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Bermuda Flag

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

Many offshore corporations shown here have world-wide interests

line drawing

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

Introduction

See 

Companies M to Z

 M

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

2016: Legislation, drawing upon Delaware law, has been approved by MPs in Bermuda to introduce limited liability companies (LLCs). Such vehicles would be broadly similar to Delaware LLCs.

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
   
Maiden Holdings 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  
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
   
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 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.
   
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. 

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
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.

   
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. 
   
Mercalli Re 2016. Special Purpose insurer.
   
Mercury Consultants PO  Box HM 187, Hamilton HMAX
   
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.
   
Mexico Infrastructure Finance (MIF) 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.”

   
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.
   
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
Millennium Sense Holdings  
Milestone Aviation Asset Holding Group No 1 (The) Since 5/13/2010
Milestone Aviation Asset Holding Group No 2 (The) Since 12/1/2011
Milestone Aviation Asset Holding Group No 3 (The) Since 1/13/2012
Milestone Aviation Asset Holding Group No 4 (The) Since 4/17/2012
Milestone Aviation Asset Holding Group No 5 (The) Since 5/17/2012
Milestone Aviation Asset Holding Group No 6 (The) Since 5/17/2012
Milestone Aviation Asset Holding Group No 7 (The) Since 5/17/2012
Milestone Aviation Asset Holding Group No 8 (The) Since 8/7/2012
Milestone Aviation Asset Holding Group No 9 (The) Since 8/7/2012
Milestone Aviation Asset Holding Group No 10 (The) Since 8/7/2012
Milestone Aviation Asset Holding Group No 11 (The) Since 8/13/2012
Milestone Aviation Asset Holding Group No 12 (The) Since 8/13/2012
Milestone Aviation Asset Holding Group No 13 (The) Since 9/19/2012
Milestone Aviation Asset Holding Group No 14 (The) Since 9/19/2012
Milestone Aviation Asset Holding Group No 15 (The) Since 9/19/2012
Milestone Aviation Asset Holding Group No 16 (The) Since 11/9/2012
Milestone Aviation Asset Holding Group No 17 (The) Since 11/9/2012
Milestone Aviation Asset Holding Group No 18 (The) Since 11/9/2012
Milestone Aviation Asset Holding Group No 19 (The) Since 11/9/2012
Milestone Aviation Asset Holding Group No 20 (The) Since 11/9/2012
Milestone Aviation Asset Holding Group No 21 (The) Since 12/10/2012
Milestone Aviation Asset Holding Group No 22 (The) Since 12/10/2012
Milestone Aviation Asset Holding Group No 23 (The) Since 12/10/2012
Milestone Aviation Asset Holding Group No 24 (The) Since 12/10/2012
Milestone Aviation Asset Holding Group No 25 (The) Since 12/10/2012
Milestone Aviation Asset Holding Group No 26 (The) Since 2/19/2013
Milestone Aviation Asset Holding Group No 27 (The) Since 2/19/2013
Milestone Aviation Asset Holding Group No 28 (The) Since 2/19/2013
Milestone Aviation Group (The) Since 2/15/2010
Milestone Export Since 3/20/2013
Milestone Export Holdings Since 3/20/2013
Milestone  Since 5/7/1971
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.
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
   
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.
   
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
   
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.
Mutual Risk Management Church Street, Hamilton. Now owned by IAS Park.

N

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.

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.
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.
Nephila Holdings Owns above company,
   
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 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
Nike

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
   
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. 

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.

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
   
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

0

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.

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.

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
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.

   
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.
   
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
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
   

P

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

Ventura

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. 

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
   
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 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.
   
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.
   
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.
Protostar

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  

Q

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 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 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  
   
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. 

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. 

R

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 Shipping 8/1/1979
Radnor Feeder I 12/18/2002
Radnor Feeder 2 12/18/2002
Radnor Feeder A 1/23/2003
Radnor Feeder B 1/14/2005
Radnor 12/18/2002
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.

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

6/7/1993.

2017. May 3. Bermudian-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 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  

S

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  

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
   
Sagicor  

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 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
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. Schroders sold its Bermuda-based private-equity operations to JP Morgan in April 2010. 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
   
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
   
SeaCo

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.

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.
Seawell

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.
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.

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.

   
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
   
SKN Holdings C/o Lines Overseas Management
   
Skuld  
   
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
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 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 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.

   
Sorus Capital II LP 8/2/1993
Sorus Capital 12/31/1992
Sorus Capital (Bermuda) 10/14/1992
Sorrel 7/12/2011
Sotak Real Estate Investment International 6/4/1985
Sotheby's Asia 7/12/1994
Soublette Limited continued to the BVI 12/1/1998
Soul Foods Express 9/25/2002
Soul to Soul Group 9/2/2008
Sound Advice 10/2/1986
Sound Concepts 5/28/1986
Sound Decision 6/4/2014
Sound Developments 9/13/1988
Sound Effects 3/9/1988
Sound Endeavours 1 7/3/1970
   
Souter Shipping (Bermuda) 11/14/1979
   
South Sea Holding Company  C/o Butterfield Fund Services (Bermuda) Ltd
Southern Cross Cable Network Suite 781, 48 Par-la-Ville Road, Hamilton HM 11. A Bermuda-based international telecommunications provider, a market-leading bandwidth wholesaler.
Soundwill Holdings C/o Codan Services Ltd
   
Spectrum Aerospace 3/6/2008
Spectrum Air 4/28/1994
Spectrum Capital Management (Bermuda) 12/2/2002
Spectrum CIS Value Fund 12/22/2005
Spectrum CIS Value Master Fund 2/14/2007
   
Sphynx (Bermuda) Made early 2006 headlines for its bogus oil trades. With Bermudian directors. Owned by Denis Gokana, president of Congo's state oil company Société Nationale des Petroles du Congo (SNPC), a special adviser to President of Congo, Denis Sassou-Nguesso.
Spitfire Oil Clarendon House, 2 Church Street, Hamilton HM11
   
Spurs 3/3/1978
   
Standard Chartered Equitor Asset Management (Bermuda) 3/28/1989
Standard Chartered Equitor A. M. (Bermuda) 3/28/1989
Standard Chartered Equitor Group Holdings Limited Cook Islands 9/26/1988
Standard Chartered Equitor Group Ltd Cook Islands 10/30/1987
Standard Chartered Trust Company Limited Cook Islands 12/30/1969
   
Stanley Company 9/30/1968
Stanley Evans Investment Company 4/22/1953
Stanley Gibbons Rare Stamp Investment Company 11/18/2005. Bermuda-incorporated Investment company specializing in rare stamps and coins. Head Office is 399 Strand, London WC2R OLX. Offices elsewhere include New York, Hong Kong, Singapore and the Channnel Islands off Britain. Market analysts value clients' investments annually. Recently acquired coin dealers Baldwin's. 
Stanley I 1/17/2002
Stanley Investment Company 4/22/1953
Stanley Works Ltd (The) 5/22/2002
Stanley Works (Bermuda) Ltd (The) 3/30/1988. This hardware manufacturer, an S&P 500 company, is a worldwide supplier of tools and doors and related hardware products for professional, industrial and consumer use. On May 9, 2002, the corporation  voted to re-incorporate in Bermuda after 159 years in New Britain, Connecticut, for tax savings estimated at US$30 million. A particular Bermuda corporation, The Stanley Works Limited became the parent company of The Stanley Works . The idea was hugely controversial. John M. Trani, Chairman and Chief Executive Officer, stated it strengthened our company. An important portion of its revenues and earnings are from outside the United States, where nearly 50 percent of customers live. An increasing proportion of the company's materials are being purchased from global sources. This change created greater operational flexibility, better positioned the company to manage international cash flows and helped it deal with a complex international tax structure. But on August 3, 2002, after huge publicity in the USA, it was reported that Stanley Works had decided not to re-incorporate in Bermuda after all. Bermuda-incorporated Stanley Works Ltd was dissolved but this particular entity remained. It has $ multi-million US Defense and Homeland Security contracts. 
   
Staples Europe Holdings GP 11/28/2000
Staples Global Holdings LP 1/22/1999
Staples Holdings 3/27/1995
Staples Intermediary Holdings LP 11/17.2005
Staples Ltd 3/11/1991
Star Aviation 8/24/1988
Star Brokerage 3/8/1983
   
Starlite Holdings c/o Butterfield Fund Services Ltd
   
Starr Adjustment Services, Inc 11/28/2008. Part of AIG.
Starr Excess Liability Insurance Company (Delaware) 5/19/1993. Part of AIG
Starr Insurance & Reinsurance 4/12/2007.  Part of AIG.
Starr International Company Inc 6/15/1972. Part of AIG.
Starr International Investments 2/26/2004. Part of AIG.
Starr Investments (Bermuda) 3/14/2006. Part of AIG.
   
StarStone Global Specialty insurer. On September 15, 2015 announced is to change its name from Torus to StarStone. The holding company for the firm and its six insurance platforms spread across London, Europe and the US, as well as other group companies will also adopt the new brand and logo. The major shareholders in StarStone are Bermuda-based Enstar Group and Stone Point Capital, headquartered in Connecticut. StarStone chairman and chief executive officer Nick Packer said: “Since our change in ownership in April 2014, we have made significant progress by strengthening our management team and reorganizing areas of business. “This was recognized by AM Best when reaffirming our A- rating. As part of that journey, the time is right to launch a new brand that signals our shareholders’ continuing commitment and best reflects who we are today. We are committed to delivering the same high levels of service to our clients with new brand that underlines our position within Enstar Group and the strength of our combined partnership.”
   
Steamship Mutual Management 9/23/1974
Steamship Mutual Management (Bermuda) 2/2/1979
Steamship Mutual Management (Hong Kong) 5/10/1989
Steamship Mutual Management (Indo-Gulf) 9/22/1998
Steamship Mutual Property Holdings 12/10/1986
Steamship Mutual Underwriting Assn (Prop) 2/8/1979
Steamship Mutual Underwriting Association Trustees (Bermuda) 3/10/1983
Steamship Mutual Underwriting Association (Bermuda) Ltd (The) 9/2/1974
Steamship Mutual Underwriting Association (Reinsurance) Ltd (The) 1/18/1979
   
Stena Admiral Line 12/13/1990
Stena Africa 12/21/2007
Stena America Line 12/13/1990
Stena Anglia 3/2/2006
Stena Atlantic Line 6/16/1978
Stena Atlantic 3/15/2010
Stena Ausonia 10/11/1995
Stena Bermuda Line 5/8/1991
Stena Bute 4/7/2009
Stena Carron 7/12/2006
Stena Don 11/10/1995
Stena Dragon 2/2/1999
   
Stockton Holdings  
Stolt-Neilson SA (SNSA) Since 2010 in Bermuda, previously in Luxembourg. Liquid transport solution provider for bulk liquid chemicals, edible oils, acids, and other specialty liquids through its three largest business divisions, Stolt Tankers, Stolthaven Terminals and Stolt Tank Containers. Stolt Sea Farm produces and markets high quality turbot, sole, sturgeon, and caviar. Stolt-Nielsen Gas transports liquefied petroleum gas with its growing fleet of large gas carriers. Stolt-Nielsen SA is listed on the Oslo Stock Exchange. SNSA's shares are traded on the Oslo Bors.
Stolt Tank Containers Leasing Ltd (STCLL) P. O. Box HM 3143, Hamilton HM NX. Member of the Stolt-Neilson S. A. Group.
   
Stonley Local company, owner of Sea Horses betting shop in Hamilton.
   
Styland Holdings C/o Bank of Bermuda Ltd
Suffolk County P. O. Box HM 1179, Hamilton HM EX. Arranges leases and sales of US manufactured property to be used predominantly outside USA.
Sugra Bermuda A private holding company owned by Toronto-based Ravelston Corp Ltd, said to be controlled by Conrad Black 
Sulby Partners LP Represented by Appleby Spurling & Hunter. Its general partner is Wellbridge Maritime Ltd. 
Sun East Technology C/o Codan Services Ltd
Sun Hing Vision Group Holdings C/o Codan Services Ltd
Sun Innovation Holdings Ltd C/o Codan Services Ltd
Sun Life Financial (Bermuda)  P.O. Box HM 3070, Hamilton HM NX. Phone 294-6050 or 800-368-9428.

2017. February 27. Bermuda financial watchdogs have slapped a $1.5 million fine on financial services firm Sun Life Financial Investments for failing to comply with anti-money laundering and antiterrorist financing laws. And the Bermuda Monetary Authority has banned the Hamilton-based firm from accepting or looking for any new investment business, as well as blocking any redemptions or withdrawals from existing accounts and policies unless it is vetted by an approved third party. In addition, the BMA has halted any new payments into existing policies and accounts, while Sun Life Financial Investments will have to prove that is making “significant progress” to bring existing files up to the legal standard and to complete the work within two years. The BMA said: “The authority considered that it was necessary to impose these restrictions to reduce the risk of money laundering/terrorist financing and because it was in the best interests of the investors. The restrictions will remain in place until the authority is satisfied by way of independent verification, the costs of which are to be met by the company, that the company is fully compliant with its obligations.” The breaches were discovered during an on-site review of the company’s activities conducted by the BMA last May. After that, the statutory process was followed, culminating in a 28-day appeal period which ended last Friday. The decision was not appealed. The BMA added that some of the findings represented failings of the company to adequately remediate similar findings from an on-site review conducted in 2013. The BMA report said: “The authority views these breaches as serious because of their extent and duration, and because they demonstrated systemic weaknesses in the company’s internal AML/ATF controls. The Regulations have been in effect since 2009. This case highlights the importance of licensees having in place up-to-date AML/ATF policies and procedures which are appropriate, effective and fully implemented in order to avoid the risk of financial products being used as a vehicle for money laundering or terrorist financing. In determining the appropriate level for these civil penalties, the authority took account of the fact that in December 2015 the company closed its investment business to new sales. The authority also took account of the company’s full co-operation during the on-site process. The company has agreed to implement enhanced controls to ensure compliance in the future.” Niall O’Hare, president, Sun Life Financial Investments, said: “We are aware of the announcement today from the Bermuda Monetary Authority regarding the closed investments business of Sun Life Financial Investments (Bermuda) Ltd. This business has been closed to new sales since January 1, 2016. We are working cooperatively with the Bermuda Monetary Authority and have agreed to implement appropriate controls to ensure that we are in compliance with both the license restrictions and applicable regulations moving forward. We place the highest priority on compliance with all requirements and regulations and on meeting our obligations to clients.” 

October 7. Staff who prefer a quiet place to work, and those who do better in a busier environment, are both catered for in Sun Life Financial International’s new office. Elsewhere, there are shared workspace areas that allow colleagues who might not normally sit together to do so, encouraging communication, teamwork and creativity. Partition walls have been soundproofed using old denim jeans and cotton, while workstations can be adjusted up and down to suit staff who prefer to work standing up, seated, or a bit of both. These are some of the innovations and ideas have been incorporated into Sun Life’s new 16,000 sq ft office. It is on the third floor of Washington House, above the Washington Mall, on Church Street. A large portion of the office is bathed in daylight, which streams through large windows that look out on City Hall. Interior glass wall partitions help the natural light to reach deep into the office. The company has had a presence in Bermuda since 1891, and established its Bermudian-based business in 1996. In June, it moved from its office on Victoria Street to Washington House. The new office is the first in the Sun Life Financial US group to implement the company’s BrightWork design methods. Highlighting some of the concepts that have been incorporated, Darin Minors, senior office manager, explained that some people work better in a busy, social office environment, while others thrive the most in a quiet location. The office has work spaces that cater for both preferences, together with common areas where anyone can go and work. “This entire space is shared workspace. For example, you could have an underwriter and a compliance person sitting together,” said Mr Minors. As a result, it is possible that knowledge and experience can be exchanged indirectly. “What tends to happen is something piques your interest about what the other person is doing. So you take an interest. You are able to get an insight and understanding about their work.” Mr Minors said that before moving into the new open plan office, Sun Life “did a great job in educating to show it would work, and did a great job changing our working environment”. At the front of the office, overlooking an impressive view of City Hall, is a group of chairs with swing-away laptop tables. This is a shared workspace area where staff can settle down to work, or perhaps contemplate a puzzling work-related issue. “Sometimes, if you have a problem you can’t solve, you can go to a different space and come up with the answer,” explained Mr Minors. The office has height-adjustable workstations allowing staff to sit or stand, or a bit of both, during the day, changing their posture for more comfort. Daylight that filters through many of the third floor windows, adding to the airy feeling. “One of the things we discussed was having as much natural light coming in to the building; everyone loves it.” The lunch room is a spacious hub with booth-style seating where groups of can sit together to talk. There are single tables for those looking for a quieter space to relax or continue their work. Mr Minors pointed to a variety of flat screens and telecom devices dotted around the office, and said: “We are utilizing state-of-the-art conferencing.” There are small offices that have movable walls, allowing them to be enlarged to support multiple uses. All the rooms and offices have Bermudian-inspired names, including MoonGate, Hog Penny and Dockyard. Along one corridor is a photograph mural featuring Bermuda scenes. “We try to incorporate as much Bermuda cultural things in the office as we can,” said Mr Minors. In places, the office displays aspects of the free-flowing corporate office concepts associated with the likes of Google and Facebook, while other areas have a more traditional office feel. “Sun Life has struck a balance. Google is different from Sun Life, we are an insurance company. Sometimes you need the old-time set-up [of desks], but we also have millennials coming up and they are looking for more of a Google set-up,” said Mr Minors. There are environmental-sustainability features in the office. “Sun Life is trying to reduce its carbon footprint. The LED lighting has less power consumption. The walls contain 80 per cent old denim jeans, and the rest is old cotton, which adds to the soundproofing,” said Mr Minors. The floors are covered in carpet tiles that contain recycled elements. If a section of the carpet becomes worn out, it is easier to replace with a few new tiles rather than install an entire carpet. In another gesture of environmental responsibility, the company donated more than 60 pieces of furniture from its old office to the Bermuda College, Atlantic Vision Care, Family Learning Centre, CURB and TN Tatem Middle School. Mr Minors has been with the company for ten years. Comparing the new office with the former office, he said it was “night and day”. He added: “Our old space was good to us, but we had outgrown it. We were limited with what we could do with it. When we brought individuals here to see this space, they were extremely happy with the new environment. The designers, the contractor and Sun Life put in a concerted effort to enhance the employees’ environment.”

