nearly double the inflation-adjusted $41 billion average over the past 30 years, Munich Re said. Last year ranks among the ten costliest disaster years in terms of overall losses, and was the fourth-costliest year since 1980 for the insurance industry. Hurricanes Michael and Florence generated total losses of $31 billion, of which $15 billion were insured. North America accounted for 68 per cent of insured losses, while Typhoon Jebi, which cost insurers $9 billion and caused damages in Japan and Taiwan, was the costliest event outside the US. Petra Löw, the report’s author, touched on the protection gap in developing economies. “Payouts by the insurance industry helped to boost catastrophe resilience, in other words the ability after a disaster to return to normality as quickly as possible,” Ms Löw said. “However, industrialized countries still account for the vast majority of insurance payouts following natural catastrophes.” She added: “The situation with insurance protection in emerging and developing countries is quite different, despite the fact that, for financially weak and low-income countries, improving risk management and resilience-building systems is an important way of mitigating the impact of humanitarian disasters and promoting sustainable economic growth.” However, Munich Re also noted that 50 per cent of global macroeconomic losses from natural catastrophes in 2018 were insured, a significantly higher percentage than the long-term average of 28 per cent. Munich Re NatCatService tallied 850 events, including storms, floods, fires, earthquakes, tsunamis and landslides. Asia was worst affected with 43 per cent of all events and 74 per cent of the total 10,400 fatalities. The protection gap was very apparent there, with only $18 billion of losses insured out of total losses of $59 billion.

Mutual Insurance Company Mutual provides media liability insurance to clients in the United States and some Caribbean countries.

2018. September 19. Joanne Richardson has taken over the helm at media insurer Mutual Insurance Company Ltd. The Bermudian company announced that Ms Richardson became its chief executive officer at the start of this month. “Joanne, given her extensive experience with media liability risks, is a perfect fit for Mutual,” said Rick Spurling, president and chairman of Mutual. “She has both the qualifications and the leadership skills to take Mutual to the next level of insurance products and service.” Ms Richardson said that the chance to take the helm of a leading media insurer in the insurance and reinsurance environment of Bermuda is the opportunity of a lifetime. “Mutual has over a half-century of experience underwriting media and enjoys an unsurpassed reputation,” Ms Richardson said. “With unprecedented changes in the industry come unprecedented opportunities. The time is perfect to set our next course.” Ms Richardson was most recently partner at Hiscox Insurance Company in New York, and managing director of its Media and Entertainment practice. She previously worked at Chubb as the national accounts underwriter for media liability, and at GE Capital, where she was an underwriting officer for media liability. She is a graduate of Rutgers College, Rutgers University, and is a Chartered Property and Casualty Underwriter. 

Mutual Risk Management Church Street, Hamilton. Now owned by IAS Park.


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

N-Compass Financial Services 11/4/1994
N-Gas 11/17/2004
N-Holdings 3/21/1989
N-M-IP 220 7/20/2004
N-M-IP 220 Trading 7/20/2004
N-M Multi-Strategy 1/8/2004
N-M Multi-Strategy Series 2 3/31/2004
N-M Multi-Strategy Series 2 Trading 3/31/2004
N-M Multi-Strategy Trading 1/8/2004
N-Ren International 4/23/1974
N C R A International 4/9/1979
N C (Bermuda) 3/22/1974
N D Holding 7/8/1997
N L Insurance 5/2/1975
N M. Rothschild Services (Bermuda) 3/30/1970
N W 1  12/16/1987
N & N Investments 8/2/1989
N & S Services 1/2/1980
NAAP 9/20/1995
Nabors Blue Shield 12/9/2008.  See below.
Nabors Drilling International 6/29/1992. See below.
Nabors Drilling International II 3/11/2003.  See below.
Nabors Global Holdings 2/15/2005.  See below.
Nabors Global Holdings II 6/24/2009.  See below.
Nabors Holdings 12/11/2001. See below.
Nabors Industries (NBR) 12/11/2001. Relocated its corporate HQ from Delaware to Bermuda at that time to save on US taxes. USA's and world's biggest land-based drilling contractor. The Houston, Texas-based Nabors Group owns, operates and manufactures drilling equipment and provides oilfield support in most of the significant oil, gas and geothermal markets in the world.

2016. April 27. HOUSTON (Bloomberg) — Nabors Industries fell the most in more than two months after the world’s largest land-rig owner missed analyst estimates partly due to pricing discounts handed out to several customers during the oil industry’s worst financial crisis in a generation. The Bermuda-based company fell almost 10 per cent in New York to $9.34, after earlier sliding as much as 12.3 per cent, the biggest intraday drop since February 9. Earnings before interest taxes, depreciation and amortization in the first three months of the year fell by 57 per cent from a year ago to $162 million, the company said late on Monday in a statement. Analysts had expected Ebitda of $195 million, according to the average of 20 estimates compiled by Bloomberg. “Nabors reported a weaker than expected quarter as activity declines, pricing concessions, and unfavorable international costs weighed on results,” Marshall Adkins, an analyst at Raymond James, wrote on Monday in a note to investors. The company was forced to give pricing concessions in the first quarter to three key international customers, chief executive officer Tony Petrello told analysts and investors yesterday on a conference call. Ebitda in its international segment is now expected to drop another 6 to 8 per cent in the second quarter, he said

2015. October 28. Bermuda-based American oil drilling rig operators Nabors yesterday posted a loss of $250.9 million for the third quarter of the year. The firm said the net income figure included the impairment of Nabors’ holdings in C&J Energy Services, which totaled $180.6 million. Third quarter operating revenues were $848 million, compared to $1.81 billion in the same quarter of 2014. Anthony Petrello, Nabors’ chairman and CEO, said: “Our third quarter results were essentially in line as increased revenue and cash flow internationally were offset by lower results in North America due to lower activity and increased exposure to spot marketing pricing. We expect more moderate sequential decreases throughout the seasonally weak second quarter of next year with gradual declines in rig activity and more rigs converting to spot pricing both in North America and internationally. Our view of the timing and shape of the recovery remains unchanged, with an expectation of a protracted trough followed by a more gradual recovery than recent cycles. Accordingly, we continue to exercise stringent control over our operating, support and capital spending in order to meet our minimum goal of break-even free cash flow. Our solid financial position and sizeable liquidity allow us to remain opportunistic should attractive long term strategic opportunities arise.”

Nabors International Finance 2/26/2002
Nabors International Holdings 2/26/2002
Nabors International Management 12/23/2004
Nabors Management 9/6/2000
Nabors Purchasing 12/8/2005
Nabors Red Lion 8/6/2008
NACS 2/12/2013
Nadia & Jacob Stolt-Nielson Benevolent Fund (The) 7/18/2006
Naess Bulk Shipping 1/9/1989
Naess Helicopter Company 6/17/1975
Naess Investments 1/2/1987
Naess Properties 1/2/1976
Naess Properties (1966) 10/29/1996
Naess Shipping Company 3/8/1976
Nafasi Investment Fund 8/2/2010
Nafco Artbitrage Partners 7/2/1998
Nafco Insurance Company 10/24/1990
Nafs Shipping 3/6/1975
Nagacorp 11/12/2002
Nagara 6/5/1984
Nagara Tam 6/5/1984
Nagrassa 11/28/1997
Najla 4/29/1980
Najram Property 6/18/2003
Nakshatra Investments Company 3/28/2013
Nalf Holdings 10/3/2000
Nalico Reinsurance 6/15/1984
Nalling Shipping 10/11/1991
Nam Cheong 8/17/1998
Nam Fong International Enterprise (Holdings) 11/3/1994
Nam International (Bermuda) 4/28/1999
Namakwa Diamonds 10/20/2006
Namakwa Diamonds Trustees 7/6/2009
Namchrome Bermuda 11/10/2006
Namesdirect.com 2/2/2000
Namgem Trading (Bermuda) 2/26/2007
Namibian Resources 1/29/1999
Namor Consultants 12/8/1982
Namusa 7/9/1981
Nan Fung Shipping Management 5/25/1977
Nan Hai Corporation 11/7/1990
Nan Luen International 6/30/1989
Nan Nan Resources Enterprise 1/6/1995
Nanak Enterprises 5/30/1966
Nanco 11/12/1985
Nanertak Fiduciary 5/21/1993
Nanjia Capital 5/9/2013
Nanna 7/23/2014
Nano Marketing 1/12/2001
Nanovation Technologies International 12/3/1990
Nant D'Avril Ltd  Cont 5/28/2003
Nantwych 7/1/1983
Nanuk Fiduciary 5/21/1993
Nanyang Holdings 4/10/1989
National Arts Holdings

A Hong Kong-based investment holding company that moved its domicile to Bermuda from the Cayman Islands in 2010. Formerly Vertex Group Ltd., operates through three segments: network infrastructure and electrical installation services, digital solution services, and films production and distribution, and artiste management. National Arts Holdings' subsidiaries include Network Engineering Ltd., Vertex Systems Services Ltd., VCTG Technology Ltd., Great Wall Telecommunications Group Ltd., Vertex Media Ltd. and Vertex Digital Media Ltd. The company disposed of 100 percent equity interests in Vertex CDM Ltd. on November 11, 2009. The company had a 2010 market capitalisation of $214.1 million.

Nationwide 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.”
N2H2 Inc Founded in 1995, based in Seattle. With 16.5 million users overseas and an office in Bermuda. An Internet access management company specializing in fast and scalable filtering solutions.
NCB 2019. January 3. NCB Financial Group, the company that owns a majority stake in Clarien Bank, has made a bid to take a controlling interest in Caribbean region insurer Guardian Holdings Ltd. Controlled by Michael Lee-Chin, the Jamaican-born billionaire, NCB has a 50.1 per cent stake in the Bermudian bank. Mr Lee-Chin’s Portland Private Equity owns an additional 17.9 per cent stake in Clarien. On Monday, NCB’s subsidiary NCB Global Holdings, made an offer to all Guardian shareholders to buy up to 32.01 per cent of the company. The $2.79 per share offer is worth more than $207 million in aggregate. NCB already owns 29.99 per cent of Guardian, which is based in Trinidad and Tobago and offers life, health, property and casualty insurance, as well as pensions and asset management in 21 countries across the English and Dutch Caribbean. If the bid is successful, NCB would own a 62 per cent controlling interest in Guardian. The offer is conditional upon Guardian shareholders tendering sufficient shares to give NCB a more than 50.01 per cent stake and on regulatory approvals for the deal. The offer period is scheduled to close on February 7, 2019.
NCL (Bahamas) Since 12/15/2003
NCL Corporation Since 12/13/2003
NCL Cruises

Since 10/9/1996. 

Norwegian Breakaway

Norwegian Breakaway, launched 2013. Her 2013 maiden voyage was to Bermuda. See Cruises

NCL International Since 12/15/2003.
NCL Investment Since 8/6/2007.
NCL Sun Cruises Since 5/19/1998.
Neon Victoria Street, Hamilton. 

May 5. Lloyd’s of London insurer Neon is celebrating its first year in Bermuda. Chris Fisher, the chief executive officer, started the firm with just one other staff member. It now has a staff of six, with plans to recruit another. Mr Fisher hopes to grow the firm from its expected $20 million in gross premiums written this year to $100 million within three to five years, as well as increase staffing numbers to more than 20. Speaking at Neon’s offices in Victoria Street, Hamilton, he said: “We’re running out of space here. We probably have room for another three people at most, so potentially we may have to look at some additional space. “In three to five years, if we have 20-plus people, that doesn’t seem unreasonable, although it’s difficult to tell. Additional people have to be supported by business flow — but I have ambitions to grow this business into other lines of business when it makes sense.” Neon, which is part of US-based American Financial Group, was set up last year under the leadership of Martin Reith to breathe new life into Lloyd’s Syndicate 2468, formerly known as the Marketform syndicate, which had taken a hit from Italian medical malpractice business. Mr Fisher said: “He wanted to bring the balance of the syndicate’s business to short tail lines of business, property insurance and reinsurance. “I was hired to do two things — start a Bermuda office for Neon and kick-start the platform here. I’m also head of property insurance underwriting for Neon globally. Through the balance of 2016, I began to write an amount of property insurance business with a focus on the larger Fortune 100 companies.” Over the past year, Neon has expanded from property insurance into other areas, like property reinsurance and professional indemnity cover. Mr Fisher said: “We would love that reinsurance business to grow from a reinsurance perspective, but we may have an opportunity to grow into the insurance-linked securities space as well.” He added that Nicholas Pritchard, appointed as head of reinsurance, had considerable experience in the reinsurance segment. “That’s a potential growth area for us over the next two years or so. The commitment and support from London has been fantastic and Martin Reith has been here multiple times.” He said the firm’s local profile was due to be boosted by a special America’s Cup reception for clients, due to be held at Commissioner’s House in Dockyard next month. Neon is a member of Great American Insurance Group, which runs the insurance operations of parent AFG and had already benefited from the link-up. Mr Fisher said: “We are exploring areas where we can get some synergies going with Great American as well and access additional business to the island via their platform. We have done one deal with them on Canadian business, which we otherwise wouldn’t have seen. At the moment, we’re targeting for this year $20 million of gross written premiums for the Bermuda business, which wouldn’t be a bad start at all. Market conditions have been tough — there is a lot of oversupply of capacity, but where we have the opportunity to build the company in a responsible way is through business where we have the ability to use the strength of our relationships to help carve out what we consider to be advantageous underwriting positions on programmes. For 2017, more than 50 per cent of the business will be lines of business we didn’t participate in 2016. That shows you the amount of turnaround and change brought about by the revitalization of the syndicate. A big part of it is getting the right people on board and the team we have here at Neon Bermuda is first class.” Mr Fisher said he was proud of the fact that the current staffing included only one non-Bermudian. “My commitment as CEO is whatever I can do to get suitably qualified Bermudian staff into this business, I will do. That’s something I very much want to achieve. We want to make sure Bermudians are in as many positions in the company that they are suitably qualified and experienced to be in.”

2016. June 21. Lloyd’s of London-based insurer Neon has opened a new office in Bermuda. And the firm aims to expand its on-island two-strong team as it targets the US market. Neon has recruited Bermudian Chris Fisher, an underwriter with 25 years of experience in the insurance industry in Bermuda, Britain and the US, to head up the Bermuda operation. He was previously chief underwriting officer of insurance for Ariel Re in Bermuda. Mr Fisher said: “I’m delighted to be joining Neon to open and head its new Bermuda office. We believe that the existing expertise of Neon’s Lloyd’s syndicate, in conjunction with the strong Lloyd’s financial rating and our stated goal of building upon our local underwriting talent, means that we will be able to offer a compelling and relevant proposition to this strategically important market.” Mr Fisher’s office will write direct and facultative property insurance on a global basis as an approved cover holder for Lloyd’s Syndicate 2468. Business will be considered on a primary quota share and excess of loss basis with critical catastrophe line sizes up to $10 million and fire capacity up to $25 million. Martin Reith, CEO of Neon, said: “Opening the Bermuda office is a strong statement of our intent to expand Neon’s international presence and grow the business. In Chris, we have a highly regarded local underwriter with strong relationships on the island as well as in the US. We have bold ambitions to grow our Bermuda platform and anticipate adding both personnel and product lines in the near future.” Mr Reith added: “More broadly, opening in Bermuda, which follows the completion of our strategic review, is a further sign of the momentum within Neon as we continue to make encouraging progress with the strategic turnaround of the business. It’s an exciting time for the group and we look forward to updating the market with further news demonstrating this positive trajectory. We think it’s a great outpost for us as we continue to build our new branded company name. Given the significance of the Bermuda market in the global insurance and reinsurance stage, it seems to be a logical next step for us.” Mr Fisher has also previously worked for Ace, now known as Chubb, in various senior underwriting and executive roles, and he started his career at BF&M.

Neo-Tech Global C/o Conyers Dill & Pearman
Nephila Capital Since 1998. Now partly owned by the Man Group, one the world's largest publicly traded hedge fund managers. Has a Caymans-domiciled investment vehicle, Gamut Reinsurance. Uses catastrophe bonds, industry loss warranties and reinsurance contracts to construct portfolios.

2019. January 9. Nephila Capital has struck a deal to provide coverage for when the wind does not blow at all. Nephila, the world’s largest manager of insurance-linked securities funds, has teamed up with Allianz Global Corporate and Specialty’s Alternative Risk Transfer unit to help a new $600 million wind farm in the US ensure revenue stability, even when the turbines stop turning. The coverage is in the form of a proxy revenue swap (PRS), a financial derivative that will allow owners of the High Lonesome wind farm in Crockett Counties, Texas, to minimize risks related to price, as well as weather. The PRS relates to a 295-megawatt portion of the 450-megawatt wind farm, which is under construction and is owned by Enel Green Power North America, a subsidiary of Enel, an Italian corporation. In a statement, Enel said this was the biggest PRS in the world by capacity for a single plant. Allianz and Nephila executed the PRS in collaboration with REsurety, a renewable energy risk manager. Lee Taylor, chief executive officer of REsurety, said: “Renewable energy projects are under increasing pressure to deliver predictable returns despite the increasing volatility of the value of intermittent generation. “We developed the Proxy Revenue Swap specifically to deliver unrivalled certainty of cash flows, regardless of power price volatility and weather-driven intermittency. We are delighted to have had the opportunity to collaborate with Enel, Allianz and Nephila to bring the largest PRS transaction to fruition.” Nephila was acquired by Markel Corporation last November in a deal worth $975 million. It continues to operate as a separate company within the Markel group. As of last September, Nephila had $12.2 billion of assets under management.

2017. November 1. Insurance investment firm Cedent Ltd has teamed up with Nephila Capital to create a new Bermuda-based firm to advise corporations and countries on managing climate risk. Resilience Economics Ltd will be backed by $500 million from Nephila, which is also based in Bermuda and is the world’s largest insurance-linked securities manager. Resilience says it will use advanced data science to develop and structure climate risk capital solutions for global institutions and governments. Michael Coles, the insurtech expert and chief executive officer of Cedent, said Resilience was not a risk-bearing entity, but that it would work with companies to help them understand the impact climate risk has on their financials. “More than 1,000 CEOs and CFOs of public companies disclosed that adverse weather directly drove poor financial results on earnings calls with stakeholders so far this year,” Mr Coles said. “A few decades ago, businesses did not transfer the risk of fluctuations in currencies, interest rates, or commodity prices but eventually stakeholders deemed risk retention unacceptable once risk transfer markets developed. Climate risk retention may soon be deemed unacceptable and if so, climate capital solutions will be the new imperative.” The National Centre of Atmospheric Research estimates that the US economy can vary up or down by as much as $240 billion each year, as a result of day-to-day (non-catastrophic) weather fluctuations. However, Resilience Economics claims that total risk transferred to the insurance sector amounts to just $3 billion, underlining the potential for growth in this sub-sector of the risk transfer industry. Barney Schauble, managing partner at Resilience’s strategic partner Nephila, said: “We believe good advice around quantification and transfer of weather and climate risk is the critical key to unlocking the market potential and we are eager to support Resilience Economics and its clients in developing protection that responds to their specific exposures.” Resilience has named Lynda Clemmons, a senior executive at NRA Energy, to its advisory board. Alternative risk transfer expert Steve Evans’ website Artemis.bm said Resilience was targeting an area of risk that was underserved by traditional insurers and reinsurers. The website added that “the use of technology alongside ILS-backed capacity and capital market techniques will mean its solutions can be delivered efficiently and effectively. “This also means the opportunity is significant for Nephila Capital to put more of its risk capital to work in emerging areas, solving problems at the front end of the value-chain for corporates, institutions and sovereign entities, while adding another unique angle to its investor offering. Resilience Economics will look to take the climate risk discussion to the CFO level, where organisations and institutions will be receptive to solutions that can help to remove volatility caused by the weather out of their businesses.”

Nephila Holdings Owns above company.
Neptune Group Management Manages and Bermuda agents for the Bermuda Container Line. It provides an ocean freight service linking Bermuda with the world. It operates a weekly service between Port Elizabeth, New Jersey and Hamilton, Bermuda with the vessel M.V. Oleander.  Through an associated company, Somers Isles Shipping Ltd., it also operates a three time per month service between Fernandina Beach, Florida and Hamilton. BCL maintains agents throughout North America to allow it to provide full container load intermodal services between Bermuda and all key centers on the North American continent. Through connecting carrier agreements with a number of major shipping lines, BCL connects Bermuda with the rest of the world. The North American General Agents for BCL are Bermuda Agencies Ltd. Bermuda Container Line Ltd. has been in operation, and providing its weekly service from Port Elizabeth, since 1979.  The company has over 500 shareholders and a Board of Directors numbering thirteen. BCL owns the container RO/RO vessel M.V. Oleander and a wholly owned subsidiary, Bermuda Agencies in the United States. BCL’s ship, the Oleander, was built in 1990 in Holland to the lines own specification.  It is a combination container and roll-on/roll-off vessel capable of carrying 360 TEU as well as 44 cars in an enclosed garage area.  The Oleander has electrical plugs and generating capacity to allow it to carry 88 refrigerated containers.  The enclosed garage area has hoistable car decks which allow it to carry large roll-on/roll-off cargo in the enclosed area as well as such cargo on deck in front of the vessel’s superstructure.

In addition to a fleet of standard dry and refrigerated containers, BCL has a fleet of more specialized equipment including:

  • Flat racks
  • Bulk and tank containers
  • Mafis and road trailer for non-containerized cargo
  • Specialized containers for the carriage of livestock

The BCL service from Port Elizabeth to Bermuda is the fastest and most efficient shipping service available to the island.  It departs from Port Elizabeth early on Friday evenings and arrives in Bermuda late Sunday afternoon for discharge of cargo on Sunday evening.  Importers can pick up their cargo starting at 6:00 a.m. Monday mornings.

NetJets Website Netjets.com. Bermuda-based, private jet aviation. A wholly-owned subsidiary of Warren Buffet's Berkshire Hathaway group.
News Publishers  Rupert Murdoch-owned, hugely profitable.
New Ocean Capital Management 2018. November 19. Bermuda-based New Ocean Capital Management Ltd is now wholly-owned by Axa XL. New Ocean was created in 2013 by XL Group and American-based private equity firm Stone Point Capital, with a focus on providing third-party investors access to insurance-linked securities and other insurance and reinsurance capital market products. In 2016, Japan’s Mitsui & Co took a 15 per cent stake in New Ocean. Axa XL’s reinsurance operation has now completed the acquisition of all third-party ownership interests in the asset management company to make it a wholly-owned subsidiary within Axa XL’s alternative capital business. During a transition period, Chris McKeown, the founding chief executive officer of New Ocean, will continue to serve as an advisor to Axa XLs alternative capital business. He will also continue to serve as a director of certain New Ocean managed funds. Greg Hendrick, CEO of Axa XL, said: “Alternative capital is a core component of our strategy, as we seek to create strategic partnerships matching the risks we initiate with third-party capital alongside our own. Our decision to acquire the outstanding shares of New Ocean demonstrates our strategic commitment to the alternative capital space and represents the latest step towards becoming the partner of choice for investors seeking to access ((Re)Insurance risk globally.” He added: “We’d especially like to thank Chris whose dedication and 30 years of experience helped launch and grow New Ocean and bring it to this point where we can start our next chapter in alternative capital management.” Charles Cooper, head of Axa XL’s global reinsurance operations, said: “Under this consolidated structure, the alternative capital business will offer investors a full suite of underwriting, that will leverage Axa XL’s world-class risk origination and underwriting franchise: ILS asset management, utilizing New Ocean’s proven track record and fiduciary experience; and fronting activities/insurance management services for transacting business through Axa XL’s balance sheet, directly supported by our experienced risk and structured finance experts.” Daniel Brookman is Axa XL’s head of alternative capital. He joined the company in early 2016 as senior vice-president of alternative capital and was last year promoted to lead the team. Mr Cooper said: “As a key source of risk origination for our alternative capital activities lie within our reinsurance operations, Dan will join our global Reinsurance Leadership Team. The new alignment will help accelerate our alternative capital activity and provide greater flexibility for our underwriters and ultimately our brokers and clients.”
New Skies Satellites Holdings  New Skies Satellites B.V. is its main operating subsidiary. Australian-owned, it is one of only four fixed satellite communications companies with global satellite coverage, offering data, video, Internet and voice communications services to a range of telecommunications carriers.New Streem
New Stream Capital LLC  
Nexen Petroleum Offshore Yemen P. O. Box HM 1736, Hamilton HM GX. Phone 295-2949. Fax 292-9740
Nexen Petroleum Operations Yemen See above
Nexus Capital Victoria Hall, 11 Victoria Street, Hamilton HM 11. Phone 292-0795. Fax 296-0008
Nexus Services See above
Ngai Hing Hong Company C/o Codan Services Ltd
Nick Faldo Enterprises Owned and controlled by British golfer Nick Faldo, a Bermuda resident

Multi-national footwear giant, reportedly with over $7 billion of profits parked offshore including in at least 12 subsidiaries in Bermuda. According to the US-based Citizens for Tax Justice, ten of the Bermuda subsidiaries are actually named after Nike shoes: Air Max Limited, Nike Cortez, Nike Flight, Nike Force, Nike Huarache, Nike Jump, Nike Lavadome, Nike Pegasus, Nike Tailwind and Nike Waffle. Nike is believed to very aggressive when it comes to sheltering profits overseas.

Nike Cortez as above
Nike Finance as above
Nike Flight as above
Nike Force as above
Nike Huarache as above
Nike Ireland as above
Nike International as above
Nike Jump as above
Nike Lavadome as above
Nike Pegasus as above
Nike Tailwind as above
Nike Waffle as above
Nitrogas 6/20/1984. Nitrogas.net. A brokerage and advisory firm specialising in the international trade and transportation of liquefied natural gas (LNG), liquefied petroleum gas (LPG), and petrochemical gases. The company is represented in Bermuda via Consolidated Services Ltd and operates through offices located in Boston and Oslo. Nitrogas has originated and participates in a number of long-term LNG, LPG and NH3 charters as well as various shorter-term charters and gas supply contracts. Additionally, the firm advises a select group of traders and ship owners on deal origination, strategy and business development. It wants to be involved in converting Bermuda's present oil-based electricity system to LNG or LPG. 
Nitrophos 4/22/1980
Nitrosul 1/8/1980
Nittany Investments 8/22/1995
Niugini Mineral Mining (Sec 61 M/C) 9/9/1996
Nixon Intelligent Security Holdings 6/18/2004
NJ Car Insurance 1/29/1982
NJ Telecommunications 10/30/2006
NJI 1/23/2003
NJK Financial (Bermuda) 10/14/1988
NJord Insurance 6/1/1994
NK Frontier (Sec 61 M/C) 1/5/1996
Noble Automative 2015
Noble Group 2018. August 28. Shareholders of troubled Bermuda-domiciled commodity trader Noble Group Ltd yesterday backed a $3.5 billion debt restructuring plan to keep the company afloat. Noble, which is listed on the Singapore Stock Exchange and has headquarters in Hong Kong, but is incorporated in Bermuda, has been in crisis for three years. The company’s collapse started in February 2015, after Arnaud Vagner, a former employee, published reports anonymously under the name of Iceberg Research and accused Noble of inflating its assets. The upheaval triggered a share price collapse, credit downgrades, write downs and asset sales. Noble has stood by its accounting practices. The company had a market capitalization of about $6 billion before Iceberg’s claims surfaced. Yesterday its market value was about $145 million. It posted a $128 million loss for the second quarter of this year. The deal approved by shareholders at a special general meeting in Singapore yesterday will wipe out half of the company’s debt. Creditors will own 70 per cent of the revamped company, with shareholders receiving a 20 per cent stake and management 10 per cent. According to the Registrar of Companies listing, Noble Group was incorporated in Bermuda in March 1994. Mak Yuen Teen, an associate professor of accounting who specializes in corporate governance at the National University of Singapore Business School, told Bloomberg News that Noble’s case posed challenges for Singapore regulators because of the company’s Bermuda incorporation. That means “many of the core corporate governance requirements relating to director duties and shareholder rights in the Singapore Companies Act would not apply”, he said.
Nomad C/o Lines Overseas Management
Nomad Trading C/o Lines Overseas Management
Nomura Americas US Re  Class D insurer
Nomura CBO Chesney House, 96 Pitt's Bay Road, Pembroke HM 08. Or P. O. Box HM 3354, Hamilton HM PX. Phone 296-4050. Fax 296-4061. 
Nomura Investment Company (Bermuda) See above
Nomura Securities (Bermuda) See above. Nomura's financial interests include being the biggest single pub landlord in the UK. It owns 5,000 pubs and 2,500 off licences according to the UK's Daily Telegraph.
Nordic American Offshore The company operates a fleet of supply vessels in the North Sea, completed its move from the Marshall Islands to Bermuda on September 27. The redomiciling placed the company, which has a market capitalization of $77 million, into the same jurisdiction as its largest shareholder, Nordic American Tankers, shown below. 

2018. December 7. Nordic American Offshore Ltd has been awarded a one-year fixed contract for its platform supply vessel NAO Power. The company has a fleet of ten platform supply ships. NAO Power will commence its new contract early this month, and will be working in the North Sea for a “first-class company”, according to a statement by NOA. The contract also has two three-month options after the initial firm period. Nordic American Offshore Ltd was created in 2013 by Bermudian-headquartered Nordic American Tankers.

2017. March 7. Nordic American Offshore Ltd reported a fourth-quarter loss of $9.8 million this morning. The Bermuda-based company, which operates a fleet of ten supply vessels working in the North Sea oil industry, also declared a dividend of 2 cents per share. The loss which breaks down to 48 cents per share, compared to a loss of $4.4 million in the fourth quarter of 2015 and followed a loss of $8.6 million in the third quarter of last year. NAO’s full-year loss totaled $32.1 million, compared to a loss of $10.8 million in 2015. “Several service companies in our sector are in a difficult financial position,” NAO stated. “Going forward, NAO sees opportunities for expansion. We concentrate on keeping our vessel operating costs low, while always maintaining our strong commitment to safe operations.” The firm raised $47.5 million through a share offering which closed last week and said proceeds could top $50 million, depending on the uptake of the $7 million over-allotment option. NAO said: “The offering clearly reflects the investor confidence in NAO. Access to financing, both equity and debt, remains a competitive advantage for us.” NAO was founded in 2013 and its biggest shareholder is oil tanker operator Nordic American Tanker, another Bermudian company, which invested $10 million in the offering. Charter revenues plunged to $16.25 million last year from $34.8 million in 2015. The company said seven of its ten vessels were in service. North Sea production was hit by the dramatic fall in world oil prices early last year. But crude prices have recovered to above $50 a barrel in recent months and the deal by Opec countries to reduce output to support prices has added confidence in the sector. NAO said there had been encouraging signs in the market for chartering its platform supply vessels (PSVs) since the end of last year. “We have seen an improvement in PSV rates the last weeks,” NAO said. “At the time of this report, rates for the first quarter of 2017 are above the level of the fourth quarter of 2016." NAO shares closed at $1.15 on the New York Stock Exchange on Monday evening — down from $5.25 a year ago.

Nordic American Tanker Shipping Prominent in the shipping industry. Owns a growing fleet of tankers including the Nordic Passat. In 2010 it sold four million shares to fund future acquisitions and for general corporate purposes. As of January 2010, Nordic owned or had agreed to acquire 18 modern double-hull Suezmax tankers and two new-builds.

2018. June 22. Bermuda-headquartered Nordic American Tankers (NAT) has decided it will not conduct a bond offering to raise additional capital. In an open letter to shareholders and investors, the company noted improving conditions in the tanker market. The company has a fleet of 33 Suezmax tankers, including three new tankers that are being delivered this year. It has two of its fleet vessels up for sale. NAT has not made a profit during the past two years, and reported a net debt of $266 million at the end of the first quarter. The company previously announced it was planning a re-capitalization programme — to be finalized by the end of the second quarter — designed to replace its existing revolving credit facility that dates back to 2004. However, in a letter to shareholders and investors this week, the company said: “In the course of the last nine months, the financial position of NAT has changed much to the better. It is worth noting that the expected improvement in the tanker market is becoming clearer. We also brought this up in our February 2018 report. We have now decided that it is not in the best interest of NAT shareholders to conduct a bond offering. NAT has financial flexibility through a large Suezmax fleet and a long standing co-operation with our customers; oil and energy companies, including oil traders. Our lending and investment banks in the US and Europe play key roles in NAT. The debt per ship of NAT is low — below the scrap value of each ship.” The company said that “when conditions change” it is its policy “to retain its expansionary business model that has been rewarding over many years”. It said it expects to immediately reap the benefits of an upswing in the tanker markets. Shares of NAT rose 21 per cent on Monday when the letter to shareholders was released, to $2.62.

2017. May 8. Island-based oil tanker operator Nordic American Tankers Ltd this morning reported a first-quarter loss of $3.4 million, after reporting a profit in the same period a year earlier. On a per-share basis, the company said it had a loss of 3 cents. Losses, adjusted for non-recurring costs, were 1 cent per share. The results did not meet Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 3 cents per share. The firm, which has a fleet of 30 Suezmax tankers, posted revenue of $55.2 million in the period. It earned an average of $22,700 per day per vessel against a break-even figure of $11,500, including financial charges and administration costs. Last month, NAT declared a dividend of 20 cents per share for the first quarter. The company’s shares were trading down by 30 cents, or 4.2 per cent, at $6.77 in mid-morning trading in New York.

2017. February 7. Nordic American Tankers made a $1.8 million loss in the fourth-quarter. That equates to a loss of two cents per share. Five analysts surveyed by Zacks Investment Research had estimated the Bermudian-based company would post a break-even result. For the last three months of 2016 the company recorded revenue of $52.2 million, down from $77.3 million in the same period of 2015. The full-year profit was $32.9 million, or 36 cents per share, down from $114.6 million, or $1.29 per share, in 2015. Revenue for the year was $236.8 million. The oil tanker sector has faced challenges in the last few years. The yearly average spot rate of Suezmax vessels, the only size of vessel in Nordic American’s 30-strong fleet, dropped below $20,000 per day from 2011 to 2013, and was below $30,000 last year. However, the company has a cash break-even rate below $11,000 per day per ship, and it has reported a rise in TCE, or time charter earnings, in the fourth quarter, up from $16,700 during the third-quarter to $21,600 in the final three months of the year. The company said that level has risen to $25,000 so far this year. Nordic American has ordered the construction of three new Suezmax tankers, to be delivered in the second half of 2018. It plans to pay for those ships mostly from the successful issuing of an additional $120 million of shares last September, but also from cash from operations and with debt. Later this month the company will pay a common share dividend of 20 cents, the 78th time it has paid a dividend since 1997. In a statement, the company said that with TCE rising, it was “reaping the benefits of increasing our fleet over the last few years”. The company is engaged in the transportation of crude oil and has no investments in the dry cargo or container sectors. Nordic American stated: “In addition to paying a quarterly dividend, we wish to continue building a cash position in order to keep the low debt level when we grow our fleet.” The company’s adjusted net operating earnings were $28.2 million for the fourth quarter, up from $21.7 million in the third quarter. Nordic American has a credit facility of $500 million, which matures in December 2020. Commenting on the world economy and tanker market, the company said: “The development of the world economy affects the tanker industry. A low oil price is stimulating the world economy, which is positive for the tanker market.” Nordic American’s shares yesterday closed up 33 cents at $8.68 on the New York Stock Exchange.

Northern Offshore A Bermuda-based Norwegian company, listed on the Oslo Stock Exchange. Assets include oil rigs. The company has operational offices in Houston and trades on the Oslo exchange.
Northern Investment Company 53 Par-la-Ville Road, Hamilton HM 11. Phone 295-6349. Fax 292-4682
North Sea Oil Company Bermuda registered. Main office is at 710 North St, Greenwich, CT,  USA
Northshore Re 2017. July 3. A $350 million catastrophe bond that will boost underwriting capacity for Bermudian insurer and reinsurer Axis Capital Holdings has been admitted to listing on the Bermuda Stock Exchange. The BSX also announced on Friday that a €40 million cat bond, issued through Windmill I Re Ltd to cover European perils, was also listed. Growth in the booming $29 billion insurance-linked securities market is showing no signs of slowing and 2017 is on target to be a year of record issuance. Bermuda is at the epicentre of the global business and more than three-quarters of global issuance was listed on the BSX as of the end of the first quarter, according to a Bermuda Monetary Authority report. According to the Artemis.bm website, a keen ILS market observer, Axis was originally looking to sell $250 million of cat bonds through its Bermuda special purpose insurer Northshore Re II Ltd. But strong demand from investors led to the offering being upsized to $350 million. The Northshore Re bonds will pay investors a 7.5 per cent coupon, Artemis reported. The cat bonds will provide cover for Axis and its subsidiaries against industry losses from US named storms, US earthquakes and Canadian earthquakes, on a per-occurrence basis and across a three-year term. The Windmill I Re Ltd name first appeared in the cat bond market in January 2014. Sponsored by Dutch reinsurer Achmea Reinsurance, it was an indemnity catastrophe bond for European windstorm coverage, particularly related to the Netherlands.
NorthStar Asset Management A leading global publicly traded asset management firm focused on strategically managing international real estate investment platforms. With a Bermuda company and office.
Norwegian Capricorn Line 5/19/1998
Norwegian Cruise Line Holdings 2/21/2011. See below.
Norwegian Cruise Line 12/31/1986. On September 11, 2014 it was announced that Norwegian Cruise Line's purchase of Prestige Cruises International could provide a major boost to Hamilton and St George's in the years to come. The firm's CEO, Kevin Sheehan, told The Royal Gazette that Bermuda was the perfect market for Prestige's high end, luxury cruise liners. And he said that Norwegian would look at bringing more of the smaller liners from the Prestige fleet into Hamilton and the East End once the deal was sealed. "Once we get through the transaction Prestige's ships are already scheduled for the next 12-18 months," Mr Sheehan said. "But this acquisition could enable us to think more about Bermuda especially given that both Oceania and Regent (which fall under Prestige) deal with the high end of the market. Both of these brands, we would think, would have customers who would favour Bermuda as a destination. Many of the smaller, high end ships would be perfect for Bermuda. They could come into Hamilton for a couple of days and maybe St George's for a couple of days. But we do not own the company at this point. It is something we would look at in the future. It's certainly an option we would consider." An acquisition agreement between Norwegian and Prestige was signed on September 2, 2014. The $3 billion transaction is subject to regulatory approvals and other customary closing conditions before it is expected to close in the fourth quarter of 2014. At present two Norwegian cruise lines; the Breakaway and the Dawn, are regular callers to Bermuda, while Prestige owns upper-premium cruise operator Oceania Cruises and luxury cruise operator Regent Seven Seas Cruises. The company operates eight ships, with about 6,500 berths. At present a handful of Prestige's ships visit Bermuda, but those that do are just occasional callers. "We would be open to bringing more of the smaller ships into Bermuda. it seems like the perfect market, " Mr Sheehan said. "We continue to be excited about Bermuda as a destination."

Kevin Sheehan

NCL's Kevin Sheehan. See above story

Norwegian Epic 7/31/2006
Norwegian Gas Carriers 10/13/1992
Norwegian Gem 1/6/2005
Norwegian Majesty 4/16/1997
Norwegian Offshore Consultants II 7/7/2004
Norwegian Offshore Consultants 6/28/2004
Norwegian Partner 2/22/1995
Norwegian Pearl 12/14/2004
Norwegian Shipowners Mutual War Risks Insurance Assoc (Bermuda) 8/1/1981
Norwegian Sky 2/12/2007
Nottinghill Resources C/o Lines Overseas Management
Novae Bermuda Class 3A insurer.

2017. August 25. Novae has decided to close its US direct and facultative re/insurance operations in Bermuda. The news came as Bermuda-based insurance and reinsurance group Axis Capital increased its offer to buy Novae. Novae, a London-based carrier, confirmed the unit’s closure yesterday, after an earlier report in industry publication Insurance Insider. Novae declined to comment on the jobs impact of the decision. However, the Insider reported that the D&F unit’s team, led by Nik Lucking and including senior assistant underwriter Keerome Maybury and deputy unit head Nick Garside, had been let go. Last month Novae agreed to be sold to Axis in a transaction worth $604 million. The deal is expected to close later this year. But yesterday, Axis announced a “full and final offer” for Novae of 715 pence per share — up 15 pence per share on its offer of July 5 — valuing the company at around $611 million. Albert Benchimol, chief executive officer of Axis, said: “The benefits of this transaction announced with our initial offer have not materially changed with this revised offer. We believe that our final bid represents compelling and full value for Novae, as recognized by the boards of both companies. By offering Novae shareholders an improved cash offer, Axis aims to bring certainty to the transaction.” Novae’s island operations are based in Ideation House, on Pitts Bay Road. In a statement given to this newspaper, Novae said yesterday: “The Novae Group board has decided not to renew its quota share reinsurance contract in Bermuda for the 2018 year of account. Furthermore, the group will no longer underwrite US direct and facultative re/insurance through our Bermuda platform. International property-catastrophe reinsurance remains a key class of business for Novae and will continue to be underwritten in 2018.” Novae also writes international reinsurance out of its Bermuda office, with the team led by Philippe Chevereau. The company set up its Bermuda base two years when Stuart Heath, Novae’s property divisional head, expressed high hopes for further expansion on the island. Early this month, Novae announced that it made a pretax loss of £14 million ($17.9 million) in the first half of 2017 and scrapped its dividend. At that time, chief executive Matthew Fosh said the firm’s strategy since 2015 had been to re-engineer its underwriting portfolio in the face of a “deteriorating soft market” that he said had tested even the largest industry players.

Novartis Capital Merged with Befico Ltd 
Novartis International Pharmaceutical Hurst Holme, 12 Trott Road, Hamilton HM 11. PO. Box HM 2899.
Novartis Securities Investment  Hurst Holme, 12 Trott Road, Hamilton HM11. PO. Box HM 2899. Swift codes NOVRBMHM02/028
Novy Left II Investment
NRX Global Active Bermuda arm of Toronto-based Canadian giant
NWS 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.