2016. August 19. Financial services firm Sun Life Financial International has indicated it plans to boost the size of its Bermuda workforce. Dan Fishbein, president of Sun Life Financial International US, said the new offices in Washington Mall had space for more than 100 employees. “We wouldn’t have taken this space unless we planned on growing. We can fit at least 100 people in here — ultimately, we can’t say we have a specific time frame, but we would like to grow our employment here over the next couple of years,” he told The Royal Gazette. Mr Fishbein was speaking as the new 16,000 square feet office above the Church Street entrance to the mall was officially opened yesterday by Michael Dunkley, the Premier, and Bob Richards, the Finance Minister. Mr Fishbein, who traveled to the island to attend the opening ceremony, said that the company now had 55 people in the island, up ten on two years ago. “The business we are in is a growing business all over the world. As we expand the business, we will add staff here in Bermuda to support that,” he said. The firm moved to its new premises from offices in nearby Victoria Street. Niall O’Hare, vice-president and chief financial officer of the company, said: “There are several people on our team who have been with us for years, even decades. They have seen our office grow from a small group to 55 people in this great new space. This ribbon-cutting represents our commitment to continuing to grow our presence in Bermuda. It’s an exciting moment for all of us and we look forward to more success from our new home here in Church Street.” Mr O’Hare said the new offices incorporated green strategies, including high-efficiency climate control, LED lightning and recycled material, like soundproofing in walls made from recycled denim jeans. Mr Fishbein added: “We know our people are our biggest asset and it’s with them in mind that we moved to this newer, more modern, larger, headquarters. Being centrally located, having access to natural light, large windows, communal spaces and modern technology helps to create a positive and productive workplace for our team — and there’s no more loyal or hardworking team than ours.” Mr Fishbein added that the new office pioneered Sun Life Financial International’s “BrightWork” philosophy, aimed at fostering collaboration and allowing employees flexibility to alter their work stations to suit their working style. He explained: “While some people like peace and quiet, others feed off the energy of a busy workplace. The same is true for sitting or standing, laptop or desktop and other options. Everybody is different. We understand that and we designed this office space with that in mind and this kind of office setting gives everybody the opportunity to work in an environment that’s best for them. Furthermore, Bermuda is regarded as a leading international financial centre with a long history of stability. Bermuda as a jurisdiction leads the world in the adoption of financial transparency. Sun Life Financial International is very proud to be headquartered here.”

Sutton Oil (Bermuda) Owns the 14-bedroom historic Altnaharra House Hotel (originally a drover's inn), in Altaharra, Sutherland via a subsidiary company the Altnaharra (Sporting) Hotel Ltd. 
SW Kingsway Capital Holdings C/o Codan Services Ltd
   
Swiss Re Capital Markets 2017. May 17. A total of $925 million in securities on behalf of the California Earthquake Authority were yesterday listed with the Bermuda Stock Exchange. The two securities were issued by Ursa Re and placed by Swiss Re Capital Markets, which acted as structuring agent and bookrunner, with Aon Securities as joint bookrunner. The at-risk variable rate notes, one of $500 million and one of $425 million, will collateralize reinsurance agreements that will provide the California authority with a three-year source of reinsurance from capital markets to protect it against losses due to earthquakes.
   
SwissRe Investments (Bermuda) Owns 30 St. Mary Axe (Bermuda) LP
Synopsis International At Conyers Dill & Pearman.
Swan Re Class 3A

T

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

T-I-E 2/3/1993
T-Squared 3/2/2010
T-V Enterprises 9/8/1978
T H Holdings 7/8/1999
T K Hair 3/22/2011
T Re (Bermuda) 6/25/2009
T Ruskin 7/20/1978
T T & T Holdings 7/10/1987
T V J Promotions 3/16/1995
T W O Air (Bermuda) 4/9/1982
T & B Enterprises 7/16/1993
T & G Precast Bermuda 2/23/1989
T & M Overseas Group 9/3/1979
T & T Carpentry and General Maintenance 11/21/1989
T2 Capital 1/22/2001
TAA Aviation 2/24/2011
Tabacalera De Garcia 1/28/1083
Tabac Trading Arge 7/15/1993
Tabamark (Bermuda) 4/6/1995
Tabasco Fund 5/14/1990
Tabco 1/19/1998
Tabell Communications 4/6/2000
Taberna Capital (Bermuda) 1/27/2006
Tabor Foundation (The) 11/25/2003
Tabor Shipping Company 3/19/1970
Tabs International 11/16/1987
TAC 2/19/1994
Tachbrook 4/27/1990
Tack Fiori International Group 9/7/2011
Tack Investments 2/3/2004
Tackler 1 12/12/1977
Tackler 2 12/12/1977
Tackler 3 5/10/1978
Tackler 4 5/10/1978
Tacklyn, Keith 3/28/1995
TackTack Net 1/12/2001
Tacoma Company 7/31/1963
Tactical Data Analytics 1/2/2014
Taddon West 10/5/1979
Tag China Holding 1/21/2010
Tag 12/19/1974
Tagare Capital 7/14/1998
Taggart Abruzzi 12/11/2009
Taggart Shipping 10/11/1991
Taggart Shipping (Bermuda) 2/23/1996
Tagus Co. 6/22/1967
Tagus 4/29/2014
Tai-I International (Bermuda) 11/9/2010
Tai Cheung Holdings 10/6/1989
Tai Company 3/11/2002
Tai Fook Fund Management Company 6/20/1995
Tai Fook (High Growth) Fund Corporation 6/30/1995
Tai Home Spa 7/9/2012
Tai Ping Carpets International 12/1/1989
Tai Sang Land International 9/7/1989
Tai Shan Properties 1/10/1994
Taifull Holdings 7/27/1989
Taiga Core GP 8/5/1997
Taiga Core Industrial Partners LP 8/5/1997
   
Tanrich Financial Holdings C/o Codan Services
TanzaniteOne

World's largest tanzanite miner. Tanzanite, which is 1,000 times rarer than diamonds, is mined from the world's only known deposit, at the foot of Mount Kilimanjaro, Africa's tallest peak.

   
TATA Communications Services (Bermuda) 5/8/2003. Part of world-wide TATA group. It comprises over 100 operating companies in seven business sectors: communications and information technology, engineering, materials, services, energy, consumer products and chemicals. The group has operations in more than 80 countries across six continents, and its companies export products and services to 85 countries, employing over 450,000 people worldwide. The major TATA companies are TATA Steel, TATA Motors, TATAConsultancy Services (TCS), TATA Power, TATA Chemicals, TATA Global Beverages, TATA Teleservices, Titan, TATA Communications and Indian Hotels. In October 2015 TATA Steel announced the closure of steel mills in England, Scotland and Wales with their loss of over 1900 jobs. It cited the import into UK of cheap, Chinese Government subsidized steel as the reason, against which UK-based TATA steel mills could not compete.
TATA Communications (Bermuda) 10/29/2004. As above. 
   
T. A. Taft & Co. Windsor Place, Hamilton
Tate & Lyle Commodities Since 11/4/1966. Bermuda company of major English sugar company. Jardine House, 33-35 Reid Street, P. O. Box HM 337, Hamilton HM BX.
Tate & Lyle Management & Finance  Since 10/12/1976. As above.
Tate & Lyle patent Holding Since 1/2/1975
TBS International Bulk carrier shipping company which went public in 2005. With more than 25 vessels. In October 2009 it approved plans to redomicile to Ireland from Bermuda, citing seeking a "stable political and economic environment" as one of the main reasons behind the move. The relocation was completed in late 2009. TBS International plc., an Irish company, became TBS's parent company, with current shareholders of TBS becoming shareholders of TBS-Ireland. TBS-Ireland will be registered with the US Securities and Exchange Commission (SEC) and be subject to the same SEC reporting requirements as TBS, while TBS-Ireland's shares will trade on the NASDAQ Global Select Market.
   
Team Tankers International Since 2014. 2015. March 11. Bermuda’s ship registry logged its biggest single transaction of 14 ships. The ships are owned by this holding company for Eitzen Chemical shipping group, which last year decided to domicile in Bermuda and re-brand its fleet as Team Tankers International. And the move could also bring a jobs boost as the firm is considering basing senior members of staff here as well. Team Tankers has also listed its shares on the Oslo Stock Exchange — the Oslo Bors — after announcing the closing of a deal valued at around $300 million. The 14 vessels were previously registered in Singapore John O’Kelly-Lynch, president of Delphi Management and an expert in private international shipping and private equity investment, has worked with a variety of Eitzen companies over the years and played a large role in bringing the group to Bermuda. Following the restructuring of the firm, Team Tankers launched an exchange offer that was backed by most shareholders, followed by successful retail and employee share offers that resulted in the shares of the new Bermuda holding company being approved for listing on the Oslo Bors. Marcello Ausenda of legal firm Conyers Dill and Pearman also worked with Team Tankers International. All 14 vessels will fly the Bermuda flag as their ensign — which is the highest ranking flag on the Paris memorandum of understanding on port state control white list.
   
30 St. Mary Axe (Bermuda) LP  Owned by SwissRe Investments (Bermuda) Ltd
   
Teck A Vancouver-based energy company.
   
TDL Bermuda Class 1 insurer
   
TW Securities C/o Codan Services
Teekay Corporation

Has two other Bermuda-incorporated/based entities, see below. Teekay has a fleet of 173 ships. They carry crude, refined petroleum products, liquefied natural gas and liquefied petroleum gas. Teekay operates 137 vessels, 36 of them Aframax. These Aframaxes can move about 600,000 barrels of oil. Suezmaxes can carry about one million barrels. In October 2011 Teekay Corp and the Japanese group Marubeni have bought Danish shipping and oil group AP Moller-Maersk A/S’s liquefied natural gas unit (LNG). The two buyers acquired acquire joint ownership interest in eight LNG carriers in a $1.4 billion deal on a cash and debt-free basis.

2016. February 22. The company swung to fourth-quarter net income of $38.2 million from the loss it reported in the same period a year earlier. The Bermuda-based company said it had net income of 52 cents per share. Earnings, adjusted for one-time gains and costs, came to 41 cents per share. The oil and gas shipper posted revenue of $663.8 million in the period. For the year, the company reported net income of $82.2 million, or $1.12 per share, swinging to a profit in the period. Revenue was reported as $2.33 billion. Teekay shares surged in response to the results, and closed the week at $7.58, up from $5.87 at the start of the trading week.

Teekay GP LLC As above
Teekay LNG Partners LP As above
Teleglobe International Acquired for $239 million in 2005 by Indian long distance telephone company Videsh Sanchar Nigam.
Tewksbury Capital Management Formerly Trout Trading Management Company Ltd. P. O. Box 1172, Hamilton HM EX. Phone 299-2900 or fax 299-8383. Owned by Monroe Trout. About 70 employees in Bermuda.
Tewksbury Investment Fund  Affiliate of above, also a Bermuda-based company.
Terrebonne Investors (Bermuda) LP Owned by Wellington Global Holdings Ltd and Wellington Global Administrator Ltd. C/o Conyers Dill & Pearman
Texaco Angola Natural Gas  From 2003. P. O. Box HM 2082, Hamilton HM HX. 
Texaco Exploration Africa Regional Pathfinding Inc. From 2003. P. O. Box HM 2082, Hamilton HM HX. 
Texaco Exploration Asia Regional Pathfinding Inc. From 2003. P. O. Box HM 2082, Hamilton HM HX. 
Texaco Exploration Eurasia Regional Pathfinding Inc. From 2003. P. O. Box HM 2082, Hamilton HM HX. 
Texaco Exploration Latin America Regional Pathfinding Inc. From 2003. P. O. Box HM 2082, Hamilton HM HX. 
   
TF Holdings A Bermuda-based holding company that indirectly owns 80 per cent of Tenke Fungurume Mining SA.

2016. May 10. LONDON (Bloomberg) — Freeport-McMoRan Inc agreed to sell its Democratic Republic of Congo copper mine to China Molybdenum Co for $2.65 billion as the Phoenix-based company reduces debt racked up in the commodities boom. China Molybdenum will acquire Freeport’s indirect 56 per cent stake in the Tenke Fungurume mine, which also produces cobalt, via a 70 per cent interest in Bermuda-based TF Holdings Ltd, Freeport said in statement yesterday. The two companies also agreed to negotiate the sale of its interests in other cobalt assets. Freeport, which plunged 71 per cent last year as commodity prices collapsed, has been seeking to offload assets and reduce a debt load that stood at $20 billion at the end of 2015. Chief executive officer Richard Adkerson said last month he expected to sell more mines and the Tenke deal brings the total to more than $4 billion this year. “This transaction is another significant step to strengthen our balance sheet and enhance value for shareholders,” Adkerson said in the statement.  Freeport has 70 per cent of TF Holdings and an effective 56 per cent interest in Tenke. Freeport shares fell 10.8 per cent in New York trading yesterday. The stock has rallied more than 70 per cent this year. Tenke is one of Freeport’s five so-called core mines, which also include Cerro Verde and Morenci, as well as El Abra in Chile and Grasberg in Indonesia. Canada’s Lundin Mining Corp owns 24 per cent of Tenke, while Gecamines, Congo’s state-owned copper producer, holds 20 per cent. Lundin hasn’t received a notice from Freeport about the sale, chief executive officer Paul Conibear said in an e-mailed response to questions yesterday. Lundin has the right to match any offer for Freeport’s stake, and has 90 days after receiving notification to make the decision, he said. As part of the Tenke sale, Freeport may get a further $120 million based on copper and cobalt prices. It also agreed to negotiate exclusively with China Molybdenum on the sale of its interests in Freeport Cobalt, including the Kokkola Cobalt Refinery in Finland for $100 million and the Kisanfu Exploration project in the DRC for $50 million. For Freeport, the deal would allow it to meet requirements with creditors to avoid having to provide collateral for its revolver and term loan. The producer of gold, silver and copper agreed in February to sell a 13 per cent stake in the Morenci mine in Arizona to Sumitomo Metal Mining Co for $1 billion.

   
Thema Fund 2017. June 29. Bermuda-based investment fund Thema is to fork out $130 million to repay victims of US fraudster Bernie Madoff. Thema was among many feeder funds that directed cash to Madoff’s New York-based investment advisory business, often without their clients’ knowledge. Thousands of investors lost around $17.5 billion in principal after the 2008 collapse of the Ponzi scheme run by Madoff, who was sentenced to 150 years in prison in 2009. Thema itself lost around $1 billion. Details of the settlement, announced yesterday by Securities Investment Protection Act trustee Irving Picard, were filed in a US Bankruptcy Court in Manhattan. Stephen Harbeck, CEO of the industry-financed Securities Investor Protection Corporation, which hired Mr Ricard, said the Thema settlement, together with a $240 million settlement by Lagoon Investment, based in the British Virgin Islands, were “significant accomplishments” given the difficulty of recovering funds from offshore accounts. He added: “Recovering funds from offshore defendants is always challenging. The settlements announced today represent significant accomplishments by the SIPA trustee and his legal team.” Oren Warshavsky, a partner in law firm BakerHostetler, which worked with Mr Picard, added: “Settlements like these are highly beneficial to Madoff’s victims. Not only do we resolve all claims, but we also avoid litigation, which can delay additional restitutions to Madoff’s victims. Together, the settlements represent slightly more than a one per cent increase in recovery for future distributions to customers with allowed claims.” Under the agreement, Thema and Lagoon will turn over all the money they withdrew from their accounts in the six-year period before Madoff’s arrest. The settlement clears the way for the funds to get approved claims in the bankruptcy case, meaning they will get a share in Mr Picard’s recoveries and distribute the money to their own customers. The case involved Thema Fund Ltd and Thema Wise Investments, with the Thema funds based in the British Virgin Islands. Thema and Lagoon were among a dozen funds that used HSBC Holdings as a custodian. Mr Picard sued the London-based bank for $9 billion in 2010 for allegedly aiding Madoff’s fraud through the network of feeder funds, but lost the case, as well as cases against other banks with Madoff connections, on the grounds that trustees can only collect money owed to the estate, not sums owed to creditors. The deals with Thema and Lagoon were announced only a day after the estates of Madoff’s dead sons, Andrew and Mark, agreed to pay a total of $23 million to settle lawsuits by Mr Picard which accused them of profiting from their father’s fraud for years. Mr Picard has so far raised more than $11.6 billion for victims through hundreds of lawsuits against funds and customers who profited from the Madoff scam.
   
Third Point Reinsurance 2017. February 27. NEW YORK — Hedge fund manager Dan Loeb, seeking to recover from years of under performing the S&P 500 Index, said he’s optimistic about his approach in the Donald Trump era, as many stocks still have room to advance after the post-election rally. “I’m not sure that — given the increase in S&P earnings that we expect due to changes in policy as well as tax reform — that it’s as overvalued as people think,” Loeb said on Friday in a conference call discussing results at Third Point Reinsurance Ltd, the Bermuda-based firm which he founded, is its CEO and where he oversees investments. “We’re seeing plenty of good valuation situations.” Loeb added to bets on financial and industrial companies after Trump’s victory in November, while reducing holdings in the technology, media and telecommunications group. He said there are also opportunities where valuations are attractive for companies seeking to reshape themselves through mergers, acquisitions or spin-offs. “The complexity is obscuring the earnings power of the company or companies that are going through a financial or operational restructuring,” he said. “We’re not really fazed by that.” Stocks have been climbing for years, extending gains after Election Day. Still Loeb’s offshore fund trailed the S&P 500, including reinvested dividends, every year from 2013 to 2016. Kai Pan, an analyst at Morgan Stanley, asked Loeb on the call why he feels optimistic. “What gives me confidence about the future is I just think we’ve had a paradigm shift with the new administration in terms of having a backdrop that is supportive of business and pro-growth,” he said. “There will also be an increase — we’re already seeing it — in corporate activity, which is something where we typically thrive.” Third Point Re slipped 5 cents to $12.10 at 9:38 a.m. in New York. The company posted a fourth-quarter loss of $46.7 million late on Thursday and said that chief executive officer John Berger is stepping down, to be replaced by chief operating officer Rob Bredahl.

2016. November 4. Third Point Reinsurance Ltd, the Bermuda-based reinsurer backed by hedge fund Third Point LLC, posted third-quarter net income of $72.1 million as the value of its investments gained. The profit compared to a net loss of $195.7 million in the third quarter of 2015. The company’s book value per share increased by 5.2 per cent to $13.55 per share from $12.88 per share as of June 30, 2016. At the close of regular trading in New York, before the results were released, Third Point Re’s share price closed at $11.30. Third Point Re slashed the value of gross premiums written by nearly a third and its combined ratio was more than 100 per cent, indicating an underwriting loss. However, the investments, managed by Dan Loeb’s hedge fund, performed well enough for the firm to make a sound profit for the quarter. John Berger, the company’s chief executive officer, said: “During the third quarter, we generated premiums written of $142.6 million, a decrease of 30.6 per cent compared to the prior year’s third quarter, primarily due to one large reserve cover that was written in the prior year period. Our combined ratio for the quarter was 106.5 per cent, which was in line with expectations given current market conditions and lines of business on which we focus. Our investments continued to perform well through the third quarter resulting in a 5.2 per cent increase in diluted book value per share for the quarter.” Investment returns for the quarter were 4 per cent, with the gains generated partly by Third Point’s long equity positions, with consumer and technology, media and telecommunications being notable performers, and partly by its credit portfolio.

2016. May 6. NEW YORK (Bloomberg) — Third Point Reinsurance Ltd, the company that counts on hedge fund manager Dan Loeb to oversee investments, posted its fourth loss in seven quarters as the portfolio slumped and underwriting was unprofitable. The first-quarter net loss was $51.1 million, or 49 cents a share, compared with profit of $50.5 million, or 47 cents, a year earlier, the Bermudian-based company said yesterday in a statement. The average estimate of six analysts surveyed by Bloomberg was a loss of 50 cents a share, adjusted for one-time items. Loeb’s hedge fund said in a letter to shareholders last month that the quarter was one of the most “catastrophic periods” for hedge funds since the firm was founded. Hedge funds lost 1.9 per cent in the period, according to Hedge Fund Research’s global index, the poorest performance since 2008. “Despite challenging conditions in both the financial and reinsurance markets, we continue to believe in our total return model,” chief executive officer John Berger said in the statement. Third Point Re’s book value, a measure of assets minus liabilities, declined to $12.37 a share as of March 31 from $12.85 at the end of 2015. The first-quarter investment loss was $40.1 million, compared with income of $64.9 million a year earlier. Allergan Plc, the pharmaceutical company that was among the Third Point hedge fund’s top holdings as of December 31, slumped 14 per cent in the first quarter. Loeb’s firm disclosed in February that it took a stake in Morgan Stanley in the last period of 2015. The bank fell more than 20 per cent in the first three months of this year. Loeb said in February that he boosted equity bets amid a market rout, saying a sell-off had created “silly prices” for securities. The insurance underwriting loss widened to $6.6 million, from $3.9 million in the first quarter of 2015. The combined ratio was 104.9, meaning the company spent about $1.05 in claims and expenses for every premium dollar. That deteriorated from a ratio of 102.8 a year earlier. The push by other money managers into insurance has made it harder to find profitable contracts. Policy sales slipped about 7.5 per cent to $197.2 million from $213.3 million. David Einhorn’s Cayman Islands-based reinsurer, Greenlight Capital Re Ltd, reported on Monday that net income was $28.7 million in the three months ended March 31, the company’s first profitable quarter since 2014. Greenlight Re has surged 12 per cent since December 31 in New York trading after plunging 43 per cent in 2015.

2015. November 4. NEW YORK (Bloomberg) — Third Point Reinsurance Ltd, the Bermuda-based reinsurer that counts on hedge fund manager Dan Loeb to oversee investments, posted its worst loss as a publicly traded company on declines in the hedge-fund manager’s portfolio. The third-quarter net loss widened to $195.7 million, or $1.88 a share, from $6 million, or 6 cents, a year earlier, the company said yesterday in a regulatory filing. The loss per share matched the average estimate in a Bloomberg survey of six analysts was for a loss of $1.88 a share. Loeb has endured declines in holdings such as hospital-supply maker Baxter International, SunEdison and Yum! Brands at the same time that a wave of fresh capital in the reinsurance industry increased competition for business and squeezed margins. Third Point Re slipped about 3.5 per cent this year through the close of trading yesterday, after falling 22 per cent in 2014. “During the third quarter, the equity portfolio posted negative returns in most sectors amidst a broader market decline,” the company said in the filing. “Specifically, several large positions in the healthcare sector detracted meaningfully from investment returns.” Third Point Re had an initial public offering in 2013. Until the latest report, its worst period since the IPO was a $14.7 million loss in last year’s fourth quarter. The highest profit was $80.1 million in the last three months of 2013. Investments generated a loss of $193.2 million in the third quarter, compared with profit of $1.55 million a year earlier. Yum!, owner of the KFC, Pizza Hut and Taco Bell chains, fell 11 per cent in the period, then extended its drop in October as sales in China missed analysts’ estimates. SunEdison, the developer of renewable energy power plants, dropped 76 per cent in the three months ended September 30. Baxter slumped 14 per cent. The return on investments was negative 8.7 per cent in the third quarter and negative 4.3 per cent for the first nine months of the year. A rebound in October brought the return to 0.1 per cent since December 31, the company said. Premium revenue rose 92 per cent to $208.8 million. The combined ratio at the property-and-casualty reinsurance segment worsened to 102.8, meaning the business had an underwriting loss of 2.8 cents for every premium dollar after paying claims and expenses. A year earlier, the combined ratio was 101.7. Reinsurers are paid to take on obligations from primary carriers that are seeking to reduce risks or improve capital levels. The business can provide hedge-fund managers with a source of funds that is less vulnerable to client withdrawals, and also offers tax advantages. Ventures like Loeb’s and David Einhorn’s Greenlight Capital Re Ltd. have been pressured, however, as more established reinsurers combine to gain scale, and volatile markets hurt stock bets. Cayman Islands-based Greenlight Re has posted three straight quarterly losses, and has dropped 33 per cent this year in New York trading.

2015, March 13. A top executive of this company stressed that the Bermuda-based firm is a “real insurance company” as US tax authorities seek to clamp down on what they consider to be hedge fund investment vehicles masquerading as reinsurers. Third Point, founded by Dan Loeb’s fund of the same name, is one of several reinsurers founded by hedge funds in Bermuda, a group that tend to take more risk than traditional reinsurers with their investments and less risk on the underwriting side. The US Internal Revenue Service is weighing tightening regulation for these companies. “Anyone that spent a day in our office would clearly see that we’re a real insurance company,” Chris Coleman, Third Point Re’s chief financial officer, said at a conference in Boston yesterday, according to Bloomberg News. Hedge fund managers like Mr Loeb, John Paulson and Steven Cohen have pushed into the Bermuda reinsurance market to access additional capital for investing while gaining tax advantages. The IRS is weighing whether to impose minimum standards for reserves or premiums to distinguish the companies that rely most on underwriting from those that depend more on investing. Third Point Re wrote $613.3 million in premiums in 2014, a 53 per cent increase from the previous year. The company would pass proposed standards for sales, while just missing on potential reserve requirements, Mr Coleman said. The US Treasury Department said last year in a letter to Senator Ron Wyden that it’s considering ways to end a “loophole” that allows companies to route investments through low-tax countries. “I’m going to bulldog this until this is resolved,” Sen Wyden, an Oregon Democrat, said earlier this year. Third Point Re, whose investment portfolio is overseen by Mr Loeb, sold shares for $12.50 a piece in an initial public offering in 2013. Yesterday, the shares closed at $14.29 in New York trading.

   
Till Capital Bermuda-based reinsurer which in late 2014 completed its acquisition of Canadian insurer Omega Insurance Holdings, Inc. Till said it will pay $15.4 million — the equivalent of 1.2 times Omega’s book value as of June 30, 2014 — for all Omega’s shares, plus no more than $3 million extra for transactions in process at closing. The purchase of the Toronto-based Omega increases Till’s insurance and reinsurance capacity and its assets under management. The acquisition included Omega’s subsidiaries Omega General Insurance Company and Focus Group, Inc. Omega has more than $40 million in assets and has been operating since 2004. Till, with a Bermuda-domiciled reinsurance company with a Class 3A reinsurance licence, has been structured to produce underwriting profits from reinsurance policies, as well as above average returns on assets under management. 
   
Third Point LLC Chesney House, Pitt's Bay Road, Pembroke. An $8 billion hedge fund, New York-based. Owns Third Point Re, below. 
Third Point Reinsurance As above. Co-founded by hedge-fund manager Dan Loeb. Owned by Third Pint LLC.
   
Thracian Investment Managers Argonaut House, Hamilton HM 09. Swift code THIGBMH1
Thyssen-Bornemisza Group Enormously wealthy (about US$2.7 billion) private investment business owned by family of the late Baron Hans Heinrich Thyssen-Bornemisza. It cost US$100 million to settle its grievances in Bermuda in 2001-2002. Hans-Joerg Rudloff is a board member.
TIP (Bermuda)  
TMH Private Trust 2/4/2010
TMI Fund of Hedge Funds  3/15/2006
TMM Financial Services BVI 6/12/1991
TMM Lines Holdings 3/20/2001
TMM International Consulting and Accounting Services 11/5/2004
TMX  8/28/89. Gibbons Company Building, Queen Street, Hamilton. Phone 295-1687.
TMX Trading Co. 1973.
TMX Continental 3/8/61
TNI Funds 5/30/2007
   
Tokio Solution Management Broker
   
Top Form International  
   
Tower Group International Moved to Bermuda from New York in 2013
   
Towers Watson Global reinsurance broker Willis, which has offices on Pitts Bay Road, Pembroke, officially merged in early January 2016 with this professional services company with an office on Par-la-Ville Road, Hamilton.
   
TP Holdco 2017. May 19. Government has hailed the sale of Rosewood Tucker’s Point Resort to an American company owning TP Holdco (Tucker's Point Holding Company). It was announced this week that the Miami-based investment group Gencom had bought the 88-room hotel and will invest some $25 million into the property. Junior Minister of Tourism Kenneth Bascome told the House of Assembly this morning that the sale was “another milestone for Bermuda in the East End.” “Gencom was founded in 1987 by Mr Karim Alibhai and is one of North America’s leading hospitality and luxury hospitality related residential real estate investment and development firms and consists of a group of companies involved in all aspects of the hospitality industry,” Mr Bascome told MPs. “The Gencom group of companies offers expertise in many distinct areas including finance and capital markets, asset management, design, development and equity management and residential sales and marketing. In addition, the Gencom management team has a wealth of experience and members of senior management have an average of 25 years of industry experience and an average of 12 years with Gencom’s associated companies. Gencom companies’ successful track record has led to significant ventures with prominent institutional investors, prominent family groups and other strategic partners both in the Unites States and internationally. During its foundation years, Gencom’s focus was on executing turnaround and repositioning strategies that involved portfolio and single asset transactions within a variety of hospitality segments including luxury, limited-service and full-service assets. Since 1997, Gencom has expanded its focus and involvement to also include the acquisition and development of luxury mixed-use hotels and resorts with ancillary residential components. In addition to being one of the largest owners of Ritz-Carlton properties in the brands system, Gencom has had great success in working with and owning assets under multiple brands including Marriott, Hyatt, Wyndham, Hilton, Sheraton, Radisson, Renaissance, Summerfield Suites, Holiday Inn and Intercontinental and has recently expanded this brand presence to exploring opportunities with luxury brands such as Four Seasons, Rosewood, Montage Mandarin Oriental and Aman Resorts. Honourable members will be reminded that the Government of Bermuda passed a Hotels Concession Order last year for the Tucker’s Point Resort, which was a condition of the sale, and the estimated concession relief is $13.3 million dollars over five years, which is subject to conditions including training Bermudian staff, hiring Bermudian entertainment and marketing the resort. This Honourable House is advised that the developer has outlined a renovation timeline which will maximize the hotel’s operational ability in the short term, prepare the asset for long term success and, also, take into account the upcoming America’s Cup event in 2017. TP Holdco Limited is committed to repositioning the hotel to become one of the world’s most luxurious resorts offering the best in customer service. The developer will commence with an immediate investment of $5.8 million dollars being spent in the first year on key renovations, deferred maintenance and capital projects, and is on target to bring a total foreign investment into Bermuda’s economy between $92 million to $95 million dollars. The anticipated scope of work and cost breakdown by project includes approximately $6 million dollars on guestrooms; approximately $6 million dollars on the Point Restaurant relocation, pool enhancement and new lobby bar/lounge; approximately $2 million dollars on Spa enhancements and repositioning; approximately $2 million dollars on meeting space and boardroom renovations; approximately $2 million dollars on the Beach Club and Golf Club; approximately $2 million dollars on marina enhancements and an additional $2 million dollars on the general hotel contingency for fees, upgrades, master planning, pre-marketing and third parties. TP Holdco Limited will embark on a series of real estate development projects over the term of the investment, including an immediate programme to develop the existing Harbour Drive land sites into 16 new, for-sale condo-hotel units, which once entered into the hotel rental inventory, will increase hotel key count by 20-30 new additional hotel suites. An additional development, which is targeted as part of the Phase I business plan, is the development and sale of the existing Paynter’s Hill Site 9, which will be developed and sold as a branded Estate Home (it will also be contributed to hotel inventory as a premiere estate home during peak and holiday seasons). The capital expenditure related to these two projects would be above and beyond the scope outlined above and will be further refined and estimated post-closing. The hotel presently has a total of 88 rooms of which 28 are superior rooms, 40 deluxe, 12 one bedroom and 8 suites. The hotel property also includes two private residence clubs comprising of 340 fractional luxury residence units. During the period of renovation of the hotel and development of the real estate sites, the hotel will remain open for business, with only occasional partial/temporary closures where this is otherwise unavoidable. The commitment made by TP Holdco Limited this week is critical and in line with this Government’s strategy to develop the much needed tourism product to help sustain Bermuda’s tourism now, and for future generations. On behalf of the Ministry of Tourism, we take great pride in recognizing not only this great news today regarding the Rosewood Tucker’s Point Resort, but all of our partnerships in tourism that we have been cultivating over the last few years. Bermuda will experience the most exciting event ever to happen in Bermuda’s history with the 35th America’s Cup starting next week; we are seeing tremendous growth in tourism statistics in the first quarter of 2017, including, increased air arrivals, additional flights, increased number of cruise ship passengers and cruise calls. We now have smaller ships visiting the Town of St. George after a remarkable upgrade to the Old Town to include Penno’s Wharf and the new Hunter’s Wharf ferry dock. We have additional ships visiting the City of Hamilton and shovels in the ground at the L. F. Wade International Airport and the St. Regis Development in the Town of St George. The St George’s Bridge works are complete as well as the newly renovated Horseshoe Bay Beach entrance, with its spectacular new wooden foot path and parking area for our visitors to enjoy one of the world’s most famous beaches and Bermuda’s most renowned attraction. These are all great reasons to celebrate today.”
   
TPV Technology C/o Reid Management Ltd
   
Tracer Petroleum Corporation This large Canadian oil company has formed two Bermuda-based businesses in 2001. One is a petroleum company with projects in Kazakhstan and Iran. It is known as Tepco. The other will deal with crude swaps and petroleum trades and is known as Tracer Trading Ltd.
   