O'Connor Associates (Bermuda) 4/28/1978
O'Leary, Raymond 9/29/1989
O'Neil, Sanchez 10/22/1976
O'Riordan Marketing 6/6/1984
O-K Investment Company 4/19/1988
OCM 1/13/1981
O Connor Underwriting Agency 8/6/1979
O R Services 4/29/2008
O&R 9/21/2001
O&R Properties 1/26/2004
O2  6/21/2012
O2O Trading 7/22/2014
OAB Private Trustee Company 12/24/1996
Oak Assurance 10/26/1987
Oak Bay Investments 1/21/1988
Oak Beneficiary Fund (Management) 10/22/1980
Oak Brook International Insurance Co. 1/3/1978
Oak Fund Management 3/4/1999
Oak Fund Sponsors 12/14/1999
Oak Hill Capital Management Partners (Bermuda) LP 6/9/2000
Oak Hill Capital Partners (Bermuda) LP 6/29/2000
Oak Holdco 5/3/2011
Oak International 12/7/1971
Oak Investment Co. 1/10/1958
Oak Investments 6/4/1985
Oak Leaf Re 6/8/2011
Oak Master Trading 9/12/2000
Oak Street FSC 5/29/1989
Oak Tree Overseas Company 6/27/1994
Oak Tree (Bermuda) 6/15/1994
Oak (Unit Trust) Holdings 5/6/2003
Oakdale Holdings 12/18/2007
Oakdene 3/15/1976
Oakfield Cayman 4/19/1995
Oakhurst Insurance 5/17/1999
Oakleaf Insurance Company 6/6/1978
Oakley Absolute Return 3/17/2005
Oakley Capital FM GP2 10/20/2010
Oakley Capital Founder Member II LP 9/27/2012
Oakley Capital Founder Member 6/18/2007
Oakley Capital GP II 10/20/2010
Oakley Capital GP 6/18/2007
Oakley Capital Investments

6/28/2007. UK investment advisor. It's Oakley Capital Private Equity LP invests in mid-market UK and European businesses. In 2010 it announced the sale of web-hosting business Host Europe Corp. to Montagu Private Equity LLP for £222 million ($344 million). The transaction required approval from Germany's Federal Cartel Office. Host Europe operates in the UK and Germany.

Oakley Capital Management (Bermuda) 1/24/2001
Oakley Capital Private Equity II-B LP 9/13/2013
Oakley Capital Private Equity II-C LP 9/25/2013
Oakley Capital Private Equity II LP 9/27/2012
Oakley Capital Private Equity LP 7/10/2007
Oakley Capital (Bermuda) 6/18/2007
Oakley NS (Bermuda) LP 12/18/2013
Oakley Opportunities Fund 6/18/2010
Oakmont Investment Holdings 6/5/1997
Oakwood Insurance Company 11/16/1992
Oakwood Securities 9/17/1984
Oakwood Worldwide Insurance Company 8/13/2001
Oamps International Insurances (Atlantic) 3/22/1982
Oamps International Re 3/15/1983
Oando Equator Holdings 3/18/2005
Oando Holdco 12/18/2013
Oando Trading 6/29/2004
Oao Atlantic 10/19/1995
Oarlock Trading 9/1/2006
Oarrs 7/17/2013
OAS Aviation (Bermuda) No 1 7/20/2011
Oasis Club (The) 7/8/1987
Oasis Holdings Trust (Sec 61 M/C) 5/2/1997
Oasis Insurance Services 4/14/1998
Oasis Investments 2 9/13/2001
Oasis Investments 3/14/1996
Oasis Property Services 7/9/2008
Oasis Real Estate Company 7/29/1987
Oasis Risk Exchange 6/12/2007
Oasis Systems 4/30/2001
Oattes & Partners 5/15/1972
OB One Holdings 2/21/2001
Oban Investments 6/21/1996
OBC 9/22/2009
Oberammergau 9/28/1987
Oberon Holdings 10/31/2001
Oberon 12/29/1986
Obersee Capital LP 3/13/2009
Obex Parity Arbitrage Fund 4/22/2005
Object Process Computer Software 10/20/2008
Objects In Mirror Are Closer Than They Appear 11/1/2001
OBM 11/26/1991
OBO Ship Eight Ltd (Amalgamation) 11/4/1996
OBO Ship Eleven 9/21/2000
OBO Ship Five 8/28/1995
OBO Ship Four 3/15/1995
OBO Ship Nine Ltd (Amalgamation) 5/27/1997
OBO Ship One 11/4/1994
OBO Ship Seven Ltd (Amalgamated) 11/4/1995
OBO Ship Six 8/28/1995
OBO Ship Ten Ltd (Amalgamation) 5/27/1997
OBO Ship Three 1/20/1995
OBO Ship Two 11/4/1994
OBO Shipowning 9/21/2000
Obolus Capital Management 6/20/2008
OBP Management (Bermuda) II LP 8/19/1996
OBP Management (Bermuda) II 8/7/1996
OBP Management (Bermuda) III LP 9/15/1999
OBP Management (Bermuda) LP 5/21/1993
OBP Management (Bermuda) 2/22/1993
Obras 4/4/1975
Observatory Hotel 11/18/1992
Obsidian HCM Holdings Ireland 7/17/2002
Obsidian HCM Med Holdings Ireland 1/16/2001
Obsidian HCM Med International Holdings 7/17/2002
Ocarina AH 2/25/2008
Ocarina F 3/20/2006
Ocarina FP 10/28/2011
Ocarina M2C 3/11/2010
Ocarina SHCP 10/28/2011
Ocarina Trustee 10/14/2004
Occident Insurance Co. 3/5/1980
Occidental Angola Holdings 7/7/2005
Occidental Angola  (Block 23) Holdings 1/27/2006
Occidental Angola (Block 8) Holdings 1/27/206
Occidental Boliviana Del Chaco Ltd. Amag  9/30/1980
Occidental Brazilian Holdings Amag 9/30/1980
Occidental Colombia (Series G) 7/19/2005
Occidental Colombia (Series J) 7/19/2005
Occidental Colombia (Series K) 7/19/2005
Occidental Colombia (Series L) 1/10/2008
Occidental Colombia (Series M) 1/10/2008
Occidental Colombia (Series N) 1/10/2008
Occidental Colombia (Series O) 1/10/2008
Occidental Congo (Marine XII Ltd Amag 12/23/1993
Occidental Congo (Marine XI Ltd Amag 12/23/1993
Occidental Dolphin Holdings 7/2/2004
Occidental Eor (Algeria) 7/21/1997
Occidental Explorada Del Peru 9/12/1996
Occidental Exploration 10/26/2005
Occidental Guinea Bissau (Esperanca 4A & 5A) 7/19/2005
Occidental Indonesia Holdings (Ambalat) Ltd AMG 37093 7/19/2005
Occidental International Holdings 3/31/1997
Occidental International Oil and Gas 9/19/1995
Occidental Karawan Holding 4/27/2006
Occidental LNG (Malaysia) 6/29/1994
Occidental Mena Manager 11/8/2013
Occidental Midstream Projects 12/16/2005
Occidental MISR Ltd Alberta 2/14/1994
Occidental of Abu Dhabi 2/22/2008
Occidental of Abu Dhabi 10/20/1980
Occidental of Abu Dhabi (Bab) 1/29/2007
Occidental of Abu Dhabi (Shah) 1/29/2007
Occidental of Albania (Onshore-2) 1/17/1997
Occidental of Albania (Onshore-3) 1/17/1997
Occidental of Albania (Onshore-A) 1/17/1997
Occidental of Australia Ltd AMAG 8/7/1997
Occidental of Bahrain 2/17/2009
Occidental of Bahrain Onshore Deep Gas 6/25/2010
Occidental of Bahrain (Block 1) 7/22/2008
Occidental of Bahrain (Block 3) 11/28/2007
Occidental of Bahrain (Block 4) 11/28/2007
Occidental of Colombia (TECA) 8/15/2014
Occidental of Egypt 9/24/1982
Occidental of Guyana 6/15/2005
Occidental of Iraq Holdings 7/19/2005
Occidental of New Zealand Ltd Amag 8/2/1995
Occidental of Russia 7/27/1987
Occidental of Somalia 8/6/1979
Occidental of Suriname (Block 32) 7/19/2005
Occidental of the Adriatic 5/15/1995
Occidental of Yemen Holdings (Block 75) 8/11/2005
Occidental Oman Gas Holdings 11/17/2008
Occidental Oman (Block 27) Holdings 11/8/2013
Occidental Petrolera de Argentina 5/9/1994
Occidental Petroleum of Qatar 10/7/1992
Occidental Petroleum of Vietnam Ltd Amag 2/24/1994
Occidental Shah Gas Holdings 3/30/2011
Occidental South Africa Holdings (Offshore) 7/18/2005
Occidental Yemen 1/22/1992
Occidental (Bermuda) 11/17/1972. Boyle Building, 31 Queen Street, Hamilton. Phone 295-1489. Fax 292-5892.
Occucare Re 10/7/1997
OCD Guaranty 12/11/1996
Ocean Bliss Ltd Con't 2/24/2005
Ocean Blue 7/17/1998
Ocean Breeze 8/29/2012
Ocean Capital 4/30/1993
Ocean Centre Management 12/5/1980
Ocean Choice 7/27/2000
Ocean Commodities Management 12/23/1981
Ocean Commodities Partnership 1/18/1982
Ocean Commotion 5/27/2013
Ocean Court 7/24/1986
Ocean Cruises 7/2/2003
Ocean Cruising 7/18/1977
Ocean Distributors 6/17/2004
Ocean Dream 12/10/2003
Ocean Drilling 5/23/2006
Ocean Explorer Bermuda 10/15/2007
Ocean Gas 5/26/1995
Ocean Glory 9/1/1975
Ocean Group 1/24/1996
Ocean Hand Investments 12/3/1997
Ocean Harvest 10/2/1975
Ocean Holdings 1/9/1976
Ocean Inchcape Hamilton 1/25/1980
Ocean Inchcape Investment Holdings (Bermuda) 1/25/1980
Ocean Inchcape (Bda) 5/18/1971
Ocean Industries 7/21/1967
Ocean Investment Bulk Group Inc (Sec 61 M/C) 12/4/1996
Ocean Investments 4/1/2010
Ocean Island Adventures 5/18/2000
Ocean Leila Investments 7/11/1974
Ocean Leila Properties 7/11/1974
Ocean Leila Shipping 7/11/1974
Ocean Lighthouse 2/4/2005
Ocean Lines 6/16/1960
Ocean 6/8/2012
Ocean Marine Indemnity Company 10/13/1971
Ocean Marine Indemnity Co. 10/13/1971
Ocean Marine 12/24/2001
Ocean Media 9/12/2014
Ocean Offshore Repairs 4/19/1982
Ocean Painting 4/20/1978
Ocean Palms Club 7/26/1961
Ocean Projects 2/29/1996
Ocean Prosperity 6/15/1993
Ocean Re (SAC) 12/17/2001
Ocean Resources 4/18/1978
Ocean Rock Wellness 2015
Ocean Sands Condominium 7/21/1989
Ocean Ship Repair International 3/19/1980
Ocean Shipping 4/5/1972
Ocean Shipping Services 10/14/1980
Ocean Shipping & Enterprises (Bermuda) 11/9/1976
Ocean Shore Technologies 5/27/1999
Ocean Song 8/6/2014
Ocean Spray (Bermuda) 3/26/1998
Ocean Star Investment Management 1/30/2004
Ocean Star Management 1/30/2004
Ocean Stream Navigation Company 10/29/1980
Ocean Support Foundation 6/21/2011
Ocean Synergy 7/9/2009
Ocean Tanker 2/14/1992
Ocean Terrace 1/29/2009
Ocean Town Real Estate Services 2/7/2001
Ocean Trading 10/18/1989
Ocean Transport and Logistics 9/5/2008
Ocean Transportation Ltd Con't/Canada 6/10/1976
Ocean View Private Trust Company 1/15/2013
Ocean Voyager 12/10/2003
Ocean Wide Engineering 5/31/1976
Ocean Wilsons Holdings 2/12/1992. Investment holding company listed on the Bermuda Stock Exchange (BSX). It runs shipping and port services in Brazil. 

2016. August 16. Bermuda-based investment holdings company Ocean Wilsons logged profits of more than $57 million for the six months to the end of June. Profits for the company, which operates a Brazilian maritime services firm through a subsidiary, were up 43 per cent on the $39.9 million posted for the same period last year. Ocean Wilsons’ chairman Gouvêa Vieira said: “The group delivered a solid result for the first half of 2016 in a challenging economic environment.” Investment revenues at the firm were $2 million lower at $5.9 million in the same period last year due to lower average cash balances and the currency mix of investments made. The firm’s figures were helped by the Brazilian real appreciating 18 per cent against the US dollar during the reporting period. In the same period last year, the real depreciated 17 per cent against the dollar.

Ocean Wilsons (Investments) 12/6/1990
Ocean Winds 8/25/1987
Ocean Winds Trading 6/21/1977
Ocean World 12/10/2003
Oceana Marine Transportation (Bermuda) 7/18/1996
Oceanbulk 4/27/1993
Oceandell Mezzanine Leasing 6/12/2008
Odfjell Capital 12/21/1988
Odfjell Capital (Bermuda 12/22/1988
Odfjell Chemical Tankers 1/7/2000
Odfjell Drilling Holding 6/14/2010
Odfjell Drilling 11/17/2005
Odfjell Drilling Services 8/30/2011
Odfjell Drilling Technology 6/7/2007
Odfjell Employment Services 1/20/2000
Odfjell Invest I 1/12/2006
Odfjell Invest II 12/1/2006
Odfjell Invest  1/12/2006
Odfjell Offshore 3/25/2011
Odfjell Operations 6/7/2007
Odfjell Partners Invest 7/10/2003
Odfjell Partners 7/10/2003
Odfjell Rig II 2/21/2011
Odfjell Rig III 11/9/2011
Odfjell Rig 11/16/2005
Odfjell Shipping (Bermuda) 11/25/1981
Odfjell Well Services II 7/6/2011
Odfjell & Vapores 1/2/1996
Odin (Bermuda) 10/16/1992
Offshore Reinsurer (Bermuda)  
OHP-IP Bermuda) LP 2/2/1994. Exempted limited partnership, c/o Appleby
OHP Investors (Bermuda) MGM LP 2/2/1994. Exempted limited partnership, c/o Appleby
OIC 4/26/1993
Oil and Commodity Trading Services 10/8/1979
Oil and Gas Exploration (Bermuda) 9/30/1983
Oil Basins 10/12/1971
Oil Casualty Insurance 5/14/1986.

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.”

2017. August 25. AM Best has affirmed the A- financial strength rating of Oil Casualty Insurance Ltd with a stable outlook. Ocil is a Bermudian-based mutual, providing coverage primarily to its shareholders from the energy industry, but writing some third-party business too. Best said the ratings reflected Ocil’s “strong risk-adjusted capitalisation, generally solid operating profitability and diversified asset portfolio”. Ocil has diversified its business in recent years, expanding into direct and facultative property coverage within the energy sector and some property/casualty insurance to global companies outside the energy industry. The rating agency viewed this diversification positively, saying it reduced the volatility of Ocil’s overall book of business. Incidents like the 2010 Deepwater Horizon disaster in the Gulf of Mexico represented a risk to Ocil, but this risk was mitigated by retrocessional reinsurance bought by the company, Best added.

2016. April 4. Oil Casualty Insurance Ltd (Ocil) is diversifying beyond its traditional energy industry market. Ocil, a mutual insurer and reinsurer that is owned by the energy giants whose risks it covers, has been operating from Bermuda for 30 years. But only over the past six months has it started to underwrite non-energy business as it aims to strengthen through broadening its risk exposures. Jerry Rivers, Ocil’s chief operating officer, said the Bermuda market had given Ocil “a warm welcome” in the areas in which it had branched out. On Friday, Ocil reported net income of $4.7 million for its financial year ended November 30, 2015, an increase of $1.1 million over the previous year. Net premiums were $111.4 million, down from $113.9 million a year earlier. Shareholders’ equity reached a record level of $537.5 million as of November 30, 2015. Mr Rivers said a year ago Ocil had earned the approval to diversify from its shareholders, which include Exxon Mobil, Chevron, ConocoPhillips and Total. Amendments had to be made to the covenants in the indentures that govern the terms of its debt, and this process was completed in September last year. In October the company began writing non-energy lines. Ocil has been writing management liability insurance, chalking up three directors’ and officers’ accounts, Mr Rivers said. And its property insurance division, which started out dealing with energy and mining-sector risks in 2012 and which is now diversifying into non-energy risks, is also making headway. “It’s good for Bermuda because property on a direct basis had largely disappeared,” Mr Rivers said. “We are excited about being a new property market in Bermuda. Hamilton Group also has a property division and Bermuda is back on the map as a property insurance market for large international customers.” He added that Ocil was taking “a methodical approach” to building out its business and that the recruitment last month of Natasha Pethick from Axis Specialty in Bermuda as a property underwriter would strengthen expertise in non-energy areas. Not being a publicly traded company gave Ocil the ability to grow its new business lines steadily, Mr Rivers added, in the absence of the quarterly pressure that listed entities face to deliver ever-better earnings and revenue. “We can be patient,” he said. “For example, the average limits on what we write in the property division are about $11 million to $12 million, but we have the ability to go up to $50 million.” Continuing expansion was likely to lead to the hiring of an underwriting assistant, he added. Some of Ocil’s member companies have seen their fortunes fade dramatically over the past year, as oil and natural gas prices have plummeted on global markets. But Mr Rivers said Ocil’s business had not suffered similarly. “Our portfolio is well diversified among upstream, midstream and downstream energy companies,” he said. “While the exploration and production companies have been hardest hit by low oil prices, other sides of the sector, such as refineries and utilities, have benefited. Also because we are a mutual, there is a great sense of loyalty and support among our customers. So overall, the low prices in the energy market have had a muted effect on our organisation.” After the company’s annual general meeting at the Fairmont Southampton last Wednesday, the Ocil board of directors appointed Andre Levey, group insurance manager of Santos Ltd, as chairman. Fabrizio Mastrantonio, senior vice-president, insurance activities management, of Eni SpA was appointed deputy chairman. Bertil Olsson, Ocil’s chief executive officer, said in the company’s earnings release: “These results are evidence of the execution of the company’s strategic plan which is built on expansion and diversification, a strategy designed to ensure Ocil’s long-term viability and capital adequacy, while maintaining focus on our core constituency within the energy industry.”

Oil Casualty Investment Corporation 33/19/1987
Oil Casualty Private Trustee 11/24/1995
Oil Companies Int'l Marine Forum 8/23/1977
Oil Company (Bermuda) 7/27/1987
Oil Developments 7/11/1977
Oil Drilling & Exploration (Bermuda) 6/15/1994
Oil Field Services & Supplies 6/22/1977
Oil Fund (Bermuda) 12/12/1985
Oil Insurance 12/14/1971. Also see OMSL below.

Insures over $3 trillion of global energy assets for more than 50 members with property limits up to $400 million totaling more than $19 billion in total A- rated property capacity. Members are medium to large sized public and private energy companies with at least $1 billion in physical property assets and an investment grade rating or equivalent.

2019. March 28. Bermuda-based mutual insurer Oil Insurance Ltd has reported a net loss for 2018 of $675.6 million. Oil recorded a $404.6 million underwriting loss. The net loss figure factors in net investment losses and administrative expenses. The year-end financials were reviewed and approved by shareholders at their annual general meeting in Bermuda. The company reported at the AGM that its board of directors had declared a dividend in an aggregate amount of $250 million to all shareholders on record as of January 1 payable on or before August 30. Theodore Guidry II, chairman of the board, said: “The board decided to authorize the $250 million dividend after carefully reviewing the company’s multiyear capital management plan. Despite the 2018 financial results, the plan clearly indicated that there was capital available to pay a dividend without negatively compromising the capital and financial strength of the company. As in the past, it is our policy to return available capital to the shareholders when prudent to do so.” Shareholders, the company said, have approved two changes to the shareholders agreement. The first decision protects the company from future potential credit losses, Oil said. Commencing in 2019, all shareholders must be investment grade if they wish to elect or continue to elect the retrospective premium plan that allows a shareholder to retroactively purchase up to 40 per cent of the $400 million limit on a strict dollar of premium for dollar of loss basis over the subsequent five-year period. The second decision, the company said, eliminates the need for shareholders to declare assets located in the offshore region of the Gulf of Mexico for purposes of determining pool percentages in the Offshore Designated Named Windstorm pool. This decision was warranted as a matter of equity, the company said, given that Oil excluded coverage for Offshore Gulf of Mexico Windstorm starting in 2018. Bertil C. Olsson, chief executive officer, said: “While 2018 turned out to be financially challenging, Oil is focused on creating long-term value and we continue to enjoy a strong commitment and belief in the system by our dedicated shareholder base. Including 2018, Oil has charged its shareholders $2.1 billion in premium over the last five years while returning $1.8 billion of dividends during that same period. While premiums did increase in 2019, the recently announced dividend will offset a significant amount of that increase for our members. Oil continues to operate from a position of strength and will continue to offer long-term value to the world’s leading energy companies.” George Hutchings, chief operating officer, said: “The most important accomplishments of 2018 were operational. Several strategic initiatives were completed including delivering on our promise to provide our shareholders with detailed data analytics at the AGM, further improvements to our offering for the renewable energy industry as well as Standard & Poors upgrading Oil by one notch to ‘A’, stable, in September 2018. We also continue to see strong interest from energy companies around the world and are pleased to announce that Braskem SA joined the mutual in December 2018 as our first South American member.” After the AGM adjourned, the board of directors met and elected Mr Guidry as chairman and Fabrizio Mastrantonio as deputy chairman for 2019. At the AGM, shareholders approved the reappointment of KPMG as auditors for the fiscal 2019 year. 

2017. March 27. Oil Insurance declared a $62 million underwriting loss for last year at its annual meeting last week. The company said, after including net investment income and administrative expenses, net income for the year totalled $210.4 million. Oil’s board of directors also declared a dividend in an aggregate amount of $250 million to all shareholders of record in January, to be paid at the end of June, “in recognition of Oil’s continued financial success and solid financial condition”. The company is an energy mutual, which is owned by companies it insures. Bertil Olsson, president and CEO of Oil, said: “Oil insurance is committed to providing long-term value to its membership by offering significant policy limits with broad terms and conditions, returning excess capital by way of premium credits and dividends where appropriate as well as potentially considering additional coverages to enhance the overall value proposition of being a member.” Oil Insurance insures more than $3 trillion of global energy assets for more than 50 members, with property limits up to $400 million, totalling more than $19 billion in A-rated property capacity. Members are all medium to large-sized public and private energy companies with at least $1 billion in property assets and an investment-grade rating or equivalent. Areas covered include offshore and onshore exploration and production, refining and marketing, petrochemicals, mining, pipelines, electric utilities and other related energy sectors. The AGM was held at the Hamilton Princess last Wednesday. George Hutchings, senior vice-president and chief operating officer of Oil, said that last year saw the completion of the firm’s strategic planning process and that over the next few years it will be implemented, with a focus on the firm’s product offering, member services and marketing and distribution. The board of directors also elected Roberto Benzan as chairman and Theo Guidry as deputy chairman. Mr Benzan said: “The $250 million dividend demonstrates the board’s commitment to return value to Oil’s shareholders when it is prudent to do so. “Oil is firmly footed on a tremendously strong foundation established over its 45-year history. Over that time frame, the company has steadfastly focused on shareholder value. The board is excited about pursuing our strategic plan as it will further strengthen our overall shareholder value proposition.”

2016. December 13. Bermuda-based Oil Insurance is to pay a $200 million dividend to its members. The cash, to be paid out at the end of the month, is in addition to the $200 million it gave back to members at the end of March. The mutual insurer for the energy industry said the cash returns were “based on Oil’s strong capital position and the company’s robust capital management plan”. Roberto Benzan, chairman of Oil, said: “The $200 million dividend demonstrates the board’s commitment to return value to Oil’s shareholders when it is prudent to do so.” A statement by Oil said: “In addition to the dividend decision, the board authorised management to proceed with the implementation of its 2016 strategic plan that encompasses the following key areas of its operations — product offering, member services and marketing and distribution.” The final plan will be shared with Oil membership at its March 2017 annual general meeting. Mr Benzan said: “The newly authorised strategic plan is designed to further advance and accentuate Oil’s unique value proposition for our shareholders and I look forward to its implementation.” Oil insures more than $2.9 trillion of global energy assets for more than 50 members with property limits up to $400 million totaling more than $19 billion in total A-rated property capacity. Members are medium to large-sized public and private energy firms with at least $1 billion in physical property assets and an investment grade rating or equivalent.

2016. April 5. Oil Insurance Ltd will pay out a dividend totaling $200 million to its shareholders this year. The Bermudian-based mutual insurer, which insures the oil giants who own it, made net income of $30.9 million in 2015 and underwriting income of $56.7 million. Roberto Benzan, who was elected chairman at the company’s annual general meeting at the Fairmont Southampton last Thursday, said: “The $200 million dividend demonstrates the board’s commitment to return value to Oil’s shareholders when it is prudent to do so. “Oil focuses on the unique needs of our shareholders while maintaining a strong and robust platform from which to deliver our product and services. That platform is as strong as it has ever been in the company’s 44-year history.” The dividend will be paid to all shareholders on record as of January 1, 2016 payable on June 16 “in recognition of Oil’s continued financial success and solid financial condition”. George Hutchings, senior vice-president and chief operating officer, said: “This year marks the completion of a transformation, started in 2006, of the mutual to overhaul the workings of Oil. The journey began with the restructuring of Oil’s windstorm coverage and encompassed changes to virtually every aspect of its operations including the shareholder agreement, rating and premium plan, Oil’s capital management framework, the policy and the fundamental way Oil markets itself to the brokerage community and the energy industry. Commencing in 2016, Oil’s board of directors and management will complete a strategic planning cycle that will focus on how best to improve the company’s overall value proposition over the next five years.” Oil insures close to $3 trillion of global assets for its more than 50 members who are engaged in energy operations.

Oil Investment Corporation 9/4/1984
Oil Investment Private Trustee 11/24/1995
Oil Investments 12/17/1976
Oil Management Services (OMSL) 9/3/1986. P. O. Box HM 1751, Hamilton HM GX. A Bermuda-registered and managed mutual management company for insurers in the petroleum industry. The oil group of companies it represents are Oil Insurance (OCIL) and this company. They have in excess of two trillion dollars of energy assets globally.
Oil Management Services PTC 7/13/2007
Oil MOP (Bermuda) 2/14/1975
Oil Products Trading 11/18/1981
Oil Recovery International 9/30/1985
Oil Recovery (Europe) 12/17/1993
Oil Recovery (Global) 3/17/1994
Oil Recovery (Holdings) 12/17/1993
Oil Services International (Bermuda) 9/2/1986
Oil Trading & Transports Co. 5/5/1966
Oil Transport Holdings 10/6/1995
Oil & Gas Management 8/31/1987
Oil & Marine Adjustors 9/14/1988
Oil & Minerals 3/2/1972
Oil (Gabon) 12/21/1983
Oilfield Drilling Equipment 11/20/2000
Oilfield Insurance Company 6/10/1980
Oilfield Services 1/27/1989
Oilship 3/8/1971
Oiltanking MEA 7/27/2009
Oiltanking Star Energy ME 11/2/2010
Oilvalverde 2/6/1990
Oilvest 1/8/1981
Oivind Lorentzen 12/19/1955
Olderhood Group  
Oim 6/6/2000
OK 5/3/2011
OKA 3/26/2009
Okada International Company 12/20/1976
Okanagan 9/1/1972
OKH Global 6/17/2004
Okra Shipping No 1 9/13/2004
Okra Shipping No 2 9/13/2004
Old and New Europe Fund 2/24/2006
Old Broad Street Reinsurance Company 12/27/2001
Old Court Commodities 4/14/1977
Old Dominion Insurance Company 2/9/1979
Old Fort Insurance Company 1/5/1982
Old GMS Holdings 10/26/2001
Old Ironsides International 2/19/1992
Old Lyme Insurance Company Ltd Amalg 7/37/1978
Old Lyme Insurance Company Ltd 6/13/1984
Old Lyme Insurance Group 3/10/2004
Old Main Assurance 8/17/1983
Old Mutual companies below 2016. January 5. Bermuda-based insurance and investment firm Old Mutual has been bought by Beechwood Bermuda. Old Mutual, which has more than $1 billion in assets, closed for new business in 2009. Now Beechwood, a major provider of international investment plans that has more than $2 billion in assets, has completed the buyout of the firm for an undisclosed price. Beechwood chief executive officer Mark Feuer said: “This transaction offers a unique opportunity to strengthen our position as a global leader and demonstrates our dedication to providing innovative financial solutions for international investors. “Our scale and resources will allow us to continue to meet and further develop client demand for our products for years to come.” Beechwood has pledged continuation of service support for Old Mutual products over the next three years, backed up with support from Beechwood’s wealth management business. As part of the agreement, Old Mutual will reinsure certain policy guarantees until they mature in 2017 and 2018. Beechwood said it will contact Old Mutual’s distribution partners to discuss the transition and introduce Beechwood’s Accumulator Plus and Escalator Plus investment plans, which it said offer attractive rates and unique investment features such as principal protection guarantees. David Lessing, executive vice president of products and services at Beechwood, commented: “The growing client demand for the Beechwood products reinforces our decision to make a significant commitment to this business in support of our distribution partners and their financial advisers.” Beechwood Bermuda is a long-term insurer based in Hamilton. The company also owns Caymans-based Beechwood Re. The companies were formed to service demand from non-US high-net-worth investors seeking innovative, guaranteed investment products, and US and international insurers in need of attractive capacity in the life insurance and annuity reinsurance market.
Old Mutual Asset Managers Holdings (Bermuda) 6/24/1996. P. O. Box HM 3085, Hamilton HM NX.
Old Mutual Asset Managers (Bermuda) 8/18/1995. See above.
Old Mutual Energy Asset Managers (Bermuda) 1/5/2001. See above.
Old Mutual Fund Holdings (Bermuda) 8/18/1995. See above.
Old Mutual Global Assets Fund 1/5/2001. See above.
Old Mutual Group 11/25/1996. See above.
Old Mutual Group Services 3/26/1977. See above.
Old Mutual Holdings (Bahamas) 4/2/2001. See above.
Old Mutual International Asset Managers (Bermuda) 8/19/1994. See above.
Old Mutual International Developments 3/26/1997. See above.
Old Mutual International Holdings 3/26/1997. See above.
Old Mutual International 3/26/1997. See above.
Old Mutual Life Assurance Company (Bermuda) 6/29/1998. See above.
Old Mutual Saga Opportunities Fund 4/7/2006.See above.
Old Mutual South Africa Growth Assets Fund 9/7/1995. See above.
Old Mutual (Bermuda) Foundation 11/22/1999. See above.
Old Mutual (Bermuda) 5/15/2000. See above.
Old Mutual (Bermuda) Holdings Manager
Old Mutual (Bermuda) Nominees 5/7/1999. See above.
Old Mutual (Bermuda) Re Class D
Olympia Capital International (Bermuda) William's House, 4th Floor, 20 Reid Street, Hamilton, or by mail at P. O. Box HM 2431, Hamilton HM JX. Since 1990. Alternative investment funds administrator, acquired in 2007 by CACEIS, a leading European institutional securities servicing provider with $1.3 trillion in assets under administration. Administers approximately $69 billion in assets for funds domiciled in Bermuda, the Cayman Islands, the British Virgin Islands, Ireland and the US. Oskar Lewnowski, founder and chairman. 
Olympus Re Holdings

Olympus Re

2015. March 4. This company, one of the first true reinsurance sidecars, is being voluntarily wound up 14 years after it was created. The pioneering firm was set up in Bermuda in 2001. It was initially backed with $500 million in capital from investors that included Franklin Mutual Advisors, money managers Third Avenue, hedge fund Och-Ziff Capital Management, and some executives of White Mountains Insurance Group. Olympus Re was among the first of a flurry of new companies established on the Island to fill an insurance capacity gap created in the wake of the 9/11 terrorist attacks. It had a quota-share agreement with member companies of White Mountains. Olympus Re took a near $100 million hit from insured losses incurred as a result of hurricanes Charley, Frances and Ivan in 2004. Worse followed in 2005 when losses resulting from hurricanes Katrina, Rita, Wilma wiped out almost all of Olympus Re’s investments. The late John Byrne, the-then chairman of White Mountains, who had put some of his own money into the sidecar, said at the time: “We have been wiped out. It gives me no great pleasure to say that.” New investors were found. However, in 2006 further liabilities relating to losses from the previous year’s hurricanes threatened to finish off Olympus Re. To prevent the new investors being wiped out, White Mountains agreed to reimburse nearly $140 million of claims. Olympus Re proved to be a lesson in the dangers sidecar financial structures faced when their solvency was compromised by heavy losses from multiple disasters. Mr Byrne, in a conference call in the summer of 2006, said of the sidecar enterprises that Olympus Re had pioneered: “The theory is still sound, but it’s been a sorry chapter.” Olympus Re suffered ratings’ downgrades as a result of the 2005 losses. On February 23 this year a general meeting of members of Olympus Re Holdings resolved that the company be wound up voluntarily. John McKenna has been appointed as the liquidator.

Omega One 2019. March 27. Omega Dark will become Bermuda’s first licensed cryptocurrency exchange. David Burt, the Premier, announced this month in the House of Assembly, that the exchange’s parent company, Omega One was to receive its digital asset business licence. The company has since become the first to be listed in this category by the Bermuda Monetary Authority. Omega Dark will be “the first regulated, fully independent, and institutionally focused dark pool in the digital asset marketplace”, according to a release from the company. The dark pool is the description given to a private area of the trading marketplace where institutions can trade large blocks of assets privately, without having the large impact on prices that such a trade could have on public exchanges. The name “dark pool” comes from the lack of transparency of these private areas of the financial market. Omega said in a statement: “The advent of an institutional-grade dark pool in digital assets could be a game-changer for existing cryptocurrencies like bitcoin, while setting the stage for the transformation of stocks, bonds and real estate into digital assets.” Omega Dark is accepting applications to its early access programme and has been partnering with liquidity providers, hedge funds, trading desks, execution platforms, exchanges, and market makers who are trading a minimum of $10 million in monthly volume, starting with the bitcoin to US dollar spot market. The statement did not mention the location of any offices or staffing plans. Last year, the New York-based company pledged to open an office on the island and hire at least 20 Bermudians over a three-year period in a memorandum of understanding signed with the Bermuda Government. Omega One’s team is led by Alex Gordon-Brander, who designed a bond trading platform at MarketAxess and a platform for foreign currency exchange trading by hedge funds at Bridgewater Associates. The company’s regulatory team includes Bart Chilton, former commissioner of the US Commodities Futures Trading Commission and Jeff Abramczyk, former chief regulatory officer at Pershing. The company said Omega Dark would open the digital asset markets to “an entire new class of participants. Dark pools matter so much for crypto because they act as a central warehouse for liquidity, and connect the broad array of fragmented exchanges and over-the-counter desks across the globe into a single hub,” Mr Gordon-Brander said. "In turn, Omega Dark allows participants to cheaply and discreetly balance liquidity against each other and against market makers and hedge funds, creating a win-win for everyone. We believe our platform brings dark pools into the light by leveraging the blockchain to prevent unfair activity and market manipulation. We’re very proud to have worked so closely with the Bermuda Monetary Authority — the first in our multi-jurisdiction regulatory strategy — to create a trading venue that can make the global crypto markets safe and efficient for everyone.” The company’s statement quoted David Burt as saying: “We are following the same strategy with digital assets as we did for reinsurance, and recognize that the best businesses need a high standard but progressive environment in which to thrive. “In crafting our regulations we paid particular attention to the need for the industry to maintain a very high standard of KYC/AML [know your customer/anti money-laundering] compliance as well as the need for high standards around cybersecurity and custody risks. Bermuda is not an easy jurisdiction to get into, and after more than a year of engaging with the Government and the Bermuda Monetary Authority, Omega One is the first company to cross that high bar.” Mr Chilton added: “When I was a CFTC commissioner, one of our primary concerns was ensuring a fair marketplace for all participants. Omega One has achieved this standard by offering transparent pricing of liquidity preference within a robust regulatory regime. This platform will give greater confidence to the markets, leading to more liquidity, less volatility, and better price discovery.”

2018. June 1. Omega One, a technology company, one of four to sign a memorandum of understanding with the Bermuda Government, has promised to donate 10 per cent of venture philanthropy to support “community sporting clubs in Bermuda”.

Omnium Bermuda 2017. December 22.  The East End Group Ltd and Omnuim Bermuda Limited are looking at buying internet service provider TeleBermuda International Ltd. The Regulatory Authority of Bermuda has conducted an assessment of the proposed transaction and has said it is satisfied that subject to compliance with a set of conditions, the transaction would “not create an entity with a dominant position, nor substantially lessen competition in any relevant market, nor harm the public interest”. According to a notice on the RAB website, East End Group and Omnuim Bermuda have said they do not intend to make any of TBI’s staff redundant. TBI has offices on Victoria Street. It provides voice, internet and managed IT services. It is a wholly owned subsidiary of Javelin Connections group of companies. Javelin is an end-to-end solutions provider of managed IT and data services for establishing and managing offshore jurisdictions. The proposed change of control would see all shares of TBI being purchased by East End Group and Omnium, from Javelin. The East End Group provides consolidated group functions in the areas of accounting, finance, human resources and information technology services. Walter Roban, Minister of Transport and Regulator Affairs, has given his consent to the proposed change of control of TBI.
One Communications 2019. March 26. Bermuda-based holding company One Communications Ltd has reported net income for 2018 of $15.1 million, an increase of $100,000 over its 2017 results. In an earnings statement released today by the Bermuda Stock Exchange, the diversified telecommunications outfit reported that consolidated revenue for 2018 was $128.9 million, up from $127 million in 2017. That figure includes $105.4 million in Bermuda revenues and $28.4 million attributed to the company’s operations in the Cayman Islands. Total operating expenses for 2018 were $112.4 million, compared to $111.3 million the year before, the company said. The company’s total assets increased during 2018 to $205.6 million, up from $198.3 million a year earlier, including $14.9 million in cash holdings. Shareholders’ equity climbed to $150.2 million from $136.4 million a year earlier. During the year, the company repurchased 712,599 shares under an approved share buyback programme at an average price of $2.99 per share. The company said it declared and paid $1.7 million in dividends in 2018. No dividends were paid in 2017. Earnings per share for continuing operations for 2018 were 36 cents per share, the same figure as in 2017. One said it made $28.3 million in capital investments during 2018. During 2018, the company said, it made $3.75 million in principal repayments in relation to a long-term debt agreement. On May 22, 2017, the agreement was amended to increase the facility to $37.5 million and increase the limit of its overdraft from $5 million to $10 million. This facility, the company said, is scheduled to mature on May 22, 2022. The company had no overdraft at the close of 2018, it said. Of its Bermuda operations, the company said: “Management and the board of directors have spent the past year working hard on delivering our FibreWire internet and transformative FibreWire TV products, which have already and will continue to improve customer satisfaction. We continue to realize synergies from the consolidation of prior acquisitions, with an improvement in margin over prior year reflected in current year results. On the wireless side, our high speed 4G LTE network covers over 99 per cent of the country. We have been able to maintain network integrity and performance even as data usage continues to dramatically increase. We have now launched our single bill initiative, providing customers the optional convenience of receiving a single bill for all of their services. We have also implemented a new scheduling system for home service calls that will improve customer experience and drive added efficiency.” Speaking of its Cayman operations, the company said: “We continue to benefit from growth in the national economy. To further leverage our investments, we continue to expand our fibre footprint on the island, offering customers advanced internet, IPTV, and corporate data products. In 2018, our incremental investment of $6 million in the fibre network increased homes passed from 60 per cent to 67 per cent during the year, and the operating results demonstrated corresponding growth in both subscribers and revenue.”
OneBeacon Insurance Group Minnetonka, Minnesota. Specialty insurance. Part of White Mountains Insurance Group. So-named as it was once located at 1 Beacon Street in Boston MA.

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.

2017. January 18. OneBeacon Insurance Group is said to be exploring a sale, and there is speculation it could prove attractive to a US buyer if that country’s tax rates are lowered in the near future. Alternatively, it could be an target for a Bermudian-based insurer seeking diversification or to scale up in size. Bloomberg today said the speciality insurer controlled by White Mountains Insurance Group Ltd was exploring a sale. The information was based on people familiar with the matter. The Insurance Insider said it understood the insurer was to be auctioned, with Credit Suisse appointed to run the full sales process. A spokeswoman for OneBeacon told The Royal Gazette the company had no comment to make on the matter. Representatives for Credit Suisse declined to comment, while White Mountains did not immediately respond to a request for comment, according to Bloomberg. US President-elect Donald Trump and his incoming administration are seeking to lower US corporate tax rates from 35 per cent to about 20, or even 15 per cent. That would change some market dynamics, a point highlighted by Gary Ransom, an analyst at Connecticut-based equity research firm Dowling & Partners. Speaking on Tuesday at a conference held by the Insurance Information Institute in New York, he pointed out that in the past buyers in large insurance deals tended to come from lower-tax jurisdictions, such as Bermuda and Switzerland. But he believes the US can be a significant player again, and mentioned last month’s deal by Liberty Mutual Holdings to acquire Bermudian-based Ironshore. According to Bloomberg, he said: “Suddenly, US companies, if you assume a lower tax rate, they can buy Bermuda companies.” Bloomberg also reported that OneBeacon explored a sale in early 2015, with interest coming from China’s Fosun International, according to people familiar with the matter at the time. Meanwhile, Insurance Insider said OneBeacon has been available for acquisition for a number of years, according to banking sources. It noted that Mitsui Sumitomo Insurance, one of Japan’s big three insurers, is understood to be interested in an onshore US acquisition. Last year White Mountains, which owns about 75 per cent of One Beacon, sold its Bermudian-domiciled financial services group Symetra to Sumitomo Life Insurance of Japan, while its reinsurance firm Sirius was sold in a $2.6 billion deal to CM International, the Singaporean-based arm of China Minsheng Investment Corporation. OneBeacon earned $28.6 million in the third quarter of 2016, having made a loss of $13.2 million in the same period of 2015. The company’s shares were trading at $16.60, up 9.5 per cent, on the New York Stock Exchange at 4.17pm, giving the insurer a market capitalisation of $1.56 billion.

Ontru 9 Par-la-Ville Road, 3rd Floor, Hamilton HM 11. Human Resources outsourcing and talent development.
Onyx Capital Asset Management  
Operational Re 2016. April 29. Credit Suisse Group AG, the global investment bank, is using this-based special purpose insurer, licensed by the Bermuda Monetary Authority with its address listed as that of ILS specialist Horseshoe Group. as a vehicle for an innovative bond that would offload risk from events including rogue trading and cyber crime. The bond is reportedly similar to a catastrophe bond which insurers use to limit their exposures to natural disasters like hurricanes and earthquakes, but it covers different risks.The bond backs up an operational risk insurance policy provided by insurer Zurich, with Zurich retaining 10 per cent of the risk and the remainder being borne by investors in the ILS. The bond illustrates how the ILS market is broadening in the type of risks it is covering. This has implications for Bermuda’s traditional reinsurers who have already lost a large portion of catastrophe reinsurance market share to alternative capital in recent years. Steve Evans, founder of the Artemis.bm website, an ILS news hub, said this was a significant development in the ILS market. “The Operational Re transaction is interesting as it demonstrates the use of the catastrophe bond structure, or at least a securitisation with a risk-linked trigger, as a useful tool for transferring a broader range of corporate risks. According to a report by Bloomberg News, Credit Suisse has approached bond investors, hedge funds and asset managers in recent months with an offer for the insurance-linked, five-year bond of up to 630 million Swiss francs ($648 million). The securitized bond would cover losses of between 3.5 billion Swiss francs and 4.2 billion francs from operational failures, a broad category that includes unauthorised trading, computer system disruptions, fraudulent transactions and failures in regulatory compliance. According to Bloomberg, citing two sources, Credit Suisse has received backing for its plans from Switzerland’s financial regulator, Finma. HSBC said in a note to investors last week that regulators may have misgivings with alternative forms of risk mitigation.
Oppenheimer-Close International 12/4/1997
Oppenheimer Arbitrage International 9/26/1986
Oppenheimer Commodity Fund 11/27/1981
Oppenheimer International Arbitrage Management 10/1/1986
Oppenheimer Overseas Commodity (Brokerage) 3/24/1982
Optima Fund Management 73 Front Street, Hamilton HM 12. Phone 295-8658. Fax 292-6274
Optimum Risk Research (Bermuda) 12 Warwick Lane, Warwick WK 02. Phone 236-7931
Opus Fund Services

Since 2008. Somerset Village, Bermuda. Bermuda-based. Has offices in Chicago and San Francisco. Independent fund administrator. Recently acquired the hedge fund administration unit of San Francisco-based Agile Hedge Solutions LLC. With the exception of the CEO, the company’s Bermuda office staff is and has always been all Bermudian, with a Bermudian board of directors.

Opsis Technologies International Holdings The Symmetron, 129 Front Street, Hamilton HM 12. Phone 292-6141. Fax 292-7963
Oracle Asian Fund 3/5/2008
Oracle Management 5/23/1990. Covenant House, Hamilton. Swift Code ORMABMH1.
Oracle Opportunities 7/19/2000
Oracle Reinsurance Company 9/10/1997
Orbis Investment Management 34 Bermudiana Road, Hamilton HM 11. Phone 296-3000 or fax 296-3001. Includes the Orbis Investment Fund.
Orient-Express Hotels A subsidiary of Sea Containers, below. The luxury resort company owns or part-owns and operates over 50 deluxe hotels, restaurants, tourist trains and inland cruise ships and properties in many countries. In early 2010 it bought more big hotels in Italy. An emphasis has been on its core business of established properties with history and personality. Revenue, excluding real estate, was $177.4 million in the second quarter of 2011, up $33.3 million or 23 percent from the second quarter of 2010.
Orient Overseas (International) 1969. Investment holding company in property investments and development. One of the world's leading container transport and logistics  service providers. Founded in Hong Kong by Mr Tung Chao Yung later chaired by his grandsons.
Orient Power Holdings C/o Bank of Bermuda Ltd
Orion Investment Management

32 Parliament Street, Hamilton. Phone 295-5600 ext 110. Founded in 2006 as a Bermuda-based investment management boutique. Acquired in May 2011 by Bermuda's Capital G Investments. Earlier, Orion had managed the Capital G Investments’ Global Voyager Short-Term Fixed Income Fund using the SafeHarbor strategy for the previous two-and-a-half years with excellent results over the period. Orion’s executives have worked at Goldman Sachs, Salomon Brothers, Credit Suisse, Berkshire Hathaway, Merrill Lynch, Fuji International Finance and Mizuho Bank.

ORN European Debt Fund LP Was ORN European Distressed Debt Fund LP. C/o Citco Fund Services (Bermuda) Ltd.
Oswals Affinity (SAC) Since June 2019. A Class 3 insurer
Oxy Overseas Services 7/19/2005
Oxy Palmyra Ltd Amag with 23146 12/23/1993
Oxy Venezuela 1/8/1996
Oxycol Holder 3/21/2011
Oxyde Oil and Chemicals (Bermuda) 3/17/1988
Oxygen Insurance (Bermuda) 7/7/2008
Oxygen 10/3/2006
Oyster Bay Fund 5/25/2010
Oyster Consulting (Bermuda) 9/4/1969

Provides regulatory compliance, operations and strategic management services to all regulated institutions in Bermuda. Founded in March 2012 by Alison Morrison in partnership with fellow Bermudians Robert Hall and his father Brian Hall. Affiliated with Oyster Consulting LLC based in Richmond, Virginia, which provides access to over 50 industry professionals. With a particular focus on compliance, anti-money laundering and risk management, 

2017. December 27. A new company is to offer enhanced due diligence investigations and reports aimed at helping businesses avoid falling foul of increased regulations, and suffering reputational damage. Searchlight is a spin-off from Oyster Consulting (Bermuda). The team will include experienced staff who have worked in the fields of law enforcement, investigation, compliance and fraud detection. Henry Komansky is part of the team, and he explained the importance of knowing who you are dealing with in the business world, whether it be your own staff and directors, or clients and third-party vendors. He said that need has never been higher because getting it wrong can result in substantial damage to a business’s brand and reputation. Reputational damage is now widely viewed as the top risk-management concern globally. It has topped the list of a number of surveys in the past few years, including this year's Aon PLC’s Global Risk Management Survey. And with more stringent regulations being enacted, including anti-money laundering and antiterrorism financing regimes, and Bermuda’s Bribery and Corruption Act 2016, there is a need and demand for enhanced due diligence services, according to Mr Komansky. “We see a need in the regulated industries and other areas,” he said. Mr Komansky is a consultant at Oyster, and he has extensive experience in business compliance and analysis, including working for the Federal Bureau of Investigation. 

  • Oyster Consulting (Bermuda) has a website at oyster.bm. 
Oyster Fund 4/30/2008
Oyster Holdings (Bermuda) 11/19/1990
Oyster Point Yacht Charters 8/13/2003
Oystertrade Bermuda 8/15/2007
Oyx Libya E&P Area 35 8/22/1996
Oz Alpha Leasing 4/25/1996


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

P-1 Re 1/2/2002
PG Creative 7/6/1988
PG Enterprises 7/10/1981
PW Longterm Holdings 4/5/1995
P&C Management Services 5/29/1986
P&M Electrical Services & Supply 11/16/1987
P&O Bulk Carriers 10/18/1965
P&O Bulk Shipping (Bermuda) 3/19/1997
P&O Containers (International)  8/16/1996.
P&O European Ferries (Bermuda) 12/13/1996
P&O European Ferries Irish Sea (Bermuda) 2/17/1997
P&O Ferries (Bermuda) 2/25/1997
P&O Ferries Ship Management (Bermuda) 4/23/1997
P&O North Sea (Bermuda) 3/4/1997
P&O Oil Trading 1/17/1962
P&O Scottish Ferries (Bermuda) 6/4/1997
P&O Services (Operations) 5/29/1968
P&O Ship Management (Bermuda) 11/4/1996
P&O (Bermuda) Since 12/13/1996. A British division of Carnival Cruises. Like the Arcadia, all the P&O ships show the Bermuda flag and Hamilton, Bermuda, as their ship's registry port. All its ships, including the new (March 2015) Britannia, are both managed from this Bermuda-based company and in addition have their ship's port of registry at Hamilton Bermuda, as the large photo of the Arcadia, below, shows.  Ships shown below are the P&O's Adonia, Arcadia, Aurora, Britannia, Oceana, Oriana and Ventura

Adonia Arcadia AuroraBritannia

Oceana Oriana


P&O Arcadia

P&P Holdings 3/1/2006
P&R 8/15/1994
P&W International (Bermuda) 12/13/1974
P1GP 2/13/2008
P2 International 12/4/2009
P3B Consulting 10/9/2013
PA International 3/8/2001
PA Venture Investments 5/20/2004
PA Ventures 9/28/2001
Pabs 4/30/2009
Pabsa International 1/2/1990
Pabt 11/10/2000
Pac Assurance Company 10/19/1973
Pac Panama 10/5/1998
Pac Am 11/28/1990
Pacar Insurance Company 7/21/1977
Pacelli 4/15/1991
Pacific-American Indemnity Company 4/10/1990
Pacific-Atlantic Investments 9/29/1992
Pacific-Back Holdings 12/25/2004
Pacific Accord International Corporation 6/8/1993
Pacific Agri Trading 3/17/1998
Pacific Air Holdings 11/6/2008
Pacific Air 4/25/2008
Pacific Alliance Reinsurance 11/4/2005
Pacific American International 8/9/1999
Pacific Andes International Holdings 10/6/1993
Pacific Andes Resources Development 7/9/1996
Pacific Asia Global Holdings 11/14/1994
Pacific Century Cyberworks In 2000, Australian telecom giant Telstra Corp Ltd sealed a pan-Asian alliance and created an Internet Protocol network company, a regional wireless group and an international data center company. Then it registered its joint ventures with this Hong Kong-based (but Bermuda-registered) firm.
Pacific Century Premium Developments 2015.
Pacific Boxers C/o Lynda Milligan-White & Associates
PACRe 2015. August 13. Ratings agency AM Best has withdrawn its rating on Bermuda-based hedge fund-backed reinsurer PaCRe at the company’s request. PaCRe, backed by the John Paulson hedge fund and Validus Re, was placed under review with negative implications in January due to a shortfall in performance caused by poor investment returns at the hedge fund. AM Best rated PaCRe as A- (excellent) on financial strength and a similar issuer credit rating. At the same time the ratings were removed from under review with negative implications and given a negative outlook. The firm removed PaCRe from its rating process after the company said it no longer wanted to participate. AM Best said: “The negative outlook reflects PaCRe’s focused business profile in what has become a competitive property catastrophe reinsurance market and the overall performance of its alternative asset strategy relative to its original projected business plan. The company has not achieved its projected premium volume due to the current competitive market environment in property catastrophe reinsurance. However, it has produced positive underwriting results since inception despite a few significant loss events, which is a testament to the solid underwriting and strong cycle management capabilities of the underwriting manager. Additionally, the alternative asset strategy has not performed as expected during PaCRe’s operation history, producing unrealized investment losses. Although management has made changes to the investment strategy in a an effort to reduce the volatility, it will take time for these changes to inure to the benefit of PaCRe.” AM Best did not give reasons for why PaCRe asked to have its ratings withdrawn. The joint venture reinsurer is one of the companies targeted by the US Treasury’s crackdown on hedge fund-backed reinsurers. AM Best added: “PaCRe’s business plan will be challenged by established reinsurers as well as other alternative investment reinsurers entering the market and more property catastrophe capacity into an already overcapitalized reinsurance marketplace could pressure underwriting margins.”
Paget Agencies 11/9/1976
Paget Court 12/21/1988
Paget Drycleaners 3/25/1974
Paget Drycleaners Bermuda 12/12/2002
Paget Freight 1/30/1987
Paget Gift Shops 9/21/1979
Paget Golf Company, Bermuda 9/1/2001
Paget Health Services (PHS) 10/18/2010. A combined public/private sector entity partnership that built, via a £176 million contract with Bermuda-registered BCM McAlpine Limited owned by the UK's Sir Robert McAlpine Holdings,  the new (2014) Acute Care wing at Bermuda's King Edward VII Memorial Hospital. It is a consortium of local and international companies, charged with building, financing and maintaining the new hospital wing over the next 30 years. Severe problems with design and performance caused losses that were covered by a 50m stipend fronted by Sir Robert McAlpine Holdings. The UK's Telegraph newspaper  quotes company director Ian McAlpine as saying the business was severely impacted by the difficulties encountered on the King Edward VII redevelopment. The contractor, not PHS or the Bermuda Hospitals Board, were liable for the cost overruns.
Paget Health Services (Holdings) 10/18/2010
Paget Holdings Company 8/17/1989
Paget Investments 7/19/1989
Paget Ltd Continued 8/5/2002
Paget One (Bermuda) 9/5/1997. Principal investor in NRX Global.
Paget Partners 3/18/1989
Paget Plaza (The) 9/13/1951
Paget Reinsurance International 5/28/1999
Paget Reinsurance 10/23/2007
Pak Fah Yeow International C/o Codan Services Ltd
Pallinghurst Resources  
Palomar Specialty Reinsurance Company Bermuda  Class 3A insurer
Pangea Capital Swan Building, 26 Victoria Street, Hamilton HM 12. Phone 441 295-5784. Fax 295-6270. Owns fiber-optic cabling systems in Denmark, Estonia, Finland, Germany, Netherlands, Norway, Sweden, UK
Paradigm Consulting  
Paramount Television International Services Owned by Bruce Gordon, Australian. He purchased for US$ 7 million and lives on Wreck Hill, Somerset, former Bermuda real estate of Robert Stigwood.
Parex Bermuda (Insurance) Class 1 insurer
Parsec Trading Group Rosebank Centre, Hamilton HM 08. Swift code PTRNBMH1
Parkcentral Global Hub

The family trust of billionaire and former presidential candidate H Ross Perot, founder of Electronic Data Systems Corp., who ran for president in 1992 and 1996.  Steven Blasnik, president of Parkcentral Capital Management LP and manager of the Perot family's money since 1992, and others formed Parkcentral Global in 2002 

Parrish Bermuda Bermuda subsidiary of Dana Corp (USA and worldwide)
Partner Re 8/24/1993. Wellesley House South, Pitts Bay Road. 

2018. August 30. Brian Dowd is to be the new chairman of PartnerRe Ltd. He takes over from John Elkann, who has been in the position for two years. Mr Elkann is chairman and chief executive officer of Exor, the Italian investment firm that acquired PartnerRe in 2016. He will remain on the PartnerRe board. “Over the past two years, under Emmanuel Clarke’s leadership, our company has performed strongly notwithstanding challenging market conditions,” said Mr Elkann. “Our new chairman, Brian Dowd, brings with him deep, relevant experience to a further strengthened Board and leadership team, moves which confirm our commitment as Exor to build an even more successful PartnerRe.” Mr Dowd takes on the chairmanship effective from Saturday. The Bermuda-based company has also announced further changes. Nikhil Srinivasan will step down from the board in order to assume the role of chief investment officer. He will report to president and CEO Mr Clarke, and will join the company’s executive leadership team. Mr Clarke said: “As a director since August 2016, Nikhil has been a great contributor to our company’s progress, and has provided valuable insight for our investments. I am confident that his extensive career experience in investments will contribute further to the success of our investment operation.” Andrea Casarotti, who was the chief investment officer, will move to a new position as head of corporate planning. Meanwhile, Mary Ann Brown will join the board as an independent director. She retired from her executive management role at Pacific Life Insurance Company last year, where she most recently was chairwoman of Pacific Life Re. She has previously held multiple executive roles at New York Life, MetLife and Swiss Re. With these changes the PartnerRe Ltd board will comprise six directors, of which four are independent directors. The new appointments of Mr Srinivasan and Mr Casarotti are subject to customary governmental approvals

2018. July 30. PartnerRe Ltd profits fell by more than a third in the second quarter, as rising interest rates reduced the value of some of the Bermuda-based reinsurer’s fixed-income investments. The company said net income for the April through June quarter totaled $125 million, a figure that included the impact of $79 million of unrealized losses on fixed-income investments. This compared to a net income of $191 million for the corresponding period of 2017, which included net unrealized investment gains on fixed-income securities of $95 million. PartnerRe said the majority of its investments are accounted for at fair value, with changes in the fair value included in the net income figure. Emmanuel Clarke, PartnerRe’s president and chief executive officer, said: “We delivered an annualized net income return on equity of 8.4 per cent in this quarter, driven by solid underwriting profits in both our non-life and life and health segments and a 20 per cent increase in net premium written compared to last year’s second quarter. I am pleased to see our results reflect the efforts we have made, over the past two years, to gain relevance with our key clients and brokers, and to find new attractive business opportunities. Notwithstanding a competitive reinsurance market, we achieved a positive July 1 renewal where we continued to see increases in business margins. These results, in conjunction with continued improved efficiency in operating expenses, and the impact of higher reinvestment yields on our investment portfolio, position our company well to deliver improved underwriting and financial results during the remainder of 2018.” PartnerRe is a wholly owned subsidiary of Italian-based Exor, the investment vehicle of the Agnelli family. Underwriting profits, including both non-life and life and health operations and corporate expenses, were $36 million for the second quarter of 2018 compared to $37 million for the same period of 2017. Non-life net premiums written were up 21 per cent for the second quarter of 2018 and 17 per cent for the half year 2018 compared to the same periods of 2017. These increases were primarily due to new business written in both the P & C and specialty segments. The non-life underwriting profit was $65 million, with a combined ratio of 93.8 per cent, for the second quarter of 2018 compared to $108 million and a combined ratio of 87.7 per cent, for the same period of 2017. In the life and health business, net premiums written were up 19 per cent in the second quarter of 2018 and 24 per cent for the half year 2018 compared to the same periods of 2017, driven primarily by organic growth in the life business, a favourable foreign exchange impact and higher rates in the Health business. The increase for the half year also reflects the inclusion of the Aurigen life premiums for two quarters in 2018 compared to only one quarter in 2017, following the acquisition of Aurigen on April 2, 2017.

2018. May 24. PartnerRe Ltd has reported a net loss attributable to common shareholders of $120 million for the first quarter, compared to a $38 million for the same period in 2017. The company said the net loss includes net unrealized investment losses of approximately $222 million, mainly driven by an increase in risk-free rates. The majority of the Bermuda-based company’s investments, including all standard fixed income investments such as government bonds and investment grade corporate debt, are accounted for at fair value. Emmanuel Clarke, president and chief executive officer, said: “We had solid underwriting profits this quarter in both our non-life and life & health segments with improved pricing margins, a 14 per cent increase in net premium earned to last year’s first quarter and improved combined ratio across various lines of business. “These results, alongside positive April 1 renewals, where we continued to see increases in business margins, position the company well to deliver improved underwriting results during the course of 2018. Interest rate increases recorded during Q1 are positive news for our business longer-term, yet their accounting impact translated into a net loss.” The company’s non-life combined ratio improved to 94.7 per cent, from 96.4 per cent a year ago. However, the property and casualty combined ratio rose to 100.4 per cent, up from 97.5 per cent in the first quarter of last year. The rise was primarily attributed to adverse prior year development related to a number of mid-sized losses, attritional losses in North America and a higher acquisition cost ratio. The specialty combined ratio improved to 86.9 per cent from 95.2 per cent a year ago. PartnerRe’s book value, excluding dividends on common shares, was down 2.2 per cent compared to December 31.

2017. November 16. Bermuda-based reinsurer PartnerRe Ltd today reported a third-quarter net loss of $84 million, driven by $472 million in pre-tax catastrophe losses. The company, which is owned by Italian investment firm Exor, benefited from $187 million of favorable reserve development, which softened the impact of the quarter’s storm and earthquake claims on PartnerRe’s bottom line. Emmanuel Clarke, PartnerRe’s chief executive officer, said: “Despite the impact of these losses on the catastrophe-exposed lines in our portfolio, PartnerRe book value declined by only 0.9 per cent during the quarter, thanks to discipline in deploying capital in catastrophe-exposed classes, solid performance in our specialty portfolio, an improvement in our P & C non-cat accident year technical ratio compared to the third quarter of 2016 and good investments performance. These results highlight our underwriting discipline and the quality and diversification of our underwriting portfolio. We are approaching the January 1 renewals season with a strong capital position which will allow us to benefit from improving pricing conditions in the market.” The non-life combined ratio — the proportion of premium dollars spent on claims and expenses — was 109.8 per cent, with the catastrophes representing 44.7 points and the release of prior years’ reserves benefiting the ratio by 17.7 points. The company posted a total net investment return of $168 million, or 1 per cent, for the quarter, including net realized and unrealized investment gains of $61 million, net investment income of $98 million and interest in earnings of equity method investments of $9 million. Total capital was $8.2 billion at September 30, 2017, up 2.7 per cent compared to $8 billion at the end of last year, primarily due to net income of $180 million for the first nine months of this year.

2017. October 5. PartnerRe Ltd has estimated combined catastrophe losses of approximately $475 million from its exposure to hurricanes Harvey, Irma and Maria for the third quarter. The company, which is owned by Italian investment firm Exor, stressed there was significant uncertainty over the estimates, which was based on a preliminary analysis of the company’s exposures, the current assumption of total insured industry losses and the early information from cedants. PartnerRe’s announcement comes after fellow Bermudian reinsurer RenaissanceRe yesterday estimated catastrophe losses of about $625 million for the third quarter, related to the three hurricanes and the Mexico City earthquake.

2017. July 28. PartnerRe Ltd has announced $191 million in profit for the second quarter of the year. The figure is $54 million up on the $137 million made by the reinsurer in the same quarter of 2016. Operating earnings hit $97 million for the quarter, compared to an operating loss of $66 million in the same period last year. Emmanuel Clarke, PartnerRe CEO, said: “We delivered good results in the second quarter with an annualized adjusted net income return on equity of 13 per cent driven by strong non-life underwriting results and investments contribution.” The company, which was the subject of a bruising takeover battle last year which saw Italian investment giant Exor take control, earlier this year bought US life reinsurer Aurigen in a $286 million deal. Mr Clarke said: “Having successfully completed the acquisition of Aurigen in the quarter, we will now work on leveraging this platform to expand our footprint in North America, consistent with our strategy to increase our revenues and profitability in the broader life and health segment.” Total investments held by the firm, including cash, cash equivalents and funds held and directly managed amounted to $16.9 billion at the end of June this year, up by 0.3 per cent compared to the end of 2016. PartnerRe’s total capital was listed at $8.3 billion at the end of June, up 3.1 per cent compared to the end of December 2016. The increase was attributed primarily to net income for the first six months of this year. The report for the quarter added that PartnerRe had paid a dividend of $25 million to Exor in the second quarter. Gross premiums written for the quarter totaled $1.4 billion, up $79 million on the second quarter of last year. Cash provided by operating activities in the second quarter was $129 million, $101 million more than the $28 million recorded in the same period in 2016. Exor won a battle with rival Axis Capital and last March bought out PartnerRe in a $6.9 billion deal. PartnerRe’s common shares were later delisted from the New York Stock Exchange and the Bermuda Stock Exchange. Exor is controlled by the billionaire Agnelli family, who are behind luxury sports car maker Ferrari and Fiat Chrysler. The company’s chairman John Elkann became board chairman at PartnerRe last year.

2017. April 4. Reinsurance company PartnerRe has completed its takeover of North American life reinsurance firm Aurigen Capital in a $286 million deal. PartnerRe, first announced the acquisition last year. PartnerRe chief executive officer Emmanuel Clarke said: “We are very pleased to announce the addition of this well-established franchise and welcome the Aurigen management team and employees to PartnerRe.” Mr Clarke added: “This acquisition is consistent with PartnerRe’s strategy to grow our life and health business and expands our life reinsurance footprint in North America with minimal overlap in market coverage. The partnership enables us to provide a wider range of life reinsurance solutions to both existing and future clients who will benefit from Aurigen’s technical expertise, longstanding relationships and local knowledge supported by PartnerRe’s strong balance sheet, excellent ratings and global franchise.” The Aurigen management team and employees will join PartnerRe’s existing Life and Health segment as a newly formed business unit called North America Life. It will be led by Alan Ryder, reporting to Marc Archambault, CEO of life & health. Aurigen, set up in 2007, has provided risk and capital management solutions tailored to specific customer needs, with its core business being the reinsurance of life insurance policies of North American residents. The company has also provided mortality risk solutions in the US since 2013. Aurigen is a top-five life reinsurer in Canada based on recurring new reinsurance business. Gross premiums in 2016 were $126 million.

2017. March 4. Six employees have lost their jobs at PartnerRe. All those affected are either Bermudians or spouses of Bermudians. Globally, PartnerRe has announced 16 redundancies as it reorganizes its financial operations. Those affected in Bermuda have been invited to apply for jobs with the company in Ireland. “We can confirm that six jobs have been made redundant in Bermuda, of a total of 16 positions that have been made redundant worldwide,” said a PartnerRe spokesperson “This is as a result of a reorganization of PartnerRe’s finance function — moving away from a geographical structure to a more global structure with the creation of a Global Financial Operations team, based predominantly in Dublin. This was a very tough decision to make; all six employees have been invited to apply for jobs in Dublin. If they choose not to, we will do everything we can to support them in finding new positions here on the Island.” The reinsurer, which has offices in Pitts Bay Road, said its on-island workforce comprises 82 per cent Bermudians, spouses of Bermudians or permanent resident certificate holders.”

2016. March 24. The chairman of Italian investment giant Exor today became chairman of the board at PartnerRe. John Elkann’s firm completed a $6.9 billion deal to take over the Bermuda reinsurer after a takeover battle with Axis Capital Holdings. Emmanuel Clarke, president of PartnerRe, will become president and CEO, subject to approval by the Department of Immigration. Mr Elkann said: “I am honored to assume the role of chairman of PartnerRe and very pleased that we can appoint from within the company a CEO of the calibre and experience of Emmanuel Clarke. “His intimate knowledge of PartnerRe and his deep understanding of the sector will prove crucial as we embrace the challenges and the many exciting opportunities we have in front of us.” Mr Clarke, who was previously CEO of PartnerRe Global, has been a member of the firm’s executive team since 2010. He has been with the company 19 years and worked in a variety of senior roles, becoming head of specialty lines, global in 2008. Mr Clarke said: “I am thrilled to accept the board’s appointment. PartnerRe is at an exciting place in its evolution and I look forward to working with the board and our talented teams to build on the success we have achieved so far.” 

2016. February 17. Preferred shareholders of PartnerRe are to receive a total cash payment of about $42.7 million in connection with the company’s acquisition by Exor. The payment equals $1.25 per preferred share, and is expected to be made in the current financial quarter subject and subsequent to the closing of the deal. As part of the $6.9 billion merger agreement made last year, Exor had previously announced enhanced terms for PartnerRe’s preferred shares, to be effected through an exchange offer, amounting to a 100 basis point increase in the current dividend rate and an extended redemption date. This was contingent upon the receipt by PartnerRe of a private letter ruling from the United States Internal Revenue Service as to the tax shelter reporting obligations of such enhanced preferred shares. However, on Tuesday the IRS indicated that it would not grant such a ruling. As a result Exor will, in lieu of a 100 basis point increase in the current dividend rate, make the cash payments to PartnerRe preferred shareholders of record on the closing date. In a statement the company said it will, following the closing of the deal, “use commercially reasonable efforts to launch an exchange offer, referred to as the Alternate Exchange Offer in the merger agreement, whereby existing preferred shares could be exchanged for new preferred shares with an extended redemption date.”

2015. November 19. Shareholders in reinsurance firm PartnerRe today backed the $6.9 billion takeover offer from Italian investment giant Exor. The shareholders voted on the deal — which also gets them a special dividend of $3 a share contingent on the deal closing — at PartnerRe’s HQ on Hamilton’s Pitts Bay Road this morning. Exor, controlled by the billionaire Agnelli family, earlier this year froze out a rival bid by reinsurance firm Axis for PartnerRe. PartnerRe said the acquisition was on track to be completed in the first quarter of next year, subject to regulatory approval.

2015. October 27.  PartnerRe Ltd has reported a third quarter net loss of $243.3 million, or $5.08 per share. Its results were hit hard by the paying of a termination fee and reimbursement of expenses to Axis Capital, in relation to the failed merger deal with the Bermuda reinsurer. PartnerRe also incurred $60 million of insured losses as a result of the Tianjin explosion in China, together with realized and unrealized investment losses of $121.8 million. Interim chief executive officer, David Zwiener, said: “Our results this quarter reflect a number of factors, most notably the amalgamation termination fee paid to Axis Capital, and continued difficult financial and investment markets, both of which had a negative impact on our book value. “Despite the noise, and the impact of the Chinese Tianjin loss in August, our underlying results remain strong. All in, we posted a 1.4 point improvement in our non-life combined ratio to 82.8 per cent when compared to the third quarter of 2014.” He said the company’s life and health portfolio remained strong and its operating return on equity for the quarter was 14 per cent. Italian investment company Exor agreed in August to buy PartnerRe in a $6.9 billion deal. As a result, Partner Re was obliged to pay $315 million to Axis Capital, with whom it had made an earlier amalgamation agreement. That payment covered an agreed termination fee and reimbursement of expenses incurred by Axis. PartnerRe’s net premiums written were $1.2 billion for the quarter, down 11 per cent. The book value of $120.67 per share was down 5.2 per cent for the quarter. Emmanuel Clarke, PartnerRe’s president, said: “As we look ahead to the important January renewal season, which accounts for more than 60 per cent of our non-life treaty premium, reinsurance markets remain competitive across the board. In addition, M&A activity is continuing to be a distraction for some market participants. At PartnerRe, however, we continue to distinguish ourselves with our clients as a stable and focused partner with long-term financial flexibility, and a proven track record of reliability.” The company announced a quarterly dividend of 70 cents per common share.

2015. October 21. The head of PartnerRe Global yesterday said that European buyers had welcomed takeover by Italian investment giants Exor. Charles Goldie, CEO of PartnerRe Global, said that the deal gave the company security over its long-term future. He added it had also removed the integration problems and likely redundancies if a rival bid from Axis Capital had been successful and that a European parent would help boost business on the continent. Mr Goldie said: “It means we are out of the mergers and acquisitions game and we can instead simply focus on what we do well. Any distractions are completely removed and, because we have not been acquired by another reinsurer, there are no integration issues to contend with. Our clients know they will be dealing with the same underwriters and leaders they have always done. That is a great position to be in.” Mr Goldie was speaking to Intelligent Insurer at a conference in Baden-Baden in Germany. He said that clients understood that Exor, the investment arm of the billionaire Agnelli family, which controls car maker Fiat Chrysler, wanted to enter the reinsurance market. Mr Goldie explained: “It is not interested in going into the primary side and potentially competing with them, which is what you are seeing with some other deals.  Under private ownership the firm would also be freed of the pressure of quarterly earnings targets and conference calls with analysts. It means we can take more of a long-term approach. That constant pressure to set and hit targets will be removed. The Exor name would open doors to more business in Europe. We are a Bermuda company, but we diversified from an early stage. We became multi-line and global very early on through acquisitions and have pioneered in some areas in our industry, such as enterprise risk management. We will remain a global, diversified company but having a European parent will certainly not hurt our case in Europe. The pace of rate reductions and the extent to which clients were changing their programmes had slowed. We have been seeing more structured deals and aggregate covers but many buyers are thinking more long-term now. Some have been very vocal about having smaller panels and long-term relationships. Some have cut it down to five or six players. We certainly like the idea of working long-term and we don’t have to worry about quarterly earnings targets any more, but equally we will work in the way our cedants want to work. We are adaptable to their needs.”

2015. September 29. Shareholders in reinsurance firm PartnerRe will meet next month to vote on the planned takeover of the firm by Italian investment giant Exor. Voters will gather at PartnerRe’s headquarters on Pitts Bay Road in Pembroke on Thursday, November 19 for the special general meeting. PartnerRe has filed a definitive proxy statement with the US Securities and Exchange Commission, which provides information about PartnerRe, the proposed merger and shareholders’ instructions for voting. And the firm has advised shareholders to vote in favour of the merger and related transactions at the special meeting, which will start at 9am.

2015. September 21. Italian investment giant Exor plans to propel Bermuda reinsurance firm PartnerRe into the top tier. Exor CEO John Elkann, part of the billionaire Agnelli family that runs the company, said he hoped to put PartnerRe in the top four reinsurers in the world. Mr Elkann, whose group engaged in a long-running battle with Bermuda’s Axis for control of PartnerRe, said: “We fought very hard to be here and now there is certainty. “There’s a lot of negativism in the industry right now and people might wonder why we fought this hard to invest $7 billion in the sector. We are very optimistic because covering risk in our society is a need that will continue to exist and grow with the economy.” Mr Elkann, whose firm paid nearly $7 billion for PartnerRe, was speaking at the Monte Carlo Yacht Club as part of the annual reinsurance Monte Carlo Rendez-vous. He said that Exor had been one of the founding backers of PartnerRe when it was set up in 1993, but sold its stake after the company went public. Mr Elkann added that Exor was committed to PartnerRe and predicted it could rival industry giants like Munich Re and Swiss Re. He said: “I consider this to be a generational investment ... most of the earnings will be retained within the business. Our plan to put PartnerRe among the big four is a realistic objective.” Mr Elkann said that scale was important in reinsurance, but ruled out PartnerRe adopting a hybrid insurance and reinsurance combination. He added: “PartnerRe will stay a pure reinsurance company and not compete with customers. This is a recurrent theme with brokers and clients.” New PartnerRe president Emmanuel Clarke backed the new owners’ ambition to become one of the world’s top reinsurers. He told reporters at the Monte Carlo press conference: “I’m sure you have been following the story over the first part of this year. We have had two months of uncertainty. But this period is now coming to an end and it is a happy ending — but also a new start. We at PartnerRe are looking forward to this new chapter in our history, under the ownership of Exor.” Mr Clarke said the takeover meant that PartnerRe would be preserved as a stand-alone company and that the buyout was a long-term investment rather than a private equity play. And he added that — as a rash of mergers and acquisitions continues — PartnerRe was secure and could concentrate on its business. Mr Clarke said: “Stability also means providing a consistency and continuity of approach to our clients. Reinsurance is a long-term partnership business and clients do not like surprises.”

2015. August 3. PartnerRe has agreed to be bought out by Italian investment firm Exor in a $6.9 billion deal. The reinsurer has scrapped its previous plan to merge with fellow Bermuda firm Axis Capital. Exor, which is controlled by the wealthy Agnelli family, will pay $140.50 per share including a special pre-closing dividend of $3 per share. In its announcement today, PartnerRe said the company would continue to be headquartered in Bermuda and the deal is likely to mean that existing staff and management will be kept on. Axis and PartnerRe have cancelled their respective shareholders' meetings that had been scheduled for Friday to vote on the two companies' merger plan. The termination of the merger plan means Axis will receive a break-up fee of $315 million. The agreement includes a “go-shop” period during which the PartnerRe board can solicit competing offers and enter talks with other suitors on proposals made before September 14, 2015. PartnerRe chairman Jean-Paul Montupet said: “We are pleased to reach this agreement with Exor, which we believe is in the best interest of our shareholders. Since Exor made its initial offer to acquire the company in April 2015, the PartnerRe board has been focused on maximizing value for our shareholders while positioning PartnerRe for long-term success. “We have carefully and thoroughly evaluated each development over the past several months, and believe that this thoughtful and deliberate approach was critical to delivering a transaction that represents a significant improvement in the price and terms of Exor's original proposal. Importantly, Exor is committed to ensuring that the unique culture, brand and business that our dedicated employees have successfully built over the past 20 years remain intact.” John Elkann, Exor's chairman and chief executive officer, said: “Today's agreement is very positive for PartnerRe and Exor. Under our stable and committed ownership, PartnerRe will continue to develop as a leading independent global reinsurer.
“Exor looks forward to working with the board of directors and the management of PartnerRe to ensure a successful path forward.” The transaction is expected to close in the first quarter of 2016, subject to approval by PartnerRe shareholders, regulatory clearances and other customary closing conditions.

2015. June 18. Reinsurance firm PartnerRe yesterday urged its shareholders to back a merger with rival Axis Capital — and accused hostile bidder Exor of “misleading or outright false statements.” The attack on the Italian investment firm, which launched a $6.8 billion takeover bid for PartnerRe after it agreed terms for a merger with Axis, came only weeks before shareholders in PartnerRe and Axis are due to vote on the deal. The letter said: “The proposal by Exor to acquire PartnerRe at a price of $137.50 a share does not properly or adequately value PartnerRe as it does not fully recognise the strength of our balance sheet and the value of the franchise and its future prospects. This price would essentially only approximate PartnerRe’s expected stand-alone book value at 2015 year-end.” And PartnerRe told shareholders: “Tt does not come close to paying you the full intrinsic value of your investment. The price is a non-starter.” The salvo is the latest in a running battle for control of the firm. PartnerRe said the merger with Axis would create “an industry powerhouse” with gross premiums written of more than $10 billion, around $13 billion in combined shareholders’ equity as well as cash and invested assets of more than $31 billion. The letter added: “The merger will significantly strengthen the company’s balance sheet and capital generation and provide capital deployment flexibility, including immediately returning $750 million to shareholders of the combined companies following closing of the transaction and an additional expected $2.2 billion of buy-backs and dividends expected through 2017, equivalent to 100 per cent of operating earnings.” And the firm said the merger would save $200 million a year in operating costs, partly through job losses, which would “generate even greater value over the short term." Exor raised its original $6.4 billion bid for PartnerRe — equivalent to $130 a share — to $6.8 billion, or $137.50 a share, in May. The cash deal went up against the all-share merger proposition and Exor said it intended to retain PartnerRe as a stand-alone company and keep existing management and staff. The Axis-PartnerRe deal would create the world’s fifth largest reinsurer — with some of the savings from redundancies among the combined Bermuda-based staff of around 130. And the two reinsurance firms — near-neighbors on Pitts Bay Road in Pembroke — would also probably require less office space. After PartnerRe rejected Exor’s initial bid, it announced a sweetener for shareholders — an $11.50 per share special dividend for shareholders if the $11 billion merger was completed. The “break fee” — payable if one of the companies walked away from the deal — was also increased from $250 million to $280 million. But Exor, controlled by the billionaire Agnelli family, whose business empire includes a large stake in carmaker Fiat Chrysler and Turin-based top flight football club Juventus, said the revised Axis-PartnerRe deal was “a clear admission” that the proposal had undervalued PartnerRe. And Exor added that the special dividend would eat into PartnerRe’s capital to the tune of $550 million and weaken its financial strength. Exor has built up a 9.9 per cent shareholding in PartnerRe, the largest single shareholder in the reinsurer.

2015. May 4. PartnerRe Ltd's board of directors has rejected the buyout bid from Italian investment company Exor and offered a sweetened deal for shareholders to complete its proposed merger with Bermuda rival Axis Capital Holdings Ltd. In a statement released this morning, PartnerRe said it had renegotiated the Axis merger terms in order to pay out an $11.50 per share special dividend to PartnerRe shareholders on the closing of the deal. The statement added that the PartnerRe board had held “extensive discussions” with Exor, the investment arm of the Agnelli family, whose business empire includes a large stake in Chrysler Fiat. Exor's $130 per share cash bid, which amounts to $6.4 billion, “significantly undervalues” PartnerRe, according to the statement. During the negotiations, said the Bermuda reinsurer, Exor had made it clear that it would not budge on price. PartnerRe Chairman Jean-Paul Montupet said: “Over the course of the past three weeks, the board, as well as our advisers, engaged extensively with Exor and conducted a very careful and thorough evaluation of the many aspects of their proposal, including price. “Throughout these discussions, Exor made it abundantly clear that it was not willing to adjust its price. The Board concluded that Exor's proposal significantly undervalued PartnerRe and that there was no prospect of the offer leading to a superior proposal. “Consequently, we determined that further discussion would not be productive and we have rejected their proposal.” The $11.50 per share special dividend added to the Axis merger terms will “appropriately recognise for our shareholders the significant value of our company”, PartnerRe said. The dividend will be paid to former PartnerRe shareholders on completion of the merger. Mr. Montupet added: “We continue to be very excited by the prospects of our amalgamation with Axis Capital, which we firmly believe will create value well in excess of the proposal made by Exor, and will give shareholders the opportunity to be a part of a world-class specialty insurance and reinsurance franchise and to share in the value such a combination will generate well into the future.” The companies aim to achieve $200 million a year cost savings through their combination. 

2015. April 17. One of the biggest shareholders in Bermuda-based reinsurance firm PartnerRe has backed a $6.4 billion rival bid for the company. PartnerRe had agreed a deal to merge with rival Bermuda firm Axis but a surprise bid by Italian investment firm Exor has opened up a race for control of the firm. Franklin Mutual Advisers, the third biggest shareholder in PartnerRe with a 4.6 per cent holding at the end of last year, according to Yahoo Finance, backed the bid by Exor, controlled by the billionaire Agnelli family, over the Axis deal. Franklin Mutual Advisers chief executive Peter Langerman said the Exor all-cash bid by Exor was much superior to the all-share deal PartnerRe agreed with Axis in January. And Mr Langerman revealed that his company had expressed concern over the PartnerRe/Axis merger after it was announced in January. He told Reuters: "We weren't happy with the terms of the deal and we expressed that to the company." The merger proposal was challenged this week when Exor, run by the family behind the massive Fiat Chrysler car group, announced its rival proposition. The Exor bid amounts to $130 a share a 16 per cent premium on the PartnerRe/Axis all-share transaction. Mr Langerman said PartnerRe should engage not only Exor but any and all interested parties to explore whether it can find a better offer. Exor chairman and chief executive John Elkann said his firm intended to keep the existing PartnerRe management and staff and run the company as a stand-alone enterprise. He added that taking the firm private meant it would no longer have to satisfy shareholders looking for quick profits and offer long-term stability. The deal with Axis, however, would be likely to lead to job losses across both firms, who employ around 130 between them in adjoining offices in Pitts Bay Road in Pembroke, as the new joint operation looked to save $200 million a year in costs. Exor's interests include controlling interests in Fiat Chrysler, luxury sports car maker Ferrari and top flight Italian football team Juventus. Axis chief executive Albert Benchimol said on Tuesday the firm remained fully committed to the merger. The PartnerRe board said it would examine the competing bid by Exor to determine the course of action that it believes is in the best interests of PartnerRe and its shareholders and announce its decision later. If PartnerRe walks away from the Axis deal, it would be subject to a $250 million penalty under the terms of the merger agreement. 