Trafalgar 2003 10/17/2003
Trafalgar 2004 11/10/2004
Trafalgar 2004 Management 11/10/2004
Trafalgar Capital 12/30/1994
Trafalgar Investment Holdings 2/29/1996
Trafalgar 10/3/1996
Trafalgar Management 7/5/1978
Trafalgar Management Services 2/9/2007
Trafalgar Operations 7/10/1992
Trafalgar Properties 9/30/1981
Trafalgar Research (Bermuda) 8/16/1994
Trafalgar Securities 7/5/1996
Trafalgar Tours International 10/5/1979. Suite 343, 48 Par-la-Ville Road, Hamilton HM 11. International Travel Group for over 70 years. Most globally awarded guided travel company for over 70 years.
Trafalgar Tours (Bermuda) 6/5/1996
Trafalgar Trading 10/13/1998
   
TNS International Holdings Owned by Transaction Network Services Inc of Reston, VA
Transport-Provider C/o Hollis & Co.
TransAtlantic Petroleum  
   
Transglobe Management (Bermuda) 1/2/1973.
Transglobe Private Trust Company 6/21/2002. 2013. April 10. The Bermuda Supreme Court had to decide a case that involves one of Taiwan’s largest companies and a family fortune worth billions held in trusts on the Island. Winston Wong, the son of Formosa Plastics Group’s late founder Wang Yung-ching, has sued an adviser for transferring the bulk of the family fortune valued at $15 billion into Bermuda trusts controlled by other family members. Dr Winston Wong, eldest son of YC Yang, said in a statement yesterday: "The Bermuda court now has an opportunity to recognize and resolve the injustice that has been perpetrated on my father, on his heirs, the shareholders of FPG, and on the people and government of Taiwan. We trust that justice and truth will prevail." It was pointed out in the statement that Taiwan stood to receive billions in taxes which could help get rid of its deficit. “Additionally, if the Bermuda court declares the transfer of assets to the trusts invalid and turns the assets over to YC Wang's estate, the Taiwanese Government could receive an estimated NT $158.4 billion to NT $237.6 billion in various taxes (US $5.3 billion to US $7.9 billion) — which could eliminate the Government's anticipated 2013 budget deficit of NT $214.4 billion (US$7.15 billion),” the statement said. Hung Wen Hsiung set up the trusts, excluding Wang, referred to in court documents as YC Wang, from the ownership and some members of his direct family as beneficiaries, according to a statement of claim filed by Wong yesterday in the Supreme Court of Bermuda. Bermuda is the fourth jurisdiction where Wong filed claims to recover the estate of his father, which he said is valued at $18 billion. Bloomberg reported that Hung, Wong’s half-sisters Susan Wang and Sandy Wang, as well as group Chairman William Wong and Wilfred Wang are among the trusts’ managers, according to a copy of the court filing. Wang died in the US in 2008 at the age of 91. He founded Taiwan’s biggest diversified industrial company, Formosa Plastics Group, which made pretax profit of NT$143 billion ($4.8 billion) in 2011, according to the company’s website. The group has worldwide assets valued at more than $85 billion and employs 100,000 people, according to the lawsuit. The case is Between Wong Wen-Young and Grand View Private Trust Co. in the Supreme Court of Bermuda. “We are seeking to invalidate the transfers and get a declaration that the assets are held for all the heirs of Y.C. Wang,” Mark Stoutenburg, Wong’s lawyer, said in a phone interview. Frank Fu, a spokesman for the Formosa Plastics Group, declined to comment on the lawsuit when reached by phone by Bloomberg yesterday. In a statement put out, Dr Winston Wong, eldest son of YC Yang, said 90 percent of his personal fortune was allegedly transferred without his consent. The statement said the Bermuda outcome could determine control of Formosa Plastics Group, and that the offshore trusts are the largest shareholders of "Four Treasures." The statement said: “Dr Wong conducted an extensive four-year investigation that revealed the following key findings: 1) that the trusts are non-charitable; 2) that the trusts were established in secret by a minority of Y.C. Wang's family; 3) that the assets were transferred into the trusts without his father's consent; and 4) the trust assets should have been declared as part of his late father's estate.” Dr Wong's lawsuit focuses on the contention that the transfer of YC Wang's assets into the trusts is invalid and he seeks to have these assets returned to their rightful owners: Y.C. Wang's estate and legal heirs. The lawsuit names as defendants, the Grand View Private Trust Company Ltd. (established in 2001), Transglobe Private Trust Company Ltd. (2002), Vantura Private Trust Company Ltd. (2005) and Universal Link Private Trust Company Ltd. (2005), all of which are incorporated in Bermuda. Mr Hung Wen Hsiung, the late Y.C. Wang's long-time personal financial advisor, is also named as a defendant for his role in creating the trusts and transferring Y.C. Wang's assets to the trusts. Mr Stoutenburg noted: "It's impossible to believe that the late YC Wang gave the required consent and approved the transfer of his immense fortune to these four trusts. There is no evidence that Mr Wang knew that the transfer of these assets would permanently strip him of his ownership of them and give control of the assets to just a tiny minority of his large family. The Bermuda trusts together hold approximately 90 percent of YC Wang's personal fortune. "Given YC Wang's famously meticulous attention to detail, it is inconceivable that he would have approved transactions of such magnitude and importance without being involved in every step. There is no evidence, however, that he ever saw, read or signed any of the complex documents establishing the trusts — which were written in English, a language neither he nor his advisor Mr Hung could speak or read. The defendants and their agents do not deny these facts," he continued. "This has led Dr Wong to the inevitable conclusion that his father was deceived." Stoutenburg explains: "The Wang Chang Gung Charitable Trust, established by YC Wang and named in honor of Dr Wong's grandfather, was the blueprint for Mr Wang's charitable giving. He was very detailed and specific about its mission, its management, and its financing. He included his entire family. He did nothing in secret. He left nothing to chance. He made everything transparent. The Bermuda trusts, established in secret, with no clear charitable mission or activity, stand in stark contrast to this and are trying to hide behind the good deeds of the Wang Chang Gung Charitable Trust. The purpose trusts were established offshore in Bermuda to avoid scrutiny in Taiwan and so that they could be hidden from Y.C. Wang's estate. Despite repeated requests, no proof has been provided about the purported charitable activities of the trusts, nor has Dr Wong's widespread investigation turned up any evidence that the Bermuda trusts are engaged in any charitable activities." In summary, says Stoutenburg: "The evidence indicates that the Bermuda trusts were primarily established to: 1) secretly ensure that the control of FPG was kept in the hands of a few family insiders and guarantee that other family members could not inherit significant shares upon YC Wang's death; 2) drastically reduce YC Wang's estate; 3) obscure the true ownership of FPG under the guise of foreign investors; and 4) hold the assets of a vast, global business empire controlled by a few members of the family. All of this was done offshore to avoid the scrutiny of Taiwan regulators." The statement added Dr Wong's lawyers assert that the people who control the trusts have unchecked and unregulated power to do whatever they like with the billions of dollars of assets in the trusts. There are no outside authorities or government bodies in Bermuda that actively supervise the trusts or the billions of dollars worth of assets they control. To the contrary, these offshore purpose trusts, named in Dr Wong's lawsuit, are controlled and self-supervised by the same people who benefit from the decisions they make, the statement said, going on to say: “The lawsuit, which marks a critical point in Dr Wong's long-standing efforts to restore his late father's legacy, has profound implications for the future of FPG. If the Bermuda court rules that the transfer of YC Wang's FPG stake to the offshore trusts should be undone, it would affect the current management and control of FPG.
   
Transportation Reinsurance Underwriting Company of Kentucky November 2016. A Class 3 insurer,
   
TransRe One of the insurance firms that has invested in Blue Marble Microinsurance.
   
Transworld Oil P. O. Box HM 1252, Hamilton HM FX. Owned by John Deuss.
   
Travelport Worldwide Moved to Bermuda from New York in 2006
   
Transworld Payment Solutions  
Tremont (Bermuda) 4 Park Street, Hamilton. (441) 292-3781. Fax (441) 296-7194
Tribley Asset Management

In September 2010 it announced the upcoming launch of its Panama Real Estate Fund in early October. The Fund will focus on satisfying a growing demand for investment in residential and commercial properties in and around Panama City, Panama; while maximizing short-term rental yields as it seeks strong, mid-to-long-term capital gains. Tribley has employed an experienced full time, bi-lingual, Panamanian manager to join its team in Panama City. Their remit is to identify properties for possible inclusion in the fund. The fund has been developed for both sophisticated individuals and institutional investors, with a minimum investment of $100,000.

Tricon and WestLB Germany's 4th largest credit institution
Trident Holdings Owned by Enstar USA 
   
Triton International (TIL) 2017. March 16. Container company Triton International Ltd has reported an adjusted net income of $15.3 million for the fourth quarter, and a full-year profit of $48.9 million. The company said it is on target to achieve its target of annual savings of $40 million as a result of last July’s merger between TAL International Group and Triton Container International, which created the world’s largest lessor of intermodal freight containers. The Bermuda-based company’s earnings were impacted by the bankruptcy of South Korea’s Hanjin Shipping, which was the world’s seventh-largest shipping line. Triton had 3 per cent of its container fleet leased to Hanjin at the time it filed for bankruptcy at the end of August. Those containers represented a net book value of $243 million. Triton has made a “large effort” to recover 78 per cent of the containers and expects to secure a further 11 per cent of the total in the near future. The company estimates the Hanjin bankruptcy caused a $29.7 million impact to its year-end results. Triton had more than $100 million of credit insurance in place at the time of the bankruptcy to cover the cost of recovering its containers and up to six months of post-bankruptcy lost revenues, subject to policy limits. More than a quarter of the containers it had leased with Hanjin have since been re-leased to other customers, while 4 per cent have been sold or put on sale. Looking at the wider economic situation, Brian Sondey, Triton’s chief executive officer, in a conference call said: “The global economy is still fragile, and the possibility of protectionism is a concern.” However, he said that after two difficult years the company saw market conditions improve during the past six months and Triton ended 2016 with strong momentum. Mr Sondey said the company expects favorable market conditions to continue, while its merger integration remains on track to bring increased savings, and give the company scale and cost advantages. Regarding scale, he said that as shipping lines consolidate into larger entities “they need larger suppliers and don’t want to have to go to four or five container companies. We can deliver bigger solutions since the merger.” Triton expects favorable market conditions this year, particularly for dry containers, citing the likelihood that new container production volumes will be constricted in the first half of the year. The company expects container sale prices to increase “if current new container prices are sustained”. In its consolidated statement of income, Triton’s total leasing revenue for the fourth quarter was $259.5 million, up from $248 million in the third quarter. Its consolidated assets at the end of 2016 totaled $8.7 billion. Triton’s adjusted pre-tax income for the fourth quarter was $19 million. It has announced a dividend of 45 cents to be paid on March 30. Mr Sondey recognized that the dividend was outsize compared to Triton’s fourth quarter profitability, but he expects the company to grow into the dividend if the market recovery is sustained. Triton has a market capitalisation of $1.76 billion. Yesterday in New York its shares rose 8.6 per cent to $25.81.

2016. July 21. Law firm Appleby was an adviser in a $8.7 billion merger of two freight container leasing corporations. The merging of Triton Container International Limited and TAL International Group Inc, created a Bermuda-based holding company with $8.7 billion in revenue-generating assets. It is the second multibillion dollar merger deal closed in the space of a week that involved a Bermudian-based law firm and resulted in the holding company domiciling on the island, despite one of the combining companies having a previous connection with Delaware. Triton International Ltd is now the world’s largest lessor of intermodal freight containers and chassis. It has an estimated global market share of 25 per cent. During the deal Appleby was the Bermuda counsel to Bermudian-based Triton Container International, which was formed in 1980. Triton, with a fleet portfolio of $4.55 billion, was marginally the larger of the two merging companies. Delaware-based TAL had a fleet portfolio of $4.12 billion. The Triton deal was announced last year and closed on July 12. It resulted in the formation of Triton International Ltd, which is now listed on the New York Stock Exchange. In a statement, Appleby said it advised on all Bermuda aspects of the transaction, working closely with US counsel and Triton to identify potential challenges and devise solution-driven strategies. TIL is the world’s largest lessor of intermodal freight containers and chassis. With a container fleet of nearly five million 20-foot equivalent units, TIL’s global operations include acquisition, leasing, re-leasing and subsequent sale of multiple types of intermodal containers and chassis. One of the combining companies had a previous connection with Delaware, however the newly-formed holding company is domiciled in Bermuda.

   
Trocan Management  Corporate agent for Bermuda Emissions Control Ltd
   
Tromino Financial Services

Reid Street, Hamilton. Since 2005. Established by Fabian Schonenberg. It administers funds ranging from one that invests in wine, others that invest in catastrophe risk, as well as the more conventional funds of hedge funds. Mr. Schonenberg is a Swiss national, also the Swiss Honorary Consul in Bermuda. Clients are banks and fund managers based in Bermuda and elsewhere. 

   
Troon Golf International golf management firm, works with local golf clubs Port Royal and Ocean View.
   
Trout Trading Management Co. Owned by Monroe Trout, a prominent Bermuda based commodities futures trader who owns and operates Hamilton Fund Ltd. Has a brother, Timothy, who once owned part of the company. The Bermuda operation does not come under the rules and regulations of the USA based Securities and Exchange Commission. It is now a US$ 2 billion fund. 
Trunomi Since 2014. New Venture House, on Mill Creek Road, Pembroke. A Bermuda-headquartered company with offices in Silicon Valley and Ireland. Has a team of around 30, most of them employed on a consultancy basis, working on the development of its financial technology. A round of financing from angel investors earlier in 2014 was oversubscribed within 13 days. The firm's backers include a private-equity fund and KPMG Bermuda Holdings, as well as other investors. many of them based in Bermuda.  The company held its official launch at the 2014 Money 20/20 event in Las Vegas. Bermuda-based Mitsubishi UFJ Fund Services (MUFJ), which worked with Trunomi as a co-development partner, believes the company can have a big impact. The firm has created technology solutions that will make people's dealings with financial institutions much smoother for both sides. One aspect of Trunomi’s patent-protected technology is that it allows people to store digital sets of personal identification documents, such as passports and utility bills, in a way that allows it to be easily shared with financial institutions when necessary. The company's TruMobile app allows users to store document sets of personal identity information (Pii) and easily share it with institutions such as banks when necessary. The technology was initially developed for the financial services industry, but it could be applied much more broadly. Founder and chief executive officer Stuart Lacey is the spouse of a Bermudian. For regulated entities such as banks who need to demand a batch of paper documents such as passports and utility bills to verify identities, the TruMobile app will relieve some of the burden of Know Your Customer rules. Trunomi's TruHub is described as an enterprise solution for banks and other regulated entities that leverages cloud-based sharing to remove large-scale duplication and inefficiencies from the customer on-boarding process. TruHub and TruMobile are protected by multiple patents. In January 2015 Trunomi last night received a prestigious international accolade at a ceremony in London. The company was selected from around 800 applicants as one of the FinTech50 2015 — described by organizers as “the 50 game-changers transforming the future of finance. The invitation-only awards ceremony in the City financial district was attended by senior bank executives, venture capitalists and technology leaders. The judging panel comprised a group of 25 established financial technology specialists. The 50 companies the panel selects are the ones they believe will be “the ones to watch in 2015.” “Fintech”, or financial technology, is a sector undergoing strong growth. According to CB Insights, fintech deals totaled more than $12 billion in 2014.
   
Tsakos Energy Navigation An oil-tanker owner, one of the world’s largest owners of tankers capable of navigating icy waters.
   
Turing Re 2017. June 5. Hamilton Re has launched its first special purpose vehicle with backing of $65 million. Turing Re will provide collateralised capacity for its parent firm’s global reinsurance portfolio. Kathleen Reardon, CEO of Hamilton Re, said: “This transaction represents an exciting next step in the evolution of Hamilton Re as a diversified company meeting the needs of our current and future clients.” The vehicle was capitalized with $65 million raised in a private placement syndicated among multiple investors. Turing Re will provide support for Hamilton Re’s property treaty book of business.
   
Turkish Catastrophe Insurance Pool (TCIP) 2015. August 28.  The Bosphorus Ltd $100 million catastrophe bond to cover Turkey against earthquakes was set up in Bermuda in 2015. Now TCIP plans to continue to build its relationship with the market. The Bosphorus Ltd bond provides reinsurance protection across three years on a per-occurrence basis for earthquakes in the Istanbul area. The transaction — the second of its kind — was completed with the support of reinsurance broker Guy Carpenter’s investment banking and ILS unit GC Securities. Suha Cele, executive board member of Eureko Sigorta, the insurer that manages TCIP, said: “In view of the constantly growing portfolio of TCIP, our co-operation with the capital markets will continue in the near future, which would allow TCIP to diversify its reinsurance buying and utilise multiyear capacity at a stable price.” He added: “We are proud to be the sponsor of Bosphorus Ltd. Our previous bond, Bosphorus 1 Re was a real success story as it is the first cat bond covering Turkish perils. “We are pleased to see that the second bond is also well accepted by the capital markets, which is showing us also that the bond programme of TCIP is well-established.” The TCIP risk pool has now sourced $500 million in total of catastrophe bond capacity from capital market investors, following the $400 million Bosphorus 1 Re Ltd deal in 2013. The transaction’s trigger is based on ground motion measurements captured by seismometers that are part of the Istanbul Early Warning and Rapid Response System, operated by academic institutions in Turkey. GC Securities global head of ILS structuring Cory Anger said: “We are delighted that TCIP has elected to utilise catastrophe bond-based protection for a second time to complement its traditional reinsurance programme and build upon the success of its initial use of catastrophe bonds.” She added: “The use of an unsubordinated, unsecured note issued by the International Bank for Reconstruction and Development as the collateral solution balances giving investors superior investment yield and diversifying the type of collateral solution that are most common in catastrophe bond transactions while maintaining high investment quality for TCIP.”
   
Tyco Holdings (Bermuda) # 15 As below
Tyco Electronics World's biggest maker of electric connectors, public safety/land mobile radio systems, radio-frequency components and sub-systems. Spun off as part of the break-up of Tyco International Ltd. Brought in about $500 million in the fiscal year 2007, representing 56 percent of the total sales recorded by Tyco's wireless-systems sector. In 2009 announced it was seeking to relocate from Bermuda to Switzerland. 
Tyco International Zurich Centre, 2nd Floor, 90 Pitts Bay Road, Pembroke HM 08. Phone 292-8674. Fax 295-9647. In the top 100 of Federal contractors. Has $ multi-million US Defense and Homeland Security contracts. Formerly based in Exeter, New Hampshire. Bermuda headquartered here for tax reasons on July 1, 2001. Operating headquarters in Berwyn, Pennsylvania. It is a huge corporation in the USA and elsewhere, about 117 in world ranking, the world's largest fire and security systems provider and second-biggest in health care supplies. It also owns Bermuda-based international company ADT and Tyco Submarine Systems.
Tyco Submarine Systems Owned by Tyco International
Tycom Ltd Moved from New Jersey to Bermuda in 2000. 