2015. January 26. Axis Capital Holdings Ltd and PartnerRe Ltd agreed to merge. The deal between two of the five biggest companies in the Bermuda insurance and reinsurance marketplace will create a group with a market capitalization of nearly $11 billion and the worlds fifth-largest property and casualty reinsurer. The combined entity will boast $10.7 billion in annual gross premiums, an investment portfolio of $33 billion and total capitalization of some $14 billion. Axis chief executive officer Albert Benchimol will lead the enlarged company, while PartnerRe chairman Jean-Paul Montupet will serve as its non-executive chairman. The combination has been described as a merger of equals and the deal is expected to close in the second half of the year. Costas Miranthis stepped down yesterday as CEO of PartnerRe and as a member of the reinsurers board, in connection with the deal. PartnerRe director David Zwiener will assume the position of interim CEO of PartnerRe until the completion of the transaction. The companies said they expect to make annual savings of at least $200 million, suggesting that jobs are likely to go. The companies headquarters are in neighboring buildings on Pitts Bay Road and the statement confirms that the combined company will be based on the Island. Both also have offices in London, New York, Zurich and Ireland. PartnerRe shareholders will own about 51.6 per cent of the combined company, while Axis investors will hold 48.4 per cent, the companies said. PartnerRe shareholders will receive 2.18 shares of the combined companies common shares for each share of PartnerRe they own, while Axis shareholders will receive one share of the enlarged entity for each of their Axis shares. PartnerRe writes only reinsurance, while Axis writes primary insurance too. The new company will derive around two-thirds of its premiums from reinsurance. This transformational combination will leverage the complementary strengths of both companies and create an organization with the size and breadth to enhance product and service offerings, maximize growth opportunities, optimize portfolios, and deliver both economies of scale and capital efficiencies, Mr Benchimol said in a joint statement from the two companies last night. The combined company will have three strongly positioned businesses a top-five global reinsurer, a $2.5 billion specialty insurance underwriting business, and a highly successful and growing life, accident and health franchise all with increased strategic flexibility. As a top five global reinsurer with leading positions in a number of specialty lines, we will be strongly positioned to turn the challenges presented by the structural changes in the reinsurance market into opportunities. PartnerRe was formed in 1993, after a spike in reinsurance rates prompted by the 1992 Hurricane Andrew. Axis was formed in late 2001 after the September 11 terrorist attacks of that year also caused insurance rates to rise. Mr Benchimol has worked in senior roles for both companies. Before he joined Axis in January 2011, he had served as chief financial officer at PartnerRe for ten years. Last night's joint statement adds: "Given the similar disciplined underwriting cultures of both organizations, the combined entity will draw on the talented group of leaders from both companies." Some of the top positions have already been decided. Emmanuel Clarke will be CEO, Reinsurance, while Peter Wilson will be CEO, Insurance. Chris DiSipio will be CEO, Life, Accident and Health; and John Jay Nichols will be responsible for strategic business development and capital solutions. Joseph Henry will be chief financial officer and Bill Babcock will be deputy CFO and lead integration officer. Mr Babcock will assume the role of CFO on Mr Henry's retirement in July 2016. PartnerRe chairman Mr Montupet paid tribute to the companies exiting CEO. "On behalf of the entire board of directors, I want to express my appreciation to Costas Miranthis for successfully leading PartnerRe for the past four years and positioning the company to be able to move into this exciting new phase. PartnerRe has benefited greatly from his leadership and guidance and we wish him well in his next endeavor. This is an exciting opportunity that offers tremendous potential with many benefits for PartnerRe, our clients, brokers and shareholders." Axis chairman Michael Butt, who will continue to serve on the board of the combined company as chairman emeritus, said: "I have for a long time, since 1993, been an admirer of PartnerRe and what it has achieved. I am delighted therefore that we can now combine our businesses and people to create an even more exciting future." Shortly before the merger statement came out last night, both companies gave preliminary estimates of fourth-quarter results. Axis, which is due to announce earnings on February 3, said it made operating income of between $117 million and $123 million, or between $1.15 and $1.21 per share, compared to the consensus estimate of $1.21 per share of analysts tracked by Yahoo Finance. PartnerRe, which will report on February 4, said its operating earnings were between $210 million and $230 million, or between $4.20 and $4.60 per share, easily beating the Wall Street expectation of $3.04 per share.

Partner Reinsurance Life Company of Bermuda 4/3/2014. Part of Partner Re
PartnerRe Underwriting Management 2016
Partnerre Catastrophe Fund Holdings 12/20/2011. As above.
Partnerre Catastrophe Fund 12/20/2011. As above.
Partnerre Financing 5/8/2007. As above.
Partnerre 8/24/1993. As above
Partnerre Services 9/9/1993. As above.
Partners Indemnity Company 1/6/1998
Partners Security 5/3/2001
Partners & Partners 4/22/2009
Parts Express 12/18/2002
Partygaming Finance 1/30/2006
Partygaming 1A 1/30/2006
Parventure Secondaries Japan 8/18/1999
Pas Beverages 6/9/2005
Pas Insurance 11/5/2014
Pas International 6/9/2005
Pas Snacks 6/9/2005
Pasadena Investments 9/15/1982
Pasair 12/6/1985
Pascal Reinsurance 6/24/1998
Pascalis, Gardner & Partners 1/15/2004
Pasco Risk Services 6/20/2001
Paseo de Anza Property 6/1/1981
Pasha Advisors 12/30/2010
Pasha Bermuda 11/3/2003
Paul Y-ITC Construction Group C/o Codan Services
Peace Mark (Holdings) C/o Codan Services
Peaktop International Holdings C/o Codan Services
Peking Apparel International Group C/o Codan Services
Pennsylvania Manufacturers’ International Insurance Since 1993
PennUnion Re A Bermudian special purpose insurer created by Amtrak. 2015. October 9.  A $275 million catastrophe bond issued by this company providing insurance protection to US train company Amtrak illustrates a growing trend of corporations going directly to the capital markets to cover some of their risks.  Its variable rate notes have been admitted for listing on the Bermuda Stock Exchange.  The perils covered by PennUnion Re are storm surge in New York City and Delaware, named storm wind protection across eight northeast US states, and earthquake protection in five of those states. The Series 2015-1 notes will become due in December 2018. 
Pentelia Capital Management

Founded by and is owned as a joint-venture between NATIXIS Alternative Investment International, and Bermuda-based insurance group White Mountains Insurance Group, Ltd. In 2009 teamed up with Japanese giant Mitsubishi Corporation to create a new alternative investment fund to focus on insurance-linked securities.

People's Food Holdings C/o Codan Services
Pepsi-Cola International 3/11/1971. In 2009 the USA's Government Accountability Office (GAO) stated there were 13 subsidiaries in Bermuda.
Pepsi-Cola Manufacturing International 11/15/2002
Pepsi-Cola Manufacturing Limited 9/30/1985
Pepsi-Cola Manufacturing (Mediterranean) 11/9/1984
Pepsi-Cola (Bermuda) 2/5/1957
Pepsi Overseas (Investment) Partnership 3/2/2000
PepsiCo Beverages Bermuda 8/18/2011. 
PepsiCo Euro Bermuda 3/31/2005
PepsiCo Finance (Bermuda) 10/31/1984
PepsiCo Global 12/12/1996
PepsiCo Russia (Bermuda) 5/5/2008
PepsiCo (Ireland) 7/19/2004
Perfectech International Holdings Butterfield Fund Services (Bermuda)
Perinvest Market Neutral  c/o Prime Management, Church Street. Hit by the Madoff fraud
Permanent Capital Holdings A  Bermuda incorporated affiliate company of a private American investment firm, which announced in late February 2019 that it was purchasing the Bermuda Commercial Bank.
Permanent Investments Ltd For a time in 2010 the principal shareholder in the Bermuda Commercial Bank Ltd.
PFH 5/6/1987
Pfizer Holdings Bermuda 9/20/2006
Pfizer International Investments 12/2/2009
PFM International (Bermuda) 11/19/1993
PFM Israel Growth Fund 11/19/1993
PFT 4/22/2013
PG3 Private ILS Fund 4/22/2003
PGA Arlington Holdings 10/6/1998
PGA Asian Holdings 1/7/1999. A subsidiary of Prudential Financial Inc/
PGA Asian Retail 12/13/2000. A subsidiary of Prudential Financial Inc.
PGA Big Yellow 6/13/2000
PGA European 10/25/2000. A subsidiary of Prudential Financial Inc.
PGA Kilimanjaro 1/14/1999
PGE Fiber (Bermuda) 2/28/2000
PGE (Hamilton) 4/9/1998
Philip Morris Capital (Bermuda) 2/22/1980
Philipp and Lion Far East (Holdings) 5/23/1989
Philipp Pbrothers (Bermuda) 10/1/1981
Philippi Investments 2/6/1995
Philippine Fund Ltd (The) 6/30/1989
Philippine Investment Company 4/24/1997
Philippines Long Term Equity Fund 1/29/1987
Philippines Long Term Equity Fund (No 2) 3/7/1988
Phillips 66 Asia 10/24/1994
Phillips 66 Asia Pacific Investments 5/31/2004
Phillips Holdings 10/24/2005
Phillips LNG Group 5/5/1997
Phillips Petroleum Company Venezuela 10/31/1996
Pillar Capital Management Formerly Juniperus Capital (JCL). Renamed 2013. Since May 2008 as the latter. Catastrophe investment manager. Manages Benfield Group's $50 million cash investment in the Juniperus Insurance Opportunity Fund and other third-party funds focused on the collateralized re/insurance-linked securities markets. In 2011 the company was sold to insurance-specialist private equity investor Aquiline Capital Partners.
Platinum Underwriters Holdings Bought out in 2015 by Renaissance Reinsurance 
Playmates Holdings C/o Codan Services
Plus Holdings C/o Codan Services
Point Landing Insurance 2016. Class 2. 
Polaris Holding Company Bermudian company that runs Stevedoring Services. In April 2015 it brought in equipment at Dockyard for team Oracle and its America's Cup challenge. It had been over 20 years since Stevedoring Services has done any work anywhere other than the Hamilton docks.

2019. March 18. With its licence to operate Bermuda’s only cargo dock coming due in less than two years, the management of Stevedoring Services Limited is keeping a close eye on Bermuda Government’s plans for the Corporation of Hamilton. Stevedoring has an exclusive terminal operating licence for the Hamilton docks, which expires in February 2021. It holds a non-exclusive terminal operating licence, as do several other entities, for the free ports in St George, Dockyard, and at Morgan’s Point. Warren Jones, chief executive officer, Polaris Holding Company Ltd, the parent company of Stevedoring, said: “We have been watching it, and we will see where it goes. Our focus is on the business we do, and we will continue to defend our position here regardless of how it all comes out. “Our focus is on the dock and trying to continue to be Bermuda’s choice as the operator to run the dock. Whatever Government does, we expect to be the terminal operator running the dock. In fact, our vision is to be the terminal operator at all of Bermuda’s ports.” Mr Jones said Stevedoring is in close contact with government officials on an ongoing basis since the dock’s importance to Bermuda is related to several ministries as well as to the Emergency Measures Organisation. “We are responsible for a key part of Bermuda’s infrastructure,” he said. “The EMO and the various ministries are all key to what we do.” Members of Parliament voted 22-7 along party lines on Thursday to pass the Municipalities Reform Act 2019, which once in force will transform the Corporations of Hamilton and St George into un-elected quangos. The Act will bring to an end a combined total of almost 450 years of local government in Bermuda. Elected members of the municipalities are to hold office until May 13, unless they resign in writing to the Minister of Home Affairs. The minister will appoint a mayor and councillors for each of the corporations to serve from May 14. Charles Gosling, Mayor of Hamilton, has indicated that the Corporation of Hamilton will launch a court battle to fight the Government’s plans.

2018. November 14. Polaris Holding Company Ltd has made a six-month profit of $1.01 million, or 85 cents per share. That is down on the $1.15 million reported for the same period last year, when the economic stimulus associated with the island’s hosting of the America’s Cup boosted revenue for the company. However, the six-month performance is significantly higher than the $647,000 achieved in the same period in 2016. In a statement, Polaris said: “Results softened from the company’s position 12 months earlier." The prior year’s ‘America’s Cup effect’ had Stevedoring Services, like much of Bermuda, benefiting from that short-term high which swelled balance sheets and boosted the island’s pride. Current year’s expectations were naturally dialed back with management fully grounded in the belief that the current year would be weaker. Indeed, revenue of $6.26 million for the six months to the end of September was down 5.6 per cent. But noteworthy, relative to the more normalized year before the America’s Cup phenomena, current year revenue stood 20 per cent improved, a testimony to Polaris’ continued fiscal growth as the company moves forward on a trajectory of hope, prosperity and resolve.” The earnings report covers the period from April 1 to September 30. In its statement, Polaris said: “Spending year over year fell ($224,00) despite inflationary cost increases, with $50,000 per month carved off the company’s expense line. Equipment uptime, productivity, and ‘truck turns’ [the time taken for shipper’s trucker to pick up and depart with their container] were each improved, while repairs and maintenance, overtime, and operating costs were all down.” Dividends of eight cents per share were paid to shareholders of record on September 30, the 30th consecutive quarter a dividend has been paid. Dividends are currently earning stakeholders a 6.5 per cent yield.

Polo Resources A globally focused natural resources and mine development investment company,  In April, 2013 it was admitted to the Bermuda Stock Exchange. The company’s primary listing is on London’s Alternative Investment Market (AIM). At that time it had 269,622,745 ordinary shares, a core portfolio in the gold, oil and gas, coal and iron ore sectors and large-scale investments include Nimini Holdings Limited (90 percent), Signet Petroleum Limited (48.21 percent), Regalis Petroleum Limited (8.32percent), Equus Petroleum plc (1.95 percent), GCM Resources plc (29.8 percent) and Ironstone Resources Limited (15.7 percent).
Ports Design C/o Reid Management
Prague Gates Bermuda Holdings LP 2/28/2006
Prague Gates PP (Ber) LP 2/28/2006
Praleas Fund 4/21/2003
Pramerica Asiaretail 9/17/2001
Pramerica of Bermuda Life Assurance Company 4/22/2008. A subsidiary of Prudential Financial Inc.
Premia Holdings 2018. September 14. Bermuda-based property and casualty insurance and reinsurance run-off group, Premia Holdings Ltd, has announced the acquisition of Alan Gray LLC, an international claims, audit and risk management advisory firm. Alan Gray was established in 1988 as a claims and audit advisory firm, and offers its clients claims administration and audit services, actuarial, underwriting, legal bill auditing, reinsurance collections, and risk management services. The company has offices in Boston, New York and Philadelphia. Bill O’Farrell, chief executive officer of Premia Holdings, said: “I have been a client of Alan Gray’s for over 20 years across a broad spectrum of services. I know first hand what a tremendous job they do for their clients. They bring tremendous expertise and cost-effective solutions to every assignment. We are thrilled to make them a part of our group and we look forward to working with them to accelerate their growth and create even more satisfied clients.” Michael Ceppi, CEO of Alan Gray, added: “All of us on the Alan Gray team are very pleased to join the Premia team. It will allow us to bring our traditional services to new clients while providing our long-standing clients expanded solutions to help them achieve their business objectives.”
Premier International

Incorporated in Bermuda October 15, 2009. Owns 100 percent of Premier Aqua (UK) plc. based in the UK, specializing in the development and sale of Atmospheric Water Generators, which extract water from the air.

Press & Magazines Holdings 2/17/1989
Prestige Art 7/22/2010
Prestige Autos 6/30/2010
Prestige Games International 5/1/1986
Prestige Leasing 8/11/1993
Preston 5/27/1982
Prestwick Aviation 7/15/1986
Prestwick Leasing 5/21/1985
Pretel Communications 11/4/2009
Pretium Investments 11/22/1991
Previsus 4/29/1997
PRG-Schultz Insurance 2/20/2002
Price Forbes & Partners (Bermuda) 3/5/2008
Price Products 11/2/1997
Price Waterhouse Adminstration (Intl) 8/26/1974
Price Waterhouse Africa East 11/3/1995
Price Waterhouse Africa West 11/3/1995
Price Waterhouse and Partners "P" 11/15/1983
Price Waterhouse Hong Kong Services 7/11/1988
Price Waterhouse Limited 12/24/1982
Price Waterhouse Services 12/24/1982
Price Waterhouse Technology Assessment Centre 1/16/1986
Price Waterhouse Trust Company (Bermuda) 1/10/1995
Price Waterhouse World Firm 4/24/1987
Price Waterhouse & Co (Egypt) "P" 8/31/1979
Price Waterhouse & Co Africa Firm "P" dissolved 11/28/1974
Price Waterhouse (Middle East) 1/4/1984
Price Waterhouse (World Firm) "P" 4/2/1973
Price & Pearce (Bermuda Holdings) 11/10/1983
Price & Pearce (Bermuda) 12/3/1976
Price & Pearce (Far East) 11/10/1983
Price & Pearce (Woodpulp) 11/10/1983
PriceBusters 9/20/1993
PriceWaterhouseCoopers 8/31/1979. See http://en.wikipedia.org/wiki/PricewaterhouseCoopers. Leading accounting firm with international management consulting.
PriceWaterhouseCoopers Actuarial Services 7/3/2006. See above. 
PriceWaterhouseCoopers Advisory 4/16/1999. See above. 
PriceWaterhouseCoopers Africa Central 1/16/1986. See above. 
PriceWaterhouseCoopers China 7/18/1995. See above.
PriceWaterhouseCoopers Financial Services 3/18/1976. See above.
PriceWaterhouseCoopers Human Capital Consulting 3/9/1998. See above.
PriceWaterhouseCoopers Ltd  2/19/2010. See above.
PriceWaterhouseCoopers Management 5/11/1982. See above. 
PriceWaterhouseCoopers Professional Services 1/23/2006. See above.
PriceWaterhouseCoopers Tax Services 3/5/2001. See above.
PriceWaterhouseCoopers (China) 11/29/2001. See above.
Primary Capital  
Prime Management Ltd Has a diverse portfolio of hedge fund clients. PM Box HM 3348, Hamilton HM PX.
Primus Guaranty The only publicly traded company that makes most of its money from credit-default swaps. The company also entered the market for credit-default swaps on asset-backed securities including mortgages. The latter were conceived a decade ago to protect bondholders against default and pay the buyer face value in exchange for the underlying securities should the company fail to adhere to its debt agreements. 
Princess Bermuda Holdings 10/10/2003
Princess Court 9/4/2012
Princess Cruise Lines 5/5/1999
Princess Development International 9/20/1971
Princess Hotels International 1/11/1974
Princess Management Company 10/31/1974
Princess Properties International 8/10/1962
Princeton Company 12/5/1978
Princeton Eagle Holding (Bermuda) 12/5/1994
Princeton Eagle Insurance Company 12/5/1994
Princeton Eagle West Holding (Bermuda) 5/19/1995
Princeton Eagle West Insurance Company 5/19/1995
Princeton Fund (Bermuda) Ltd (The) 7/24/1991
Princeton Futures International 7/24/1991
Princeton FX International 1/6/1992
Princeton Resources 11/25/1981
Princeville Holdings 1/10/2001
Prism Master Fund LP By Professional Risk Management Partners LLC.
ProServe Bermuda  
Promisant An international provider of enhanced payment services.

Formed to acquire and operate high-power geostationary satellites optimized for satellite television in the Asia-Pacific region. In 2008 launched a satellite it hopes will expand its footprint in the Asian telecommunications business. Has subsidiary operations in San Francisco and Singapore.

In early 2011 Kiskadee, a fellow Bermuda Company, sued two officers of ProtoStar Ltd for $18.25 million in compensatory damages, 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.

ProtoStar Kiskadee (Bermuda) See above.
Provence Management II Stitchting  c/o Rothschild Trust, Victoria Street, Hamilton
Proview International Holdings C/o Codan Services
Pruco Reinsurance 7/21/2003. A subsidiary of Prudential Financial Inc.
Prudent Investments 12/3/1958
Prudential-Bache Securities Corporate Acquisition Partners 10/10/1988
Prudential-Bache Special Situations Bermuda Fund LP 2/1/1990
Prudential Corporation Asia 8/2/1989
Prudential Financial Consultants 2/20/1975
Prudential Middle East Co. 4/30/1976
Prudential Money Funds 12/7/1983
Prudential Portfolio Managers Asia 8/2/1989
Prudential Shipmanagement 8/17/1983
Prudential (Gulf) 1/19/1978
Prumerica International Real Estate and Relocation Services 1/4/2000
PSQR Capital Management Owned by hedge fund manager Paolo Pellegrini 
PVAXX Research and Development Technology group operating in a wide range of logistical, household and recreational product fields providing a combination of advanced proprietary manufacturing and materials technologies. Founded by Henry Stevens. Current market estimate $30bn. Company became a Renault FI team sponsor.
PXRE Moved from New Jersey to Bermuda in 1999
PVS Chemicals  


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

Q-Casting International 3/12/2004
Q-Re LLC 12/23/2012. An arm of Qatar Insurance Company (QIC), capitalized at approximately $1 billion With offices also in London and Zurich, An institutional investor in CATCo Investment Management and CATCo-Re, a Class 3 reinsurance operation
Q-Ship Enterprises 11/18/2003
Q-Venture Holdings 6/5/2008
Q-Zar Holdings 4/6/1993
Q-Zar Operations 4/6/1993
Q Investments 1/19/2001
Q Re Bermuda Advisors 3/10/2010.  Part of QIC, above
Q Re Holdings LP 2/17/2010.  Part of QIC, above
Q Re Intermediary Holdings 12/30/2009. Part of QIC, above
Q Things 1/24/2007
Q & N International 5/29/1972
QID 6/6/2003
QAD (Bermuda) 1/8/1999
Qahtani General Insurance Company 8/11/1983
Qallz 10/31/2013
Qamg Enhanced US Treasury Bill Offshore Fund 1/15/2002
Qamg (Bermuda) 3/25/2002
Qatar Insurance 2019. April 30. The parent company of Bermuda-based Qatar Re has reported $75 million net profit for the first quarter, an increase of $10 million, year-on-year. Qatar Insurance Group’s earning per share were 21 cents, compared with 18 cents for the same period last year, while its gross written premiums remained stable at $969 million, down $7 million. The Qatar-based group’s non-life combined ratio improved to 100.2 per cent, from 101.6 per cent. Khalifa Abdulla Turki Al Subaey, group president and chief executive officer of QIC Group, said the first quarter was a period of stability and consolidation. He added: “As part of our de-risking effort, we have adopted a more selective approach to writing new business, rewarded by an improving technical performance. QIC remains firmly committed to shifting to lines of business with lower volatility where we see a more attractive risk-return potential. In addition to underwriting, QIC’s investment prowess and commitment to operating efficiency continue to bear fruit and are essential to sustaining the Group’s overall profitability. Based on the strength and diversity of our performance engines, I remain confident in QIC’s future growth and profitability prospects, which should further benefit from what appears to be a slightly firming global re/insurance trading environment.” QIC’s international carriers, which include Qatar Re, Antares, QIC Europe Limited and Gibraltar-based carriers, now account for 76 per cent of the group’s gross written premiums, an increase from 73 per cent a year ago. In a statement, the group said its first quarter profit was driven by improving underwriting results and resilient investment income. Last week, Qatar Re confirmed Michael van der Straaten as its new CEO. He succeeded Gunther Saacke, who announced in January that he was leaving the company

2019. February 4. Qatar Insurance Company, the parent of Bermuda-based Qatar Re, made a profit of $182 million last year. Gross written premiums were $3.5 billion, an increase of 8 per cent. Although the company was impacted by severe catastrophe losses in the second half of the year, its combined ratio decreased from 105.8 per cent to 101.3 per cent. The underlying combined ratio — excluding prior-year reserve developments and natural and man-made catastrophe losses — was 98.7 per cent. Khalifa Abdulla Turki Al Subaey, president and chief executive officer of QIC Group, said: “For the global insurance industry, 2017 and 2018 were the costliest back-to-back years on record. Insurers and reinsurers had to digest catastrophe losses close to $230 billion. Still, rate increases remain elusive as the growth of alternative capital with lower return hurdles places secular and not just cyclical pressure on (re)insurance margins in the low-frequency, high-severity space. Against this backdrop, our strategic decision, taken more than a year ago, to shift the underwriting focus to a lower-volatility segment has proven right.” The group said it has entered a phase of consolidation in its international operations, shifting its underwriting to lower-volatility classes and shedding under-priced business. Mr Al Subaey, said: “This comprehensive de-risking was successfully completed towards the end of 2018 and we should be able to reap the fruit of this effort in 2019 and beyond. At the same time, as Qatar’s dominant insurer and a leading regional operator and investor, our group is set to benefit from Qatar’s impressive recovery from the economic blockade that was imposed on the nation by some of its neighboring countries in June 2017. For these reasons, we are cautiously optimistic for the remainder of the year even though global economic and industry uncertainties continue to loom large.” QIC’s international carriers, Qatar Re, Antares, QIC Europe Limited and Markerstudy achieved gross written premiums of $$2.7 billion, and increase of 11 per cent, year-on-year. Qatar Re is now ranked at 27 among the global top 50 reinsurers, according to AM Best.

Qatar Reinsurance Company Moved its headquarters to Bermuda in late 2015 as it re-domiciled from Doha, Qatar.  

2017. March 14. The successful $450 million debt sale that closed this week was a step on the road to putting Qatar Re in the top tier of the reinsurance industry. That is the view of Gunther Saacke, the Bermuda-based company’s chief executive officer, who described the sale of the notes as a “significant milestone. With the introduction of tradable notes, Qatar Re is seizing the opportunity to finance future growth on the back of a modern efficient capital structure. The notes have reduced our cost of capital and are a significant milestone on our path to establishing Qatar Re in the top tier of our industry.” He added: “The issuance has taken our company beyond the $1 billion capital mark; an important threshold to potential clients who make this a prerequisite. The increased capital strength will enable us to respond to increasing demand from existing and new clients for substantial capacity as part of our comprehensive service proposition.” The offering of the Reg S Perpetual non-call 5.5 subordinated Tier 2 notes, which have an initial coupon of 4.95 per cent, was 14 times oversubscribed. The issue attracted over 290 orders of more than $6.5 billion and achieved a balanced global distribution of investors comprising 30 per cent Asia, 29 per cent UK, 20 per cent Middle East, 19 per cent Continental Europe and 2 per cent from other regions. The 4.95 per cent coupon will be fixed until the first call date in September 2022. The rapidly growing company, whose parent organisation is the Qatar Insurance Company, is based in new offices at the Belvedere development on Pitts Bay Road, where there will be a special opening ceremony this evening, involving directors and top executives, as well as Bermudian and Bermuda-based dignitaries.

2017. March 10. High demand for the first international debt issuance by Bermuda-based Qatar Re saw its perpetual Tier 2 notes oversubscribed 14 times. The reinsurer successfully placed $450 million of the notes. The issue had attracted more than 290 orders for more than $6.5 billion. Khalifa Abdulla Turki al-Subaey, president of the reinsurer’s parent Qatar Insurance Company, said: “Interest from investors was outstanding following an extensive roadshow. “This new $450 million issue reinforces our efficient capital structure that offers excellent security to policyholders and positions us well for the next phase of growth.” The company reported that the issuance achieved a “very balanced global distribution”, coming out at 30 per cent in Asia, 29 per cent in Britain, 20 per cent in the Middle East, 19 per cent in continental Europe, and the remainder in other regions. The Reg S Perpetual non-call 5.5 subordinated Tier 2 notes are guaranteed on a subordinated basis by QIC to institutional investors. The notes represent Qatar Re’s debut issuance in the international debt capital markets. The initial coupon has been set at 4.95 per cent per annum. It will be fixed until the first call date in September 2022 and reset to five-year MS plus the initial margin, and every five years thereafter. QIC is a global diversified insurance and reinsurance company based out of Doha, Qatar. In a statement, it said the issue will enable it to respond to “increased demands and support its comprehensive service proposition with substantial capacity”. The notes will be treated as Tier 2 capital from a regulatory perspective in Bermuda for Qatar Re and Qatar for QIC. The notes, rated BBB+ by S&P, have been structured to meet S&P’s requirements for intermediate equity content within its total adjusted capital, and equity credit from AM Best, for the QIC Group. Settlement of the notes is expected to take place on Monday.

2016. August 30. Bermuda-headquartered Qatar Re is reaping the benefits of investing last year to grow its business. During the first six months of 2016 it achieved a string of improved results, including a 79 per cent jump in half-year profit to $23.9 million. The reinsurer opened a branch office in Bermuda in 2013 and completed its redomiciling to the island from Doha in 2015. It has its offices on Pitts Bay Road and will soon occupy a penthouse office in the new Belvedere Apartments complex, also on Pitts Bay Road. In a half-year report, the reinsurer said gross written premiums were $654 million, a rise of 41 per cent year-on-year. The company’s combined ratio has fallen to 95.8 per cent, two percentage points lower than the corresponding period in 2015. However, Qatar Re acknowledged in a statement that its underwriting performance “is not immune to fierce and increasingly irresponsible price competition in global reinsurance markets”. It also saw its net loss ratio rise from 63.3 per cent to 71.7 per cent, in part due to above-average global catastrophe activity in the second quarter. The company said it more than offset the jump in the net loss ratio increase by halving its administrative expense ratio, based on net premiums earned, to 15.9 per cent. This reflected the positive impact of “some exceptional investment cost” made in the first half of 2015 that enabled the business to grow. The reinsurer saw its net investment income rise to $17 million from $11.5 million, driven mainly by fixed-income securities and short-term deposits. Gunther Saacke, chief executive officer, said: “Our 2016 half-year financial results testify to Qatar Re’s robust positioning in an environment of continued economic volatility and reinsurance market softness, exacerbated by above-average global catastrophe losses in the second quarter. “Qatar Re’s relative resilience reflects the increasing depth and diversification of our portfolio, with earnings from past years now coming through. Our franchise continues to grow on the back of our status as a Bermuda Class 4 re/insurer and distinct strengths such as a class intimacy, proximity to our business partners and risk management excellence. These capabilities enable us to expand our book of business without tracking the market. In addition, we have benefited from economies of scale, yielding a significant reduction of our administrative expense ratio.” The company cedes 70 per cent of its business via a quota share agreement to its parent Qatar Insurance Company. In a statement, Qatar Re said it had established new major client relationships, and in the European Union “Qatar Re benefited from specific project-based opportunities with clients seeking capital relief in order to comply with Solvency II requirements”. At the end of June, Qatar Re’s shareholders’ equity was $560.9 million, almost double the amount from the corresponding period in 2015. The company’s capital base is supported by QIC’s shareholders’ equity of $2.2 billion, and its market capitalization of $5.4 billion. Presenting an outlook for the remainder of the year, Qatar Re said it would continue to deepen its book of business and also intends to open a branch in Singapore. Qatar Re has branch offices in Zurich and the Dubai International Financial Centre. Mr Saacke said: “We have every reason to believe that Qatar Re’s franchise, supported by its clients and in house talent, will continue to grow. Our increasingly robust global operating platform will enable a further organic portfolio expansion. Having said this, despite signs of a certain bottoming out of global reinsurance markets, trading conditions will remain challenging. Niches of profitable growth continue to exist, but are harder to come by. Therefore, we anticipate and indeed will proactively ensure that the pace of Qatar Re’s expansion will moderate going forward.”

2015. October 27.  Profits at Qatar Insurance Company fell $24 million to $196 million during the first nine months of this year. However, the parent company of Bermuda-based Antares Reinsurance Ltd has reported strong underwriting results. New written premiums jumped by one-third to $1.2 billion between January and the end of September. That is up from the $933 million reported during the same period last year. Net underwriting totaled $175 million, a rise of 25 per cent. The company said its international reinsurance operations with Qatar Re and Antares were key drivers in the improved figures. Gross written premiums were up 20 per cent at $1.48 billion, while return on equity was 16.2 per cent. Qatar Insurance Company’s investments took a hit, dipping from the $218 million achieved in the first nine months of 2014, to $161 million during the same period this year. This was attributed to a “softening” of global trading conditions, coupled with the effect of lower oil prices on investments and regional economics. Khalifa Al Subaey, president and chief executive officer of Qatar Insurance Company, said: “The group’s financial results reflect increasingly competitive global (re)insurance market conditions, compounded by increased financial market volatility and the impact of falling oil prices on the Middle Eastern economies. “Despite prevailing volatility, our domestic, regional and global insurance operations have continued to perform in line with expectations. In particular, we have witnessed increased buoyancy in our personal lines business in the region. The outlook for personal lines including motor, medical and life insurance business seems to be positive and is an area for further focused growth.” In a statement, Mr Al Subaey noted that Qatar Re is now ranked among the global top 50 reinsurers. “In accordance with our business plans and our continued focus on niche and specialty opportunities, we will further grow and expand its global franchise through capital injections and efficient capital management. Our Lloyd’s platform Antares also demonstrated sustained premium growth whilst remaining committed to prudent underwriting and risk selection.” Qatar Re, which already has an office in Bermuda, is in the process of redomiciling to the Island, a move that is expected to be completed by the end of this year. Antares is to be merged with Qatar Re, creating a Class 4 reinsurer with a capital base of approximately $500 million. Last month Qatar Re reported half-year profits of $13.4 million, down $1.5 million year-on-year.

2015. September 16. Reflecting what it calls a “notoriously deteriorating soft market”, Qatar Re’s half-year profit fell by about $1.5 million, year-on-year, to $13.4 million. The drop came despite the company boosting its gross written premiums by 42 per cent to $463.6 million, and gross written premiums jumping more than $12 million to $40.4 million during the first six months of the year. Qatar Re is in the process of redomiciling to Bermuda. Its headquarters are in the Qatar Financial Centre, in Doha, Qatar. Gunther Saacke, Qatar Re’s chief executive officer, said: “Robustly positioned in the increasingly challenging market environment Qatar Re continues to benefit from a strong and fully committed capital base. “Our strategy mix is responding well to the sharply increasing volatility in the general economic environment as to the continuously aggravating mismatch of demand and supply that is prevailing especially in the capital intense sectors of our industry. The combination of class intimacy, proximity to our business partners and uncompromised focus on the disciplines of managing and controlling risk forms the bedrock of our successful development to date and into the future.” The company has its portfolio split across three areas, with 20 per cent in commodity and transactional markets, 30 per cent focused on insurance entrepreneurs, including Lloyd’s syndicates, and 50 per cent in markets where clients have outstanding technical capabilities and require corresponding levels of technical expertise and speciality lines know-how on the part of their reinsurer. In a statement, Qatar Re said it was continuing to follow its growth plan and effectively defying the adverse trends in what has become a notoriously deteriorating soft market. Qatar Re was formed in 2009. It has branch offices in Bermuda and Zurich, and has applied to open an office in Dubai. The company has representative offices in London and Singapore. Additionally, through its parent, the Qatar Insurance Company, it has access to a primary licence in Malta. Qatar Re writes half its business in Europe, 28 per cent in the Americas and 20 per cent in Asia, with the remainder in the Middle East and Africa. Subject to gaining regulatory approvals from the Bermuda Monetary Authority, the company’s Bermuda-based Antares Reinsurance Ltd will be merged with Qatar Re when it redomiciles, creating a Class 4 reinsurer with a capital base of approximately $500 million. Qatar Re expects to redomicile in Bermuda in the fourth quarter of this year. Looking ahead, the company said it will continue with its diversification strategy by line of business and geography and continue to “de-emphasise” standard property and casualty risks, while focusing on “knowledge-intensive speciality (including liability) business.”

Qatar Investments 4/13/1983
Qatar Re . Since 2013. Owned by Qatar Insurance Company, above
Qatar Shell GTL 10/7/2003
QBE Insurance 2017. August 25. Equator Re, QBE Insurance Group Ltd’s captive reinsurer, hosted 25 reinsurance interns at the Blu Bar and Grill in Warwick. This summer networking event was for interns to discuss careers in reinsurance and what to expect for the future. Equator Re, which was established in 1983, views the recruitment and development of young talent, and specifically of local Bermudian talent, as essential to sustaining the reinsurance ecosystem, to Bermuda’s growth and to the company’s future success. The event provided an opportunity for Bermudian interns in reinsurance to meet each other, as well as senior executives from their employing companies to discuss their experiences. Quintonio Lema, was a key speaker at the event. He is a previous local intern at Validus Re, now employed by Everest Re. He discussed valuable internship lessons and provided a career trajectory perspective for the interns. “I just made the transition from intern to a full-time employee and I must say it was a little bit of hard work and luck. Timing is everything. You could be the most qualified, but if there’s no space for you there’s just no space, but, networking within Validus helped get me in the door.” he said Another intern at Everest Re, Zoe Wright, said: “It has been a really good experience and to see what I want to do when it comes to my future. It is also interesting to see how my school work and things I learnt are relating back to my career. Once I complete my degree I want to continue my actuary exams and come back and work within the industry.” Ms Wright is planning to complete her exams while still coming Bermuda to do internships during summer breaks. Tyler Mallory, an intern at MS Amlin, said: “For me this is about experience and figuring out what I really want to do. I just graduated in May and I will be at Amlin until December. I am still trying to figure out what’s next for me, whether getting my Master’s or continuing to work.” Jim Fiore, president of Equator Re, said: “This year we had our first intern, we have been talking about doing it for a few years, and this year we interviewed a few people and got someone on board. I was reading in the newspaper about Hamilton Re having a couple of interns and I started thinking well, this is the reinsurance market of the future. It will be good to get everybody together and network — which is great because our business is really based on building relationships. I think this is a great event and I am going to try and keep doing this every year.”
QBE Management (Bermuda) 10/14/1977
QBE Reinsurance (Bermuda) 11/12/2002
QCH Acquisition 5/25/2007
QFV Feeder Fund 2/14/2005
QFV Master Fund 2/14/2005
QH Property Holdings 10/19/2006
QH Pvt 1/20/1995
QHA Holdings 1/22/2008
QIA Stork GP Co 11/27/2014
QIA Stork GP Holdco 11/27/2014
QIA Stork LP 11/27/2014
Qinnan Coalbed Methane 11/6/2008
QIT Madagascar Minerals 9/30/1986
QLI 12/29/1994
QLogic International 6/23/2005
QM Multistrategy Fund 11/20/2003
QM Premier Fund 2/11/2004
Qmetric Group Holdings 1/3/2003
QOS Corporate Limo 2/26/2015
Qpass Bermuda 1/14/2005
QPL International Holdings 1/20/1989
QS 10/16/2008
QSG 2/11/2013
Quad International 1/4/1988
Quad Management 5/20/2005
Quadramics 4/22/1996
Quadrangle Insurance Company 11/7/1996
Quadrant Bermuda 5/20/2013
Quadrant Capital Management 12/28/1995
Quadrant Entertainment 10/15/2001
Quadrant Holdings 10/30/1980
Quadrant Holdings (Bermuda) 6/23/1999
Quadrant Intercontinental Fund 5/22/1984
Quality Healthcare Asia C/o Codan Services
Quanta Capital Holdings  
Quantex Since 2018. A start-up company in Hamilton that is building a licensed fiat and cryptocurrency exchange and bank is being headed by two executives with backgrounds that include banking and securities. Quantex Ltd is led by Canadian-based Manie Eagar and John Willock. Its aim is to have an exchange before becoming “the world’s first licensed fiat and cryptocurrency financial services provider with a full suite liquidity enablement platform”. In July, the Bermuda Government paved the way for a new type of banking licence to cater for the fintech industry. 
Quantum Insurance Company Class 2 insurer
Quest Management Services Scandia International House, 16 Church Street, Hamilton. Phone 295-2185. Fax 292-8637. Affiliated with Quest Insurance Solutions Ltd.
Questor Partners Bermuda It acquired in 2002 the Italian aluminum company Teksid SpA. from Fiat.
Quilmes International (Bermuda) A joint Bermuda venture between the Dutch brewer Heineken and Quilmes Industrial SA in Latin America.
QuoVadis Since 1999. A cyber security firm founded in Bermuda which in 2014 expanded its operations into Germany. A global provider of certificate authority identity services for online transactions — has added Germany to existing offices in the UK, Switzerland, Holland and Belgium. The only certificate authority with accreditations in multiple EU jurisdictions to issue qualified digital certificates used in legally-valid online transactions. 

2019. January 18. QuoVadis, a technology company launched in Bermuda 20 years ago, has been sold to an American firm for $45 million. The proposed takeover by DigiCert was announced in November and yesterday the companies confirmed the deal had closed. DigiCert acquired QuoVadis from its previous owner, Swiss-based WiseKey International Holdings Ltd, which bought the Bermuda-born firm in 2017. Additional QuoVadis data centre assets remain subject to approval of the Regulatory Authority of Bermuda and are expected to transfer to DigiCert in the near future. Meanwhile, WiseKey will provide transition services to DigiCert for those assets. DigiCert is backed and majority-owned by US private-equity giant Thoma Bravo, which manages about $20 billion of investments. Thoma Bravo has led 60 total platform acquisitions in technology over the past 15 years, as well as an additional 125 add-on acquisitions, representing approximately $49 billion in value. QuoVadis was founded in Bermuda by Tony Nagel, Roman Brunner and Stephen Davidson, and was the first Authorized Certification Services Provider under Bermuda’s Electronic Transactions Act 1999, enabling legally valid digital signatures. The company was originally backed by eVentureCentre, a unit of Centre Solutions, later Zurich Financial Services. In 2003, QuoVadis underwent a management-led buyout, backed by KeyTech and US-based private equity firm ABRY Partners. The Bermuda-based company then expanded to Europe, first setting up operations in Switzerland, and later in the Netherlands, Britain, Germany, and Belgium. DigiCert is the world’s leading provider of Transfer Layer Security/Secure Sockets Layer, “internet of things” and other Public Key Infrastructure solutions. Under its new ownership, QuoVadis will continue as a European Union and Swiss Trust Service Provider, specializing in qualified digital certificates and related services for Europe, as well as enterprise-managed PKI services. The acquisition aligns with DigiCert’s vision of providing the world’s most globally dispersed and robust PKI-based solutions with local support. “We are excited to welcome the QuoVadis team and technology to DigiCert, as we look to continue to serve our partners and customers with industry-leading solutions,” said DigiCert chief executive John Merrill. “The European market, like many parts of the world, has specific country and regional needs that can best be served with locally based teams and technology. The QuoVadis acquisition supports our commitment to Europe, combining our technology innovation with on-the-ground experts in the region.” With the acquisition, QuoVadis Qualified digital certificates will be backed by DigiCert. QuoVadis qualified digital certificates comply with eIDAS, the EU’s regulation on trust services for electronic transactions in the European single market, and may be used across borders of EU member states and in Switzerland. QuoVadis services include the following:

  • Qualified certificates for website authentication
  • Qualified personal certificates
  • Qualified electronic time stamps
  • Qualified electronic signatures and seals, including software and cloud signing options

Under eIDAS, qualified trust services provide legal certainty and increased security of electronic transactions. Beginning in June, the EU Payment Services Directive 2015/2366 will require banking and financial services companies doing business in the EU to use qualified website certificates for stronger identity assurance. Through the QuoVadis acquisition, DigiCert will be able to provide these certificates to help organisations to comply with the Payment Services Directive. DigiCert will also support QuoVadis’s plans to expand its technology footprint with an emphasis on migrating PKI services to data centres in the Netherlands and Switzerland to provide customers with enhanced privacy and data protection services. QuoVadis’s trust centre operations are compliant with international standards and have received numerous accreditations, including WebTrust, ISO and country-specific approvals. Additionally, through QuoVadis, DigiCert will become a leader in data integrity management for electronic records, digital signature technology for banking and e-invoicing applications, as well as remote digital signature solutions to enable signatures from any device.

2017. October 16.  QuoVadis has been accredited in the Netherlands under the Qualified Trust Service Provider (TSP) regulations under eIDAS, the regulation which establishes updated electronic identification and trust services for electronic transactions in the European Union. Founded in Bermuda, QuoVadis is a leading global Certification Authority (CA) providing cloud-based Trust/Link Managed PKI (Public Key Infrastructure) services, including TLS/SSL digital certificates for web security as well as eID for authentication, encryption, and electronic signature. QuoVadis also provides electronic signature platforms including mass signature and trusted time-stamping solutions for e-invoicing, as well as cloud-based signing platforms for individuals. QuoVadis electronic signatures are used on more than 60 million electronic transactions annually. QuoVadis was first accredited as a Bermuda Authorized Certification Services Provider in 2002 under the island’s Electronic Transactions Act. The company later established operations in Switzerland, the Netherlands, Germany, Belgium, and the United Kingdom with close to 70 employees. QuoVadisalso has a cloud hosting and co-location hosting subsidiary located in Bermuda. Roman Brunner, managing director of QuoVadis, said, “QuoVadis has been a Qualified issuer in Europe for close to a decade, and is pleased to step up to the new eIDAS standard. Through its accreditation of TSPs, eIDAS seeks to increase interoperability and legal certainty in cross-border online transactions, fostering a ‘digital single market’ in the EU. Perhaps the biggest shift in the new standards is the creation of Qualified Seals for corporate entities/legal persons versus Qualified Signatures for natural persons, allowing more flexibility in electronic transactions such as e-invoicing.” In addition to acting as an EU Qualified TSP, QuoVadis is also an issuer under the Netherlands Government PKIoverheid programme. QuoVadis is also accredited as a ZertES Qualified and SuisseID issuer in Switzerland. Following a transaction in early 2017, QuoVadis is now the Managed PKI brand of WISeKey, a leading Swiss cybersecurity and IoT (Internet of Things) company, listed on the Swiss SIX Exchange.

2017. April 4. A top Swiss cybersecurity firm has completed its acquisition of Bermuda’s QuoVadis Holdings. WISeKey, a specialist in the “internet of things” as well as security, said the takeover will reinforce its position as a market leader. Carlos Moreira, chairman and CEO of WISeKey, said: “We are excited to announce that this strategic acquisition of QuoVadis has now been completed. “This acquisition will immediately give WISeKey access to a large clientele in the financial, industrial and media sectors and expand our geographic footprint in Europe.” He added: “WISeKey started 2017 on a strong note and will continue to expand its business globally in the months to come, in particular in the US.” Roman Brunner, CEO of QuoVadis, said the acquisition would help QuoVadis to expand its multinational corporate markets, as well as the “fast evolving” eIDAS market for cross-border services and the internet of things. eIDAS is an EU regulation on electronic identification and trust services for electronic transactions. Mr Brunner added: “QuoVadis was founded in Bermuda and the island’s vibrant international community and well-grounded regulations for electronic transactions provided a springboard for QuoVadis’ international expansion. Our Bermuda-based public key infrastructure operations group and our separate QuoVadis Services secure hosting business will remain key ingredients of QuoVadis’ growth strategy.” The deal means WISeKey will take an 85 per cent share of the equity in QuoVadis with existing shareholders in line for a cash payment plus equity in WISeKey, while current QuoVadis debt will be extinguished. QuoVadis management shareholders will retain a 15 per cent minority stake, which WISeKey has an option to later acquire. QuoVadis will continue to operate as a stand-alone company, expanding its business from centres in the UK, Switzerland, the Netherlands, and Belgium, as well as in Bermuda. Earlier this year, WISeKey predicted the deal would add more than $20 million in revenues to its top line. QuoVadis provides collocation, managed data centre, infrastructure as a service and cloud hosting, as well as disaster recovery services. Its services also include acting as an international certificate authority and digital signature solutions. QuoVadis was founded in 2000 by Anthony Nagel and Stephen Davidson. It now works with 3,000 customers worldwide, including more than 300 large capitalisation companies, with around $17 million in revenue predicted for this year alone and $20 million for 2017. Mr Davidson is a director of Quo Vadis and vice-president of product development and also deputy chairman of Bermuda Press (Holdings), the parent company of The Royal Gazette.

2017. February 7. A Swiss company has signed a deal to buy a controlling share in Bermuda-based hi-tech firm QuoVadis. And WISeKey, a leading cybersecurity and internet of things company, said it expects the acquisition to add more than $20 million in revenues to its top line next year. Carlos Moreira, chairman and CEO of WISeKey, said: “This transaction will bring strong synergies to WISeKey with a large recurring customer base of QuoVadis’ proven trust/link and sealsign technologies, in-depth operations experience running multiple secure and high-availability trustcentre environments under strict accreditation regimes and adept sales and support teams based in important customer markets, including Switzerland, the Netherlands and Germany. The deal means WISeKey will take an 85 per cent share of the equity in QuoVadis, with the transaction expected to close this quarter. Existing QuoVadis shareholders will get a cash payment plus equity in WISeKey International Holding and current QuoVadis debt will be extinguished. QuoVadis management shareholders will retain a 15 per cent minority stake, which WISeKey has the option to later acquire. QuoVadis will continue to operate as a stand-alone company, expanding its business from centres in Switzerland, Germany, the Netherlands, Belgium and the UK, as well as in Bermuda. Roman Brunner, CEO of QuoVadis, said: “QuoVadis is enjoying rapid growth providing electronic trust services across the European markets based on our proven track record for local support, practical advice and implementation success. “The transaction with WISeKey will enable QuoVadis to extend our growth serving our multinational corporate markets, as well as the fast-evolving demands for services in the internet of things and eIDAS EID and electronic trust sectors.” QuoVadis provides co-location, managed data centre, infrastructure as a service and cloud hosting, as well as disaster recovery services. Its services also include acting as an international certificate authority and digital signature solutions. QuoVadis was founded in 2000 by Anthony Nagel and Stephen Davidson. It now works with 3,000 customers worldwide, including more than 300 large capitalisation companies, with around $17 million in revenue predicted for this year alone and $20 million for 2017. 


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

R-Mac (Bermuda) 6/19/2012
R-W Services 1/29/1980
R A S Construction 3/22/2004
R B Jones (Bda) 2/22/1978
R C P (Bermuda) 9/21/2001
R C S 4/29/1983
R K Harrison Insurance Brokers 7/11/2003
R M C 1/28/1981
R Van Rijn 6/6/1979
R & D Enterprises 10/18/1982
R & F 3/25/1994
R & H Trust Co (Bermuda) 10/16/1992
R & M 8/25/2009
R&Q Re (Bermuda) 2016. January 20.  R&Q Re (Bermuda) Ltd has issued $20 million of floating rate subordinated notes, which are due in December 2023. In a statement, the company said the notes are Tier 2 eligible capital and will increase R&Q Re Bermuda’s statutory capital and surplus to help support “the growth of this core group insurance platform”. The statement added: “As well as the continued support of the group’s Lloyd’s syndicate participations, R&Q Re Bermuda is the key risk-taking entity for the group’s US legacy transactions, writing adverse development covers for the loss portfolio transfers and any other retrospective policies written by Accredited, the group’s A- rated US admitted carrier.” R&Q Re Bermuda, a Class 3A insurer, will support a number of the legacy portfolios assumed through the acquisition and novation of captive programmes in Bermuda, the US and elsewhere. Twelve Capital Group, an investment manager specializing in insurance investments including private debt, acted as sole investor in the issue. The transaction marks Twelve Capital Group’s first transaction supporting a Bermudian insurance company issuing Tier 2 eligible capital. The broker was the Bermuda office of the Beach Group. Ken Randall, chief executive officer of the group, said: “We are really pleased to have completed this issue of Tier 2 eligible capital out of R&Q Re (Bermuda) to help fund our fast growing legacy activity in the US and offshore US markets and to strengthen the balance sheet of this key group insurance carrier.”
R & Q Quest Insurance 10/11/2013
R & R Holdings 6/5/2002
R & R 12/1/2006
R & S 10/26/2006
R & T Holdings 5/11/1984
R & V Holdings 12/10/2002
R2 11/18/1999
RA Exploration 8/28/2008
RA Industries 9/4/2008
RA Investment Management (GP) 10/11/2007
RA Investments LP 12/12/2007
Raace 7/4/1980
Rabam 5/6/1977
Rabbit Investments 7/24/1997
Raccoon River Re 12/12/2013
Race Point Fund (Bermuda) 5/18/2005
Race Point Holdco 5/18/2005
Race Point Master Fund 5/18/2005
Rachel Enterprises 6/10/1986
Rachie Leasing 10/27/2000
Rackspace Bermuda, LP 8/19/2011
Rad Holdings 6/12/2012
RADA 10/14/1981
Radah 7/7/2005
Radah Project Management 3/16/2006
Radant Properties 1/13/2009
Radec 11/13/1996
Radiac Abrasives Ltd Delaware 9/18/1981
Radiac Limited Delaware 6/20/1978
Radian Reinsurance (Bermuda) 1/25/1986
Radiant Investments 11/20/2007
Radiant 7/19/2011
Radiation Protection 6/22/2005
Radica Games 7/21/2006
Radica Games Ltd (Amal with Mattel 38722) 12/21/1993
Radica Holdings Bermuda 12/15/2006
Radical Fruit Company New York 1/8/1996
Radio Cabs (Bda) 3/22/1967
Radisys Convedia (Ireland) 8/28/2006
Raditrain 6/6/2001
Radius Insurance Company of Bermudia 6/30/1976
Radius 2017. November 1. Bermuda-based Fidelis Insurance has launched managing general agent Radius, which will focus on niche specialty treaty excess of loss business such as cyber, nuclear and PA Retro. Radius will be run by Rob Ashton who joins the company from Hiscox Re where he was head of specialty. The MGA began writing business today, two months earlier than previously announced in July, according to the statement. Radius is the first MGA to be launched through Pine Walk Capital. The new subsidiary will be run by Rinku Patel, who most recently worked in the MGA and intermediary space at Hyperion Insurance Group. Fidelis CEO Richard Brindle, said: “We are delighted to have joined forces with Rob and Rinku furthering our strategy to sponsor specialist underwriting products. Rinku’s proficiency in managing MGAs together with our underwriting expertise, make Pine Walk a highly attractive destination for new or existing MGAs.”
Radius Shipping 8/1/1979
Radnor Feeder I 12/18/2002
Radnor Feeder 2 12/18/2002
Radnor Feeder A 1/23/2003
Radnor 12/18/2002
Radnor Feeder B 1/14/2005
Radnor Re 2019-1  
Radnor Road Christian Fellowship 2/17/1994
Radstock Company 4/17/1975
Radville 12/23/1985
Rafburg Investments (Bda) 11/24/1975
Rafel Industrial Group 12/24/1974
Rafflenbeul Investments (Bermuda) 11/24/1975
Raffles Leasing Ltd Cont 12/18/2001
Raffles 2/8/1993
Rafur Services 4/11/1980
Raggio di Sole Consultants 11/26/1991
Raglan Capital 2/9/2004
Ragna Strategies 11/18/2011
Ragnaros 2/12/2015
Ragusa 9/11/2011
RAI Corporation 3/11/1977
Railease 3/30/1983
Ramshorn Global Energy 12/20/2003
Ramshorn International

11/3/2003. Acquired in 2011 for $89 million by Canadian oil and gas company C&C Energia for the company's Colombian oil and gas properties in the oil-rich Cachicamo block in central Llanos Basin, Colombia.

Randall & Quilter Investment Holdings (R&Q)  2017. July 5. Randall & Quilter has completed the acquisition of AstraZeneca Insurance Company Ltd, the captive insurer of biopharmaceutical company AstraZeneca UK Ltd. The insurance company was formed in 1993 and stopped active underwriting in 2004. R&Q, a Bermuda-based insurance services and investment company, announced the acquisition in December, and has confirmed that all necessary approvals were received to allow the completion of the transaction on June 30. Ken Randall, chief executive officer of R&Q, said: “This is the second transaction that we have concluded with AstraZeneca to assist them exiting their captive insurance companies in run-off and further demonstrates the attractions of the group’s offerings to major corporations.” The company will be managed by R&Q with the intention of undertaking a Part VII transfer of the remaining insurance business to one of the group’s consolidation vehicles, subject to regulatory and court approvals. When it announced the acquisition in December, R&Q said it expected the price to be between £10.2 million ($13.1 million) and £34.6 million ($44.7 million), depending on the outcome of capital restructuring, with the anticipated post-capital restructuring net assets to be valued between £12.9 million and £37.9 million.

2019. July 2. Randall & Quilter Investment Holdings Ltd has agreed a deal worth at least $25 million to purchase Bermuda-based reinsurer Sandell Re. London-listed R&Q, which is headquartered in Bermuda, said its subsidiary Randall & Quilter II Holdings Ltd had signed an agreement to acquire Sandell Holdings Ltd, parent company of Sandell Re, a Class 3A segregated account company that was incorporated in Bermuda in 2014 to write general business insurance and reinsurance. Legacy acquirer R&Q said residual liabilities comprise primarily of contractor’s liability exposures arising in the US. Sandell Re had net technical reserves of $48.3 million as at December 31, 2018. The deal is subject to approval by regulator the Bermuda Monetary Authority and cash consideration payable at closing by R&Q is $25 million, “with further amounts payable subject to certain conditions being met”. Sandell Re’s net assets were $40.8 million as of the end of last year. Sandell Holdings recorded a loss of $2.7 million last year. Ken Randall, executive chairman of R&Q, said: “This is another sizeable acquisition for R&Q following on from our recent completion of the Global Re deal. R&Q takes pride in providing finality for owners and we expect to announce a number of additional acquisitions during the rest of this year.”

2017. March 24. Bermuda-based Randall & Quilter Investment Holdings has bought up a captive insurer from US engine manufacturer Cummins. Randall & Quilter acquired ICDC, which was incorporated in Bermuda, but moved to Vermont two years ago, under terms which have not been revealed. The captive reinsured workers’ compensation, commercial general liability, business auto liability, business auto physical damage and property risks for its Fortune 500 owner, Now in run-off, it had a total net asset value of $7.95 million and reserves estimated at about $2.76 million. Ken Randall, chairman of R&Q, said: “We are delighted to complete the acquisition of ICDC from an American Fortune 500 company. This transaction demonstrates our ongoing commitment to continue to acquire legacy insurance assets and also continues to expand our acquisition activity in the North America, Bermuda and the Caribbean region.” For London Stock Exchange-listed R&Q, this was the second acquisition announcement this week. On Tuesday R&Q announced it had purchased an island-based captive in run-off, Linco Ltd, the captive insurer of Ameripride Services Inc and Alsco Inc. The terms of the deal were not disclosed. R&Q’s head office is in the FB Perry Building on Church Street, Hamilton.

2017. January 6. A subsidiary of Bermuda-based insurance group Randall & Quilter Investment Holdings has bought up a Liechtenstein insurance company from its Swiss owners. R&Q Insurance (Malta) has acquired all the issued share capital of Clariant Insurance AG, owned by Swiss specialty chemicals firm Clariant AG. The Liechtenstein company was formed in 2005 as the captive insurers for its Swiss parent and ceased active underwriting in 2015. The company will be relocated from Liechtenstein to Malta, where it will be Randall & Quilter group’s second European run-off consolidator, operating under the R&Q Insurance (Europe) banner. Ken Randall, chairman of Randall & Quilter, said: “This is a further demonstration of R&Q’s capability of working with corporate captive owners to dispose of captive insurers that are no longer required for their business.” And he signalled that the firm would continue to be on the lookout for acquisitions in the wake of European Union Solvency II requirements. Mr Randall said: “It is one of a number of current transactions we are assessing where a corporate parent is looking to dispose of their legacy captive which is subject to implementation of Solvency II. This new regime is generating a number of prospects for the group across Europe and is a significant reason for the formation of a second consolidation vehicle in Malta. We remain excited about our legacy acquisition pipeline.”

2016. July 19. Randall & Quilter Investment Holdings Ltd has acquired a Bermudian Class 3 insurer in run-off. R&Q, which is also based in Bermuda and listed in London, said yesterday that it paid $1.4 million in cash for Agency Program Insurance Company Ltd (Apic), a segregated accounts captive insurer with 28 cells. Apic, which is writing no new business, has a total net asset value of $2.4 million and reserves of about $8.6 million, R&Q stated. The company generated a profit before tax of $0.6 million in 2015. Ken Randall, chairman and chief executive officer of R&Q, said: “This transaction, which grows R&Q’s balance sheet, demonstrates our ongoing commitment to continue to acquire legacy insurance assets and also continues to expand our acquisition activity in the North America, Bermuda and Caribbean region.” Apic reinsures Sparta Insurance Company, Discover Reinsurance Company, Nova Casualty Company, Hartford Insurance Company, AmTrust International, Wesco Insurance Company, PMA Companies and Arch Insurance Company pursuant to various insurance and quota share agreements for workers’ compensation, general, commercial auto, inland marine, property and auto liability exposures. R&Q’s head office is in the FB Perry Building on Church Street, Hamilton.

2015. December 28. This Bermuda-based insurance services company rounded off 2015 with a flurry of deals. On Christmas Eve, the firm announced the novation of liabilities for policy years 2000—2003 from Golden Rule Ltd, a Cayman domiciled entity, to the R&Q-owned segregated account company R&Q Quest (SAC) Ltd. This came two days R&Q announced a transfer of business from a UK insurer, Liverpool & London Steamship Protection & Indemnity Association Ltd (L&L), and one week after its announcement of its first novation deal with a Vermont captive, Automobile Dealers Insurance Company, Inc. The Golden Rule captive provided workers’ compensation, general liability, auto liability and auto physical damage coverage to its members through reinsurance beginning on January 1, 2000. These policies were fronted by Travelers Indemnity Company. Ken Randall, chairman and chief executive officer of R&Q, said: “We are pleased to complete this novation. It is another transaction that demonstrates our market leading position in providing captive exit solutions and we are pleased to have executed another deal in Cayman, one of the world’s premier captive domiciles.” The L&L deal involved the transfer of business to R&Q Insurance (Malta) Ltd (RQIM). L&L was incorporated in 1881 as a mutual marine liability insurer (referred to as a P&I Club) and went into run-off in February 2000. As the traditional P&I claims have generally matured, L&L’s residual insurance liabilities mostly relate to asbestos and other industrial disease claims from crew and dock workers. L&L decided in 2013 to explore exit solutions for its legacy insurance liabilities due to concerns over increasing costs and management arising from compliance with Solvency II, the European Union’s enhanced regulatory regime for insurers from 2016. RQIM was incorporated in 2013 for the purpose of consolidating owned and acquired insurance, reinsurance and captive portfolios from across Europe. L&L is the sixth transaction to be absorbed by RQIM to date and R&Q said in a statement that there is “a healthy future pipeline”. Mr Randall said: “We are delighted to have completed the transfer of this book of business, especially as it is the first time a P&I Club has transferred business to an insurance company in such a manner. “This transaction adds to the scale of R&Q Insurance (Malta), being the largest external Part VII the Group has undertaken to date and we are pleased to be able to provide longevity of service and security to the Club’s policyholders, members and claimants.”

Rare Stamp Investment Fund Launched December 23, 2005 by Stanley Gibbons Group Ltd, noted rare stamp dealers, as a Bermuda domiciled and incorporated entity, with legal advisor Cox Hallett and Wilkinson.
Rathgar Capital Management (Bermuda)  Fax 295-4927. Investment management. 
Rawlinson Investments 6/3/1983
Rawlinson & Hunter 9/9/2002
RCG Absolute Return Fund 5/12/2003
RCG Global Equity Long-Short Fund 12/20/2007
RCG Global Equity Long-Short Master Fund LP 12/12/2007
RCG Global Equity Long-Short (Master GP) 12/20/2007
RCG Holdings 4/19/2004
RCG Investments 8/7/2002
RCI Services- Bermuda 8/21/1998
RCI (Bermuda) 10/13/1988
Red Bicycle 2015
Regal Cruises (Bermuda) 3/3/2000
Regency Cruise Lines 8/19/1982
Renaissance Advisory Services 9/5/1995
Renaissance Asset Managers 3/1/2010
Renaissance Aviation 12/3/2009. PO Box CR 233, Crawl, Hamilton Parish, CRBX. Phone 298-4400. Fax 236 0989.
Renaissance Capital Asset Management 5/30/1997
Renaissance Capital Group

7/13/1995. An investment bank whose holding company is in Bermuda. Half-owned by Russian billionaire Mikhail Prokhorov.

Renaissance Capital Holdings 3/23/1998
Renaissance Capital International Services 6/26/2003
Renaissance Capital Investments 12/14/2011
Renaissance Capital Investments (Bermuda) 10/3/2005
Renaissance Capital Russia Funds LP 11/6/2000
Renaissance Capital (ESS) 11/10/1995
Renaissance Consumer Finance Africa 10/5/2011
Renaissance Delhi Fund (The) 5/25/1988
Renaissance Direct Investment 10/21/2002
Renaissance Financial Holdings 11/18/2002
Renaissance Group Holdings 6/13/2007
Renaissance Holdings Management 6/17/1999
Renaissance Institutional Diversified Alpha Fund International LP 2/13/2012
Renaissance Institutional Equities Fund International LP 7/12/2005
Renaissance Institutional Futures Fund International LP 8/27/2007
Renaissance International Lodging 3/16/1998
Renaissance Investment Holdings II 3/10/2010
Renaissance Investment Holdings 12/7/2001
Renaissance Investment Management Company II 5/17/2002
Renaissance Investment Management Company 11/22/2000
Renaissance Investments Holdings 3/1/2010
Renaissance 7/7/1982
Renaissance Management Company 2/2/1988
Renaissance Management Solutions 2/16/2010
Renaissance Other Investments Holdings II 9/9/2008
Renaissance Other Investments Holdings III 11/21/2008
Renaissance Other Investments Holdings 9/9/2008
Renaissance Partners Investment 6/26/2007
Renaissance Private Clients 1/19/2011
Renaissance Real Estate Holding 2/16/2010
Renaissance Reinsurance

Renaissance Re Bermuda offices


2019. January 31. RenaissanceRe Holdings Ltd. recorded a net loss of $83.9 million, or $2.10 per diluted common share, in the fourth quarter of 2018. That compared to a net loss a of $3.5 million, or nine cents, in the same quarter in 2017. Operating income available to RenaissanceRe common shareholders was $1.2 million, or two cents per diluted common share. Kevin O’Donnell, president and chief executive officer, said: “In the quarter, we reported positive operating income, while rapidly paying claims to customers facing significant losses from Category 4 Hurricane Michael and a second consecutive year of record-breaking wildfires in California. “For the year, we outperformed on multiple metrics, posting a strong operating ROE, delivering robust top-line growth, and executing effectively on a number of key initiatives, including the formation of our latest innovative joint venture, Vermeer and our pending acquisition of Tokio Millennium Re. Looking ahead, at the recent January 1 renewal we laid the foundation for a successful 2019 and ongoing shareholder value creation.” The company reported an annualized return on average common equity of negative 7.8 per cent and an annualized operating return on average common equity of positive 0.1 per cent in the fourth quarter. Book value per common share decreased $1.08, or 1 per cent, to $104.13. Tangible book value per common share plus accumulated dividends decreased 40 cents, or 0.4 per cent, to $117.17.

2018. December 18. A potentially $1 billion reinsurance company has been unveiled by RenaissanceRe Holdings Ltd and major pension fund manager PGGM, of the Netherlands. The new company is called Vermeer Reinsurance Ltd has approval in principle to be licensed and regulated by the Bermuda Monetary Authority as a Class 3B reinsurer. Vermeer has received an “A” financial strength rating from AM Best. It will provide capacity focused on “risk remote layers” in the US property catastrophe market, and be managed by Renaissance Underwriting Managers, Ltd. PGGM is a Dutch pension fund service provider with €215 billion of assets under management. It has a 13-year track record of investing in insurance and is one of the largest end-investors in the ILS asset class. Vermeer will be initially capitalized with $600 million of equity from PGGM, with up to a further $400 million available to pursue growth opportunities in 2019, for a total of $1 billion of capital. PGGM is the sole investor in Vermeer. Aditya Dutt, president of Renaissance Underwriting Managers, said: “We are proud to partner with a respected global leader in PGGM to create Vermeer. This continues Renaissance Re 20-year track record of creating and managing joint ventures that match well-underwritten portfolios of risk to diverse sources of capital. We continue to be a pioneer in this area and are pleased to bring our excellent service and deep expertise in underwriting, modelling and claims to address the risk challenges of our clients.” Eveline Takken-Somers, senior director, credit and insurance linked investments of PGGM, said: “Since 2014, we have focused on building strategic partnerships with top tier reinsurance companies to improve access to and selection of risk. We seek efficient implementation of our investments as we believe this leads to superior returns. RenaissanceRe is a world leader in both reinsurance and the creation of joint venture vehicles and we look forward to the opportunities Vermeer will provide as PGGM continues to grow its insurance portfolio.”

2018. October 30. Bermuda-based reinsurer RenaissanceRe Holdings Ltd (RenRe) has agreed to buy Tokio Millennium Re in a cash-and-shares deal worth $1.5 billion. The agreement has been unanimously approved by the boards of directors of both companies. The transaction is expected to close in the first half of 2019 and is subject to customary closing conditions and regulatory approvals. No shareholder approval is required, RenRe said in a statement released this evening. TMR is the reinsurance platform of Japanese company, Tokio Marine Holdings, Inc and has a branch office in Bermuda, a headquarters in Switzerland, and operations in the UK, US and Australia. The company was originally established by Tokio Marine Group in Bermuda in 2000. RenRe also announced that US insurer State Farm Mutual Automobile Insurance Company has agreed to invest $250 million in the Bermuda-based reinsurer through its purchase of RenRe’s common shares in a private placement. After completion of the deal, State Farm will own about 4.8 per cent of RenRe’s common shares. State Farm already has investments in RenaissanceRe-managed vehicles Top Layer Reinsurance Ltd and DaVinciRe Holdings Ltd. Kevin O’Donnell, chief executive officer of RenRe, told The Royal Gazette in an e-mailed statement: “We are pleased to announce our planned acquisition of Tokio Millennium Re. The transaction accelerates our strategy and further enhances our global reinsurance leadership. “It strengthens our position in an increasingly competitive market by expanding our scale, global presence and product range, and enhances the diversity of products and services we offer client and brokers. Tokio Millennium built a strong franchise and we look forward to operating as one company after closing. We are also pleased to simultaneously announce that State Farm has agreed to broaden its relationship with us through this new investment. State Farm’s investment extends the longstanding partnership between our two firms. I’m excited about what the future will bring and know that RenaissanceRe is ideally positioned for what’s next.” Under the terms of the transaction, Tokio Marine will receive 1.02 times the tangible book value of TMR delivered to RenaissanceRe at closing. If closing tangible book value is unchanged from June 30, 2018, Tokio Marine would receive approximately $1.5 billion in total consideration, consisting of cash and RenaissanceRe common shares. RenRe expects the acquisition will be immediately accretive to book value, operating earnings and operating return on equity. Tokio Marine has agreed to provide RenaissanceRe a $500 million adverse development cover that will protect TMR’s stated reserves at closing, including unearned premium reserves. In addition, Tokio Marine and RenaissanceRe will enter a business co-operation agreement, which will enhance their business relationship and facilitate co-operation on a portion of the international reinsurance purchases of Tokio Marine and its affiliates. Paul Smith, State Farm executive vice-president, said: “We see this as an opportunity to strengthen the long term relationship we have with RenaissanceRe.”

2018. October 30. RenRe also announced third-quarter net income of $32.7 million despite taking a $151.9 million hit from a string of catastrophes during the quarter. Typhoons Jebi, Mangkut and Trami, Hurricane Florence and wildfires in California combined to dent the reinsurer’s earnings. RenRe said it made an underwriting loss of $29 million and a combined ratio of 105.5 per cent. Gross premiums written during the quarter decreased by $14.6 million, or 2.3 per cent, to $625.7 million. Total investment result was a gain of $94.3 million during the July-through-September period, generating an annualized total investment return of 3.3 per cent. The company added that it estimated a net negative impact of $100 million on its fourth-quarter earnings from Hurricane Michael, which made landfall in Florida this month.

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.

2017. December 22. RenaissanceRe Holdings Ltd expects a $40 million reduction in income as a result of the passing of the US tax bill. In a statement the Bermuda-based company said it had conducted a preliminary assessment of the Tax Cuts and Jobs Act of 2017, which was passed by Congress on December 20. “The tax bill amends a range of US federal tax rules applicable to individuals, businesses and international taxation, including, among other things, altering the current taxation of insurance premiums ceded from a US domestic corporation to any non-US affiliate,” RenRe said in its statement. “As a result of the reduction in the corporate tax rate from 35 per cent to 21 per cent effective January 1, 2018 pursuant to the tax bill, the company anticipates that it will write down a portion of its deferred tax asset and currently estimates that this anticipated write down will reduce its net income by approximately $40 million in the period in which the tax bill is enacted.” Other than the write down of the deferred tax asset, RenRe said it presently estimates that the economic impact of the tax bill to the company will be minimal. However, it added: “Uncertainty regarding the impact of the tax bill remains, as a result of factors including future regulatory and rule making processes, the prospects of additional corrective or supplemental legislation, potential trade or other litigation and other factors.”

2017. October 31. An operating loss of $546.9 million, or $13.81 per share, for the third quarter has been reported by RenaissanceRe Holdings Ltd. The Bermuda-based company’s net loss was $504.8 million, or $12.75 per share, which compares to a profit of $146 million for the same period in 2016. Before the earnings were announced, a consensus of Wall Street analysts had estimated losses to come in at $12.11 per share. In line with other insurers and reinsurers, the impact of hurricanes Harvey, Irma and Maria, and the Mexico City earthquake, had a major impact on revenue. Losses from the hurricanes and earthquake, together with aggregated loss contracts, were $615.1 million. The company made an underwriting loss of $793.2 million, and had a combined ratio of 244.8 per cent for the quarter. Gross premiums written were up $210 million, or 48.8 per cent, to $640.3 million. Kevin O’Donnell, CEO, said: “This was a quarter that reminded the market of the volatility inherent in our business. We were once again able to demonstrate the benefit of being a long-term, dependable partner to our customers, paying claims rapidly and providing value beyond price. We executed well on our strategy, protected our capital, and our results were within expectations. I am proud of our team, which worked hard assessing losses, paying claims and writing new business against a background of multiple complex events. Looking forward, I am excited about the future. Our balance sheets, and those we manage, are fully capitalized and we are prepared for the opportunities we anticipate at the January 1 renewal.” RenRe has sold $49.7 million of its shares in DaVinciRe to third-party shareholders, resulting in its non-controlling economic ownership of DaVinciRe falling to 22.1 per cent as of October 1. During the third quarter, RenRe bought back 270,000 of its common shares, at an aggregate cost of $38.9 million.

2017. July 27. RenaissanceRe Holdings Ltd notched up $171.1 million in profit for the second quarter of the year. The figure, equal to $4.24 per common share, is up $34.8 million on the $136.3 million and $3.22 per common share recorded for the same period last year. Operating income for the quarter amounted to $113 million, or $2.79 per common share, compared to $66.6 million, or $1.55 per common share, a year ago. Kevin O’Donnell, chief executive officer of RenRe, said: “We had a good quarter generating an annualized operating return on average common equity of ten per cent and growing tangible book value per common share plus accumulated dividends by 3.9 per cent. Recognizing challenging market conditions, we executed on our gross-to-net strategy to build and attractive portfolio of risk. We believe that we have the right strategy and necessary flexibility to navigate the market conditions ahead while continuing to maximize shareholder value over the long term.” Gross premiums written by the firm went up $68.3 million, or 9 per cent, to $827.4 million year on year. RenRe underwriting income totaled $109.7 million in the second quarter of 2017, which generated an annualized total investment return of 4.8 per cent. The company bought back 501,000 common shares over the period at an aggregate cost of $69.7 million, representing an average price of $139 per common share. The investment result for the quarter was $112.3 million, a drop of $11.25 million on the $123.8 million recorded in the second quarter of 2016. RenRe’s statement said: “Impacting the investment result were strong returns in the company’s equity investments trading and private equity portfolios combined with positive returns in its fixed maturity investments trading portfolio, principally driven by the tightening of credit spreads across a number of sectors in the portfolio and higher average invested assets.”

2017. May 3. Bermuda-based reinsurance and insurance firm RenaissanceRe has posted profits of $92.4 million for the first quarter of the year. The figure, equal to $2.25 per common share, is down $35.6 million on the first quarter of last year. Kevin O’Donnell, CEO of RenRe, said: “We remained disciplined during a successful first quarter renewal and constructed an attractive portfolio of risk.” He added: “Our first quarter results were impacted by an increase in our combined ratio with the Ogden rate change driving prior accident years and an increase in individual claims affecting the current accident year.” But Mr O’Donnell said: “We have the right strategy to navigate a challenging reinsurance market and we are well positioned to continue to build shareholder value over the long term.” Gross premiums for the period increased by $60 million or seven per cent to $922.1 million over the period compared to the first quarter of last year. Total investment result was a gain of $97.7 million for the quarter, a annualized total investment return of 4.1 per cent. Underwriting income amounted to $42.4 million, which included net adverse development on prior accident years of $33.5 million, attributed to the UK change in the Ogden rate.

2017. April 12. Bermuda-based reinsurer RenaissanceRe Holdings Ltd is to bolster its reserves by $30 million to take account of the discount rate used to calculate lump sum awards in UK bodily injury cases. From March 20, the Ogden rate changed from plus 2.5 per cent to minus 0.75 per cent, a decrease of 325 basis points. The company said it will recognise the impact on its reserves in its first-quarter results. “The majority of the reserve increase relates to a limited number of UK medical malpractice contracts within the company’s casualty and specialty segment,” RenRe stated. 

2017. February 22. RenaissanceRe has increased its dividend for the 22nd consecutive year. The Bermuda-based reinsurer announced that its board had decided to raise the quarterly payout to 32 cents per share from 31 cents. The next dividend will be paid on March 31 to shareholders of record as of March 15. RenRe’s board also approved an increase in the company’s share repurchase programme, bringing the total current authorization to $500 million.

2016. November 1. RenaissanceRe Holdings Ltd almost doubled its third-quarter profit to $146.8 million, helped by strong investment gains. The Bermuda reinsurer’s net income broke down to $3.56 per share, compared to $75.5 million, or $1.66 per share in the same quarter of 2015. Operating income of $87 million, or $2.09 per share fell short of the $2.19 per share consensus of analysts tracked by Yahoo Finance and fell from $116.7 million, or $2.58 per share last year. Kevin O’Donnell, RenRe’s chief executive officer, said: “Our results benefited from a low level of insured catastrophe activity, favorable reserve development and mark-to-market investment gains. “For the first nine months of the year, we have generated $411.1 million of net income and grown tangible book value per share by 9.5 per cent, after adjusting for dividends, while also returning almost $350 million of capital to our shareholders through share repurchases and dividends. Given where we are in the reinsurance cycle, we are executing our gross to net strategy, trading underwriting risk for fee income, and protecting our balance sheet for the long term.” Gross premiums written of $430.2 million increased $60.6 million, or 16.4 per cent, compared to the third quarter of 2015, with the company’s Specialty Reinsurance and Lloyd’s segments experiencing increases of $56.5 million, or 26.4 per cent, and $18.4 million, or 25 per cent, respectively, partially offset by a decrease in the Catastrophe Reinsurance segment of $14.3 million, or 17.5 per cent. Underwriting income was $112.9 million, while the combined ratio — the proportion of premium dollars spent on claims and expenses — was 67.4 per cent in the third, compared to 64.2 per cent in last year’s third quarter. Favorable development on prior-year reserves fell to $45.8 million in the third quarter, from $70.4 million in the corresponding period of 2015. The total investment result, which includes the sum of net investment income and net realized and unrealized gains on investments, was $111.2 million in the third quarter of 2016, compared to a loss of $13 million in the third quarter of 2015, an increase of $124.2 million. RenRe said the improvement was driven by unrealized gains on equity investments that performed well during the quarter, as well as realized gains on the company’s fixed-maturity investment portfolio. The company added that corporate expenses increased $4.2 million year over year to $11.5 million in the third quarter, primarily reflecting expenses associated with an executive retirement.

2016. February 3. RenaissanceRe Holdings Ltd made a profit of $92.2 million in the fourth quarter, bringing the total net income available to common shareholders for the year to $408.8 million. Year-on-year the quarterly figure was down from $170.8 million, and the full year total was about $101 million lower than in 2014. Last year the Bermuda company bought out Platinum Specialty Underwriters Holdings Ltd. Kevin O’Donnell, Renre’s chief executive officer, was upbeat with the company’s performance. “I am pleased to report $135 million of operating income, an annualized operating ROE [return on equity] of 12.5 per cent and 2.3 per cent growth in tangible book value per share plus accumulated dividends for the quarter. In a year in which we acquired and fully integrated Platinum, we generated solid operating income of $477.7 million for the year and delivered an operating ROE of 11.4 per cent,” he said. “Our underwriting team executed well during the most recent renewal period, as pressure on pricing from abundant capacity persisted. We maintained discipline, coming off business that did not meet our return hurdles, buying more reinsurance protection, while also building an attractive portfolio of risks. We are a bigger, stronger company today, than a year ago, and have the management team, global operating platforms and risk management expertise to serve our clients, third party capital providers and shareholders well in the years ahead.” During the fourth quarter RenRe’s gross written premiums increased 153 per cent to $336.1 million, for the full year gross written premiums totaled $2 billion, up $460.7 million. The company has a market capitalization of $4.92 billion. On the New York Stock Exchange yesterday its shares closed down 2.5 per cent at $112.16. RenRe’s annual net income, expressed per diluted share, was $9.28.

2015. March 2. Renaissance Re Holdings acquisition of fellow Bermuda reinsurer Platinum Underwriters Holdings closed today. The $1.9 billion cash-and-stock merger deal was announced in November 2014. Platinum shareholders were invited to choose between receiving either RenRe shares, cash, or a combination of RenRe shares and cash, in exchange for their Platinum shares. Around half of the 37 Bermuda-based employees of Platinum Specialty Underwriters Holdings accepted redundancy packages after the reinsurer was bought out, while the other half accepted job offers from RenRe. Of the 37, who worked in Platinum’s offices in Waterloo House, about two-thirds were offered either permanent or temporary positions by RenRe. The offers of temporary roles were offered on a three- to 15-month basis to help with the integration process, with the possibility that some of those roles could become permanent. It is understood that RenRe has also held off filling vacancies in its Bermuda office to allow Platinum staff the opportunity to fill them. Platinum shares ceased trading on the New York Stock Exchange.

Renaissance Securities Trading 2/2/1998
Renaissance Securities (Cyprus) 12/24/2010
Renaissance Underwriting Managers 11/27/1999
Renaissancere Fund Management 6/22/2009
Renaissancere Holdings 6/7/1993
Renaissancere IP Holdings 6/15/2006
Renaissancere IP (UK) 1/8/2015
Renaissancere Medici Fund 6/22/2009
Renaissancere Risk Advisors 10/30/2008
Renaissancere Services 5/22/1998
Renaissancere Specialty Risks 1/2/1996
Renaissancere Specialty US 2/11/2013
Renaissancere Underwriting Management 7/23/2004
Renaissancere Upsilon Co-Invest Fund 11/13/2014
Renaissancere Upsilon Fund 11/13/2014
Renaissancere Ventures II 9/11/2008
Renaissancere Ventures 10/27/2004
Renaud Marine 11/10/1988
Resilience Economics 2017. November 1. Insurance investment firm Cedent Ltd has teamed up with Nephila Capital to create this new Bermuda-based firm to advise corporations and countries on managing climate risk. Resilience Economics Ltd will be backed by $500 million from Nephila, which is also based in Bermuda and is the world’s largest insurance-linked securities manager. Resilience says it will use advanced data science to develop and structure climate risk capital solutions for global institutions and governments. Michael Coles, the insurtech expert and chief executive officer of Cedent, said Resilience was not a risk-bearing entity, but that it would work with companies to help them understand the impact climate risk has on their financials. “More than 1,000 CEOs and CFOs of public companies disclosed that adverse weather directly drove poor financial results on earnings calls with stakeholders so far this year,” Mr Coles said. “A few decades ago, businesses did not transfer the risk of fluctuations in currencies, interest rates, or commodity prices but eventually stakeholders deemed risk retention unacceptable once risk transfer markets developed. Climate risk retention may soon be deemed unacceptable and if so, climate capital solutions will be the new imperative.” The National Centre of Atmospheric Research estimates that the US economy can vary up or down by as much as $240 billion each year, as a result of day-to-day (non-catastrophic) weather fluctuations. However, Resilience Economics claims that total risk transferred to the insurance sector amounts to just $3 billion, underlining the potential for growth in this sub-sector of the risk transfer industry. Barney Schauble, managing partner at Resilience’s strategic partner Nephila, said: “We believe good advice around quantification and transfer of weather and climate risk is the critical key to unlocking the market potential and we are eager to support Resilience Economics and its clients in developing protection that responds to their specific exposures.” Resilience has named Lynda Clemmons, a senior executive at NRA Energy, to its advisory board. Alternative risk transfer expert Steve Evans’ website Artemis.bm said Resilience was targeting an area of risk that was underserved by traditional insurers and reinsurers. The website added that “the use of technology alongside ILS-backed capacity and capital market techniques will mean its solutions can be delivered efficiently and effectively. “This also means the opportunity is significant for Nephila Capital to put more of its risk capital to work in emerging areas, solving problems at the front end of the value-chain for corporates, institutions and sovereign entities, while adding another unique angle to its investor offering. Resilience Economics will look to take the climate risk discussion to the CFO level, where organisations and institutions will be receptive to solutions that can help to remove volatility caused by the weather out of their businesses.”
Resilience Re 2016. January 7. A new $57 million private catastrophe bond has been launched in Bermuda. The bond transaction used Willis’ Resilience Re cat bond issuance platform, which was launched in October last year. Resilience Re was set up to cover property catastrophe risks by Willis Capital Markets and Advisory, a catastrophe bond, ILS, mergers and acquisitions and investment banking unit of global reinsurance broker Willis. Willis, which has offices on Pitts Bay Road, Pembroke, officially merged earlier this week with Towers Watson, a professional services company with an office on Par-la-Ville Road, Hamilton.
Resource Finance & Investment Seeks acquisition opportunities
Refco Capital Markets Owned by commodities broker Refco Inc. 
Refco Global Finance  As above
Revelation Capital Management Formerly Osmium Capital Management. Investment manager. Uses the name Revelation America in the US. Osmium, with almost $500 million in assets under management, was founded by former ABN Amro proprietary desk trader Chris Kuchanny.