Address as above for Tyco, phone 298-9770. Fax 298-9777. World leader in undersea technology development. It has provided practical and financial help for a Bermuda exhibition at the Smithsonian Libraries exhibition in Washington DC, in the National Museum of American History. It is titled" The Underwater Web: Cabling the Seas. " Neil Garvey is the president and CEO.

Tyler International Funding  2 Reid Street, Hamilton HM 11. Phone 296-5004.
Tyndall International Group 1 Victoria Street, Hamilton HM 11. Phone 296-2268.

U

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

U-Freight Holdings 1/28/1987
U-Home Group Holdings 6/19/2002
U-Right International Holdings 6/9/2000
UAB (Bermuda) 8/22/1980
USM 9/1/1967
US Summit Corp (Overseas) 12/21/1978
U3S International 2/3/1998
UAC Holding Company 11/6/1990
UAS International Insurance Refused 12/5/2005
UB Holdings 3/23/2006
Ubam Renaissance Russian Equity 11/2/1997
Ubatuba 3/22/2007
Uber International C V 2/11/2014
Uberrimae Fedei Insurance Company 8/7/2001
Uberware 3/28/1996
Ubique Assurance 1/31/1972
Ubique Corporation 11/22/1994
Ubixo (Bermuda) 12/4/2008
UBP - Latam High Yield 10/22/1996. 4th Floor, Cumberland House, 1 Victoria Street, Hamilton HM 11. P. O. Box HM 2572, Hamilton HM KX. Phone 295-8339. Fax 295-8682. Wholly owned subsidiary of Union Bancaire Privee, one of Switzerland's largest privately owned banks specializing in private and institutional banking. 
UBP - Russia & Eastern Europe High Yield 3/26/1997
UBP Emerging Oportunities Ltd Cayman Islands 3/15/2002
UBP Multi-Strategy Alpha Fund 5/21/2001
UBP Multi-Strategy Alpha II Fund 1/30/2002
UBP Multi-Strategy Fund 1/27/2000
UBP Multi-Strategy Fund II (Euro) 2/16/2001
UBP Turkish Equity Fund Cayman Islands 3/15/2002
UBS Group Insurance (Bermuda)  7/22/1993
UBS Warburg Participations 12/20/1996
Ubsure Bermuda 6/8/2010
UCAV Asset Management 1/2/1998
Ucko Machine Tools Brokerage 1/25/1980
UCL Group 7/17/2002
Udderman International 10/28/1977
UDL Holdings 5/31/1991
UDL Marine Corporation 9/27/1994
UDLP Components 9/12/1996
UE & C Overseas 5/12/1992
Uebersee 7/18/1977
Uenuku Catastrophe Fund 7/28/2009
   
UFG Russia Select Fund  
Ultimate Imaging A subsidiary of the Bermuda Hospitals Board.
Ultimate Holdings Investment company, with registered office at Milner House, 18 Parliament Street, Hamilton, law firm of Cox, Hallett and Wilkinson. Believed to be owned or controlled or both by Adnan Khashoggi, a Saudi Arabian arms dealer.
Union Bancaire Privee Managed by Asset Management (Bermuda) Ltd.
United Food Holdings  C/o Codan Services Ltd
United Pacific Industries C/o Codan Services Ltd
   
Universal Link Private Trust Company April 10. The Bermuda Supreme Court must decide a case that involves one of Taiwan’s largest companies and a family fortune worth billions held in trusts on the Island. Winston Wong, the son of Formosa Plastics Group’s late founder Wang Yung-ching, has sued an adviser for transferring the bulk of the family fortune valued at $15 billion into Bermuda trusts controlled by other family members. Dr Winston Wong, eldest son of YC Yang, said in a statement yesterday: "The Bermuda court now has an opportunity to recognize and resolve the injustice that has been perpetrated on my father, on his heirs, the shareholders of FPG, and on the people and government of Taiwan. We trust that justice and truth will prevail." It was pointed out in the statement that Taiwan stood to receive billions in taxes which could help get rid of its deficit. “Additionally, if the Bermuda court declares the transfer of assets to the trusts invalid and turns the assets over to YC Wang's estate, the Taiwanese Government could receive an estimated NT $158.4 billion to NT $237.6 billion in various taxes (US $5.3 billion to US $7.9 billion) — which could eliminate the Government's anticipated 2013 budget deficit of NT $214.4 billion (US$7.15 billion),” the statement said. Hung Wen Hsiung set up the trusts, excluding Wang, referred to in court documents as YC Wang, from the ownership and some members of his direct family as beneficiaries, according to a statement of claim filed by Wong yesterday in the Supreme Court of Bermuda. Bermuda is the fourth jurisdiction where Wong filed claims to recover the estate of his father, which he said is valued at $18 billion. Bloomberg reported that Hung, Wong’s half-sisters Susan Wang and Sandy Wang, as well as group Chairman William Wong and Wilfred Wang are among the trusts’ managers, according to a copy of the court filing. Wang died in the US in 2008 at the age of 91. He founded Taiwan’s biggest diversified industrial company, Formosa Plastics Group, which made pretax profit of NT$143 billion ($4.8 billion) in 2011, according to the company’s website. The group has worldwide assets valued at more than $85 billion and employs 100,000 people, according to the lawsuit. The case is Between Wong Wen-Young and Grand View Private Trust Co. in the Supreme Court of Bermuda. “We are seeking to invalidate the transfers and get a declaration that the assets are held for all the heirs of Y.C. Wang,” Mark Stoutenburg, Wong’s lawyer, said in a phone interview. Frank Fu, a spokesman for the Formosa Plastics Group, declined to comment on the lawsuit when reached by phone by Bloomberg yesterday. In a statement put out, Dr Winston Wong, eldest son of YC Yang, said 90 percent of his personal fortune was allegedly transferred without his consent. The statement said the Bermuda outcome could determine control of Formosa Plastics Group, and that the offshore trusts are the largest shareholders of "Four Treasures." The statement said: “Dr Wong conducted an extensive four-year investigation that revealed the following key findings: 1) that the trusts are non-charitable; 2) that the trusts were established in secret by a minority of Y.C. Wang's family; 3) that the assets were transferred into the trusts without his father's consent; and 4) the trust assets should have been declared as part of his late father's estate.” Dr Wong's lawsuit focuses on the contention that the transfer of YC Wang's assets into the trusts is invalid and he seeks to have these assets returned to their rightful owners: Y.C. Wang's estate and legal heirs. The lawsuit names as defendants, the Grand View Private Trust Company Ltd. (established in 2001), Transglobe Private Trust Company Ltd. (2002), Vantura Private Trust Company Ltd. (2005) and Universal Link Private Trust Company Ltd. (2005), all of which are incorporated in Bermuda. Mr Hung Wen Hsiung, the late Y.C. Wang's long-time personal financial advisor, is also named as a defendant for his role in creating the trusts and transferring Y.C. Wang's assets to the trusts. Mr Stoutenburg noted: "It's impossible to believe that the late YC Wang gave the required consent and approved the transfer of his immense fortune to these four trusts. There is no evidence that Mr Wang knew that the transfer of these assets would permanently strip him of his ownership of them and give control of the assets to just a tiny minority of his large family. The Bermuda trusts together hold approximately 90 percent of YC Wang's personal fortune. "Given YC Wang's famously meticulous attention to detail, it is inconceivable that he would have approved transactions of such magnitude and importance without being involved in every step. There is no evidence, however, that he ever saw, read or signed any of the complex documents establishing the trusts — which were written in English, a language neither he nor his advisor Mr Hung could speak or read. The defendants and their agents do not deny these facts," he continued. "This has led Dr Wong to the inevitable conclusion that his father was deceived." Stoutenburg explains: "The Wang Chang Gung Charitable Trust, established by YC Wang and named in honor of Dr Wong's grandfather, was the blueprint for Mr Wang's charitable giving. He was very detailed and specific about its mission, its management, and its financing. He included his entire family. He did nothing in secret. He left nothing to chance. He made everything transparent. The Bermuda trusts, established in secret, with no clear charitable mission or activity, stand in stark contrast to this and are trying to hide behind the good deeds of the Wang Chang Gung Charitable Trust. The purpose trusts were established offshore in Bermuda to avoid scrutiny in Taiwan and so that they could be hidden from Y.C. Wang's estate. Despite repeated requests, no proof has been provided about the purported charitable activities of the trusts, nor has Dr Wong's widespread investigation turned up any evidence that the Bermuda trusts are engaged in any charitable activities." In summary, says Stoutenburg: "The evidence indicates that the Bermuda trusts were primarily established to: 1) secretly ensure that the control of FPG was kept in the hands of a few family insiders and guarantee that other family members could not inherit significant shares upon YC Wang's death; 2) drastically reduce YC Wang's estate; 3) obscure the true ownership of FPG under the guise of foreign investors; and 4) hold the assets of a vast, global business empire controlled by a few members of the family. All of this was done offshore to avoid the scrutiny of Taiwan regulators." The statement added Dr Wong's lawyers assert that the people who control the trusts have unchecked and unregulated power to do whatever they like with the billions of dollars of assets in the trusts. There are no outside authorities or government bodies in Bermuda that actively supervise the trusts or the billions of dollars worth of assets they control. To the contrary, these offshore purpose trusts, named in Dr Wong's lawsuit, are controlled and self-supervised by the same people who benefit from the decisions they make, the statement said, going on to say: “The lawsuit, which marks a critical point in Dr Wong's long-standing efforts to restore his late father's legacy, has profound implications for the future of FPG. If the Bermuda court rules that the transfer of YC Wang's FPG stake to the offshore trusts should be undone, it would affect the current management and control of FPG.
   
Unocal A large US oil company. In 1990s it set up dozens of companies in Bermuda to cover its companies worldwide. 
   
Upsilon Reinsurance II In 2013 RenaissanceRe Holdings launched this as a $185 million sidecar to write collateralized retrocessional reinsurance.
   
Urban Maximum Industries (UMI) A Bermudian startup firm with a $2 billion plan to lead the Island to energy independence within ten years. The ambitious project, which aims to give the Island an electricity supply fuelled entirely by renewable sources, has been in the works for two years. Headed by founder Craig Looby it announced in June 2015 it was spearheading the plan, along with US firm Hydrogen 411 Technology.

2015. December 16. The company seeking to make major infrastructure investments in Bermuda says its representatives have met with government officials. Urban Maximum Industries, Inc (UMI) said that after the November 25 meeting, the company will go through a “vetting process.” UMI says it has secured the backing of International Asean Corp (IAC), which says it can provide as much as $5 billion for Bermuda projects from its ultra-wealthy investors, who are based in South-East Asia and the Middle East. UMI, which was founded by Bermudians Arthur Brangman and Craig Looby, said: “We are seeking to have our international partners and investors attend a January 2016 meeting, with the Government of Bermuda, as we wish to address the various details face to face.” The company has already expressed interest in developing new green energy infrastructure and a new Causeway. Now it is proposing an alternative to the Government’s plans to redevelop LF Wade International Airport and to create a new monorail transport system for the Island. The statement added: “We fully appreciate and support transparency and in considering the overall programme would suggest that the delivery of a diverse pool of developments, projects and programmes would use a number of standard engagement models, such as sole source deployments, and request for proposals, all of which based on the partnering agreements, would ensure local involvement via employment, contracting, subcontracting and the entire scope of support services: banking, legal, insurance and accounting.” UMI thanked Michael Dunkley, the Premier, and Grant Gibbons, the Economic Development Minister, for agreeing to meet their representatives last month.

   
Ursa Re 2015. September 16. The California Earthquake Authority, through this company, its Bermuda-based special purpose insurer, issued a $250 million cat bond to cover earthquake risk in California. The Series 2015-1 Class B notes will run for three years and become due on September 21, 2018. The cat bond has been admitted to the Bermuda Stock Exchange’s official list.

2017. May 17. A total of $925 million in securities on behalf of the California Earthquake Authority were yesterday listed with the Bermuda Stock Exchange. The two securities were issued by Ursa Re and placed by Swiss Re Capital Markets, which acted as structuring agent and bookrunner, with Aon Securities as joint bookrunner. The at-risk variable rate notes, one of $500 million and one of $425 million, will collateralize reinsurance agreements that will provide the California authority with a three-year source of reinsurance from capital markets to protect it against losses due to earthquakes.

   
USA Petroleum Bermuda) P. O. Box HM 1549, Hamilton HM FX. Phone 295-4566.
USA Risk Group Offshore Management P. O. Box HM 1838, Hamilton HM AX. Member of the USA Risk Group.
Utilico Shareholder in Bermuda Commercial Bank
Utilico Finance Shareholder in Bermuda Commercial Bank.
Utilicorp (Bermuda) Holdings This and the one below have merged with Utilicorp (North Shore) Ltd of Delaware. C/o Cox Hallett & Wilkinson
Utilicorp (Bermuda) Power See above

V

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

V-Logic Holdings 4/26/2000
V Cruises Intermediate 9/16/2014
V Cruises 8/28/2014
V&V Ceiltech 4/29/2008
V&W Enterprises 4/9/1976
VA Va Entertainment 6/25/2009
Vaccinogen Bermuda 9/19/2014
Vaccinoigen International Partners LP 9/22/2014
Vacuna Jets 2/11/2005
Vagabond Investment 9/26/1997
Vagabond Productions 4/28/1969
Vail Dos 10/1/1982
Vail Uno 5/26/1982
Vala (UK) LP 12/29/2006
Valaquenta Capital 12/29/2000
Valaquenta Intellectual Properties 3/15/2000
Valaquenta Investment Management Company 4/12/2011
Valcer Investments 5/25/2012
Valco Holdings 9/19/2003
   
Validus Amalgamation Subsidiary 3/18/2009.  29 Richmond Road, Pembroke HM08.See Validus companies below.
Validus Holdings 10/19/2005.

2017. April 28. Bermuda-based Reinsurance firm Validus reported profits of $94.6 million for the first quarter of the year. The figure, equal to $1.17 per common share, was $72.2 million down on the $166.8 million recorded for the same period last year, equivalent to $1.98 per share. Gross premiums written for the quarter amounted to $1.19 billion compared to $1.17 billion for the first quarter of 2016. Ed Noonan, CEO of Validus, said: “This was another good quarter for the Validus Group, We had $94.6 million in net income and an annualized return on average equity of 10.2 per cent in the quarter. Our combined ratio of 83.2 per cent reflects our continued commitment to underwriting profits and most importantly we grew our book value per diluted common share, including dividends, by 2.9 per cent during the quarter.” The $18.1 million increase in gross premiums written was put down an increase in the western world segment of Validus Group’s business, offset by decreases in Validus Re and Talbot segments. The company report said: “The decrease in the Validus Re segment was driven by a decline in agriculture premiums of $76.3 million due to lower crop premiums available for insurers as result of recent mergers and acquisitions in the primary insurance space, including the company announced acquisition of Crop Risk Services.” The decrease, however, was offset by an increase in agricultural premiums of $84.3 million in the western world segment, which resulted from a new quota share arrangement between CRS and Validus Re Switzerland. Managed net investment income for the quarter was up $8.3 million at $36.2 million, compared to $27.9 for the same quarter in 2016. The report said: “The increase was primarily driven by returns on the company’s portfolio of structured securities, of which $3.9 million was generated from a single fixed income fund during the three months ended March, 31, 2017, compared to a loss of $2.4 million from the same fund during the three months ended March 31, 2016, compared to a loss of $2.4 million from the same fund during the three months ended March 31, 2016.” 

2017. February 3. Bermuda-based reinsurer Validus Holdings Ltd’s fourth-quarter net income plummeted to $7.8 million, down from $69 million in the same period last year, as it dealt with losses from Hurricane Matthew and an earthquake in New Zealand. The group’s net income for the year dropped from $374.9 million, or $4.34 per share, to $359.4 million, or $4.36 per share. However, operating income at Validus for the final three months of the year was $64.3 million, or 80 cents per share, comfortably beating the 74 cents consensus forecast of market analysts. Ed Noonan, chief executive officer of Validus, said: “Validus had another strong year in 2016. Despite the global insurance market growing more competitive, we were able to deliver an 84.2 per cent combined ratio and grow our book value per diluted share, including dividends, by 9.5 per cent. We continue to position the company well to weather the soft market while building the foundation to capitalize on better market conditions down the road.” During the January renewals, the Validus Re and AlphaCat segments of the company underwrote $628.9 million in gross written premiums, an increase of 3 per cent on January 2016. Fourth-quarter results included $70.6 million of losses from Hurricane Matthew and the earthquake in New Zealand. This was partially offset by a reduction in the second-quarter losses associated with the Canadian wildfires, which were reduced by $18.3 million. Gross written premiums for the year were $2.64 billion, a rise of $91.2 million on 2015. The combined ratio for the year 84.2 per cent, compared with 79.7 per cent the previous year. During the fourth quarter, Validus repurchased 317,401 shares. Validus shares yesterday rose $1.04 to close at $58.66 before the company announced its results.