2017. April 12. Bermuda-based hedge fund manager Revelation Capital Management has been cleared of wrongdoing in a New York court. Revelation and company chief Christopher Kuchanny were accused three years ago by the US Securities and Exchange Commission of making more than $1.3 million in an alleged illegal short-selling share trade. But last month, Judge Valerie Caproni of the US District Court, southern district of New York, ruled that the transactions were not domestic and failed to meet the bar set by a US Supreme Court ruling limiting the reach of federal securities laws to trades taking place inside the US or in securities listed on a US exchange. The SEC accused Revelation and Mr Kuchanny of breaking Rule 105 in connection with Central Fund of Canada’s November 2009 offering by short-selling Central Fund securities during the restricted period and then buying the same shares in the offering. But Judge Caproni said that Rule 105 involved two transactions — the short sale and the purchase in the offering, with neither leg prohibited without the inclusion of the other. The ruling said that, under previous court decisions, at a minimum, the purchase most be domestic for Rule 105 to apply. But it said that the SEC had failed to show that any activities related to the Revelation transaction took place in the US. Rule 105 was designed to ban short selling an equity security during a restricted period and purchasing the same security during the offering. Short sale transactions are where an investor sells stock he or she does not own in the hope that the security’s price will decline. Rule 105 violations were an enforcement priority at the time the complaint was filed in 2014. When the charges were filed, Mr Kuchanny said he and the firm would vigorously defend itself” against the allegation. No one at Revelation could be contacted for comment yesterday. The listed phone number for the company was not operational and e-mails were bounced back. Mr Kuchanny, originally from the UK and a graduate of the London School of Economics, ran Osmium Capital Management, which changed its name to Revelation in 2011. The firm made a name for itself as an innovator in asset management in January 2009 after it announced it would allow investors in its Osmium Special Situations Fund to denominate their holdings in gold.

Revir Acquired in 2001 several Bermuda-based or overseas-based insurance companies.
Rewire Securities 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.
R& H Trust Co (Bermuda) P. O. Box HM 1556, Hamilton HM FX.  Canadian.
Richina Pacific New Zealand-based, with tanneries in China. Leather goods world-wide. Moved to Bermuda in 2008. In December 2013 went into provisional liquidation owing more than $120 million. Parent of failed New Zealand construction firm Mainzeal Property & Construction. The liquidators, New Zealand firm BDO, represent unsecured creditors owed more than $106 million. The receivers were appointed by the Bank of New Zealand, which was owed $11.3 million, most of which involved the Mainzeal headquarters in Auckland, New Zealand. Preferential creditors, including staff entitlements and tax, were owed about $5.3 million.
Riddell’s Bay Golf and Country Club  2016. April 8. The whole of Riddell’s Bay golf club is up for sale, the provisional liquidators said yesterday. And they confirmed that the near century-old Country Club holds all the assets of the club, including the course. The club announced its closure last week. Another company, Riddell’s Bay Golf Club Ltd exists, but does not own the property. PwC’s Alison Tomb, the joint provisional liquidator, said interested parties are being sought for the company or all or part of the assets of the company. Ms Tomb said: “The joint provisional liquidators have been made aware that there is another company named Riddell’s Bay Golf Club Limited. “They have been advised by the board that this company never operated and is dormant with no assets other than share capital.” Interested parties are encouraged to contact the provisional liquidators directly at PwC.
Right Management Consultants LP Appleby Spurling & Hunter
Rising Development Holdings  C/o Codan Services Ltd
Ritchie Capital Management (Bermuda) Appleby Spurling & Hunter
Ritz-Carlton Development Company (The) Since 1991.
Ritz-Carlton Hotel Company of Bermuda (The) Since 1991
Ritz-Carlton Hotel Company (The) Since 2000
Ritz Paris Hotels Management Since 1985
Riverhead Investments 2015. October 27. Announced has teamed up with Sky News, working in partnership to bring the 24-hour news channel to audiences in Bermuda, the Caribbean and Canada. Owned and operated by Ann Petley-Jones, it is acting as the distribution agent for Sky News as it looks to expand its audience in 15 countries and jurisdictions. Ms Petley-Jones, who was formerly chief executive officer of LinkBermuda, said: “We are excited at this great opportunity to bring Sky News to a wider audience. “Sky News is famous for the quality of its news service. It is a wonderful international brand backed by a news team with a track record of innovation and success. Riverhead is delighted to be partnered with such a group. ” When it was launched in 1989, Sky News was Britain’s first 24-hour international breaking news channel. It is now available in 127 countries. Figures from the European Media and Marketing Survey show that in Europe, Sky News has almost twice the daily audience of rival non-terrestrial news channels, including CNN and BBC World News. Ms Petley-Jones said Riverhead had secured the licence for Sky News in Canada and the Caribbean, including Bermuda. It is now negotiating sub-licensing deals with television platforms in those territories. “Sky News will be new to these territories,” she said. “It’s an exciting new market. We are impressed with the quality and impartiality of the news coverage. Sky News has bureaus in many locations around the world.” She said both Riverhead Investments and Sky News believe the partnership is an attractive one. John Ryley, head of Sky News, said: “This is a terrific opportunity to bring our award-winning news service and outstanding original journalism to a new audience. We are currently available in 127 countries and under this agreement with Riverhead, we will deliver Sky News to the important Canadian and Caribbean markets.” Ms Petley-Jones said she expects to announce broadcast arrangements with carriers in some of the targeted territories within the next few months.
Road King Infrastructure C/o Codan Services Ltd
Roche International 37 Church Street, Hamilton HM 12. Phone 295-3391
Roche Intertrade  C/o Conyers Dill & Pearman. Swift code ROCHBMHA.
Rockfield Holdings  22 Victoria Street, Hamilton HM11
Roivant Sciences Biopharmaceutical company 
Roly International Holdings C/o Codan Services Ltd
Rosedale Hotel Group C/o Conyers Dill & Pearman
Rose Management LP H&F International Rose Investors Ltd
Ross Capital Markets 65 Front Street, Hamilton HM 12. Phone 295-1537. Owned by Austrian national Wolfgang Flottl whose wife is Dwight D. Eisenhower’s granddaughter. His father is a Viennese banker.
Rosneft Majority owned by the Russian government.
Rothschild N. M. Services (Bermuda) 15 Queen Street, Hamilton. P. O. Box HM 1565, Hamilton HM MX. Phone 295-8591. Fax 295-3201. Also with Rothschild Trust (Bermuda). Since 1996 in Bermuda but in May 2008 announced its 12-person Bermuda office is closing although its Bermuda-registered corporations are staying.
Royal Gazette Limited (The) 5/19/1947. Bermuda's only daily newspaper, owned by Bermuda Press Holdings Ltd
RPost Communications

2/17/2011. With subsidiaries RPost US and RPost UK. Parent company is RPost International. In 2009 upgraded its email encryption service in a bid to address some key issues raised by a poll of companies subject to heightened HIPAA data encryption rules. Launched the Registered Email service in Bermuda in October 2009, which ensures immediate delivery, authenticated receipt, and proof the e-mail was sent, its time and content.

RPost International 9/13/2000.
Rubik Reinsurance Class 3. 
Rubis Energy Bermuda French firm, affiliate of The RUBiS Group registered on the Paris stock exchange and is active in two downstream petroleum businesses: storage of petroleum products and chemicals through RUBIS Terminal and the distribution of petroleum products, particularly liquefied petroleum gas (LPG), through RUBiS Energie and its commercial brands of Vitogaz, Vito and RUBiS. Since September 2006 has operated the leading automobile and marine fuel distribution network (12 service stations) and is the sole importer and wholesaler of LPG in Bermuda. Super Unleaded Gasoline, Ultra Low Sulfur Diesel (ULSD), LPG and lubricants are distributed via two independent former Shell storage terminals located in St. George's and Ireland Island (Dockyard). The firm's retail and marine service stations are conveniently situated throughout the island and offer a range of quality fuels and lubricants for both auto and marine customers. Also supplies and installs fuel storage tanks, pumps and fleet management systems tailored to meet individual and company needs and budget. Interesting example of how an international firm can operate in Bermuda despite not complying with the 60-40 rule. Took over the Shell gasoline and related operations in Bermuda
Rushe Capital Advisors Financial consulting firm, Nathalie Rushe, principal. On November 9, 2016 She called the US Presidential election result “a huge setback” for the United States.
Russia Infrastructure Equities  
Ryan Specialty Group (RSG) 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.”


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

S-Disloc II Covest I 9/20/2013
S-FNBGC GP 11/25/2010
S-P Bermuda 11/21/2003
S-Z2 Holdings 1/7/2014
S Brothers 11/28/2008
S E A Holdings 4/25/1989
S Investment Management Ltd (The) 8/23/2010
S P Construction 3/20/1998
S R Caribbean 6/3/1983
S Re 6/25/2009
S Realty II 9/28/1995
S Realty I 7/9/1993
S Realty S4 5/12/1994
S Realty S5 5/12/1994
S&G Developments 5/16/1985
S&H Holdings 2/18/1998
S&N Entertainment 9/8/2009
S&T Legacy 12/31/2002
STM2 6/1/2010
S3 Global Multi-Strategy Fund 4/23/2002
S Global Multi-Strategy Master Fund 4/22/2002
SA Reinsurance 10/29/2009
SA2 Advisors (Offshore) 6/19/2014
SA2 Asset Management 1/24/2013
SA2 Bellwether Fund 12/13/2002
SA2 Bellwether (Offshore) Fund 12/13/2012
Saab Financial (Bermuda) 2/10/2006
Saaran 3/9/2000
Saba Software ((Bermuda) 6/10/1999
Sabal 4/3/2002
Sabal Re 6/2/2014
Sabbel Insurance 12/9/1991
Saber Petroleum 1/8/1993
Saber Technology 8/30/1984
Sabina International 5/19/2014
Sabinal Insurance Company 6/8/1984
Sabine International Company 9/20/1985
Sabinvest 11/9/1971
Sabio 5/12/2008
Sable Star Services 8/11/1999
Sabre Capital International 3/23/1998
SAC Capital Advisors LP

2015. December 29. The now defunct hedge fund set up by this Bermuda reinsurer in 2012 agreed to pay $10 million to end a lawsuit by Wyeth LLC shareholders who claimed they lost money because SAC engaged in insider trading. A pension fund for employees of Birmingham, Alabama, that owned Wyeth shares sued SAC in federal court in New York in April 2013, accusing it of damaging shareholders by trading on tips about an Alzheimer’s drug. The settlement needs approval by US District Judge Victor Marrero. Mr Cohen stopped managing outside money after SAC was shut down as part of a 2013 plea deal with the US government. The firm paid a $1.8 billion penalty and was changed into a family office called Point72 Asset Management. Mr Cohen was not charged with wrongdoing. The SEC is proceeding with an administrative case in which Mr Cohen is accused of failing to supervise Mathew Martoma, the former SAC trader convicted of insider trading in Wyeth shares. A hearing in the proceeding is set for April in New York. Martoma is serving a nine-year sentence for securities fraud. SAC Re was formed in Bermuda in 2012 as one of a clutch of hedge fund-backed reinsurers on the Island. After the hedge fund landed in trouble, the reinsurer, which had no involvement in the insider trading scandal, was acquired by Hamilton Insurance Group in late 2013.

Hedge-fund group founded by Steven A Cohen. Outside clients make up about $6 billion of Stamford, Connecticut-based SAC’s $14+ billion of assets under management.  Mr Cohen, who built what was once one of the world’s biggest and most successful hedge funds, ventured into the reinsurance industry when it set up Bermuda-based SAC Re. SAC Capital Advisors manages the firm’s assets, while the underwriting team in Bermuda writes reinsurance business.

Saffron Services  
Safinvest International 31 Reid Street, Hamilton HM 12. Phone 296-4646
Sagicor 2017. December 29. Sagicor is planning to establish a reinsurance operation in Bermuda, according to an International Monetary Fund report on Barbados. The financial-services giant moved its holding company to Bermuda last year, but continues to be operated from Barbados, its home for 170 years. A report by Barbados Today said the IMF draft report on an October mission in Barbados at the invitation of regulator the Financial Services Commission states that as a follow-up step to the relocation of the holding company, Sagicor plans to establish a reinsurer in Bermuda. “During the mission team’s discussion with the senior management team at Sagicor, we were advised of plans to establish a reinsurance operation in Bermuda, and of the company’s request to the Bermuda Monetary Authority to be the agency responsible for group-wide supervision,” stated the draft report by the three-member IMF team of Ralph Lewars, Lawrie Savage and Rodolfo Wehrhahn. The team noted that the insurance giant had not established any operational entity in Bermuda as of the date of the mission, and the senior management team was still operating out of Barbados. The Sagicor group does business through more than 50 subsidiaries in 21 countries including the US, spanning a range of businesses such as general insurance, commercial banking, mutual funds, investment advisory services, property management, pension fund asset administration and other financial and non-financial businesses. The IMF team had concerns over the effectiveness of the regulation of Sagicor, saying the FSC in Barbados was “currently not in a position to conduct group-wide supervision, and solo supervision is weak”. The report added: “Ultimately, the intensity of supervision carried out by the BMA will depend on the type of entity [or] entities that Sagicor ultimately establish in Bermuda, and the importance and risk posed by that [or] those institutions to Bermuda. Both questions are central to avoid supervisory gaps of the Sagicor Group.” Sagicor is incorporated as a publicly listed holding company with total assets of more than $13 billion.

2016. June 3. Caribbean-based multinational financial services firm Sagicor is next week set to back a move to Bermuda. Shareholders of the Barbadian company will vote next Wednesday on redomiciling after the firm was hit by the downgrading of Barbados’s sovereign credit rating to B from BB- last year. Bermuda’s sovereign credit rating was in April affirmed as A+ by Standard & Poor’s. The Barbados downgrade meant that Sagicor Life’s rating also dropped, from BB+ to BB-, while Sagicor Finance Ltd’s $150 million ten-year senior unsecured notes were rated B as “ratings on life insurers are capped at two notches above the sovereign rating of the country of domicile”. The firm, which has been registered in Barbados for 170 years, would have earned a sovereign credit rating of BB+ based on its own performance. Sagicor, in a statement to shareholders, said: “In order to improve the company’s ratings, both corporate and securities, the company is seeking approval to redomicile into Bermuda, which is an investment grade-rated country. This would be achieved via a corporate migration, or continuance, of the company in Bermuda and the discontinuance of the company in Barbados. It is anticipated that on successful continuance into Bermuda, which has a stronger and more stable sovereign rating when compared with Barbados, Sagicor Financial Corporation could reasonably expect to receive a Standard & Poor’s rating lift to BB+ unhindered by the restrictions of the current Barbados rating.” The company statement added: “Improvement in the company’s rating would result in reduced cost of capital, increased attractiveness to regional and international investors and all the attendant ancillary benefits flowing therefrom. Accordingly, the board is pleased to present this re-domiciliation proposal to all shareholders for approval.” Only holders of common shares and convertible redeemable preference shares of the company will be allowed to vote and the Sagicor board is confident they will back the proposal at next week’s meeting. But the change is unlikely to bring a major jobs boost to Bermuda as the firm would retain its base in Barbados and continue to be taxed there, although it would require an address and resident representative on the island. The statement said: “No physical relocation of any SFC business in Bermuda is required. Additionally, the continued Sagicor Financial Corporation will have a registered office in Bermuda.” Sagicor examined relocating to several locations, including Britain, Ireland, Switzerland, Luxembourg, Canada, Trinidad & Tobago and Holland, before deciding on Bermuda. The company said that Bermuda was chosen due to the ease of redomicilation, tax impact, ratings stability and reputational risk, as well as its good rating internationally. Sagicor said: “Bermuda is rated investment grade, it has a very tax-friendly regime, it had no regulatory hurdles for our business and the ease of continuance meant it could be achieved in the most efficient way.” The company operates in 22 countries in the Caribbean, the US, Britain and Latin America.

Saga Insurance Company Since 1991
Saga Shipping Since 1993
SageCrest Holdings

Affiliate of a bankrupt Connecticut-based hedge fund, in August 2008 filed for bankruptcy protection. It said in a petition filed in Bridgeport, Connecticut, that it has as many as 49 creditors and assets and debt of $100 million to $500 million. The company is seeking Chapter 11 bankruptcy protection, which provides shelter from creditors while a company reorganizes.

Sagem (Bermuda)  Crawford House, 23 Church Street, Hamilton HM 11. Phone 298-9940. Fax 298-9930

2016. July 22.  The holding company of Caribbean financial services giant Sagicor has completed its move to Bermuda. The firm has discontinued as a Barbados company, where it has been based for 170 years, and redomiciled to Bermuda. David Cooke, of legal firm Conyers Dill & Pearman, who advised Sagicor on the move, said: “Sagicor’s choice of Bermuda has reaffirmed Bermuda’s position as an attractive jurisdiction and domicile of choice in the international financial services industry.” Sagicor made the move after it was hit by a downgrading of Barbados’ sovereign credit rating to B from BB+ last year by ratings agency Standard & Poor’s. The downgrade meant that Sagicor Life’s rating also dropped from BB+ to BB-, while Sagicor Finance’s $150 million ten-year senior unsecured notes were rated B as ratings on life insurers are capped at two notches above the sovereign rating of the country of domicile. Sagicor would have earned a sovereign credit rating of BB+ based on its own performance. The company said Bermuda had a “stronger and more stable” credit rating, which would mean an upgrade for the firm to BB+ and a reduced cost of capital and increased attraction for potential investors. But Sagicor, which operates in 22 countries, including the Caribbean, the US and Latin America, said it would maintain its headquarters in Barbados and continue to be taxed there, although it will have an address and resident representative in Bermuda. Sagicor looked at several countries, including Britain, Ireland, Switzerland, Luxembourg, Canada, Trinidad & Tobago and Holland before deciding on Bermuda. Sophia Greaves, also part of the CDP team that advised on the redomicile, said: “It was a pleasure to advise Sagicor on this important transaction. We look forward to a long relationship with the group.”

2016. July 22.  The holding company of Caribbean financial services giant Sagicor has completed its move to Bermuda. The firm has discontinued as a Barbados company, where it has been based for 170 years, and redomiciled to Bermuda. David Cooke, of legal firm Conyers Dill & Pearman, who advised Sagicor on the move, said: “Sagicor’s choice of Bermuda has reaffirmed Bermuda’s position as an attractive jurisdiction and domicile of choice in the international financial services industry.” Sagicor made the move after it was hit by a downgrading of Barbados’ sovereign credit rating to B from BB+ last year by ratings agency Standard & Poor’s. The downgrade meant that Sagicor Life’s rating also dropped from BB+ to BB-, while Sagicor Finance’s $150 million ten-year senior unsecured notes were rated B as ratings on life insurers are capped at two notches above the sovereign rating of the country of domicile. Sagicor would have earned a sovereign credit rating of BB+ based on its own performance. The company said Bermuda had a “stronger and more stable” credit rating, which would mean an upgrade for the firm to BB+ and a reduced cost of capital and increased attraction for potential investors. But Sagicor, which operates in 22 countries, including the Caribbean, the US and Latin America, said it would maintain its headquarters in Barbados and continue to be taxed there, although it will have an address and resident representative in Bermuda. Sagicor looked at several countries, including Britain, Ireland, Switzerland, Luxembourg, Canada, Trinidad & Tobago and Holland before deciding on Bermuda. Sophia Greaves, also part of the CDP team that advised on the redomicile, said: “It was a pleasure to advise Sagicor on this important transaction. We look forward to a long relationship with the group.”

Sagitta Northwood Fund LP C/o Conyers Dill & Pearman
Saguenay Shipping Hamilton. Phone 295-5214. Canadian. 
Said Holdings Owned by billionaire Wafic Said. He is a Syrian-Saudi Arabian businessman living in Monaco and Paris. Born 21 December 1939, in Damascus, Syria. A huge exempted investment holding company incorporated and registered in Bermuda. It has investments in Europe, North America and the Far East and diverse portfolios, which include fixed income, quoted equities, hedge funds, private equity and real assets including real estate.  Said is also heavily involved with Bermuda-registered Magna Holdings.
Sahar Minerals Since 2009 in Bermuda. Established by mining professionals specifically to target opportunities in east Africa. Eritrea is its first licence. The 16th foreign mining company now operating in Eritrea, joining groups from Australia, Canada, China, Libya and Britain. Eritrea sits on a patch of the Arabian-Nubian Shield, a geological feature that stretches from Saudi Arabia and Yemen in the east to Sudan and Egypt in the west. Foreign investors are attracted to Eritrea because of its liberal mining laws. Sahar's license covers 373 square kilometres (144 square miles) near Sudan. Gold and base metals are the main interests.
Said Holdings Sun Life House, 31 Reid Street, Hamilton HM 12. Phone 296-8104. Fax 292-3143
Same Time Holdings C/o Appleby Spurling & Hunter
Sampoerna Strategic Holdings  
Sandell Re 2019. July 2. Randall & Quilter Investment Holdings Ltd has agreed a deal worth at least $25 million to purchase Bermuda-based reinsurer Sandell Re. London-listed R&Q, which is headquartered in Bermuda, said its subsidiary Randall & Quilter II Holdings Ltd had signed an agreement to acquire Sandell Holdings Ltd, parent company of Sandell Re, a Class 3A segregated account company that was incorporated in Bermuda in 2014 to write general business insurance and reinsurance. Legacy acquirer R&Q said residual liabilities comprise primarily of contractor’s liability exposures arising in the US. Sandell Re had net technical reserves of $48.3 million as at December 31, 2018. The deal is subject to approval by regulator the Bermuda Monetary Authority and cash consideration payable at closing by R&Q is $25 million, “with further amounts payable subject to certain conditions being met”. Sandell Re’s net assets were $40.8 million as of the end of last year. Sandell Holdings recorded a loss of $2.7 million last year. Ken Randall, executive chairman of R&Q, said: “This is another sizeable acquisition for R&Q following on from our recent completion of the Global Re deal. R&Q takes pride in providing finality for owners and we expect to announce a number of additional acquisitions during the rest of this year.”

2015. Owned by US asset management firm Sandell Asset Management, which has offices in New York and London. It launched Sandell Re in a bid to increase long-term investment cash. The firm’s founder, Tom Sandell, said: “We have been evaluating reinsurance opportunities for several years and I believe this offers a unique permanent capital vehicle for the firm. Our goals remain aligned with our investors and we are committed to offering the best possible products and services to our clients. Reinsurance will provide one more option moving forward.” Sandell Re will use the Sandell hedge fund to oversee its assets and use the existing Multi-Strat Re platform. Multi-Strat Re chairman and CEO Bob Forness said: “We are excited to welcome Sandell Re to the Multi-Strat platform and look forward to supporting the growth of the company through our focus on speciality underwriting. Sandell Re is the fifth reinsurer to join the platform and the first for 2015. It’s the intention for each grow in time and hopefully that will mean employment opportunities in the future. Multi-Strat Re writes reinsurance business, then allocates it to participating reinsurers. It’s like a hub and spoke structure. It’s an attractive structure for Bermuda and hopefully we will be able to build some attractive business over time.” Sandell joins hedge fund managers David Einhorn and Daniel Loeb, who owns Third Point Re, in the reinsurance sector, where firms take on risks from insurance companies and invest premium revenue before claims come due. Sandell was founded in 1998 and uses an events-driven investing strategy similar to Mr Loeb’s Third Point. The Sandell fund uses a “best idea approach” where capital is invested opportunistically on a global basis across various sectors. The firm has in the past invested in areas as diverse as restaurant chains and pipeline operators and used its shareholding to push for board changes and spin-offs.

Sankaty High Yield Asset Investors

Bermuda-registered and based. Owned by the wife and/or family of US Republican 2012 presidential candidate Mitt Romney and family. It funneled money into Bain Capital’s Sankaty family of hedge funds, which invest in bonds and other debt issued by corporations, as well as bank loans. Sankaty maintains no office or staff in Bermuda. Its only presence consists of a nameplate at a lawyer’s office in downtown Hamilton, capital of the British island territory.

Santa Lucia 1/29/1985
Santa Maria Enterprises 9/29/1982
Santa Maria Group (The) 1/27/1992
Santa Mara Ltd Con't 5/28/2003
Santa Maria Offshore 6/6/2013
Santa Maria Shipowning & Trading (Bda) 1/18/1961
Santa Monica Insurance 1/2/1976
Santa Monica Re 2013-1A SPV 12/16/2013
Sardis Development Purchaser in 2014 of the Pink Beach hotel property in Bermuda. In 2015 it discovered the need to develop the arable land in order to make the project financially viable and sought in-principle permission to build the additional development. Sardis Development subdivided the property, preserving five and a half acres of the original 13.5 acres for a private home, on the beach that previously served the guests of the original hotel. Sardis Development currently developing the remainder of the site as a one-again resort.
SAS Dragon Holdings C/o Conyers Dill & Pearman
Satellite Ventures (Bermuda) Bermuda has four orbital slots for satellites, one is occupied by the EchoStar VI satellite operated by this company, a joint venture of SES Satellites (Bermuda) Ltd, and EchoStar Ltd. The satellite operates on the BermudaSat-1 network at 96.2°WL, and its potential markets include commercial, leisure and government consumers. However, a US-imposed moratorium that has been in place since 2005 has prevented access to the highly valued US market by all new licensed satellite networks, including Bermuda’s. The EchoStar VI satellite was launched in 2000 and brought into service on the BermudaSat-1 network in 2013. In March of last year, in a report to Parliament, it was stated that no commercial agreements had yet been made for the satellite, although SES continued to be “optimistic about the commercial prospects of BermudaSat-1”. In December, Grant Gibbons, who at the time was the Minister of Economic Development, spoke about meetings he had with Nasa officials in Washington DC. The discussions included the issue of the moratorium and suggestions on how Bermuda might proceed. Afterwards, Dr Gibbons said work was bring done with consultants “to consider various options and provide me with a recommendation as to the best course of action to put us into a position to finally maximize the commercial potential of our premier satellite orbital resource”. Bermuda’s involvement with the space industry stretches back to some the earliest days of Nasa’s space programme, with the agency operating a tracking station at Cooper’s Island from 1960 until 1997. This year, the island has hosted portable satellite tracking facilities operated by Nasa, the European Space Agency, and SpaceX. In London last month, Mr Roban was part of a Bermuda delegation that included representatives from the Bermuda Shipping and Maritime Authority, the Bermuda Business Development Agency, and a number of Bermudian-based companies. He said the group had promoted “Bermuda’s ‘blue-chip’ advantages to the international shipping sector”. Mr Roban also met with Transport for London to talk about technology and travel products. He said: “These included, for example, ‘pay as you go’ or pre-loaded cards such as the Oyster card, contactless payment — which requires a chip and PIN technology not yet widely available in Bermuda, ticket vending machines, biodegradable smart cards and travel apps.”
Savvy Entertainment Founded by Anthony Blakey, a songwriter for record label Sony.

2018. February 15.  A new international entertainment hub is to be created at the West End’s Cross Island and Moresby House, the Minister of Public Works revealed today. Lieutenant-Colonel David Burch said that Savvy Entertainment Bermuda had taken over management of the former America’s Cup home in the short-term and would use it to host events that do not require permanent structures. Danilee Trott, Savvy Entertainment Bermuda COO, added the Bermuda branch of the global entertainment company also planned to convert Dockyard’s historic Moresby House into an “A-class” recording studio. She explained that Cross Island “would host a broad range of events including corporate functions, themed parties, live music concerts, skating rinks, team resorts and so much more”. Ms Trott said: “The space will also be available for rent for local promoters and producers, as well as organisations to host their own private events. Our plans for Moresby House include converting it into an A-class recording studio as a destination event for international recording artists as well as for the use of local artists.” Colonel Burch, who said that Dockyard managers Wedco had teamed up with Savvy Entertainment Bermuda, explained that the previous Wedco board had commissioned a sub-committee to look into Cross Island, which was purpose-built to host the America’s Cup Village. He said the executive summary was still being reviewed by the new board. But he added that the board had decided “in the short-term, to make this area available for events that do not require any permanent structures”. Colonel Burch said: “While this is not a decision that should be rushed into, we must also keep in mind that these facilities are Bermuda assets which should not continue to sit vacant while a decision is made. An application has been made to the Department of Planning and we expect to see activity on Cross Island in the very near future.” Colonel Burch said events would have a pre-negotiated fee and any revenue would go to Government and help defer the $39 million construction cost. He added: “Wedco will be releasing further detailed information on their website and other social media on the procedures and contact for booking the island. Colonel Burch also explained that the company would be “looking to use their expertise and worldwide contacts to help develop local talent”. He added that the charity branch of the company, Savvy Foundation Bermuda, had already applied for charity status on the island. Colonel Burch said former Progressive Labour Party premier Dame Jennifer Smith had been invited to join the board of the international foundation and to be resident director in Bermuda. Tim Blakey, Savvy Foundation president, said the charity’s “four pillars are art, music, health and wellness, and creative entrepreneurship”. He explained that its exchange programme would give local youth the chance to travel and get international exposure. Mr Blakey added: “Our goal here is, of course, to inspire, to educate and to empower them. The main thing in education is that with knowledge comes power. The youth definitely needs that.” Michael Scott, MP for Sandys North, said the programme presented “immense opportunities” for the island’s youth, particularly those feared to be at-risk or involved in gang activity. Singer Olivia Hamilton, who performed at a showcase and industry networking event hosted by the company last month, said she had personally benefited from the company’s work. She added: “Not only are they providing a platform for Bermudian talents but a springboard and an avenue for us to be on the world stage. If you are Bermudian and you have talent — there is so much talent here — come out and get with the team.”

Scandinavian Finance 4th Floor, 22 Church Street, Hamilton HM 11. Phone 295-2528. Fax  295-4614
Scepter Partners Since 2014.  Century House, Par La Ville, Hamilton. In 2015, November 20, this sovereign investment entity, which represents core stakeholders with a combined net worth of more than $100 billion, has strengthened its ties with Bermuda.  It now runs its global management business from the Island. The presence and activities of the company are expected to put Bermuda “further on the map of sovereign investment capital flows”, according to the asset management firm. In coming months, Scepter intends to announce a series of offshore vehicles for direct investment into off-market transactions in the natural resources and hospitality industries. The direct investment and merchant banking specialist for sovereign wealth represents more than $14 billion of discretionary assets. It is led by the former Blackstone Advisory Partners Asia team, and its core stakeholders include senior members of Asian and Gulf-based high net worth families. The firm has offices in New York, London and Beijing. A number of its executives have longstanding ties with Bermuda, including chairman and chief executive officer Rayo Withanage, who attended Saltus Grammar School after his family moved to the Island in 1980. Commenting on the commitment to Bermuda, Mr Withanage said: “As Bermuda continues to develop its activities and effectively compete with other offshore financial centres, we hope that the presence of our activities can substantially enhance Bermuda’s role in the deployment of capital by significant sovereign investors and family offices.” When Mr Withanage left Bermuda he moved to New Zealand, where he attended law school. He then relocated to Brunei and founded a commercial multi-family office with senior members of the nation’s royal family. Euromoney magazine has previously named Mr Withanage as one of the most influential financiers in the Middle East and Asia. Other Scepter personnel with links to Bermuda include the group’s head of operations, Daniel Fenster. He lived in Bermuda during the late 1990s when he worked for Alpha Fund Management. And the group’s general counsel is Stefan Nadarajah, the only son of Bala Nadarajah. The late Mr Nadarajah was a prominent insurance sector lawyer and is credited with laying the groundwork for Bermuda’s rise as a leading global reinsurance centre. He died in 2013, but for 30 years was involved in all legislation and regulation that shaped the insurance and reinsurance sector in Bermuda. Two members of Brunei’s ruling family, Prince Abdul Ali Yil Kabier and Prince Bahar Bolkiah, are directors of Scepter. The other directors are Sir John Bond, the former HSBC Group chief executive and chairman, Patrick Theros, the former US ambassador to Qatar, and Sheikh Juma al Maktoum, a prominent businessman from the United Arab Emirates. Earlier this year Bermuda-headquartered BMB, an entity that provides capital and advice to Forbes 500 families, spun out its family office assets into Scepter. According to the firm this was “driven by the interests of investors to convert from a family office mandate to a merchant bank and direct investment syndicate”. BMB has been described as the first commercial multi-family office of ruling families to unify investors from the Middle East and Asia who traditionally had been competitors. It was originally founded in 2004 by Prince Abdul Ali Yil Kabier and Mr Withanage. Scepter presents itself as “a standing capital syndicate of ultra-high net worth individuals and sovereign investors who have combined to invest in off-market large cap transactions globally”. At its core is a merchant banking business run by the former Blackstone Advisory Partners Asia team that executed more than $500 billion in transactions, focused on mining, natural resources and infrastructure. Some of the transactions executed by the team now at Scepter have included the $20 billion restructuring of Seoul Bank, the $8 billion PetroChina West-East Pipeline Project, and the $14.1 billion acquisition of 12 per cent of Rio Tinto by Chinalco.
Schlumberger Global Resources 14 Par-la-Ville Road, Hamilton HM 08. Phone 296-0767
Schlumberger Holdings (Bermuda) Victoria Hall, Victoria Street, Hamilton. Phone 295-6766
Schroder Aquila Fund 10/25/2001
Schroder Asian Properties LP 1/31/1997
Schroder Asian Property Managers 12/18/1995
Schroder Astra Fund 8/10/2000
Schroder Canadian Buy-Out Fund III LP2 8/28/2000
Schroder Canadian Buy-Out Limited "P" 5/15/1987
Schroder Emerging Market Dept Opportunity Fund  3/3/2003
Schroder Finance (Bermuda) 1/24/2000
Schroder German Buy-Out Limited Partnership 10/1/1986
Schroder German Managers Partnership 2/4/1993
Schroder Holdings (Bermuda) 5/27/20003
Schroder International Holdings (Bermuda) 6/19/2003
Schroder International Trust Company 3/18/1970
Schroder  Investments (Bermuda) 5/23/1968
Schroder Investments (SVIIT) 1/29/1970
Schroder Japanese Long/Short Fund 11/3/2003
Schroder Japanese Long/Short Master Fund 11/3/2003
Schroder Property Asia Advisors 5/14/1996
Schroder UK Long/Short Fund 5/31/2006
Schroder UK Long/Short Master Fund 5/31/2006
Schroder US Holdings Inc 9/29/2003
Schroder US Venture Fund 11/29/1988
Schroder U.K Buy-Out-Fund II BLP2 12/23/1991
Schroder U.K Buy-Out-Fund II BLP 1/12/1990
Schroder U.K Buy-Out-Fund II BLP3 12/23/1991
Schroder Venture Managers Inc 4/7/1994
Schroder Venture Managers Ltd 12/6/1968
Schroder Venture Managers (Asia) 6/25/1985
Schroder Venture Partners LP 8/30/1990
Schroders Inc 7/15/2002
Schroders PLC 3/17/1995
Schroders Taiwan 5/9/1989
Schroders (Bermuda) From November 2012 at Wellesley House, Pitt's Bay Road, P. O. Box HM 1368, Hamilton HM FX. Phone 292-4995. Fax 292-2437.  A London-based global asset management firm. One of the UK's largest independent securities company and investment banks, it has this company, Schroder International Trust Company Limited mentioned above and Schroder Venture Managers. This company also represents Schroder Investment mentioned above. Also represented is Schroder Wertheim in New York. 

2018.  April 23. Schroders is looking to build up its wealth management business in Bermuda. The venerable London investment house, which has been servicing clients on the island for 49 years, re-established a physical presence on the island last year. The firm is well known in Bermuda as an asset manager for institutional clients, but is now looking to beef up its offering to wealthy individuals and families. Robin Peters is the client director at Schroders (Bermuda) Ltd, working out of offices in Wellesley House South on Pitts Bay Road. She has responsibility for client relations and works closely with Schroders team in the Channel Islands. Julian Winser, chief executive officer of Schroders (CI) Ltd, said the decision to put “boots on the ground” in Bermuda came about not only because of wealth management opportunities, but also because of the strengths of the jurisdiction. “We felt there was an opportunity in Bermuda, because it has money that faces in two directions — towards the US but also in the opposite direction,” Mr Winser, who is based in Guernsey, said. "Many wealthy individuals want to diversify their investments and Bermuda is a good place to do this.” Diversification was not just about allocations in a portfolio, but also in where the money is managed from, he added. Schroders’ wealth management business has operations in the Channel Islands, Gibraltar, Switzerland, Hong Kong and Singapore, as well as Britain, Germany, Italy and Spain. “There is a lot of wealth in Bermuda, because it remains a premier international jurisdiction and because of the quality of its legal system,” Mr Winser said. “The lawyers here are in the premier division and they are good enough to have a primary relationship with wealthy clients — in many other jurisdictions, that’s not the case. The system’s links to the British legal system also gave wealthy individuals faith that their assets would be protected for future generations. It’s not all about tax. "Wealthy clients also like Schroders’ longevity — the business has been running for more than 200 years — and its stability, with the Schroders family still controlling about 48 per cent of voting shares of the London Stock Exchange-listed company, as well as it stated intention to take the long-term view. Schroders had £447 billion (about $626 billion) of assets under management and administration as of the end of last year. About 10 per cent of those assets are in the wealth management business. The firm has more than 4,600 employees working in 29 countries. With the acquisition of wealth manager Cazanove in 2013, Schroders expanded the part of its business that caters to wealthy individuals. Caspar Rock, chief investment officer of Schroders Wealth Management, who presented at last week’s seminar, said the firm could draw on expertise around the world to help portfolio managers make sound investment decisions. On average, the firms’ wealthy clients have about $3 million invested and new investors are expected to come in with at least $500,000. Wealthy clients do not all have the same objectives, but Mr Rock has noticed patterns among subgroups. “Clients up to a certain level are most interested in wealth preservation, but those with a higher amount tend to be more interested in growth,” Mr Rock said. “Families with multi-generational wealth tend to have a higher tolerance for risk than someone who is first-generation wealthy.” He said Schroders’ services were based on first meeting the client, understanding their goals, capacity for loss, risk tolerance and level of financial sophistication. Then the portfolio would be engineered to match the client. Just as important was ongoing contact with the client, Mr Rock added, as life events could alter investment requirements. That is one of the strengths in having Ms Peters in Bermuda to meet up with clients. Mr Rock said many clients had expressed a preference for meeting in person, rather than having video conference calls via Skype, for example. He said today’s investment climate was somewhat unusual. “The 45 largest economies in the world are all growing at the same time — that’s a bit of an anomaly, but it is a positive backdrop for the markets,” Mr Rock said. Inflation is the biggest risk to the financial markets, he said. While he expects stronger growth and a tightening labour market to build inflationary pressure in the US, he expects inflation to remain subdued in the EU and to drop off in the UK. Another risk is that the high hopes for continued earnings growth do not materialize — although this year, at least, Mr Rock believes there are good prospects for company profits to keep rising. However, the markets are priced accordingly. “We’re quite a long way into quite a long bull market and I couldn’t say that anything is screamingly cheap right now,” Mr Rock said. “In early January, everyone was gung-ho bullish. Sentiment has come back a bit since then, but there are still one or two amber lights that sentiment is still overexcited. I see more volatility this year.” The big risks Mr Rock sees include inflation, the tightening of central bank monetary policy, rising interest rates and trade disruption from growing protectionism. Schroders is neutral on equities, negative on fixed income, and positive on alternative investments and cash.

2010. April. Schroders sold its Bermuda-based private-equity operations to JP Morgan. The deal saw many of the 50 staff move to JP Morgan. 

Scottish Re 2017. May 26. Almost ten years after mounting losses pushed Bermuda-headquartered Scottish Re Group Ltd into run-off, the life reinsurance specialist has started a voluntary, provisional winding-up process. The action comes after the company’s management raised doubt that it would be able to continue as a going concern in 2018. Now, what remains of the company in Bermuda and Cayman Islands is set to be wound up, and the action may involve the sale of subsidiary Scottish Annuity & Life Insurance Company (Cayman) Ltd. The company recorded a loss of $208.2 million last year and said there was “substantial doubt” it would be able to meet deferred interest payments due in the first quarter of 2018. The Supreme Court of Bermuda has granted an order for the provisional winding-up proceedings to begin. Parallel winding-up proceedings have been filed in Cayman Islands where Scottish Re Group is incorporated. In the late 1990s and early 2000s, the group enjoyed notable success before buckling under yearly losses of hundreds of millions of dollars. An attempt to restore Scottish Re’s fortunes through a $600 million equity injection in late 2006 saved it from possible bankruptcy. However, it was only a temporary reprieve. The following year it was battered by losses from the sub-prime meltdown as high-risk mortgages went into default. At the time Scottish Re had $3.1 billion of investments in sub-prime and “Alt A” mortgages, representing almost a third of its total investments. Repeated downgrades from rating agencies dropped the company’s stock into junk territory and made it virtually impossible for it to attract new business. In early 2008 the company ceased writing new business and placed its remaining reinsurance treaties in run-off. The company’s shares, which three years earlier were worth $25 each, dropped below $1 and were delisted by the New York Stock Exchange. Scottish Re’s losses for 2008 totaled $2.71 billion. The story of Scottish Re Group follows an upward trajectory from 1998 until 2006, when it hit financial trouble before being brought to its knees by the sub-prime meltdown. The business started with $250 million of capital in 1998 as Scottish Annuity & Life Holdings. It incorporated in Cayman Islands and one of its two wholly owned subsidiaries was The Scottish Annuity Company (Cayman) Ltd, which was incorporated in 1994. It then acquired Scottish Re (US) Inc, a Delaware reinsurance company, in 1999, the same year of its initial public offering. In 2000, it acquired a controlling interest in Scottish Crown Group (Bermuda) Ltd, which owned two Bermuda-listed insurance companies engaged in insurance policies for high net worth individuals. The following year Scottish Annuity was the largest reinsurer with a physical presence in Cayman. It decided to move its corporate and international reinsurance operations to Bermuda to take advantage of the global insurance business which passed through the island. At the time, Michael French, then CEO, said: “Bermuda is the capital of the global insurance industry.” The company had offices in Cayman, Bermuda, Ireland, England and North Carolina, but despite its name had no office in Scotland. It was moving away from the annuity business and into reinsurance. By the end of 2002 it had $68 billion of life insurance in force, covering 1.3 million lives. In 2003, the company rebranded as Scottish Re, with total assets of about $3.8 billion. But three years later its income plunged with adverse mortality and morbidity expenses and millions of dollars of late claims from ceding companies. Scott Wilkomm resigned as CEO after second-quarter operating losses of $130 million in 2006, mostly due to the reversal of tax credits that had boosted previous earnings. As a result, AM Best and other agencies downgraded the company’s ratings below A-, a level considered important for reinsurers to attract and retain business. Legal challenges rocked the company, including a US Senate investigation and nine class actions launched by investors. Scottish Re also faced the challenge of a $115 million convertible note repayment coming due at the end of 2006. With the possibility of bankruptcy on the horizon, the company agreed to sell control of itself to MassMutual Capital Partners and private equity firm Cerberus for $600 million. The sale equated to about $4 per share, far below the $12 for which investors had hoped. Scottish Re’s net loss for 2006 totaled $368.3 million. The rating agency downgrades continued. In 2007 the company, which at the time employed 18 people in Bermuda, appeared to be turning things around. Then the US Securities and Exchange Commission identified an error in the calculations of Scottish Re’s second-quarter results — it was a $120.8 million one-time deduction, and that changed the quarterly income from $1.46 per share to a 30 cents loss. Even as the company sold its Middle East life portfolio to bolster its capital position, the sub-prime mortgage crisis was under way. In the third quarter, Scottish Re took a $95 million hit from sub-prime exposure. By early 2008 its shares were worth less than $1. Scottish Re announced it had ceased writing new business and notified exiting customers it would not be accepting any new reinsurance risks under existing reinsurance treaties, placing remaining treaties into run-off. The company’s shares were delisted from the NYSE in March 2008. Scottish Re sold its London-based international life reinsurance segment, and some other international segments, to Pacific Lifecorp. In 2009, Hannover Re bought a block of individual life reinsurance business that had been acquired by Scottish Re from ING in 2004. In 2011, the company completed a merger with SGRL Acquisition, a new subsidiary of Cerberus Capital Management and certain affiliates of Massachusetts Mutual Life Insurance Company, under Cayman Islands laws, with Scottish Re Group Ltd the surviving group. During the past six years Scottish Re has continued to manage its reinsurance business in run-off. It reported a $208.2 million loss for 2016, with a shareholders’ deficit of $32.5 million as of December 31. Adverse mortality in the traditional solutions yearly renewable term business negatively impacted operating results. Unless there is significant improvement in the performance of that business this year, the company said it will “incur additional capital strain, thereby further reducing available funds and eroding the company’s ability to pay the deferred interest on the capital and trust preferred securities as such deferred interest payments become due during the first quarter of 2018”. In its consolidated statement for 2016, the company said: “Accordingly, substantial doubt exists that the company will be able to meet these deferred interest payments.” Regarding this week’s announced voluntary, provisional winding-up proceedings, the Supreme Court has granted an order appointing John McKenna of Finance & Risk Services Ltd, Bermuda, and Eleanor Fisher of Kalo (Cayman) Ltd, of the Cayman Islands, as joint provisional liquidators of Scottish Re Group. They will work with the board and management to create a restructuring plan for Scottish Re, which may involve the sale of the group’s subsidiary Scottish Annuity & Life Insurance Company (Cayman). Keefe, Bruyette & Woods has been retained to assist Scottish Re in the process of identifying an acquirer for Scottish Annuity. Qualified parties interested in participating in the sale process should contact Joseph Beebe or Peter Houston of KBW by e-mail at SALIC@kbw.com
Skuld Mutual Protection and Indemnity Association (Bermuda) 2019. February 22. Tawana Tannock, well known as the former chairwoman of the Bermuda Human Rights Commission, has been appointed managing director of Skuld Mutual Protection and Indemnity Association (Bermuda) Ltd, effective immediately. The Skuld group is a protection and indemnity club, which provides marine insurance products. In her new role, Ms Tannock is responsible for the management of Skuld Mutual Protection and Indemnity Association (Bermuda) Ltd and the Skuld Bermuda group of companies. Ms Tannock joined Skuld Mutual Protection and Indemnity Association as corporate legal counsel in 2017 and was responsible for the management of the compliance, legal and regulatory functions of Skuld Bermuda. Well known for her service in the community, particularly with the Bermuda HRC, Ms Tannock is a barrister who holds numerous insurance industry designations, is an experienced company director and corporate secretary and has a passion not only for the growth of Bermuda’s insurance industry but for working towards diversity and inclusion in international business.
SDI Inc 4 Cavendish Road, Pembroke HM 19. Phone 296-0773
Seaboard Agronomics 7/31/1985
Seaboard Atlantic Re 2/12/1997
Seaboard Brazil Holdings 7/19/2013
Seaboard Bulk Services 10/14/2008
Seaboard Colombia 7/2/2007
Seaboard Equador 9/21/2006
Seaboard Express 2/9/1993
Seaboard Florida 3/17/1995
Seaboard Ghana 9/7/2011
Seaboard Guyana 3/17/1995
Seaboard Intrepid 2/9/1993
Seaboard Latin America Holdings 11/22/2007
Seaboard Marine Consultants 9/1/1976
Seaboard Minoco 12/27/2000
Seaboard Moz 5/11/2006
Seaboard Overseas Cont 6/1/2005. A subsidiary of Seaboard Corporation, of Kansas City, Missouri. Commodities broker. In Bermuda since the 1980s. In 2011 announced closure of the main Bermuda office on April 30, with relocation to Isle of Man. The high cost of living had made it increasingly expensive for the company to pay the wages and benefits of expatriate staff it needed to hire, plus restrictions imposed by Bermuda's work permit time limits and so had eroded the benefits of Bermuda's tax regime. The Isle of Man offered similar tax benefits with a significantly lower cost of living. Seaboard Corporation has annual sales of approximately $3.6 billion, employs 14,000 people around the world and was number 552 on the Fortune 1000 list.
Seaboard Overseas Management 4/22/1998
Seaboard Petroleum 1/14/1988
Seaboard Star 9/1/2006
Seaboard Venezuela 1/2/1985
Seaboard Venture 3/3/1999
Seaboard Voyager 6/17/1994
Seaboard Zambia 9/16/1999
Seaborn Networks Bermuda 5/15/2014
Seabourn Cruise Line 11/26/2003. One of the most luxurious cruise lines.
Seabourn Maritime Services (Bermuda) 8/17/2005
Seabras Rig Holdco 9/8/2011
Seabras Sapura Holdco 12/1/2011
Seabras Sapura Talent 2/4/2014
Seabreeze 3/16/2006
Seabreeze Silicone 10/29/2007
Seabright Management 12/7/2001

Par-La-Ville Road, Hamilton. Bermuda-based, shipping container investment and leasing group. Formed in 2009 to hold the existing container leasing investments of Sea Containers Ltd, which filed for bankruptcy in October 2006 and was finally wound up in 2010.

Seacrest Capital Group Bermuda-based oil and gas investment specialists. Front Street, Hamilton-headquartered. The company was founded in 2010 by Bermuda residents Erik Tiller and Mr Schröder. The pair have worked together for 15 years. Despite the price of a barrel of oil hovering around $44, which is less than half what it was in 2013, company co-founder Henrik Schröder has a confident outlook for the future. He sees greater deal opportunities abounding in the depressed market conditions. Seacrest was founded five years ago and now promotes itself as one of the largest oil and gas exploration investors in the world. It is active in six countries, has more than 50 employees worldwide and at present has 49 exploration areas under licence. Has a strategic partnership with Norway’s PGS, which operates a fleet of seismic ships that gather data about the location of potential offshore oil and gas reserves. Having conducted surveys in many parts of the world, the company has an extensive data library. “They provide some of the best technology,” said Mr Schröder. “We are able to use this library, so when we decide where to go and look for gas and oil it gives us a head start on deciding where we should invest our money.” The firm’s exploration specialists around the world do further diligence to identify the best prospects. Seacrest secures oil exploration licences and the rights to “blocks” of seabed in favored locations, setting up regional companies that are then in a position to allow other players, such as major oil producers, to take a share of the licences and exploration area blocks. Seacrest has founded and grown six private oil and gas exploration companies in Brazil, Indonesia, Ireland, Namibia, Norway, and Britain. The group is funded through private equity, with capital coming from energy investors, primarily in the US and Europe. Those investors include pension funds, private-equity funds and high net-worth individuals. Acknowledging the downturn in oil and gas prices in recent years, Mr Schröder said: “There has been a blip for the past two years. There is going to be an uptick, and there will be intensive activity to find new discoveries to replace the oil reserves that are being depleted. The last year has been difficult with the oil price going sideways. Our view is that in one or two years from now there is going to be a change.” With energy producers scaling back their exploration budgets because of the squeeze on their finances created by low oil prices, Seacrest is positioning itself for the eventual rebound. “It means we can find attractive deals for new licences. The [pricing] cycles come and go. It is always about the timing. We can work hard to be positioned when the opportunities come. We feel very confident about the future,” said Mr Schröder. He also feels Seacrest has the perfect home in Bermuda, as it is centrally located in the “Atlantic margin” — a region of oil and gas exploration with hot spots along the northwest coastal areas of Europe, the western coast of Africa, the eastern coasts of the Americas, and the Gulf region. The Island is also rich in intellectual capital, as well as investment and legal expertise, he added. This was underlined by Seacrest’s Mr Tiller, who said: “Bermuda is a fantastic place to operate from. The pool of talented and experienced professionals and outsourcing providers, the high-end infrastructure required to work in an efficient manner, and the good communications with Europe and the US, have all been crucial to Seacrest’s growth and continued success.” Beyond its business activities, Seacrest involves itself in the local community, supporting the Bermuda Football Coaches Association, the Bermuda Davis Cup team, ABC Football Foundation and other activities such as TEDx Bermuda and the Ocean Vet TV series, featuring the late Neil Burnie. Mr Schröder said the sporting involvement was a way of positively changing young people’s minds and outlook during their formative years. He added: “We want to make the place where we live and work a better place. We wish that so much of the economic success here can trickle down to everybody, so everyone feels part of the success.” Mr Schröder said there were also interesting crossover opportunities with the work of the Bermuda Institute of Ocean Sciences (BIOS), the Bermuda Aquarium, Museum and Zoo and conservation efforts, and mentioned Seacrest’s support for the Ocean Vet series. “Neil Burnie was a dynamo, and you could not get a better platform to show what Bermuda can offer the world in terms of marine science and studies than BIOS.”
SeaDrill  5/16/1990. Oil-drilling and oil rig maker, set up by Norwegian billionaire John Fredriksen, with many Bermuda-incorporated companies. Also operates mobile drilling fleets specializing in deepwater and harsh environments and has about 5,000 employees. Often touted as a potential suitor for US-based offshore drillers. Operated from Norway, it owns Norway’s Smedvig ASA. Incorporated in 2005 by Norwegian shipping billionaire and oil tanker magnate John Fredriksen. After the acquisition of Smedvig, the company became managed from  Stavanger on Norway’s southwest coast. sold its West Prospero rig to ship owner Ship Finance International for $210 million and leases it back for 15 years.

2018. July 6. Seadrill Ltd, one of the world’s largest offshore drilling companies, has emerged from chapter 11 bankruptcy after completing its plan of reorganization. Conyers Dill and Pearman has been advising the Bermuda-registered company on the plan and related judicial proceedings on the island since February 2016. The law firm said Conyers’ directors David Cooke and Niel Jones advised on the corporate aspects of the restructuring, along with associates Jennifer Panchaud, Sarah Lusher, David Stubbs and William Cooper. Robin Mayor and Christian Luthi, directors in Conyers’ litigation and restructuring department, advised on the Bermuda judicial proceedings. Conyers said its BVI and Cayman offices were also engaged. “The successful emergence from chapter 11 was a good outcome for all stakeholders,” Mr Cooke said. “This was an extremely complicated and multifaceted restructuring, and I think it is a testament to the sophistication of Bermuda as a jurisdiction and the hard work of all those involved that we were able to get this across the line.” John Fredriksen, the Norwegian-born billionaire who is chairman of Seadrill, said: “We are pleased to be emerging from chapter 11 and moving forward with a solid financial foundation on which we will continue to grow and strengthen our business.” Through his investment companies, Mr Fredriksen also owns stakes in some other Bermuda-registered companies, including oil tanker giant Frontline, dry-bulk shipper Golden Ocean Group and liquefied natural gas shipper Golar LNG. The Seadrill plan equitised some $2.4 billion in unsecured bond obligations, more than $1 billion in contingent new-build obligations, substantial unliquidated guaranty obligations, and approximately $250 million in unsecured interest rate and currency swap claims, while extending near-term debt maturities. This provided Seadrill with more than $1 billion in fresh capital, leaving employee, customer, and ordinary trade claims largely unimpaired. With re-profiled debt and substantial liquidity, the company has announced that it is in a strong position to execute its business plan. The figures below highlight key financial metrics as of the effective date of emergence:

• Total cash of about $2.1 billion.

• Secured bank debt of about $5.7 billion with the first maturity in 2022.

• New secured notes of $880 million maturing in 2025.

• 100 million common shares to be allocated in accordance with the Plan.

Seadrill’s new common shares are listed on the New York Stock Exchange under the same NYSE ticker symbol, “SDRL”, as the old ones.

2017. April 6. OSLO (Bloomberg) — Bermuda-domiciled Seadrill Ltd, once the crown jewel of billionaire John Fredriksen’s business empire, is now at the mercy of short-term speculators as the biggest funds avoid the offshore driller amid a struggle to avoid bankruptcy." It's trading at option value and day traders are the ones pushing the price up and down,” Anders Bergland, an analyst at Clarksons Platou Securities AS, said, after the company again warned shareholders and bond investors they were facing steep losses in any restructuring deal. “There are no funds buying this right now, it’s trading.” Seadrill fell 28 per cent on Wednesday to 6.275 kroner, after sliding 38 per cent the day before, already to a record low. The company has been working on a restructuring of the offshore-drilling industry’s biggest debt load for more than a year. With net interest-bearing debt of $8.9 billion at the end of 2016, Seadrill has been particularly exposed as oil companies slashed spending following the collapse of crude prices in 2014. The risks of equity dilution and bankruptcy had been voiced by the company earlier and should in any case have been “obvious”, said Alex Brooks, an analyst in London at Canaccord Genuity Group, who stopped covering Seadrill last month after following the stock on and off for nearly eight years. “We seem to see this over and over again: shareholders are willing to trade stocks on hope value right up until the moment the train wreck becomes obvious,” he said in an e-mail. “It’s astonishing, and probably reflects rather badly on people like me who are unable to get our message out.” Seadrill has lost 97 per cent of its value since the middle of 2014, contributing to a more than 40 per cent drop in Fredriksen’s net worth, which is currently estimated by the Bloomberg Billionaire Index at about $9.7 billion. The biggest sellers of the shares last year included Barclays, JPMorgan Chase, Goldman Sachs Group and Deutsche Bank, according to data compiled by Bloomberg. The company said on Tuesday it got further extensions on bank loans totaling $2.9 billion, allowing it to again postpone the deadline for a restructuring deal by three months to the end of July. Warning shareholders they faced “minimal recovery” of their positions, Seadrill said a comprehensive agreement with creditors would “likely involve schemes of arrangement or Chapter 11 proceedings,” eventualities that had previously been mentioned by the company in case a deal was not reached. The announcement was “largely expected,” even if Seadrill shares rallied more than 20 per cent in the week that preceded it, said Sondre Stormyr of Danske Bank AB. “The most surprising thing to us recently is that the stock bounced back a bit, implying a flawed representation of the restructuring power between equity, bondholders and potential new money investors,” he said in an e-mail. “This is now sharply correcting, which is fair.” Fredriksen, a Norwegian-born Cypriot who acts as Seadrill’s chairman and owns about 24 per cent of the company, said last week the company was getting closer to a restructuring agreement, though it was a “big job”. He repeated that in an interview with Dagens Naeringsliv on Tuesday, adding Chapter 11 bankruptcy protection was only one option among others and that how much capital he puts into the company will depend on the solution.

2016. November 24. Seadrill Ltd’s earnings beat forecasts as the Bermuda-domiciled offshore rig company controlled by billionaire John Fredriksen continues to cut costs and sees signs of improvement in a challenging market. Third-quarter earnings before interest, tax, depreciation and amortization fell to $441 million from $546 million a year ago, beating a $396 million estimate in a Bloomberg poll of 11 analysts, it said. That also beat its own estimate of $380 million. Its net loss narrowed to $657 million, after making a $882 million non-cash impairment for its investments in Seadrill Partners and Seamex. Its shares rose as much as 8 per cent in Oslo and 8.8 per cent in New York yesterday. “The offshore drilling market continues to be challenging, however, we are seeing an improvement in the level of bidding activity,” chief executive officer Per Wullf said in a statement. “2017 is expected to remain challenging. However, we expect the market to gradually improve as costs have been reset across the value chain and more drilling activity will be needed to avoid accelerated production declines.” Seadrill and other offshore rig owners have been battered by a collapse in crude prices over the past two years, which has hurt demand for drilling at the same time as a wave of new rigs inflated supply. The company has suspended dividends, slashed costs, renegotiated contracts and delayed the delivery of new units to weather the downturn, but is also grappling with the industry’s heaviest debt-burden. Seadrill last week pushed out the deadline for the conclusion of a restructuring process to the end of April, compared with early December previously, after extending a credit facility and making progress in talks that involve more than 40 banks in addition to bondholders. It provided no new details on the process in the third-quarter report, where it said net interest bearing debt was at $8.9 billion at the end of the period, down from $9.1 billion three months earlier. Fredriksen, the company’s chairman and main shareholder, is willing to lend the company as much as $1.2 billion as part of a potential deal with banks and bondholders, people familiar with the matter said last month. The “solid” third-quarter results were offset by a reduction of $144 million of the contract value for Seadrill’s West Jupiter rig, which is working for Total SA in Nigeria, Nordea AB said in a note to clients. Seadrill expects Ebitda of about $340 million in the fourth quarter, it said late on Tuesday. Group backlog fell to $7 billion in the third quarter from $8 billion in the previous quarter, and it warned that most of new contracts being awarded were at or near cash-flow break-even levels. “While our long-term view of the market for high specification drilling rigs remains positive, in the near term the offshore drilling sector remains extremely challenging,” the driller said.

Seadrill-Fintech 6/29/2013
Seadrill 38 Ltd Delaware 5/16/1990
Seadrill 41 Ltd Delaware 5/16/1990
Seadrill 42 Ltd Delaware 5/16/1990
Seadrill 89, Ltd Delaware USA 9/11/1991
Seadrill 96, Ltd Delaware USA 9/17/1991
Seadrill Alliance 5/4/2012
Seadrill Aquila 7/3/2013
Seadrill Auriga 11/3/2010
Seadrill Brunei 11/23/2012
Seadrill Callisto 10/3/2012
Seadrill Capricorn 10/28/2009
Seadrill Carina 9/20/2012
Seadrill Castor 10/22/2010
Seadrill China Operations 6/29/2010
Seadrill Common Holdings 1/20/2011
Seadrill Cressida 4/15/2010
Seadrill Deepwater Charterer 7/8/2008
Seadrill Deepwater Contracting 4/19/2011
Seadrill Deepwater Crewing 9/29/2006
Seadrill Deepwater Holdings 4/19/2011
Seadrill Drome 7/31/2013
Seadrill Dorado 7/3/2013
Seadrill Draco 7/3/2013
Seadrill Eclipse 11/20/2012
Seadrill Egypt Operations 1/16/2007
Seadrill Eminence 12/4/2007
Seadrill Equatorial Guinea 2/13/2013
Seadrill Esperanza 4/19/2011
Seadrill Freedom 8/8/2013
Seadrill GCC Operations 7/27/2006
Seadrill Gemini 3/25/2009
Seadrill General Holdings 11/29/2012
Seadrill Ghana Operations 1/20/2011
Seadrill Global Services 2/13/2013
Seadrill Holdings Ltd Delaware 7/20/1993
Seadrill Hyperion 6/19/2013
Seadrill Indonesia 6/4/2008
Seadrill Insurance 9/29/1994
Seadrill Invest I 2/13/2005
Seadrill Invest 3/1/2004
Seadrill Ivory Coast Operations 9/8/2011
Seadrill Jack-Ups Contracting 4/21/2011
Seadrill Jack-Up Holding 8/22/2005
Seadrill Janus 7/6/2010
Seadrill Jaya 7/6/2010
Seadrill Juno 4/29/2010
Seadrill Jupiter 2/15/2012
Seadrill Leo 11/18/1011
Seadrill Libra 7/3/2013
Seadrill Limited 5/10/2005
Seadrill Ltd 5/16/1990
Seadrill Management Ame 6/5/2008
Seadrill Mimas 7/31/2013
Seadrill Mira 5/3/2012
Seadrill Neptune 2/15/2012
Seadrill Oberon 10/29/2010
Seadrill Orion 2/16/2010
Seadrill Payroll 1/2/2007
Seadrill Pelaut 5/4/2012
Seadrill Polaris 3/7/2008
Seadrill Prospero 2/23/2005
Sea Holdings C/o Codan Services Ltd
Sealift Since January 2007, spun-off from Frontline. It converts ageing crude-oil tankers into rig transporters, sells shares to the public is listed on the Oslo stock exchange.
Searchlight 2017. December 27. A new company is to offer enhanced due diligence investigations and reports aimed at helping businesses avoid falling foul of increased regulations, and suffering reputational damage. Searchlight is a spin-off from Oyster Consulting (Bermuda). The team will include experienced staff who have worked in the fields of law enforcement, investigation, compliance and fraud detection. Henry Komansky is part of the team, and he explained the importance of knowing who you are dealing with in the business world, whether it be your own staff and directors, or clients and third-party vendors. He said that need has never been higher because getting it wrong can result in substantial damage to a business’s brand and reputation. Reputational damage is now widely viewed as the top risk-management concern globally. It has topped the list of a number of surveys in the past few years, including this year's Aon PLC’s Global Risk Management Survey. And with more stringent regulations being enacted, including anti-money laundering and antiterrorism financing regimes, and Bermuda’s Bribery and Corruption Act 2016, there is a need and demand for enhanced due diligence services, according to Mr Komansky. 

Oil driller and well-service provider that acquired Allis-Chalmers Energy in 2010 and planned to purchase several oil-service technology companies by the end of 2010.

SCMP Group c/o Butterfield Fund Services (Bermuda) Ltd
Seaview Trading Partnership (Bermuda) C/o Conyers Dill & Pearman. Owned by two Malaysian entities
Securis ILS Management 3/20/2014. O'Hara House, Bermudiana Road, Hamilton. Securis Investment Partners are London-based investment managers. With five registered insurance-linked entities
Securis LCM Holdings 8/29/2014. See above. 
Securis Re I 3/20/2014. See above. Special purpose insurer
Securis Re II 4/2/2014.See above. Special purpose insurer
Securis Re III 4/2/2014. See above. Special purpose insurer.
Securis Re IV 4/2/2014. See above. Special purpose insurer.
Securis Re LCM 9/3/2014.See above
Securis Re V 5/6/2014.  See above. Special purpose insurer
Securis (Bermuda) Holdings 3/20/2014. See above
The Scott's Cove  Fund Hedge fund, by Optima Fund Management.
Sedona C/o Lines Overseas Management
Sedgwick Chudleigh 10/17/2012. International law firm with a Bermuda office. E.W. Pearman Building, 20 Brunswick Street, Hamilton HM 10, Bermuda. Tel: 441.296.9276.  Fax: 441.296.9277
Sedgwick Forbes Middle East 10/25/1976
Sedgwick Group Overseas Management Services 3/6/1975
Sedgwick Group (Bermuda) 12/29/1981
Sedgwick Management Services (Bermuda) 4/23/1973
Sedgwick (Bermuda) 5/18/1971
Sellas Life Sciences 2016. December 16. Biopharmaceutical firm Sellas has appointed financial management veteran Bill Pollett as its chief financial officer. Sellas, which develops immuno-therapeutic products to treat a variety of cancers, said they were pleased to attract a CFO with Mr Pollett’s experience. Dr Angelos Stergiou, CEO of Sellas, added that Mr Pollett’s appointment would assist the company in becoming a leader in its field. Mr Pollett added: “Having the opportunity to work for an innovative biopharmaceutical company that is on the verge of final-stage clinical testing is an exciting professional opportunity and especially unique in Bermuda. “I look forward to helping the company grow in the new headquarters in Bermuda.” Mr Pollett was formerly president and CEO of Blue Capital.

2016. November 16. A biopharmaceutical company with cancer treatment drugs in development that has relocated from Switzerland to Bermuda expects its on-island staffing level to eventually be in double-digits. Sellas Life Sciences Group has started the process of assembling its Bermudian-based team, which includes a chief financial officer already on the island. Going forward, the company is looking to build a larger presence at its offices at O’Hara House, on Bermudiana Road. And it is hoped the arrival of Sellas, which was announced yesterday, will encourage other companies in the biopharmaceutical sector to set-up or relocate to Bermuda. “I’m excited to bring a new business to the island, and hopefully we can be a shining star and attract others to Bermuda,” said Angelos Stergiou, chief executive officer of Sellas. He believes Bermuda has the potential to attract biotech and ‘big pharma’ businesses, and he was complimentary of the way Bermuda facilitated a quick, streamlined process for Sellas to redomicile. Dr Stergiou said the company encountered almost no bureaucracy as it moved its head office to the island. The process took less than six months. The island’s receptiveness to new business was something Dr Stergiou had been made aware of by Equilibria Capital, the largest shareholder of Sellas. Equilibria is an asset-management company that set up in Bermuda in 2011. “They encouraged us to consider re-domiciling to the island,” he said, adding that Equilibria has spoken “very highly” of Bermuda and its business environment, but it was something he wanted to check for himself. He did so through meetings with the Bermuda Business Development Agency and Bermuda Government officials. “I came out of the meetings highly encouraged,” he said. “We have found it easy to set up our business here and would wholeheartedly encourage other biotech companies to consider moving to the island.” Dr Stergiou said there had been key factors behind the decision to redomicile. One was the island’s proximity to the US and its significant market. The company also has an office in New York. Being based in an English-speaking jurisdiction was a further consideration for the company. Additionally, Dr Stergiou said: “We could find great talent on the island. It is important to have that talent — people who have worked in the world of finance.” He mentioned Bermuda’s strong legal system, political stability, infrastructure, its quality workforce and the corporate tax structure as other considerations. Looking at the wider picture for the biotech and big pharma sector in the wake of Donald Trump’s victory in last week’s US presidential elections, Dr Stergiou noted the market’s positive reaction to the prospect of the new administration. “Biotech and biopharmaceutical is recession proof. With the incoming administration our sector will benefit.” Sellas was founded in 2012, and has 13 full-time staff, based in Bermuda and New York. The company focuses on the treatment of various cancers through its immunotherapy agent, called galinpepimut-S, developed at, and licensed from, Memorial Sloan-Kettering Cancer Centre in New York. In a statement, Sellas said the effectiveness of the agent in treating cancers such as acute myeloid leukemia and malignant pleural mesothelioma in phase two clinical trials has been “very encouraging”. The company is now ready to enter into the final stage of clinical testing, phase three, for both of these indications. Sellas also has ongoing trials targeting ovarian cancer, multiple myeloma, and will also enter into clinical studies for glioblastoma multiforme and chronic myelogenous leukaemia shortly. “Sellas’ cancer treatment immunotherapies are potentially applicable to over 25 types of cancers and could have a material impact on the way that cancers are treated,” the company said in a statement. Dr Stergiou, who is in the process of moving to Bermuda, said: “It is a great island to do business. I’m particularly excited about giving support to the island to encourage companies to come to Bermuda.” Regarding the move, Daniel Tafur, partner at Equilibria, said: “We are delighted that Sellas has moved its headquarters to Bermuda. We are confident that the company will find the island an excellent base from which to grow and continue to develop and commercialize its innovative cancer therapies.” Ross Webber, CEO of the Bermuda Business Development Agency, said: “We have been working for a while to attract biotech and life-science companies to Bermuda, and the move here by Sellas is a very positive development that not only creates jobs but also helps diversify our economy. The BDA has worked with Sellas and its advisers for nearly six months, and we are proud to see them establish a physical presence on the island. It brings new jobs for Bermudians immediately, and we fully expect more will follow.”

Senator Fund SPC  
Sequant Re Holdings Since 2012. Seventh floor of Cumberland House, in Victoria Street, Hamilton. Formed by Guy Cloutier, to begin the development, licensing and financing of Sequant Re (see below). The firm said it had prepared for the launch by actively talking to brokerage firms with a view to establishing long-term partnerships for the sourcing of risks and development of products.  Mr Cloutier, a qualified actuary, has spent 14 of his 35 years in the insurance industry working in the Bermuda market. He began his career in Canada and after working for several companies in senior executive positions, he founded Canadian Insurance Direct, an operation he grew to 200 staff and more than 100,000 customers in the space of four years. After running a consulting firm in Bermuda for four years, he built a reinsurance operation called American Safety Re, which wrote third-party reinsurance in the US and London markets from Bermuda.
Sequant Re

Sequant Re

Since December 2014. Seventh floor of Cumberland House, in Victoria Street, Hamilton. A new reinsurance Class 3 insurer with the aim of expanding the reach of insurance-linked securities (ILS), formed by Sequant Re Holdings Ltd. Sequant Re combines ILS and Bermuda's unique segregated account structure to offer a flexible and highly efficient platform for the transfer and securitisation of insurance risks. The founding principals are chief executive officer Guy Cloutier, formerly of American Safety Re, and chief risk and underwriting officer David Lalonde, a former senior vice-president at AIR Worldwide who spent 19 years with the catastrophe modeling team. The new company's directors include Peter Hughes, founder and chairman of Apex Fund Services, a Bermuda start-up which has become one of the world's largest independent fund and private-equity administration companies with $30 billion in assets under management. Andrew Cooke, former treasurer at Lumbermen Mutual casualty Company where he managed a $2.5 billion investment portfolio, is also a director. Sequant Re's goal is to lower barriers for investors and expand the reach of risk transfer and securitisation solutions in the reinsurance market. It will allow investors of any size to participate in the risk transfer business with as few limitations as possible, whether the commitment is short term and opportunistic or long term and strategic. Sequant Re is licensed for all lines of insurance business, except life insurance.

Serafina Holdings 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 (see above). 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.
Serco Inc Since 11/30/2001. Headquartered in Reston, Virginia. Works globally in assisting federal and regional governments including in Bermuda where it provides weather and airport-related services. Two other Serco companies are also Bermuda-incorporated.
Serco International Corp Since 11/29/1991
Serco Ltd Since 1/19/1978
Serena Fund Ltd (The) Since 9/2/2005
Serena Trading Since 7/21/1997
Serendip Investments Since 12/3/2007
Serenica Since 12/22/2011
Serenity 2 Since 4/7/2006
Serenity Since 1/4/2006
Serfimex Ventures I Ltd BVI Since 7/3/1992
Sergeant Majors Since 4/15/1999
Serica Company Since 8/7/1981
Serico Bermuda LP Since 6/17/2005
Serico PP (Ber) LP Since 7/8/2005
Series Insurance Since 12/10/1980
Series Overseas Investment Since 8/5/2003
Serpentine Motors Since 1/5/1979
Serpentine Properties Since 5/21/2008
Serra Do Navio Since 5/27/2008
Serra Shipping 11/26/1973
Serrana Holdings 11/10/1999
Service Aviation 3/9/1994
Service & Drilling 4/26/1978
Servicepro 6/3/2002
Services CV Management 12/18/2002
Servisen Investment Management 1/2/1998
Servisen Private Equity 2001 2/21/2001
Servisen Private Equity Fund 12/20/1996
Servisen Private Equity Fund II 1/26/1998
Servisen Private Equity Fund III 10/3/2001
Shearwater Capital Group (Bermuda) Co 12/16/2008
Shearwater Capital Group (Bermuda) LP 12/24/2008
Shearwater Capital Management (Bermuda) Co. 12/15/2008
Shearwater Capital Management (Bermuda) LP 12/24/2008
Shearwater Capital Partners I (Bermuda) LP 12/24/2008
Shearwater Capital Partners I (Reservoir) LP 12/24/2008
Shell Company of Bermuda This huge Anglo-Dutch oil company has many (over 45) Bermuda subsidiaries, as mentioned both below and in the case of Solen Insurance, a major subsidiary. 4th Floor, Cedar House, Cedar Avenue, Hamilton..
Shell Australia Natural Gas Shipping 11/17/1989
Shell Bermuda (Overseas) 1/2/1952
Shell Caribbean and Central America 10/23/1996
Shell Cuiaba Holdings 6/30/1999
Shell Deepwater Borneo 12/1/2004
Shell Electric Holdings 8/20/2009
Shell Enterprises 7/17/1958
Shell EP International 7/14/2003
Shell Exploration and Production Guyana 9/9/2008
Shell Fuel Distribution Company (Bermuda) Ltd Amg 8/7/2006
Shell Gabon Holdings 12/21/2000
Shell Generating 10/9/1997
Shell Holdings Bermuda) 12/10/1962
Shell International Gas and Power 12/17/2003
Shell International Trading Middle East 10/18/1999
Shell Iran Offshore 12/20/1999
Shell Markets (Middle East) 12/6/1963
Shell Mexico Exploration and Production Investment Ltd Con't 12/21/2007
Shell Middle East Trading Co. 2/18/1955
Shell Offshore Central Gabon 6/21/2007
Shell Oil and Gas (Malaysia) LLC 7/3/2003
Shell Oman Trading 11/17/2000
Shell Overseas Holdings (Oman) 10/23/1996
Shell Overseas Trading  1/2/1952. Was for many years at Ferry Reach, St. George's until it sold its Bermuda-based gasoline stations.
Shell Petroleum (Malaysia) 7/31/1985
Shell Point 5/1/2001
Shell Point 6/12/1989
Shell Saudi Arabia (Refining) 4/21/1967
Shell South Syria Exploration 12/13/2006
Shell Trading (M.E) Private 1/26/1984
Shell Trust (Bermuda), The 5/19/1953
Shell Trust (UK Property) 10/27/2003
Shell Venezuela Hydrocarbons 1/30/1996
SHEP C/o Lines Overseas Management
Ship Finance International Multi-billion dollar entity. Most of its vessels are leased to Frontline Ltd., the world's biggest oil-tanker operator by capacity. It was spun off from Frontline in June 2004

2018. March 2. Ship Finance International Ltd has reported fourth quarter earnings of $20.1 million, or 20 cents per share. The Bermuda-based company’s earnings, adjusted for one-time gains and costs, were 24 cents per share. The results fell short of Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 25 cents per share. The company has 14 oil tankers, 22 dry bulk vessels, 24 container ships and nine offshore vessels. It posted revenue of $96.1 million in the period. For the year, the company reported profit of $101.2 million, or $1.06 per share. Revenue was reported as $380.9 million. Ship Finance shares have dropped 3.5 per cent since the beginning of the year. The stock has climbed slightly more than 2 per cent in the last 12 months..

Shore Capital Group

Investment bank, focused on equity capital markets, alternative asset class fund management and principal finance, has a secondary listing on the Bermuda Stock Exchange.

Shyft Network Inc 2019. January 10. Bermuda will become a global hub for new digital industries, a blockchain pioneer predicted yesterday. Bruce Silcoff, the chief executive of Shyft, said yesterday the island could be a leader in a “fourth industrial revolution”. Shyft signed a memorandum of understanding with the Government last May and pledged to invest up to $10 million in Bermuda over a three-year period by creating jobs and boosting local businesses, education and infrastructure. Mr Silcoff has also teamed up with Bermudian-based personal data management technology firm Trunomi to launch Perseid, a digitized national identity scheme, this year. He was unable to put a figure on the number of Bermudian jobs that would be filled in the short term, but he said island employment would be created “gradually”. Mr Silcoff told The Royal Gazette: “If we build it, they will come. Once we demonstrate the proof of concept to the world, businesses will come, investors will come and then you will see jobs rapidly growing here. It has to be for Bermudians. If there are jobs here, not only are you going to keep your local residents but you will attract new people. You are no longer going to be just a tourist location, you are going to be the blockchain hub for the world — that’s how we deliver jobs, that’s how we deliver the future. We want to educate and retool the citizens of Bermuda. You’ve been victimized by a brain drain in Bermuda, your young children go off to university, get trained and educated and don’t come back until they’re older — you have a gap.” Mr Silcoff, who is based in Toronto and visited the island this week, added: “Bermuda will be a global hub for blockchain.” He said if the sector was as successful as he and many others predicted it will be, and marked a “fourth industrial revolution, then Bermuda will be at the epicentre of it and every citizen in this country stands to benefit. All those children that have gone away until retirement will no longer go away. The people that are away will now have an opportunity to return to Bermuda. This will help repatriate all those people and it will help keep the young brains, the young talent, from leaving.” The entrepreneur said for every 14 jobs in the sector there was only one person available. He claimed investment, business and education in the industry meant Bermuda would become recognized as “a leading jurisdiction” in blockchain. Mr Silcoff praised David Burt, the Premier, and his government for their efforts to cultivate digital asset business and said the Progressive Labour Party administration had “walked the walk” to attract companies to the island. He added: “There is so much opportunity in blockchain. What I would like to do, and what the Premier wants to do, is tool the youth of Bermuda. We want to tool all citizens of Bermuda with blockchain expertise that can be sold to the rest of the world. That will change the landscape of this country.” Mr Silcoff said education in the sector could be delivered on-island or electronically. He said: “I’m a business owner, I would love to be able to pull talent from a local pool. That to me is the ideal situation and if I know that, that’s another reason why I’m going to set up in Bermuda.” 

2018. June 1. In a memorandum of understanding (MOU) signed with the Bermuda Government, Shyft Network Inc re-affirmed its pledged to spend up to $10 million on investments in Bermudian-based companies and education.

2018. May 16. Blockchain technology company Shyft has pledged to invest up to $10 million in Bermuda over a three-year period, creating new jobs, helping to re-skill workers and investing in local businesses, education and infrastructure. Those are some of the highlights of a Memorandum of Understanding signed by the company and the Bermuda Government in New York City. The company has also signed a separate MOU with Bermuda-headquartered Trunomi, which aims to leverage Shyft’s blockchain technology with its expertise in consumer consent frameworks to support Bermuda in the implementation of an electronic ID framework. The memorandum with the Government was signed by David Burt and Joseph Weinberg, chairman of Shyft. Mr Weinberg said: “Shyft has an ambitious objective of building a global digital identity ecosystem that gives all citizens the opportunity to participate. We have a goal of leveraging new technology to make positive and inclusive change. We have found a similar intent and aspiration with the Government of Bermuda.” In a statement, Shyft said it was “thrilled to support Bermuda’s vision of leading the world in digital asset regulation by leveraging Shyft’s expertise in know-your-customer, anti-money laundering and blockchain based identity verification.” Other highlights of the memorandum include a pledge that Shyft will collaborate with the Government and all necessary oversight agencies in the development and improvement of a robust legal and regulatory framework. It will also support training of Bermudians in blockchain technology and software development. The Premier said: “The Government of Bermuda has decided to lead the way and build interoperability into the government legislation, in essence, approach regulatory frameworks with exportability in mind. This is our Bermuda jurisdiction as a service, the high level of exportability ‘stack’ that includes technology, regulation, process and protocol that we have built with assistance and commitment of modern companies like Shyft with expertise in handling KYC and AML compliance. As a result, the country is able to accelerate economic growth, create jobs and attract global interest.” Mr Burt added: “We’re leading the world in digital assets regulation, there’s no other country that provides comparable certainty and progressive regulatory environment.” Regarding the MOU with Trunomi, Bruce Silcoff, chief executive officer of Shyft International, said: “I’m proud to announce that as a result of this partnership and its strong synergies, entrepreneurs, enterprises, and blockchain companies all over the world will be able to leverage Shyft and Trunomi technologies to launch new products and services in Bermuda and globally.” Shyft states that it is building the world’s first modern, secure, multi-stakeholder blockchain-based digital identity solution that enables KYC/AML attested data transfers.

Signet Jewelers

Signet stores in UK

Signet stores in UK

Zales in USA, acquired by Signet

Zales in USA

Bermuda-domiciled since 2008. World's largest specialty retail jewel stores, Jewellery giant in UK and all 50 states of the USA, was London-based until 2008, operates nearly 2,000 retail stores, Kay Jewelers and Jared, etc in the USA and H. Samuel, the leading specialty jeweler in the UK, Ernest Jones, somewhat more upscale there than Samuel but as prolific and fashion-conscious Leslie Davis with far fewer UK retail outlets. Also moved its primary listing to the New York Stock Exchange. It relocated to Bermuda mostly for tax-savings reasons, alo to make the stock eligible for inclusion in US domestic stock indexes with a primary stock listing on the New York Stock Exchange, given most of its shareholders are American. In April 2014 it began to acquire the Zale Corporation as the waiting period required under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 expired.. Zale Corporation is a leading specialty retailer of diamond and other jewellery products in North America, operating approximately 1,660 retail locations throughout the United States, Canada and Puerto Rico, as well as online. Zale Corporation’s brands include Zales Jewelers, Zales Outlet, Gordon’s Jewelers, Peoples Jewellers, Mappins Jewellers and Piercing Pagoda. The merger created a $6.2 billion organization.