2017. January 31. Island-based Validus Holdings has splashed out $127.5 million to buy up a US specialist crop insurer. The firm and American Archer Daniels Midland Company have struck a deal for Validus to take over its Crop Risk Services arm, based in Illinois. CRS wrote $548 million in gross premiums last year and has more 1,100 agents in 36 US states. Ed Noonan, Validus chairman and chief executive officer, said: “CRS is a high-quality crop insurance provider that has achieved excellent growth in recent years. “Validus will benefit from CRS’s commitment to provide superior customer service to agents and farmers via their leading technology capabilities. The addition of CRS complements Validus’ existing agriculture book and participation in this market is a logical step as Validus continues to expand our presence in US primary specialty lines. We are excited by the long-term partnership with ADM as this transaction further provides the unique opportunity of a marketing services agreement with one of the largest agricultural processors in the world.” Joe Taets, president of ADM’s agricultural services business unit added: “We’re pleased to have reached an agreement that includes a marketing services agreement that will allow ADM and Validus to work together to continue to offer customers a full array of crop insurance products as well as ADM’s grain marketing services. We are pleased to have found a buyer in Validus that is committed to running — and growing — the business, and we look forward to continuing to work with Validus and the CRS sales team and their customers across the country.” Validus, which will fund the acquisition with cash on hand, said its new arm would operate as part of the Western World Insurance Group after the closure of the deal, expected in the second quarter of this year.

October 27. An exploding space rocket cost Validus Holdings $19 million in losses during the third-quarter, but the company still increased its profit to $89.8 million, a rise of about $23 million year-on-year. A SpaceX Falcon-9 rocket that blew up while undergoing a test firing at Cape Canaveral on September 1, resulted in a net loss of $8.1 million attributable to Validus Re, and a net loss of $10.8 million to Validus Holding’s Talbot segment. That was the only non-notable loss event suffered by the company during the third quarter. It had no notable loss events. Bermudian-based Validus Holdings’ net income for the period equated to $1.11 per diluted share, compared to $0.78 in the same period last year. Net operating income for the three months was $82.6 million, compared with $65.8 million a year ago. Gross written premiums fell 7.5 per cent to $372.4 million, primarily driven by decreases in the Validus Re, Talbot and AlphaCat segments, offset partially by an increase in the Western World segment. Ed Noonan, chief executive officer, said: “Validus delivered favorable results for the third quarter of 2016, with a combined ratio of 82.4 per cent and strong investment returns driving book value growth of 2.5 per cent inclusive of common dividends. Given current market conditions we continue to reduce exposure in areas under the most competitive pressure — notably marine and energy and certain property classes — while continuing to expand our profile in US insurance and the management of third party capital.” Validus Re increased its underwriting income from $56.6 million to $67.1 million. Validus Holdings’ loss ratio for the period was 45.8 per cent, which included $52.9 million of favorable loss reserve development on prior accident years; this compares to a loss ratio of 46.1 per cent for the same period in 2015. Book value per diluted share was $45.16 on September 30, reflecting quarterly growth of 2.5 per cent, inclusive of common dividends. On the New York Stock Exchange shares of Validus Holdings closed at $50.40, down 82 cents, or 1.6 per cent, before the third-quarter results were released.

2016. July 12. Validus Holdings’ second-quarter losses from extraordinary events were $60 million, led by costs from wildfires in Canada, the company has stated. The wildfires, which were centred on the Fort McMurray region of Alberta, resulted in an estimated net loss attributable to Validus of $26.9 million. Other major losses include an estimated $15.3 million attributed to the Kumamoto earthquake in Japan, a $10.3 million loss from Texas hailstones, and a $7.5 million loss from the Jubilee Oil event. In a statement, Validus said the $60 million loss allocated by segment sees Validus Re shoulder $38.7 million, Talbot takes a $19.2 million loss, AlphaCat takes a $1.5 million hit and Western World a $600,000 loss. The company said the estimates may vary from the preliminary information given.

2016. April 29. Validus Group’s first-quarter profit was $166.8 million, a fall of 3.8 per cent compared to the same period in 2015. However, year-on-year there was no change in the $1.98 net earnings per common share available to Validus. The group bought back 1.4 million of its shares during the first three months of the year. Underwriting income across the group’s various segments fell from $142.1 million to $122.7 million. Validus Re was the star performer with income rising from $76.1 million to $98.3 million, but things were not so rosy for its Lloyd’s insurance platform Talbot, where income dropped $36 million to $20.3 million. Meanwhile Validus Group’s US-based insurer Western World recorded a loss of $4.7 million, compared to underwriting income of $2.2 million a year ago. The group’s gross premiums written for the period were $1.172 billion, up from $1.119 billion. Ed Noonan, Validus’s chief executive officer, said: “I’m very pleased to report Validus’s strong results for the quarter which were driven by excellent underwriting and investment results. “Despite competitive conditions in the insurance and reinsurance markets combined with capital markets volatility, Validus generated an 18.1 per cent annualized return on average equity. We continue to build upon existing strengths in our Bermuda and London platforms while positioning our US operations for long-term success.” Validus has a market capitalization of $3.77 billion. Its shares closed at $44.35 on the New York Stock Exchange yesterday, down 55 cents, or 1.22 per cent.

Validus Re Americas 10/21/2009
Validus Reinsurance 10/19/2005
Validus Services (Bermuda) 11/7/2001.  Phone 441-278 9065. Fax 441 278 9090. 
Validus UPS 8/28/2002
Validus Ventures 7/23/2008
   
Valins I 10/22/2014
   
Valor Management Part of the Valor Group. An insurance management company.
VL Insurance Part of the Valor Group. had a private Act of Parliament aimed at broadening its range of services signed into law by Governor George Fergusson in November 2015. The Act allow the firm to expand the meaning of “insurable interest” to allow it to issue life insurance policies across a wider range. The company will also be allowed to pay out in the event of the death of an insured direct into the relevant segregated account, which also would not have been allowed under the public Act. The private Act was backed by Valor Management, also based in Bermuda. Valor Group is a multibillion dollar group of companies aimed at providing private placement insurance for wealthy clients around the world. Valor Management said that the change in the legal framework would give it “greater flexibility” to create specialized wealth planning and preservation services for its client base. In addition to Bermuda, Valor Group, part of the COR Group, includes insurance companies and other financial services enterprises in Barbados, Liechtenstein, Luxembourg and Ireland.
   
   
   
Value Capital LP 4/9/1998. $570+ million hedge fund backed by billionaire investor Warren Buffett
   
Vantura Private Trust Company 5/4/2005. April 10. The Bermuda Supreme Court recently had to decide a case that involves one of Taiwan’s largest companies and a family fortune worth billions held in trusts on the Island. Winston Wong, the son of Formosa Plastics Group’s late founder Wang Yung-ching, has sued an adviser for transferring the bulk of the family fortune valued at $15 billion into Bermuda trusts controlled by other family members. Dr Winston Wong, eldest son of YC Yang, said in a statement yesterday: "The Bermuda court now has an opportunity to recognize and resolve the injustice that has been perpetrated on my father, on his heirs, the shareholders of FPG, and on the people and government of Taiwan. We trust that justice and truth will prevail." It was pointed out in the statement that Taiwan stood to receive billions in taxes which could help get rid of its deficit. “Additionally, if the Bermuda court declares the transfer of assets to the trusts invalid and turns the assets over to YC Wang's estate, the Taiwanese Government could receive an estimated NT $158.4 billion to NT $237.6 billion in various taxes (US $5.3 billion to US $7.9 billion) — which could eliminate the Government's anticipated 2013 budget deficit of NT $214.4 billion (US$7.15 billion),” the statement said. Hung Wen Hsiung set up the trusts, excluding Wang, referred to in court documents as YC Wang, from the ownership and some members of his direct family as beneficiaries, according to a statement of claim filed by Wong yesterday in the Supreme Court of Bermuda. Bermuda is the fourth jurisdiction where Wong filed claims to recover the estate of his father, which he said is valued at $18 billion. Bloomberg reported that Hung, Wong’s half-sisters Susan Wang and Sandy Wang, as well as group Chairman William Wong and Wilfred Wang are among the trusts’ managers, according to a copy of the court filing. Wang died in the US in 2008 at the age of 91. He founded Taiwan’s biggest diversified industrial company, Formosa Plastics Group, which made pretax profit of NT$143 billion ($4.8 billion) in 2011, according to the company’s website. The group has worldwide assets valued at more than $85 billion and employs 100,000 people, according to the lawsuit. The case is Between Wong Wen-Young and Grand View Private Trust Co. in the Supreme Court of Bermuda. “We are seeking to invalidate the transfers and get a declaration that the assets are held for all the heirs of Y.C. Wang,” Mark Stoutenburg, Wong’s lawyer, said in a phone interview. Frank Fu, a spokesman for the Formosa Plastics Group, declined to comment on the lawsuit when reached by phone by Bloomberg yesterday. In a statement put out, Dr Winston Wong, eldest son of YC Yang, said 90 percent of his personal fortune was allegedly transferred without his consent. The statement said the Bermuda outcome could determine control of Formosa Plastics Group, and that the offshore trusts are the largest shareholders of "Four Treasures." The statement said: “Dr Wong conducted an extensive four-year investigation that revealed the following key findings: 1) that the trusts are non-charitable; 2) that the trusts were established in secret by a minority of Y.C. Wang's family; 3) that the assets were transferred into the trusts without his father's consent; and 4) the trust assets should have been declared as part of his late father's estate.” Dr Wong's lawsuit focuses on the contention that the transfer of YC Wang's assets into the trusts is invalid and he seeks to have these assets returned to their rightful owners: Y.C. Wang's estate and legal heirs. The lawsuit names as defendants, the Grand View Private Trust Company Ltd. (established in 2001), Transglobe Private Trust Company Ltd. (2002), Vantura Private Trust Company Ltd. (2005) and Universal Link Private Trust Company Ltd. (2005), all of which are incorporated in Bermuda. Mr Hung Wen Hsiung, the late Y.C. Wang's long-time personal financial advisor, is also named as a defendant for his role in creating the trusts and transferring Y.C. Wang's assets to the trusts. Mr Stoutenburg noted: "It's impossible to believe that the late YC Wang gave the required consent and approved the transfer of his immense fortune to these four trusts. There is no evidence that Mr Wang knew that the transfer of these assets would permanently strip him of his ownership of them and give control of the assets to just a tiny minority of his large family. The Bermuda trusts together hold approximately 90 percent of YC Wang's personal fortune. "Given YC Wang's famously meticulous attention to detail, it is inconceivable that he would have approved transactions of such magnitude and importance without being involved in every step. There is no evidence, however, that he ever saw, read or signed any of the complex documents establishing the trusts — which were written in English, a language neither he nor his advisor Mr Hung could speak or read. The defendants and their agents do not deny these facts," he continued. "This has led Dr Wong to the inevitable conclusion that his father was deceived." Stoutenburg explains: "The Wang Chang Gung Charitable Trust, established by YC Wang and named in honor of Dr Wong's grandfather, was the blueprint for Mr Wang's charitable giving. He was very detailed and specific about its mission, its management, and its financing. He included his entire family. He did nothing in secret. He left nothing to chance. He made everything transparent. The Bermuda trusts, established in secret, with no clear charitable mission or activity, stand in stark contrast to this and are trying to hide behind the good deeds of the Wang Chang Gung Charitable Trust. The purpose trusts were established offshore in Bermuda to avoid scrutiny in Taiwan and so that they could be hidden from Y.C. Wang's estate. Despite repeated requests, no proof has been provided about the purported charitable activities of the trusts, nor has Dr Wong's widespread investigation turned up any evidence that the Bermuda trusts are engaged in any charitable activities." In summary, says Stoutenburg: "The evidence indicates that the Bermuda trusts were primarily established to: 1) secretly ensure that the control of FPG was kept in the hands of a few family insiders and guarantee that other family members could not inherit significant shares upon YC Wang's death; 2) drastically reduce YC Wang's estate; 3) obscure the true ownership of FPG under the guise of foreign investors; and 4) hold the assets of a vast, global business empire controlled by a few members of the family. All of this was done offshore to avoid the scrutiny of Taiwan regulators." The statement added Dr Wong's lawyers assert that the people who control the trusts have unchecked and unregulated power to do whatever they like with the billions of dollars of assets in the trusts. There are no outside authorities or government bodies in Bermuda that actively supervise the trusts or the billions of dollars worth of assets they control. To the contrary, these offshore purpose trusts, named in Dr Wong's lawsuit, are controlled and self-supervised by the same people who benefit from the decisions they make, the statement said, going on to say: “The lawsuit, which marks a critical point in Dr Wong's long-standing efforts to restore his late father's legacy, has profound implications for the future of FPG. If the Bermuda court rules that the transfer of YC Wang's FPG stake to the offshore trusts should be undone, it would affect the current management and control of FPG.
   
Verizon Global Solutions Holdings I 3/9/2001
Verizon Global Solutions Holdings II 3/9/2001
Verizon Global Solutions Holdings III 6/28/2001
Verizon Global Solutions Holdings IV 6/28/2001
Verizon Global Solutions Holdings V 7/20/2001
Verizon International Holdings 8/10/1995
   
Versutus A new $75 million special purpose reinsurer launched to back global British company Brit Insurance's property catastrophe excess of loss portfolio. It is capitalized by a number of unnamed investors to provide collateralised capacity support to Brit, a Lloyd's of London insurer. The deal is the latest sign of the industry's increasing collaboration with the capital markets. CEO of Brit's Bermuda-based global specialty division Matthew Wilson added the move was "an important step for Brit as the carrier moved to expand its capabilities in the capital markets." Brit Insurance returned to the London Stock Exchange last year in 2013 after a 2011 $1.34 billion buyout. It used third party capital in 2007 to launch the $118 million collateralised vehicle Norton Re, which ran for two years and focused on property retro business. It launched its Bermuda branch office in Bermuda last September, headed by former Market Re executive Joe Bonanno. Brit PLC is a market-leading global specialty insurer and reinsurer, focused on underwriting complex risks. The firm has a major presence in Lloyd's of London, the world's specialist insurance market provider, and a significant US and international reach. Brit also underwrites a broad class of commercial specialty insurance with a strong focus on property, casualty and energy business. Brit Global Specialty Bermuda complements Brit's distribution network and is regarded as a key component in developing Brit's global offering and will focus on underwriting excess workers compensation reinsurance, as well as US property catastrophe reinsurance, retrocession and industry loss warranty covers.
   
   
Viatel Holding (Bermuda) 1/4/2002. A fiber-optic telecommunications company that has been struggling with bankruptcy. 
Viatel (Bermuda) Cable Assets 2/29/2000
   
Victory City International Holdings 2/13/1996
   
Video Networks International Wakefield Quin
   
Viking Aviation 11/21/2007
Viking Bermuda 3/27/2013
Viking Cold Storage 8/18/1947
Viking Cruises 8/21/2012
Viking Financial Services 5/27/2014
Viking Food 8/20/1991
Viking Holdings 8/21/2012
Viking Insurance Company 2/15/1978
Viking International Limited 7/29/2008
Viking International Ltd 6/24/1983
Viking 2/26/1969
Viking Marine (Bermuda)  4/21/1983
Viking Ocean Cruises Finance 9/26/2012
Viking Ocean Cruises 12/20/2011. Since October 2013 Viking River Cruises (see below) has also operated Viking ocean cruises, now has for ships as below. 
Viking Ocean Cruises Ship I 11/19/2012
Viking Ocean Cruises Ship II 11/19/2012
Viking Ocean Cruises Ship III 11/20/2013
Viking Ocean Cruises Ship IV 11/20/2013
Viking River Cruises 9/23/2005. Advertised extensively in UK, USA, etc. All Bermuda-registered companies of Viking River Cruises feature hotel-like cruises on Europe's famous rivers and are advertised extensively on TV and elsewhere in UK and USA. Most passengers are over 60, many from all over the world, particularly the USA, Australia, Canada and UK. Prospective travelers on the Viking Delling on a Southern France Rhone and Soane river cruise, especially if they are have come from afar and have bulky luggage should note the average cabin on this particular new Viking Longship is only 135 square feet (the smallest cabins in the entire European Riverboat cruise industry). The vessel has WIFI Internet coverage but it is so low-powered (from Spain), that guests will not be able send lengthy files or send/receive photographs. There are three on-board levels of WIFI coverage, one for the captain for pin-point satellite navigation, fastest; one for fee-paying passengers, slowest and least reliable; and one for the crew, second-fastest. If guests need to send their big files and photos quickly they should seek the nearest Starbucks, for example in Lyon. But for guests who do not need large or standard hotel-room-size cabins or Internet WIFI, the vessel's food is excellent and the restaurant service is superb.

Viking Schumann

Viking Schumann on Germany's River Elbe. One of the older (pre Viking Longships) Viking River Boats, but its advantages included larger cabins and adequate WIFI, 

Viking Skadi

Viking River Cruises (Bermuda) 11/30/2010. As above. 
Viking River Tours 5/11/2000
Viking Services Investments LP 5/15/2002
Viking Services 1/14/2004
Viking Services Management 5/15/2012
Viking Ship Finance (Overseas) 7/7/1970
Viking Shipping 6/4/1984
Viking Traders 4/5/1989
   
VistaPrint  Provides marketing products for small businesses worldwide including in UK.
   
Vimpelcom Finance (Bermuda) 7/11/2011
Vimpelcom Investment Holdings 6/9/2014
VimpelCom Since 6/5/2009 as a $23.8 billion company, a major player in emerging economies' telecommunications. Headquarters in the Netherlands, operates in Russia, Ukraine, Georgia, Centra Asia, Vietnam, Laos and Cambodia. Formed by the merger of Russian telecoms giant Vimpel Communications and the Ukrainian firm Kyivstar, by their joint owners Telenor and Alfa Group. Alfa Group made headlines in Bermuda during its four-year legal fight with the now wound-up Island-based IPOC Fund between 2003 and 2007, over ownership of a $4 billion stake in Russian telecoms firm MegaFon. 
   