2017. May 26. NEW YORK (Bloomberg) — Bermuda-based Signet Jewelers Ltd’s plan to shift away from beleaguered US shopping malls can’t come soon enough. The retailer posted a nearly 12 per cent plunge in same-store sales last quarter, a sign that sluggish mall traffic is weighing on the company’s jewellery chains. Analysts had predicted a less severe drop of 8.4 per cent, according to Consensus Metrix. Signet, owner of the Kay, Zales and Jared brands, has been racing to decrease its reliance on mall locations. The effort has included upgrading its website, increasing marketing and introducing products that can draw younger consumers. But relocating stores is key to the push: the company announced in March that it will close many of its mall locations and reopen some of them in places with better traffic. Yesterday, the company said it’s on track to close about 165 to 170 stores this fiscal year. It will open 90 to 115 new stores elsewhere. For now, the retail headwinds are blowing strong, said chief executive officer Mark Light. "A slowdown in jewellery spending in particular also weighed on results. We had a very slow start to the year,” he said. The shares fell as much as 7 per cent to $50.72 in afternoon trading in New York after the results were posted. The stock was down 42 per cent this year through Wednesday’s close. Signet also announced plans yesterday to begin outsourcing its in-house credit programme. The company will start by selling $1 billion of its prime accounts to Alliance Data Systems Corp. It will retain its existing nonprime accounts on its balance sheet and continue to open new accounts, but it will outsource the servicing function to Genesis Financial Solutions for at least five years. And Signet will embark on a seven-year partnership with an Aaron’s Inc. subsidiary to provide a lease-purchase programme to Signet customers who don’t qualify for credit. Signet, based in Akron, Ohio, began reviewing its in-house credit operations after investors raised concerns that its earnings can become too reliant on the business.

SIH 2017. October 3. Sompo International Holdings Ltd has launched a new insurance platform and global clearance system, as it aims to offer clients options across insurance and reinsurance markets to help them manage their risks. SIH, which is based in Bermuda, was established after Japanese insurance giant Sompo Holdings acquired island-based Endurance Specialty Holdings Ltd in March this year in a $6.3 billion deal. SIH, which is led by chairman and chief executive officer John Charman, is aiming to set “a new global standard” for the industry, by offering customers a wide array of products on one web-based platform. Mr Charman said: “I am delighted with the substantial progress that we have made to date in integrating the various operating entities that comprise Sompo International. Of course, complete integration will take time and we are committed to accomplishing this in a thoughtful and deliberate manner while keeping the best interests of our clients, trading partners and employees at the forefront. The launch of our new global clearance system is just the first step as we continue to modernize and transform our technology platform across all lines of business and geographies. In keeping with Sakurada-san’s vision, we remain steadfastly focused on creating and growing a highly profitable, globally integrated business that is unique in the history of our industry.” All the former Endurance companies were transferred to SIH on September 27 in the first step to create the global clearance system. The company intends to transfer the Sompo America companies and Sompo Japan Nipponkoa Insurance Company of Europe Ltd to SIH in the near future. The intention is to bring all other Sompo worldwide subsidiaries under the ownership and control of SIH. Kengo Sakurada, CEO of Sompo Holdings, said: “Starting with the solid oversight for all commercial lines of products, this reorganization and the alignment of our global platform under John Charman’s leadership is the next logical step in our journey to fulfill our vision to build the first truly global integrated insurance and reinsurance business.”
Silverton Re Bermuda-based, set up in 2013 as a special purpose insurer with start-up capital of $65 million to provide additional collateralised capacity to back its parent company's global reinsurance business. A subsidiary of reinsurance firm Aspen Re. In December 2014 Aspen renewed this subsidiary for next year with $85 million in capital. Used to help investors with access to diversified catastrophe risk and write a quota share of Aspen Re's catastrophe portfolio. Aspen Re CEO Stephen Postlewhite said:  "Our objective when we established Silverton Re was to partner with the capital markets so that we are able to provide investors with access to diversified natural catastrophe risk backed by the distribution, underwriting, analysis and research expertise of Aspen Re. We are pleased with the progress that we have made in developing strong partnerships with new investors." A total of $15 million was provided by Aspen, with the remaining $70 million raised from outside investors. Silverton Re will enter into a quota share retrocession agreement with Aspen Bermuda Limited under which Silverton Re will reinsure a proportionate share of Aspen Re's globally diversified property catastrophe excess of loss portfolio. 
Singapore Hotel PP (Ber) LP Formed by Lehman Brothers Offshore Real Estate Associates II
Sirius Bermuda Insurance Company See below
Sirius International Insurance Group

Sirius Insurance Group

2019. February 4. The board of Bermuda-based reinsurer Sirius International Insurance Group Ltd has elected a new chief executive officer and a new chief financial officer. Kernan “Kip” Oberting will succeed Allan Waters as CEO of Sirius Group, and Ralph Salamone will replace Mr Oberting as CFO, in each case effective February 9, 2019. The company said it was implementing its succession plan. In addition, Meyer (Sandy) Frucher, the chairman of the Nominating and Governance Committee of the Sirius board, was appointed as interim non-executive chairman. Mr Waters has stepped down as a director of Sirius Group, effective February 9, 2019, and will stay on to provide advisory services to Mr Oberting and other senior executives. Mr Oberting, 49, has served as president of Sirius Group since September 2018 and CFO since April 2016. He has also served as president of Sirius Capital Markets since April 2016. Prior to that, Mr Oberting served as a senior partner of White Mountains Capital from July 2012 until April 2016. Mr Salamone, 52, is the CEO of Sirius Global Services, a position he has held since 2010. He has also served as the CFO and treasurer at Sirius America Insurance Company since 2012. Mr Frucher said: “On behalf of the board of directors, I want to thank Allan for his remarkable leadership as CEO. Allan has left a significant legacy and made lasting contributions to Sirius Group. Under his leadership, Sirius Group was publicly listed and diversified its shareholder base with four globally recognized investment firms as cornerstone investors. Today’s leadership announcement is part of a thoughtful succession plan culminating in Allan’s existing management team being appointed to continue to lead Sirius Group into the future.” Mr Oberting said: “I am honored and privileged to be the next CEO of Sirius Group, and I appreciate the confidence that Allan and the board of directors have placed in me. I also want to thank Allan for his constant support, and am fortunate to have him as both a mentor and friend.” Sirius Group is a Bermuda-based holding company with re/insurance operating companies in Bermuda, Stockholm, New York and London.

2018. June 26. Bermuda-based insurance holding company Sirius International Insurance Group Ltd is to merge with asset management company Easterly Acquisition Corp. The combination will result in Sirius becoming a publicly listed company, with shares to be listed on the Nasdaq Stock Exchange. The move comes as Sirius, which is controlled by Chinese investors, announced that its agreement to buy a controlling stake in Israeli insurer Phoenix Holdings is set to be terminated by next Monday. Sirius was sold two years ago for $2.6 billion by White Mountains Insurance Group to China Minsheng Investment Corp. Sirius Bermuda Insurance Company is the main operating company in the group, which wrote $1.44 billion of gross written premiums last year. The group also has offices in London, New York and Stockholm. Easterly is based in Beverly, Massachusetts and under the terms of the deal the US asset manager would merge with a subsidiary of the Sirius Group. On closing of the merger, Easterly’s common stock would be exchanged for Sirius Group’s common shares at a price of 1.05 times Sirius Group’s pro forma diluted book value per share as of June 30, 2018. The all-stock transaction would yield a combined entity with a market capitalization of about $2.2 billion at closing, with Easterly stockholders owning approximately 7 per cent of the combined company. We are pleased to become a public company though our partnership with Easterly,” said Allan Waters, chief executive officer and chairman of Sirius Group. Access to the public equity markets will facilitate and accelerate our future growth via M&A transactions and organically.” Easterly has scheduled a special meeting of its stockholders for June 28 to approve an extension of time to complete a business combination through November 30, 2018. Assuming that Easterly’s stockholders approve the extension period, Sirius Group has agreed to lend to Easterly 3 cents per month through the extension period for each public share that is not redeemed at Easterly’s special meeting of its stockholders on June 28, 2018,” Sirius stated. Avshalom Kalichstein, CEO of Easterly, said: “We are excited to bring a company of the scale and stature of Sirius into the public markets. We believe this transaction will offer tremendous value to our shareholders.” Easterly will deposit such loan proceeds into its trust account upon receipt. The loan will be forgiven if the merger does not close by November 30, 2018.

SKN Holdings C/o Lines Overseas Management
Sky Games International February 1995. Developed a sophisticated remote-control gaming entertainment system marketed by Interactive Entertainment Ltd. (IEL), the company's joint venture with casino operators Harrah's Entertainment Ltd. It provides airlines and their long-haul passengers with popular casino games including bingo, blackjack, draw poker and Keno. The electronic boards weigh about 14 ounces. Their use is confined to flights in international air space.
Skyport See under www.bermuda-online.org/airport.htm 

2018. June 26. Passengers and visitors at LF Wade International Airport should have plenty of food and drink options to choose from when the new terminal opens in 2020. Plans have been drawn up for almost 11,000 sq ft of food and beverage concession space, split between the airside and landside of the building. The largest of the five new concessions will cover 3,601 sq ft and be located in the non-US international departure area. At present, there is no food and beverage concession airside for passengers heading for Canada or the UK. The first stage of the process to find food and beverage concession operators for the new terminal has begun. Bermuda Skyport Corporation Ltd is inviting expressions of interest from qualified food and beverage concessionaires to finance, market, operate and maintain one or more of the concessions locations. Skyport is responsible for the LF Wade International Airport operations, maintenance and commercial functions. It is also overseeing the construction of the new terminal. A comprehensive plan for food and beverage outlets in the new terminal has been drawn up by London-based Pragma Consulting, which has worked on numerous airport projects, including London Heathrow and La Guardia in New York. Ken Hassard, Skyport’s commercial director, said there would not be a central food hall area for passengers — a concept found at larger airports. He explained that with less than one million passengers passing through the airport each year, and departing passengers being segregated between the US pre-clearance portion of the terminal and those on non-US flights, the airport does not achieve the critical mass of passengers needed to make a food hall a feasible option. However, the new terminal will have two food and beverage concessions on the ground floor landside, that is the public areas open to all. One unit is in the check-in area, while the other is in the “meet-and-greet” arrivals location. The other three units will be airside on the first floor of the new terminal. These are for passengers who have passed through the security screening area. There will be two concessions in the US departures side, totaling 3,824 sq ft, and one large concession in the international departure area. This month, Skyport also invited expressions of interest from qualified retailers to market, operate and maintain retail concessions in the new terminal. There will be ten retail units, split between the airside and landside of the building. The total retail space will be more than 9,500 sq ft. The call for expressions of interest for the retail units closed last Friday. Carrie Thatcher, Skyport’s commercial manager, said there had been quite a number of expressions of interest. Qualified food and drink concessionaires interested in operating one or more of the units at the new terminal should submit a summary of qualifications and experience to Skyport by Friday. Skyport has requested that those expressing an interest “should demonstrate capability to finance, design, implement, market, manage and operate a high-quality food and beverage concession”. Request for proposals will be issued to qualified parties in August.

SL Holding, LP Formed by LSF4 Global Management Ltd
Small Island Investments

Bermuda corporation, based in Boston, Massachusetts, an affiliate of a company that owns and operates three restaurant brands operating in Canada and the US generating approximately $75 million in annual revenues. In December 2010 it bought 4.2 million shares worth $2.1 million from Good Times Restaurants Inc. following shareholder approval of the transaction. Good Times Restaurants reported it simultaneously entered into an amended credit agreement with Wells Fargo Bank on its existing term loan that modifies certain financial loan covenants and collateral commitments. 

Smartone Telecommunications Holdings  C/o Conyers Dill & Pearman
SNP Lee Fung Holdings  
Socius CG II

In January 2011 it struck a $5 million deal to buy securities from Bionovo Inc, a pharmaceutical company focused on the discovery and development of treatments for women’s health and cancer.

Sol Petroleum Bermuda 2017. February 1. Seniors can get a fuel discount for eight weeks under a promotion from Sol Petroleum Bermuda, its family of Esso service stations and Age Concern. Anyone aged 50 or older can get 10 per cent off fuel purchases at Esso every Tuesday until March 21 when they sign up as a member of Age Concern. According to a press release, the promotion is intended to help Bermuda’s seniors and raise awareness about Age Concern. Jonathan Brewin, general manager of Sol Petroleum Bermuda Ltd, stated: “We are happy to launch the Esso Age Concern promotion for a second year in a row. “It not only benefits our seniors, but sheds light on the many benefits that Age Concern presents to its membership. We hope this promotion creates more awareness for the charity in general as well as helping our seniors save money at the pump.” Claudette Fleming, executive director of Age Concern, said: “I wish to extend sincere thanks to Sol Petroleum Bermuda Ltd, Esso Gas Stations and their staff for their continued commitment to Age Concern. “In the face of retirement many older adults are looking for ways to minimise their living expenses as prices continue to rise year on year. 10 per cent on fuel is a big deal for seniors and will be greatly appreciated.” Participating Esso gas stations are in St David’s, St George’s, Crawl, Collector’s Hill, BIU, Esso City, Warwick, Port Royal and Sandys. To sign up for membership, visit ageconcern.bm.
Solen Insurance 11/10/1981. 4th Floor, Cedar House, Cedar Avenue, Hamilton. One of Shell's many (over 45) Bermuda subsidiaries. One of the major subsidiaries of this huge Anglo-Dutch oil company. This one is engaged in the insurance of Shell's oil transportation, oil refining and ships. 
Somers 2018. May 9. Somers Ltd’s first-quarter profits rose on the back of an increase in the value of the companies in which it invests. The financial-services holding company and owner of Bermuda Commercial Bank, said net income for the first three months of the year was $18.5 million, up from $4.1 million in the first quarter of 2017. The Bermuda Stock Exchange-listed company’s net asset value per share was $19.91 at the end of March, compared to $18.55 six months earlier. Somers reported a $16.4 million gain on its investment portfolio during the three months — principally due to an increased valuation of the company’s holding in Australian lender Homeloans Ltd due to a stronger financial performance. The bulk of Somers’ investments are in three companies — Homeloans at $138.2 million, BCB at $101.8 million and UK wealth manager firm Waverton Investment Management Ltd at $91.2 million, which together represent 83.9 per cent of total investments. BCB made a profit of $0.8 million during the six months and a capital ratio of 23.3 per cent. Homeloans reported normalized profit after tax of A$12.9 million ($9.94 million) for the six months ended December 31, 2017 and assets under management of A$11.1 billion. Waverton has assets under management of £5.3 billion ($6.7 billion), while PCF, a UK specialists bank in which Somers has a 65.7 per cent stake, has retail deposits of £100 million ($135.7 million). The Somers board declared an interim dividend of 21 cents per share for the six months of the company’s financial year. Warren McLeland, chairman of Somers, said: “The investee companies continue to perform strongly with excellent financial results. In particular, assets under management growth at Homeloans and strong deposit and loan growth at PCF has been pleasing. While markets are currently more volatile, our investments continue to produce strong operating earnings. The company’s valuations have also been positively impacted by an increase in the value of sterling in the quarter which more than compensated for the slight fall in the value of the Australian dollar.” Somers’ net foreign exchange gains were $2.7 million for the quarter. During the three months, the UK pound appreciated 3.9 per cent versus the US dollar while the Australian dollar depreciated by 1.6 per cent. Mr McLeland added: “Post the quarter end we agreed to sell our investment in Merrion Capital and it is anticipated that this transaction will complete later in 2018.” Somers’ share price ended the period at $14.25 — where it remained on the BSX yesterday — a discount of 28.4 per cent to the company’s net asset value per share.

2018. February 23. Somers Ltd generated net income of $15.5 million in the last three months of last year, helped by a strengthening of the UK pound. The Bermudian-based financial-services holding company, which owns Bermuda Commercial Bank, reported strong results across all its major investments. In what was the first quarter of Somers’ fiscal year, earnings were 80 cents per share, compared to a 63-cent loss in the same period in 2016. Warren McLeland, chairman of Somers, said: “The first quarter of the year has been positive for our major investments with the majority recording strong financial performances. Our portfolio valuations were supported by favorable currency movements with positive sterling currency gains offsetting a weaker Australian dollar. In particular, we recorded a 10.2 per cent increase in our Homeloans valuation following continued solid mortgage settlement flow during the quarter. Recent volatility in the capital markets and the resultant fall in global stock indices and increases in bond yields post quarter-end ensures that we will remain cautious on the outlook for the remainder of the financial year.” The company’s net asset value per share ended the quarter at $19.29, up from $18.55 at the end of September. During the quarter there was a $14.5 million valuation gain on Somers’ investment portfolio. The gain was principally due to increases in the value of Australian lender Homeloans, in which Somers holds a 62 per cent stake, and Stockdale Securities, a stockbroking firm, thanks to strong financial performance at those companies. However, Somers added there was also a slight fall in the valuations of both BCB and PCF, a UK specialist bank in which Somers has a near two-thirds stake. Somers also has a 62.5 per cent holding in Waverton Investment Management, a UK wealth manager with £5.5 billion ($7.7 billion) of assets under management. Somers received dividend income of $1.3 million from Waverton during the quarter. Within its $374 million investment portfolio, three holdings represent 83 per cent of the total. Homeloans is valued at $125.3 million, BCB at $100.8 million and Waverton at $86.1 million. Net foreign exchange gains for the quarter were $500,000. Shareholders’ equity was $375.5 million at the end of last year, up from $361.2 million at the end of September. Somers’ share price ended the year at $14.25 — where it remained yesterday on the Bermuda Stock Exchange — a discount of 26.1 per cent to the company’s net asset value per share.

2017. December 18. Somers Ltd, owner of Bermuda Commercial Bank, said net income fell nearly 40 per cent to $19.4 million for the year ended September 30. The financial-services holding company with interests in the UK, Australia and Ireland said BCB had made a $1.1 million profit, while the group had slashed its total borrowings to $4.5 million from $26.5 million a year earlier. Warren McLeland, chairman of Bermuda Stock Exchange-listed Somers, said it had been a “strong year” for the group, with increases in the value of its 62 per cent stake in Australian lender Homeloans and its 62.5 per cent stake in UK wealth manager Waverton Investment Management. “With supportive capital markets, our investments have been able to grow their assets under management and this has had a positive impact on their financial results,” Mr Mcleland said. “Unlike in 2016, currency movements have been mildly positive for our valuations with both sterling and the Australian dollar strengthening against the US dollar.” Somers reported an 11-cent decrease in net asset value per share to $18.55, mainly due to the issue of shares from the pro rata bonus warrant issue at a discount to net asset value earlier in the year. Mr McLeland added that another UK investment, PCF Group, had received a British deposit-taking licence in July. “Since then, PCF has built up its deposit base to £53 million ($71 million) and this will assist their future growth,” Mr McLeland added. The Somers board declared a final dividend 28 cents per share, to bring the total dividend for the year to 48 cents per share, up 4 cents on 2016. This represents a 3.4 per cent yield on Somers’ $14 share price at the end of the period. Today, Somers was trading at $14.50 on the BSX. Homeloans is now Somers’ largest investment with a value of $107.5 million and reported assets under management of A$10.2 billion ($7.8 billion). The values of investments in Homeloans, Waverton and PCF all rose, driving a $15.2 million gain in Somers’ investment portfolio. But the valuation of BCB decreased “due to the delay in BCB implementing its new strategic plan”, Somers said. Somers added BCB had a capital ratio of 22.5 per cent at September 30, with 49 per cent of assets in cash and high quality liquid assets. Waverton posted pre-tax income of £9.4 million, up from £7.9 million in 2016, and assets under management of £5.2 billion. During the year, Somers sold its stake in Ascot Lloyd for £15.3 million and used the proceeds to pay off bank debt.

2017. July 4. Somers Ltd has announced the surprise sale of its entire investment in Britain’s Ascot Lloyd Holdings. The price of the transaction has not been disclosed, however Somers held a 51 per cent controlling stake in independent financial advisers Ascot Lloyd. The news comes only a week after Somers, the parent company of Bermuda Commercial Bank, released its earning report for the six months to the end of March, which showed a $6.6 million net loss. Ascot Lloyd yesterday said it had merged with Bellpenny, a fast-growing financial planning and consolidation company based in England. Somers sold its stake in Ascot Lloyd, comprising £8.75 million ($11.3 million) of convertible loan notes and £4.45 million ($5.76 million) of loans, to CPL Bidco, a company ultimately controlled by global investment management firm Oaktree Capital Management. Oaktree supports Bellpenny. The merger in Britain created Ascot Lloyd Bellpenny, which is said to have £6 billion assets under advice. Somers’ investment in Ascot Lloyd stretches back to 2012 and was linked to a private placement with Utilico Investments Ltd, the company’s largest shareholder, which saw Somers acquire Utilico’s interest in Ascot Lloyd. It increased its investment in Ascot Lloyd, particularly in 2014 and 2015, and invested a further £2.3 million in the company this year. Somers is a Bermuda Stock Exchange-listed financial services holding company. It holds a major stake in Bermudian property and investment company West Hamilton Holdings. It also has stakes in a number of businesses around the world, including Homeloans Ltd in Australia, and Waverton Investment Management Ltd in the UK. Somers has been hit by the weakness of the British currency during the past few years, most notably following the UK’s vote last year to leave the European Union. The company has said more than half of its gross assets are denominated in currencies other than the US dollar — chiefly sterling and the Australian dollar. Meanwhile, a capital-raising programme was launched by Somers on Friday when it listed a rights issue of bonus warrants to existing shareholders. The company has invited its shareholders to buy two bonus warrant shares at $13.50 for every five common shares they already own. The company is issuing up to 4,837,066 of the bonus warrant shares, representing a potential capital boost of $65 million if all are exercised. The offer expires on September 30. Announcing the bonus warrant shares on June 23, Warren McLeland, chairman of Somers, said: “The bonus warrant issue offers qualifying shareholders an opportunity to those shareholders who would like to participate in the growth of the company. It enables Somers to significantly reduce its debt burden, thereby freeing up cash flow to invest in new opportunities or to support existing investments.” Somers has a market capitalisation of $187.9 million. Its shares were yesterday trading at $13 on the BSX.

2017. June 27. Financial services investment company Somers Ltd yesterday announced a net loss of $6.6 million for the six months to the end of March. However, the parent company of Bermuda Commercial Bank and part owner of several businesses in Britain and Australia, was still able to raise its dividend by more than 10 per cent, reflecting its board’s confidence in its investee firms’ performance. A major reason behind the net loss was investment losses of $4.1 million in the year to date, compared to around half that figure — $2.2 million — in the same six-month period the previous year. The six-month report said: “Investment gains and losses result from changes in the valuation of the company’s investments and the year-to-date loss was due to reductions in the value of our holding in Ascot Lloyd following a reduction in the company’s maintainable earnings before interest, taxes, depreciation and amortization.” Somers’ total assets stood at $337.3 million at the end of the first quarter, down from $346.9 million at the end of September 2016. Somers owns Bermuda Commercial Bank and has a 59 per cent stake in Australian firm Homeloans Ltd, and a 62.5 per cent holding in the UK’s Waverton Investment Management. Other investments include 51 per cent of Ascot Lloyd Holdings in the UK, a 57 per cent share of Bermudian property management and investment company West Hamilton Holdings, a 23 per cent investment in Ireland’s Merrion Capital Holdings and a 75 per stake in Britain’s Stockdale Securities Ltd. Warren McLeland, chairman of Somers, said: “The investee companies continue to perform strongly with excellent financial results, in particular at Homeloans and Waverton. During the quarter, the company invested a further $2.3 million in Ascot Lloyd to fund a portion of the deferred consideration owed by Ascot Lloyd on one of its recent acquisitions.” Mr McLeland added that both the UK pound and Australian dollar had increased against the US dollar in the first quarter of 2017, which had improved Somers’ overall valuation as 59 per cent of its holdings are in pounds or Australian dollars. He said: “The board of directors is pleased to recommend an interim dividend of 20 cents per share, a small increase on last year’s interim dividend. This reflects the performance of the underlying investee companies and the company’s future prospects. We were pleased to recently announce the company’s bonus warrant issue, the proceeds of which will enable the company to materially reduce its debt. We therefore look forward to the rest of the year with cautious optimism.”

2017. February 21. The weakness of the UK pound was the major factor driving the owner of Bermuda Commercial Bank to a $10.7 million loss in the fourth quarter of last year. Somers Ltd, a Bermuda Stock Exchange-listed financial services holding company, said more than half of its gross assets were denominated in currencies other than the dollar — chiefly the UK pound and the Australian dollar. During the quarter, sterling weakened by 5 per cent against the US dollar as the repercussions of the UK’s vote to leave the European Union continued to weigh on the currency. Somers’ net asset value per share fell to $17.58 from $17.81 during the three months ended December 31, a fall of 4.4 per cent, mostly unrealized losses. Net foreign exchange losses were $6.6 million for the quarter with an additional $3.6 million of exchange losses on Somers’ investment in its foreign operations. Somers has stakes of varying sizes in several UK-based firms, including Waverton Investment Management Ltd, Ascot Lloyd Holdings Ltd, Merrion capital Holdings Ltd and Stockdale Securities Ltd. During the quarter, Somers completed a deal that gave it a 59 per cent stake in Australian lender Homeloans Ltd. There was a $3.7 million loss on the company’s investment portfolio during the last three months of the year, resulting from a change in the valuations of holdings including Ascot Lloyd, Waverton and BCB. The investment portfolio was $317.2 million at the end of last year, down from $332.0 million as of September 30, with equity investments accounting for 95 per cent of this total. The company did not detail earnings for BCB, but said the bank maintained “a high capital ratio of 23 per cent”. Shareholders’ equity ended the quarter at $215.7 million, down from $230.4 million at the end of the third quarter. Somers bought back 3,149 of its own shares at a cost per share of $13.30 during the three months. Somers’ share price on the BSX ended the period at $13.75 — a discount of 22.8 per cent to the company’s diluted net asset value per share. “The last quarter has been characterized by continued US dollar strength and this has negatively impacted our net asset value by 4.6 per cent due to a significant percentage of our portfolio being denominated in non-US dollar currencies,” Warren McLeland, chairman of Somers, said. “However, the underlying performance of our invested companies continues to be strong. During the quarter, Resimac merged with the ASX-listed Homeloans Ltd and Somers is now a 59 per cent shareholder in Homeloans. We look forward to working with the Homeloans management team and assisting them in driving the synergies that made the merger compelling. In December, PCFG received conditional approval for a deposit-taking licence in the UK and they anticipate being in a position to accept deposits in the second half of 2017. This is a key moment in their development and has the potential to be a step change for the business. Our other investee companies continue to benefit from strong equity markets and even allowing for the increased geo-political risk are well positioned for 2017.” We therefore look forward to the rest of the financial year with cautious optimism.”

2016. September 16. Somers Ltd, parent company of Bermuda Commercial Bank, intends to buy a majority stake in Australian financial institution Resimac Ltd for $88.5 million. The Bermudian-based company announced it had agreed to acquire a 79 per cent stake in Resimac from Ingot Capital Management Pty Ltd. The deal also involves Somers issuing a loan note to Ingot, convertible into 4,984,210 Somers shares. The result will be that Ingot will have an interest of around 29.2 per cent in Somers. Somers shareholders will have their say on the proposed deal in a special general meeting to be held on September 28, at 34 Bermudiana Road, Hamilton. Notice of the SGM is being sent to shareholders. Resimac’s main business involves originating, servicing and scrutinizing mortgage assets. It was the first issuer of Australian residential mortgage-backed securities in 1988. Since then it has issued more than A$19 billion through 36 domestic and international RMBS issues. Resimac has had 136 full-time equivalent employees across offices in Sydney, Melbourne, Perth, Newcastle and Auckland. For the 12 months ended June 30, 2016, Resimac made an after-tax profit of A$13 million (US$9.9 million) on revenue of A$70 million (US$53 million). Resimac had unaudited shareholders’ funds of A$82 million (US$63 million), as of June 30 this year and total assets of A$5.4 billion (US$4.1 billion). Resimac is in the final stages of a proposed merger with Homeloans Ltd, an Australian Stock Exchange-listed company. Under this scheme of arrangement, shareholders in Resimac will be issued new shares in Homeloans and Homeloans will remain listed on the ASX. Shareholders of Resimac will end up with 72.5 per cent of the enlarged group and Homeloans shareholders will have 27.5 per cent. This merger is scheduled to complete in about a month. Commenting on the acquisition, Warren McLeland, chairman of Somers said: “The is a major investment for Somers and fits in with the stated strategy to make corporate investments and acquisitions in the financial services sector. The acquisition of Resimac will complement Somers existing investments and the benefits from the acquisition will accrue to all Somers Shareholders. Somers is acquiring a well-run, profitable business which will diversify Somers’ investments and significantly increase the scale of Somers.”

2016. June 13. Financial services investment firm Somers Ltd logged a loss of $1.7 million for the first six months of its financial year. The loss, covering September last year to the end of March, narrowed nearly $6 million from the same period in 2015. Somers Ltd said the loss so far this year was due to currency fluctuations and the British pound’s decline against the dollar. The figures equate to a diluted loss per share of 14 cents compared to a loss of 65 cents per share for the same period last year. Somers’ board declared an interim dividend of 18 cents a share, the same level as last year. Somers owns Bermuda Commercial Bank, Waverton Investment Management, and Ascot Lloyd Holdings. Total revenue for the period for BCB was $13.5 million compared to $13.9 million for the same timeframe in 2015. Somers said the bank’s core earnings — which strip out one-off items — improved, but a reduction in the value of the bank’s investment portfolio left BCB with a net loss of $3.9 million for the six months, compared to net income of $2.1 million in the prior-year period. Waverton Investments Management made a pre-tax income of £3.7 million, or $5.8 million, compared to £4.8 million, or $6.85 million, a year earlier. Waverton’s assets under management at the end of March this year totaled £5.5 billion, or $6.42 billion, compared to £4.3 billion, or $6.13 billion, in the same period in 2015. The firm’s latest acquisition, Private and Commercial Finance Group in the UK, had a 12 per cent increase in business originations to the end of March, up from £56 million, or $79.9 million, to £63 million, or $89.9 million. Warren McLeland, chairman of Somers, said: “Excluding the impact of currencies, results were flat with dividend income received from the investment portfolio largely offsetting a net reduction in portfolio valuations. The foreign exchange losses resulted in a 4 per cent decline in our diluted net asset value to $17.03 from $17.74 at September 30, 2015. A number of our larger investments, in particular Waverton and Ascot Lloyd, are denominated in sterling and during the six month period ended March 31, 2016, sterling declined by 5 per cent versus the dollar. Currently, the Sterling-based investments are not hedged but the board is considering a more active hedging policy. We continue to carry a relatively low level of debt on our balance sheet and we expect to maintain this position at least in the short term. As capital grows and our profitable investments return cash, we will look to use these funds to diversify our portfolio.” The company had dividend income of $2.5 million during the period, compared to $1.6 million a year ago. The extra income offset a $2.2 million loss on the investment portfolio, a figure which totaled $5.4 million in the same period last year. The company report said: “Investment gains and losses result from changes in the valuations of the company’s investments and during the period a reduction in the carrying value of BCB outstripped valuation increases at Waverton and Ascot Lloyd. BCB’s valuation includes its subsidiary PCFG and an increase in PCFG’s share price in the current quarter should have a positive impact on BCB’s overall valuation.”

A listed Bermuda-incorporated international financial services investment holding company whose major assets include its 100 percent owned subsidiary, Bermuda Commercial Bank Limited, one of Bermuda’s four licensed banks and a 62.5 percent holding in Waverton Investment Management Limited, a UK wealth manager with over US$8.7 billion assets under management. The Group’s other investments include an approximate 68 percent economic interest in the London Stock Exchange listed Private & Commercial Finance Group PLC, a UK asset financing company, an 84.6 percent stake in Westhouse Holdings PLC, a corporate and institutional stock broking group, a 30 percent economic interest in Ascot Lloyd Holdings Limited, a UK independent financial adviser and a 21 percent economic interest in Merrion Capital Holdings Limited, an Irish financial services group.

Sompo International 2018. April 24. Bermuda-based Sompo International Holdings Ltd is to open a new subsidiary in Luxembourg as a Brexit-proof platform for growth in Europe. The insurer and reinsurer said today it had received regulatory approvals from Luxembourg’s Ministry of Finance to establish the new subsidiary, SI Insurance (Europe). SI joins others, such as Hiscox and American International Group, who have chosen to set up a European hub away from London to avoid the impact of the likely loss of “passporting” rights that allow UK-based companies unhindered access to European Union countries. SI said it would maintain its London offices and its presence in the Lloyd’s market. John Charman, chairman and chief executive officer of Sompo International, said: “Europe is a key component to SI’s strategic growth plans and SIIE now provides us with a base in continental Europe to build our presence in the region. We continue to introduce new specialty teams and deliver a broader suite of products as we enhance our capabilities to provide exceptional and efficient service to our international clients.” Takashi Kurumisawa will be CEO of the new company, which is expected to become operational later this year. Sompo International plans to extend SIIE this year beyond its headquarters in Luxembourg to include operations in Italy, France, Spain, Germany and Belgium as the company integrates Sompo Japan Nipponkoa Insurance Company of Europe Ltd and further expands its European operations

2018. February 2. Bermuda-based Sompo International Holdings Ltd has completed the full transfer of Sompo America’s business operations and staff into the Sompo International Insurance platform. Commercial property, casualty and specialty products for Japanese Interest Accounts will be managed by the Sompo Global Risk Solutions platform, under the oversight of Michael Chang, chief executive officer of Sompo Global Risk Solutions. Jack Kuhn, CEO of Global Insurance, said: “The integration and alignment of Sompo America marks a significant step towards the creation of a truly integrated global insurance platform. The combined organisation has the backing of Sompo’s strong balance sheet, while providing additional flexibility with respect to broad licensing, greater on-the-ground resources and a larger regional footprint in the US. I am extremely pleased that we are now able to offer additional products and services to our clients and trading partners.” Meanwhile, the transfer of Sompo Japan Nipponkoa Insurance Company of Europe Limited and their integration with SIH is planned for the second quarter of this year.

2017. November 20. Bermuda-based Sompo International Holdings is to set up a new headquarters in Luxembourg for its European operations as part of its Brexit plan. The company, which is a subsidiary of Japanese insurance giant Sompo Holdings, added that it would maintain its presence in the Lloyd’s market and its current offices in London and continental Europe. Sompo International said in statement today: “Along with many insurers operating in the UK, SI has been formulating a strategy to address issues relating to the country’s decision to leave the European Union, in particular the potential loss of EU passporting rights. This strategy recognizes that there remains significant uncertainty over the terms of the final agreement.” “Passporting” allows companies based in an EU member state to service customers all over the 28-country bloc without barriers. The UK’s planned 2019 departure from the EU is likely to mean the end of its passporting rights. John Charman, chairman and CEO of Sompo International, said: “We have been developing our strategy for Europe for some time and SI Insurance (Europe) will enable us to provide our broad range of products more widely and efficiently, as well as strengthening our service capabilities to our international clients. Establishing SI Insurance (Europe) in Luxembourg will be the first step in our ambitious plan to create a strong position in the European commercial property and casualty marketplace.” The company added that it expected regulatory approval for its plans in the second quarter of 2018.

2017. October 31. Bermuda-based Sompo International Holdings Ltd, a specialty provider of property and casualty insurance and reinsurance, is creating an integrated platform to provide agriculture insurance and reinsurance solutions across the globe. The new global platform, AgriSompo, will deliver a common underwriting approach with shared expertise and technology across a range of products to farmers, agricultural insurers and a wide variety of other agribusinesses. AgriSompo will be governed by a small group of functional experts and executive leadership from Sompo International and will be co-led by Avery Cook, senior vice-president of Global Agriculture, and Kristopher Lynn, senior vice-president Global Agriculture. SIH is a wholly owned subsidiary of Sompo Holdings (Sompo Group), which is a leading global provider of agriculture insurance and reinsurance through the company’s operating subsidiaries. In a statement the company said that by leveraging the licenses, distribution networks, client relationships, market leading technology and specialty capabilities of the Sompo Group, AgriSompo will offer the company’s clients and cedants innovative agricultural risk management solutions tailored to local market needs. Sompo currently provides agriculture insurance products to clients in a number of countries globally, however it said this new initiative will significantly expand its geographic footprint. The initiative will be branded globally as AgriSompo, however we will continue to operate in the US as ARMtech Insurance Services, a wholly owned subsidiary of SIH and the fifth largest direct underwriter of US federally sponsored crop insurance. The company said the new initiative will “capitalise on Sompo International’s technology platform as well as its loss adjusting and pricing expertise to offer a flexible suite of products selected to best meet client needs, including protection against yield and revenue shortfalls from single or multiple perils on a global basis. Drawing on the specialty expertise and innovative pricing system provided by Sompo Global Weather, a leading underwriter of tailored weather-driven risk management solutions, AgriSompo will offer additional products indexed to weather variables”. John Charman, chairman and CEO of Sompo International, said: “AgriSompo is one of many major initiatives that we are undertaking as we fulfill our vision to build the first truly global integrated insurance and reinsurance business. By leveraging our extensive specialty agriculture resources across our overseas operating subsidiaries, we will deliver the best-in-class underwriting, risk management and technical solutions. Over time, it is our intention to extend this ‘centre of excellence’ model to additional niche markets where our exceptional knowledge of these specialty risks will be a key differentiator to our clients and trading partners.”

2017. October 3. Sompo International Holdings Ltd has launched a new insurance platform and global clearance system, as it aims to offer clients options across insurance and reinsurance markets to help them manage their risks. SIH, which is based in Bermuda, was established after Japanese insurance giant Sompo Holdings acquired island-based Endurance Specialty Holdings Ltd in March this year in a $6.3 billion deal. SIH, which is led by chairman and chief executive officer John Charman, is aiming to set “a new global standard” for the industry, by offering customers a wide array of products on one web-based platform. Mr Charman said: “I am delighted with the substantial progress that we have made to date in integrating the various operating entities that comprise Sompo International. Of course, complete integration will take time and we are committed to accomplishing this in a thoughtful and deliberate manner while keeping the best interests of our clients, trading partners and employees at the forefront. The launch of our new global clearance system is just the first step as we continue to modernize and transform our technology platform across all lines of business and geographies. In keeping with Sakurada-san’s vision, we remain steadfastly focused on creating and growing a highly profitable, globally integrated business that is unique in the history of our industry.” All the former Endurance companies were transferred to SIH on September 27 in the first step to create the global clearance system. The company intends to transfer the Sompo America companies and Sompo Japan Nipponkoa Insurance Company of Europe Ltd to SIH in the near future. The intention is to bring all other Sompo worldwide subsidiaries under the ownership and control of SIH. Kengo Sakurada, CEO of Sompo Holdings, said: “Starting with the solid oversight for all commercial lines of products, this reorganization and the alignment of our global platform under John Charman’s leadership is the next logical step in our journey to fulfill our vision to build the first truly global integrated insurance and reinsurance business.”

2017. May 30. Sompo International has acquired the renewal rights to Novae Syndicates Limited’s financial institutions portfolio, excluding emerging markets. The Bermuda-headquartered speciality insurer and reinsurer reached a renewal rights agreement with Novae, trading through Lloyd’s Syndicate 2007. The portfolio had annual gross written premiums in excess of $25 million. As part of the agreement, Novae and Sompo International will collaborate to achieve continuity for Novae’s clients and brokers. John Richards, who has more than 15 years of experience in the financial institutions market, and has been with Novae since 2012, will join Sompo as head of London market professional lines insurance. Another of Novae’s team, Anthony Hoare, will join Sompo’s underwriting team in London. Richard Allen, Sompo International’s head of London market professional lines insurance, said: “We are excited to accelerate the growth of our London market financial institutions portfolio with this renewal rights transaction with Novae. “At the same time, we are gaining two seasoned and highly respected underwriters who will add to our existing strength in the Financial Institutions sector. I am confident that our enlarged team will continue to build our presence in the Lloyd’s and London market and very much look forward to working closely with Novae to maximize the benefits of our renewal rights transaction to brokers and clients alike.” Sompo International, which has offices in Pitts Bay Road, Pembroke, was created following Japanese giant Sompo Holding’s $6.3 billion takeover of Bermudian-based Endurance Specialty. That deal was completed in March.

2017. March 28. Japanese giant Sompo has completed its takeover of island-based insurance and reinsurance firm Endurance Specialty in a $6.3 billion deal. Now Endurance will be integrated into Sompo Holdings through the creation of Sompo International, which will be based in Bermuda. Sompo International will have its own board, led by Endurance’s John Charman, as chairman and chief executive, reporting to the Sompo president and CEO Kengo Sakurada. Mr Sakurada said: “The closing of our acquisition of Endurance marks the beginning of an exciting new chapter in Sompo’s story. The integration of Endurance within Sompo International will significantly enhance Sompo’s presence in international markets and provides the group with greater opportunities to deepen and expand its geographic footprint by offering global diversification via its new and new and innovative structure leading to global integration. Clients will benefit from our increased scale, expanded product offering and a common underwriting platform. Our employees will also be presented with new opportunities to use and develop their skills within a much larger, stronger business. I would like to welcome John Charman and the Endurance team to the Sompo family. John will be heading Sompo International, creating our exciting new global commercial insurance and reinsurance platform. I look forward to working closely with him as we embark on the next phase of our exciting growth.” Mr Charman added: “I am fully committed to our shared vision of future growth for SOMPO’s international platform and I am looking forward to developing it further alongside Endurance’s executive leadership team and my new colleagues under the new Sompo International brand. I would like to thank our highly valued partners and colleagues for their loyalty, support and trust over the last few years and I look forward to working closely with them in the future.” The deal was announced late last year, but was subject to approval by regulators. Sompo International will also encompass Sompo’s existing international commercial insurance and reinsurance businesses. The creation of a common underwriting platform and systems is designed to “set a new global standard of conducting business, providing customers with a wide array of products across insurance markets to help manage their risks”. All Endurance business, with the exception of ARMtech, will be conducted under the Sompo International brand. Sompo America and SJNK Europe will also be rebranded Sompo International. Sompo Canopius will remain as a separate brand, working in close collaboration with Sompo International. AM Best yesterday removed Endurance’s “under review with positive implications” rating and upgraded Endurance Specialty Insurance’s financial strength rating from A (excellent) to A+ (superior) following the acquisition announcement. AM Best said: “The ratings actions reflect the operational benefits that Endurance will derive from being a significant operation within a larger organisation with deep financial resources.” The ratings agency also moved Endurance’s long-term issuer credit ratings to aa- from a. Parent Endurance Speciality Holdings saw its long term issuer credit ratings and the long term issue credit ratings to a- from bbb with a stable outlook.

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