Vitol Energy (Bermuda)  
Vodatel Networks Holdings Codan Services Ltd
Vostok Gas Vostok Nafta Investment Ltd prior to 24 May 2007).  An investment company mainly focused on oil and gas from the former Soviet Union. Founded in 1996. Almost all holdings are American Depositary Receipts (ADRs) in Russia's Gazprom.  

W

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

W and L Chemicals 3/11/1983
W Corporation 3/22/2005
W Fray Construction 9/6/2005
W H & I 6/26/2006
W J Reddin Seminars 2/4/1981
W M Mining International 2/11/1997
W T Management Company 8/13/1984
W Tankers 11/17/2011
W & B Investments 1/4/1994
W & P International Shipping (Bermuda) 5/12/1992
W & S Trading International 12/2/2010
W & W Solutions 11/9/2005
   
Wachovia In 2009 the USA's Government Accountability Office (GAO) stated there were 18 subsidiaries In Bermuda. Wachovia, a major bank, was taken over by Wells Fargo, which received $25 billion in US bailout money in 2008-2009.
   
Wah Sang Gas Holdings C/o Codan Services Ltd
Wai Kee Holdings C/o Codan Services Ltd
Wachovia Has 18 subsidiaries in Bermuda. Taken over by Wells Fargo, which received $25 billion in US bailout money in 2008.
   
Walbrook Fleet  A Class 1 captive insurance company
   
Waller Bermuda 5/1.2013
Wallingford Insurance Company (The) 1/3/1978
   
Wallis (Bermuda) 10/7/1986
Wallpaperchannel 4/20/2015
Walrus Investments 5/6/2011
Walls Asset Management 4/6/1995
Walnut Insurance Company 11/25/1971
Walnut Re 9/2/2011
   
Warbash Insurance 7/7/1971
   
   
Warburg Pincus (Bermuda) X Partners LP 6/17/2008
Warburg Pincus (Bermuda) International 10/26/2001
Warburg Pincus (Bermuda) International Partners LP 10/29/2001
Warburg Pincus (Bermuda) Private Equity GP 4/26/2012
Warburg Pincus (Bermuda) Private Equity IX LP 5/19/2006
Warburg Pincus (Bermuda) Private Equity 10/26/2001
Warburg Pincus (Bermuda) Private Equity VIII LP 10/29/2001
Warburg Pincus (Bermuda) Private Equity X LP 6/9/2008
Warburg Pincus (Bermuda) XI 4/26/2012
   
   
Waterloo Investment Holding

Owns  UK Conservative Party donor Lord Ashcroft’s Turks and Caicos bank. 

Watford Holdings Parent company of Bermuda-based Watford Re.
Weatherford International Bermuda company of USA and international oilfield services company, moved to Bermuda from Delaware in 2002 to save on US taxes. Its business HQ will remain in Houston, Texas.
Wellbridge Maritime   
Wellington Global Administrator Clarendon House, 2 Church Street, Hamilton HM 11.
Wellington Global Holdings Clarendon House, 2 Church Street, Hamilton HM 11.
   
Wells Fargo Bank Northwest, National Association, as Owner Trustee of Since 1/20/2001
Wells Fargo Container Corp Since 8/2/2011
Wells Fargo Insurance Services Captive Management (Bermuda) Since 5/11/2007
Wells Fargo International Since 12/21/1998
Wembley Properties Since 9/17/1980
   
Wessex Since 11/1/1988
Wessex Management Since 7/27/1987
Wessex Re Since 6/2/1999
   
Westbury (Bermuda) Victoria Hall, 11 Victoria Street, Hamilton HM 11. Phone 292-9480. Fax 292-9485. An investment company owned by Canadian billionaire Michael DeGroote.
   
West End Capital Advisors (Bermuda) 7/7/2003. Crawford House, 23 Church Street, Hamilton HM 11. Phone 296-8272. Fax 295-4927. Mark Byrne, CEO. A hedge fund company managing about US$600 billion for billionaire Warren Buffett.
West End Capital Securities Traders 7/7/2005
   
West Indies Carriers 4/15/1981
West Indies Feed Consultants 6/15/1988
West Indies Rum Company 2/27/1979
West of England Insurance Ltd (The) 10/29/2008
   
Western Union Acquisition Partnership 10/7/2005
Western Union (Bermuda) Holding Finance 8/19/2004
Western Union Deutchland GBR 10/7/2005
Western Union Holding (Bermuda)  8/19/2004
Western Union Holding (Bermuda) Ltd & Co. OG Since 2/3/2006
Western Union Management (Bermuda) Since 8/19/2004
Western Union Merchant Services Holding (Netherlands) CV Since 10/7/2005
Western Union Network (Bermuda) Since 7/15/2008
Western Union Network (Ireland) Since 3/29/2008
Western Union Singapore Since 9/6/2007
WestLB Tricon Foraiting Fund Owned by Tricon and WestLB
Westport Trust Company  Formed 26 March 2003
West Siberian Resources A Russian oil producer recently valued at US$680 million,  pumping thousands of barrels a day. 
Weatherford International Owned by Weatherford International Inc of USA.
   
Weisshorn Re Bermuda-domiciled life and annuity reinsurer with offices in Zurich and here in Hamilton.
   
Whitechapel Management Par-la-Ville Road, Hamilton
White Mountains Insurance Group Moved from New Hampshire to Bermuda in 1999.

2017. February 7. White Mountains Insurance Group reported a $33 million loss in the fourth quarter, compared with a profit of $268 million in the same period in 2015. However, the Bermuda-based financial services holding company made a profit of $413 million for the year, up from $298 million in 2015. The book value per share was $790, down 1 per cent for the quarter, but up 14 per cent for the year. “It was an okay last quarter in a successful year for White Mountains. For the year, we grew ABVPS by 14 per cent with the Sirius, Symetra, and Tranzact sales,” said Ray Barrette, chief executive officer of White Mountains. The company owns about 75 per cent of Bermuda-based OneBeacon Insurance Group. Mr Barrette said: “OneBeacon grew book value per share by 11 per cent, maintaining discipline in competitive markets.” Regarding other segments of White Mountains, he added: “HG Global/BAM continues to grow at improved margins, and most of our businesses at White Mountains Capital are building value at a good clip. Investment returns of 2.7 per cent were a bit disappointing as we were under allocated to equities, post Sirius sale, in a rising stock market. We returned $900 million to shareholders, mostly through share repurchases. We still have about $1.8 billion in undeployed capital and continue to look for opportunities, well positioned to deal with a world full of unpredictable developments.” Last month there were reports by Bloomberg News and Insurance Insider that OneBeacon Insurance Group was exploring a sale. At the time, a spokeswoman for OneBeacon told The Royal Gazette the company had no comment to make on the matter. OneBeacon reported a fourth-quarter profit of $8.2 million, compared to $22.1 million for the same period of 2015. The company’s full year profit was $108.4 million, up from $36.8 million in 2015. The total included a $16 million tax benefit related to a settlement with the Internal Revenue Service for tax years 2007 to 2012. The book value per share, including dividends, was up 1 per cent for the quarter and 11 per cent for the year. Mike Miller, OneBeacon’s CEO, said: “We are pleased to have delivered solid 11 per cent growth in book value per share in 2016. Investment results reflect the benefits of our short-duration fixed-maturity portfolio in a rising interest rate environment and a decent lift from our allocation to risk assets. Underwriting results reflect the strong performance of our portfolio of specialty businesses. Going into 2017, we are positioned to continue delivering good underwriting results across our diverse portfolio of businesses.” OneBeacon’s net written premiums were $236 million in the fourth-quarter, which was flat compared to the same period in 2015. Full year net written premiums were $1.1 billion, down 3 per cent on 2015. During the final quarter, the company did not repurchase any shares, however, over the course of the year it repurchased 850,349 shares for a total of $10.6 million. White Mountains repurchased 24,808 common shares in the fourth-quarter, for $20 million. During 2016 it repurchased 1.1 million shares for $887 million.

2016. May 3. White Mountains Insurance Group increased its adjusted book value to $704 per share during the first quarter, a rise of 0.9 per cent. When adding in the estimated gain from the sale of Sirius Group, a $2.6 billion deal which closed last month, the share book value would have been $794. The Bermuda-based group’s profit attributable to shareholders fell to $13 million compared with $84 million in the first three months of 2015. “The year is off to a great start. Both the Sirius Group and Symetra transactions have closed, OneBeacon reported a solid 95 per cent combined ratio, investments were up, BAM/HG Global continues to grow, and most of our insurance services businesses are building value.” said Ray Barrette, chairman of White Mountains. “Including April, we have repurchased nearly 600,000 shares of White Mountains at good prices. As of today, we have about $2 billion of capital that is undeployed. Looking forward, we expect to gradually return capital to shareholders while exploring new investment opportunities.” White Mountains’s Bermuda-domiciled financial services group Symetra has been bought by Sumitomo Life Insurance of Japan, while reinsurance firm Sirius was sold to CM International, the Singaporean-based arm of China Minsheng Investment Corporation. Since the start of the year White Mountains has spent $460 million on share buy-backs. Adjusted comprehensive income was $50 million for the quarter, compared with a loss of $3 million in the same period last year. OneBeacon’s book value, including dividends rose 4.4 per cent, however gross written premiums were down 2 per cent at $280 million. One Beacon exited a number of business lines during 2015. White Mountains’s BAM unit insured $2.2 billion of municipal bonds during the first quarter. Bob Cochran, BAM chairman, said: “Demand for municipal bond insurance was solid to start the year, as increasing demand from institutional buyers of municipal bonds offset the negative impact from a decline in interest rates. BAM insured more new-issue transactions than any other insurer during the first quarter, and guaranteed $2.6 billion of municipal bonds, up 3 per cent from the same period a year ago even as total municipal bond volume fell 7 per cent.” White Mountains other operations reported a collective pre-tax loss of $26 million, compared with a loss of $24 million a year ago. Shares of White Mountain closed yesterday at $834, up $4, or 0.48 per cent. The company has a market capitalization of $4.5 billion.

 2014, bought a controlling interest in US company Tranzact, which helps insurers acquire customers. White Mountains acquired approximately 63 percent of Tranzact for $178 million, representing an enterprise value of approximately $280 million. After the closing of the deal, Tranzact completed a recapitalisation that allowed for the return of $44 million in capital to White Mountains. Before the deal, Tranzact was a portfolio company of Veronis Suhler Stevenson (VSS) and Ares Management, LP, with VSS the majority owner. Tranzact employs more than 700 licensed insurance agents. Based in Fort Lee, NJ, Tranzact’s revenue streams are derived from a brand-focused business model that supports the direct-to-consumer distribution capabilities of large insurance companies as well as marketplaces, such as medicaresupplement.com and autoinsurance.com, where consumers can shop for insurance.

   
Wilderness Safaris  Since 1995. multi-national Wilderness Safaris Group, which operates across southern Africa and includes Botswana President Mr Khama as an investor. 
Wilderness Tours Subsidiary of  Wilderness Safaris.
   
Wiikit Re  2016. Class 1
   
Willis Capital Markets & Advisory  Investment banking arm of insurance broker and risk adviser Willis Towers Watson,
Willis Group Holdings 2015. October 29. Made a profit of $117 million during the third quarter, helped by rising commissions and fees. The Willis Capital, Wholesale and Reinsurance segment of the business, which includes Willis Re Bermuda, achieved an 8.8 per cent jump in organic commissions and fees year-on-year. This growth was primarily driven by new business at Willis Capital Markets and Advisory and low single-digit growth at its global Willis Re operations. The global risk advisory and insurance and reinsurance brokerage firm reported underlying net income of $25 million, or 14 cents per share, up 55.6 per cent from the same period in 2014. “We had another quarter of successful execution and solid performance, generating mid-single digit organic growth and expanding positive spread between organic commissions and fee growth and organic expense growth to 230 basis points,” said Dominic Casserley, Willis Group chief executive officer. “This was the fourth consecutive quarter of year-over-year improvement in operating margin on both an underlying and organic basis, demonstrating that our initiatives, including the Operational Improvement Program, are gaining traction. “Despite the continued uncertain global economic and insurance market outlook, our strategy and execution have allowed us to generate consistently positive results. We believe we remain on course to achieve mid-single digit organic growth and stronger underlying revenue growth this year. Given our continued success in re-engineering costs and improving margins, we remain confident that we will deliver at least 200 basis points of positive spread between organic commission and fees and expense growth. Willis is in very good shape, and we look forward to the successful completion of the Gras Savoye acquisition and proposed Willis Towers Watson merger, which we believe will accelerate our strategy and create further value for all shareholders.” Willis Capital, Wholesale and Reinsurance achieved commissions and fees of $183 million, compared with $144 million for the same three months last year. Underlying commissions and fees grew 32.6 per cent, while acquisitions and disposals were reported at 23.8 per cent, leaving organic commissions and fees growth at 8.8 per cent.
Willis Capital Markets & Advisory’s Resilience Re  Since late 2015. Catastrophe bond platform.

April 21.  Net new issuance of insurance-linked securities totaled $2 billion in the first three months of this year — the most for any first quarter in history. The figures from the ILS market update from Willis Capital Markets & Advisory (WCMA),

Willis Re 2017. January 6. Reinsurance rates are struggling to stabilize due to profitable results achieved in 2016 and a continuing capital oversupply. That is the assessment of Willis Re, the reinsurance advisory business of Willis Tower Watson. And it has noted that while mergers and acquisitions slowed last year, two large deals have reflected a view that the incoming new US administration will provide a more favorable corporate tax environment that may lessen the attractiveness of the offshore reinsurance model. In its 1st View report on market conditions at the January 1 renewals, John Cavanagh, global CEO of Willis Re, noted: “The pace of consolidation driven by M&A has slowed as compared to 2015, but there have been a number of notable transactions, including Sompo Japan and Endurance. “In the last few weeks, two large deals — the acquisition of Allied World by Fairfax Group and Liberty Mutual acquiring Ironshore — were announced. These two transactions reflect the view that the new US government may provide a more favorable corporate tax environment, leading to a change in the balance, tilted against the offshore model.” President-elect Donald Trump has spoken of lowering US corporate tax from 35 per cent to 15 per cent. The Willis Re report noted that despite a 50 per cent increase in insured losses from natural catastrophes during last year, the global reinsurance industry achieved profitable results for the third quarter. “Reinsurers, eager for more widespread rating stabilization, have had their hopes dashed again, thanks to profitable results allied with continued capital oversupply from both traditional reinsurers and capital markets,” said Mr Cavanagh. Regarding renewals, he added: “While there are signs that reinsurers are not prepared to be as flexible as in earlier years, many buyers have yet again managed to achieve improved terms. Sizeable reductions have been obtained on international business. In the US, there are signs of more stability, driven by the capital intensive nature of some US classes and the very significant improvements in terms in recent years.” Capital continues to flow into the sector, particularly through catastrophe bonds and collateralised placements, reducing profit margins. And that alternative capital trend is reaching into new areas, such as motor liability. Major reinsurers are taking “stronger client-centric approaches,” said Mr Cavanagh. “This is leading to superficially inconsistent underwriting at a market level, which is misleading. Most major reinsurers in the current pricing environment are applying increasingly sophisticated and active portfolio management strategies, including the use of third-party capital partners, which are generating less generalized and more client-specific outcomes.” While reinsurers have remained profitable, conditions have become tougher for many primary companies. Rising combined ratios in many markets, including Lloyd’s, driven by competition both from existing peers, as well as from new-style competitors utilizing innovative low-cost distribution and cost models, is a growing concern,” said Mr Cavanagh. Innovation and disruption are also having an impact. InsurTech is rapidly emerging from theory into practical application, leaving many primary companies to ponder how to respond, while some of their peers are forging ahead, embracing the opportunities InsurTech offers. Among the most committed supporters of disruptive InsurTech solutions are capital markets and some reinsurers who are seeking access to original risk.” In conclusion, Mr Cavanagh said: “Despite the pressures, the global reinsurance market is facing, the ability to produce yet another profitable year, somewhat against the underlying pricing models, has meant that the pain threshold to force a market pricing stabilization has not yet been reached. “With the January 1 renewal season setting the tone for 2017, reinsurers can only look forward to another demanding year where luck will play an even larger role in determining their final results. At the same time, buyers can anticipate that the period of time where reinsurers (reluctantly) accommodate their requests will be extended.”
Willis Towers Watson 2016. May 9. Willis Towers Watson, the global advisory, broking and solutions company, which has offices in Bermuda, has reported first-quarter revenues of $2.2 billion. That total is an increase of 11 per cent compared to Willis and Towers Watson pro forma revenues of $2 billion for the same period in 2015. The merger of Willis Group Holdings and Towers Watson & Co was completed on January 4. The company has presented consolidated financial results and legacy segment results for the first quarter ended March 31, 2016 for Willis and Towers Watson. Adjusted revenues, which include $32 million of revenue not recognized due to purchase accounting rules, were $2.3 billion, or an increase of 13 per cent. Adjusted EBITDA, which is earnings before interest, taxes, depreciation and amortization, for the first quarter of 2016 was $671 million, or 29.6 per cent of adjusted revenues, versus pro forma adjusted EBITDA of $579 million, or 28.8% of revenues, for the prior-year first quarter. Net income attributable to Willis Towers Watson for the first quarter was $238 million, a decrease from pro forma net income attributable to Willis Towers Watson of $251 million, year-on-year. Diluted earnings per share were $1.75, and adjusted diluted earnings per share were $3.41. “I’m very pleased with how our colleagues have come together and laid the ground work for future success,” said John Haley, Willis Towers Watson’s chief executive officer. “It’s been gratifying to see the high level of engagement across all parts of the company, with a strong focus on how best to serve our clients. This gives me enormous confidence that we will make Willis Towers Watson a truly unique and successful organisation through the value we bring to our clients, our colleagues and our shareholders.” For the quarter, the Willis Capital, Wholesale and Reinsurance segment had commissions and fees of $331 million, an increase of 12 per cent (from $296 million in the same quarter in 2015. The segment’s double-digit reported growth was largely driven by recently-acquired Miller Insurance Services, which added $49 million of revenue in the quarter, while the organic decline was primarily related to the departure of a team of associates in the fine arts, jewellery and specie business as well as the timing of certain business. The Willis Capital, Wholesale and Reinsurance segment had a reported operating margin of 46 per cent in the first quarter.

2016. January 6. Two major firms with a presence in Bermuda officially merged yesterday in an $18 billion deal. Insurance and reinsurance firm Willis, which has offices on Pitts Bay Road, Pembroke, started operations in partnership with Towers Watson, a professional services company with an office on Par-la-Ville Road, Hamilton. The move creates a global advisory and brokerage firm serving 80 per cent of the world’s largest companies in more than 120 countries. The official launch of the new company — Willis Towers Watson — came after shareholders in both voted to approve the merger. John Haley, the chief executive officer of Willis Towers Watson, said: “Willis Towers Watson is uniquely positioned to see the connections between talent, assets and ideas and how they can lead to strong performance and growth for our clients. We intend to help our clients manage risk and engage their people in a whole new way. We believe we can change our industry by delivering solutions that are driven by data and analytics and are integrated, innovative and tailored to meet the evolving needs of our clients.” The joint company expects to make merger-related savings of between $100 million and 125 million a year.

   
Windhaven Insurance Since October 2016
   
Windmill 1 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.
   
Windsor Capital Growth Fund 1/13/1997
Windsor Capital Management 1/13/1997
Windsor Corporation of Bermuda IBCC 1/31/1996
Windsor Court 8/10/1984
Windsor Development 4/21/1985
Windsor Gold Partners 4/29/2013
Windsor Holdings 2/11/1997
Windsor Insurance Company 6/16/1993
Windsor Investment 10/15/1991
Windsor Jewels International 4/5/1974
Windsor Management Services 2/15/1982
Windsor New Orleans Properties 9/27/1991
Windsor Parc 12/22/1994
Windsor Partners 8/6/1979
Windsor Private Trustee Company 9/3/1996
Windsor Securities 6/5/1996
Windsor Shipping 8/11/1961
Windsor Trading 4/20/1977
Windward Art Fund 1/30/2004
Windward Equity Holdings IV 5/14/1996
Windward Equity Holdings V 9/26/2003
Windward Funding IV 5/14/1996
Windward Funding V 9/26/2003
Windward Holdings 10/1/1998
Windward Insurance Company Barbados 6/1/1973
Windward International 3/10/1994
Windward Management 10/22/1996. 2016. April 21. Entered into a “strategic alliance relationship” with one of the biggest private banks in the US. The aim is to introduce high net worth investors in Bermuda to the services offered by BNY Mellon Wealth Management, which is the corporate brand of The Bank of New York Mellon Corporation. “Windward’s experience and capabilities in the Bermuda market provides BNY Mellon Wealth Management with a strong partner to reach high-net-worth investors in Bermuda,” said Erich Smith, BNY Mellon’s executive director for international wealth management. The wealth management operation has more than $191 billion in total client assets, while BNY Mellon, the global investments company had, at the end of 2015, $28.9 trillion in assets under custody or administration, with $1.6 trillion under management. Terret West, Windward’s chief executive officer, said: “We expect that the diversified nature of BNY Mellon Wealth Management’s solutions along with its emphasis on bespoke wealth planning will be attractive to high-net-worth investors in Bermuda.” Mr West noted that Windward has been working with other businesses within BNY Mellon for four years. “In today’s turbulent financial world, BNY Mellon’s recognized security, infrastructure strength, exceptional capabilities and 200-plus years fiduciary philosophy fits well with Bermuda’s focus upon capital preservation and long term approach to capital treatment. We hope that our Bermudian friends will find these services attractive.” In a statement, Windward said the strategic relationship between the companies would enable it to introduce the Bermuda market to BNY Mellon’s suite of wealth management capabilities and strong institutional heritage.
Windward Passage Pty Since 8/11/1987
Windward Pilot Fund Since 2/27/2012
Windward Supplies Since 3/4/1998
Windward Telecom Since 11/19/2007
Windward Trading and Consultants Since 7/20/1978
Windy City International Since 4/18/1995
Windy Peaks Since 5/23/2003
Windyfields Since 2.24/2003
Wine Cellar Fund (The) Since 3/25/2013
Wine Consultants Since 1/18/1993
Wine Holdings (Bermuda) Since 8/18/1998
Wine Investment Fund,The (WIF)

Since 4/17/2008. Launched as a Bermuda based and Bermuda-administered international mutual fund company, now a truly global business with its vintages being sought from the US to as far as China, able to offer double digit, over 14.8%, returns to its investors consistently on an annual basis. Has outperformed the Liv-ex (London International Vintners Exchange) 100 which offered a growth rate of 14.56 percent. With over $80 million assets under management and a market capitalization of $10 billion. Run by directors Rodney Birrell, Sharon Beesley, cofounder of The ISIS Group, and Fabian Schonenberg, president of Tromino Financial Services Ltd, and its aim was to provide an absolute return to its investors. Has a large component of Bermuda-based investors including Bermudians and expatriates from politicians and re/insurance executives, while 70 percent of its subscribers are multiple investors and 80 percent of those invested have either reinvested their total payout or their initial sum. Held in UK government bonded warehouse means that there is no UK duty or value added tax (VAT) to pay on the wine, and it does not cost much to insure. As supply decreases demand increases and the value of the wine goes up as it becomes older and rarer. The minimum investment is $10,000.

Wing Lee Holdings C/o Codan Services Ltd
Wing On Company International Owns the Chinese department store Wing On with five outlets in Hong Kong. It and the company below are owned by Karl Kwok Chi Leung and the Kwok family, also a bank.
Wing On International Holdings Ltd Holding company of Wing On, above. c/o Butterfield Fund Services Ltd.
   
Winklevoss March 2015
   
Wong's International (Holdings)  C/o Codan Services Ltd
WorldInvest (Bermuda) 129 Front Street, Hamilton HM 12. Phone 296-4547.
World Jet Trading  Fritholme Main House, 12 Fritholme Gardens, Paget PG 04. Phone 296-0033. Established in 1978 by Kristian L. Hougaard, who had accumulated a significant base of knowledge of the aircraft industry as a Boeing 707 captain. Since this time World Jet Trading has sold and purchased corporate jet aircraft on a worldwide scale to a diverse set of clients including large corporations, high net worth individuals, public institutions, and governments. From its business locations in Bermuda and Copenhagen, Denmark it has a solid global coverage, working with clients in the Asia Pacific, Africa, Middle East, Europe, and North and South America.
World Shipholding Owned by Norwegian shipping billionaire John Fredriksen
Worldsec c/o Appleby Spurling & Hunter
World-Wide Shipping (Bermuda) 7 Reid Street, Hamilton HM 11. PO Box HM 1862, Hamilton HM HX. Phone 295-3370. Fax 295-3801
   
WPP (Bermuda) Since 1/4/1988. Bermuda-incorporated wholly owned subsidiary of  WPP, the world's biggest advertising company, British. CEO and founder Sir Martin Sorrell was paid £70 million in 2015, one of the biggest payouts for a British company, sparking anger among shareholders. In April 2017 in its Annual Report  it announced it will cut his pay to just over £13 million by 2021 after a shareholder revolt.
   
WP Stewart & Co. A substantial asset management company. The Stewart Group which includes WP Stewart and other subsidiaries, has operations on the USA, Europe and Asia and currently manages over US$11 billion in assets for high net worth individuals, trusts,  partnerships and corporations. In April 2010 it announced plans to move its Bermuda operations and headquarters to New York, with the loss of five local jobs. The company, which managed about $1.5 billion in assets as of the end of 2009, also revealed its intention to reorganize as a corporation domiciled in the US state of Delaware. WP Stewart CEO Mark Phelps said the reorganization would simplify the company's structure and reduce its cost base. "By relocating the company's Bermuda operations and further concentrating our team in New York, we expect to be able to reduce net expenses by approximately $2.5 million per year."
   
WW Management 1 Crow Lane, Pembroke HM 19. Phone 295-1144. Fax 295-0097
Wyeth (Ireland) Gibbons Building, Queen Street, Hamilton. Phone 295-4610.

X

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

X Isles 3/10/1997
X Limited 5/27/1994
X Power Technologies Group Holdings 9/11/2007
X 10 9/15/1977
Xairo Corporation Ltd Delaware 10/19/1998
Xanadu 1/3/1978
Xango Bermuda 3/6/2006
Xanth Catastrophe Fund 1/14/20008
Xaraf Capital 9/27/2007
Xaraf Capital Master Fund LP 9/27/2007
Xavi Venture Capital 11/8/2000
XC 10/1/1997
Xcaliber 3/18/2013
XCC Bermuda) 12/17/1990
Xceldiam 10/7/2004
Xchanging Global Insurance Services Bermuda 4/17/1998
Xchanging Services (Bermuda) 7/14/2008
XDL 9/30/2013
Xedex International 7/14/1992
   
Xerox Credit (Bermuda) 12/21/1984
Xerox Developing Markets 3/15/1999
Xerox Equipment 12/28/1985
Xerox Investments Holding (Bermuda) 11/23/2001
Xerox Middle East Investments (Bermuda) 12/7/1995
Xerox Products and Systems 8/25/1986
Xerox Products 10/18/1985
Xerox XHB 2/25/1986
Xerox XIB 2/2/1978
 

XL Building, Bermuda

XL Bermuda HQ for XL companies shown below

XL Capital Partners I LP 3/16/2001
XL Capital Partners Corporation 3/16/2001
XL Capital Principal Partners I, LLC 6/29/2001
XL Capital Principal Partners, LP 5/31/2001
XL Capital Products 2/19/1999
XL Europe Holdings 6/6/1990
XL Financial Solutions 11/30/2000
XL Foundation 11/28/1997. Its principal purpose is to manage the distribution of monies allocated by XL Capital for charitable donations.
XL Group Investments 12/22/2000
   
XL Group (XL Catlin) 2017. April 27. Global insurer and reinsurer XL Catlin last night posted profits of $152.8 million for the first quarter of the year. The figure is nearly $140 million up on the same period last year and equal to 57 cents per share, compared to 7 cents in the first quarter of 2016. Mike McGavick, XL’s chief executive officer, said: “We are pleased to start off 2017 with solid performance, focused growth and the continuation of lower operating expenses. “As we approach the two-year anniversary of the Catlin acquisition, we see the benefits of our increased market presence, or focus on underwriting discipline, our strong culture of innovation and continuous improvement and a more efficient operating platform. Additionally, our realigned operating model seamlessly went live at the beginning of the year and with it we remained steadfast on superior client experience. As a result, our performance included an accident year combined ratio, excluding catastrophes, of 89.5 per cent — an improvement of 2.6 points compared to the first quarter of 2016. 2017 is all about delivering on what we have built.” Net income from company affiliates totaled $51.9 million for the year, compared to $8.1 million in the prior year quarter. XL Catlin said the increase was driven mostly by its hedge fund affiliates, as well as strong performance by its strategic operating affiliates and “investments within our value investing strategy.” Net investment income for the quarter was $200.5 million, compared to $205.9 million in the first quarter of last year. The company posted natural catastrophe pre-tax losses net of reinsurance and reinstatement premiums in the quarter of $96.1 million, compared to $52.8 million in the prior year quarter. Integration costs related to the combination of XL and Catlin totaled $33.9 million for the first quarter, compared to $55 million in the first quarter of last year. Gross premiums written in property and casualty in the first three months of the year amounted to $4.62 million, 6 per cent up on the first quarter of 2016. Property and casualty net premiums earned were $2.5 billion, made up of $1.6 billion from the insurance segment and $0.9 billion from the reinsurance segment.

2017. April 25. Bermuda-based insurance giant XL Catlin is to take part in a hi-tech project to run a fleet of driverless cars between London and Oxford in England. Now it plans to trial six autonomous vehicles around 60 miles between the two cities by 2019. Richard Jinks, of XL Catlin, the only insurance company taking part in the Driven project, said: “Working on this project gives us the opportunity to work with leading external parties to create a risk profiling tool and insurance pricing mechanism which is truly revolutionary.” A spokesman for XL Catlin said it had been working with Oxbotica, an award-winning artificial intelligence company based in Oxford, for more than a year as part of a consortium of companies working on the programme. He added: “XL Catlin sees this project as a significant step for the insurance industry on a global level. The current model of car insurance is going to change. The new technologies and the many different component parts necessary to enable autonomous mobility create new challenges and evolving new risks. Insurers best placed to provide the relevant cover in the future are those which today insure software companies, vehicle and parts manufacturers as well as cyber-risks. It is those who have the knowledge and expertise in respect of product liabilities and errors and omissions insurance and associated risks who will be key to enabling the adoption of these new technologies across many applications, not just cars.”

2017. February 17. The XL Group board has backed a massive $1 billion share buyback programme, the company announced today. And the insurance and reinsurance giant will pay a quarterly dividend of 22 cents a share on its common shares at the end of next month, up two cents on the previous payout. In addition, a dividend of just over $10.47 per share will be paid in April on XLIT Ltd’s series D preference ordinary shares and a dividend of $32.50 on its series E preference ordinary shares, also to be paid in April. The previous share buyback programme, which had around $349 million remaining, has been cancelled. XL Group said it expected the share purchases to be made on the open market and in privately-negotiated transactions, with the scheme expected to be funded by cash on hand. A spokeswoman for XL said: “The timing, form and amount of the share buy-backs under the programme will depend on a variety of factors, including market conditions, legal requirements and other factors. The buyback programme may be modified, extended or terminated by the board at any time.”

2016. August 4. Insurance and reinsurance giant XL Catlin has joined forces with international academics and computer experts to better track hurricane forecasts and the evolution of major storms. A new website, set up with the Barcelona Supercomputing Centre and Colorado State University, brings together forecasts from specialists in Atlantic hurricanes to boost knowledge of the factors that contribute to storm formation and to explain how different forecast models produce different predictions. The seasonal hurricane predictions website pools predictions by university, government and private entities that carry out forecasting for the hurricane season and makes them available to the public. Bermudian-based XL Catlin said: “Using these predictions, the website shows the average number of hurricanes that are expected to affect the North Atlantic and those that have already occurred in the current season and the previous ones since 1966. A colour code indicates the degree of activity forecast for the upcoming hurricane season. The website offers areas for non-specialists as well as more detailed information on each of the available forecasts. The site also provides and explanation for the general public on several climatic factors that influence hurricane activity in the Atlantic, as well as the aspects assigned greater importance by different predictions for the current hurricane season. The objective of this section is to help people understand hurricane variability and why there could be divergent predictions for the upcoming season.” The site, sponsored by XL Catlin, was developed by the Barcelona centre, and Colorado State, who jointly carried out the scientific work and graphic designer Isklam Jara, who was responsible for the site’s design and implementation. And it hosts a total of 16 forecasting centres, including the US, Caribbean and Europe, as well as Mexico. Forecasters featured include America’s AccuWeather, the National Oceanic and Atmospheric Administration, and several US universities. It also includes the UK Met Office, Mexico’s national meteorology centre, the Cuban institute for meteorology and StormGeo, based in Norway. This year’s Atlantic hurricane season has seen only one hurricane to date, although forecasters are predicting a total of eight. Hurricane Earl, which is headed for Belize, yesterday became the second hurricane of the season with a prediction that it would weaken when it reaches the coast and moves inland. The Barcelona Supercomputing Centre is the Spanish national supercomputing centre. It was set up to create infrastructure and supercomputing services to European scientists and to transfer knowledge and technology to business and society. Colorado State University pioneered seasonal hurricane predictions for the Atlantic basin and has issued its annual predictions for more than 30 years. The Seasonal Hurricane Predictions website can be found at http://www.bsc.es/ESS/seasonalhurricanepredictions/.

2016. July 27. Bermuda-based XL Group beat analysts' estimates for second-quarter earnings, but profits were hit by catastrophe losses and expenses related to its integration with Catlin Group. The company, which this month completed its re-domestication to the island from Ireland, said operating income from the April-through-June period totaled $106.4 million, or 37 cents per share, compared to the 23 cents per share consensus forecast of Wall Street analysts. This was down from $245.8 million in the same period last year. The company said the decrease was driven by $52.1 million in integration costs and $240.1 million in catastrophe losses. “XL Catlin's second quarter results were significantly impacted by global catastrophes, reducing operating earnings per share by 84 cents,” XL's chief executive officer Mike McGavick said. “In the face of these events and challenging markets, we demonstrated progress in our underlying performance. We generated gross premiums written of $3.6 billion, P&C underwriting profit of $102 million, and an accident-year, ex-catastrophe P&C combined ratio of 90.3 per cent. The benefits of our integration are emerging and we are committed to the hard work and execution required to succeed.” The company, which markets itself as XL Catlin, recorded a combined ratio - the proportion of premium dollars spent on claims and expenses - of 96 per cent in the second quarter compared to 89.9 per cent in the corresponding period of last year. Net income was $43.8 million. This includes the impact of the Greycastle Life retro arrangements. Annualized operating return on equity on a year-to-date basis was 3.6 per cent, when unrealized investment gains and losses are included, or 5.1 per cent when integration costs are excluded. The company wrote more business, with property and casualty gross premiums increasing 17.6 per cent compared to the prior year quarter as a result of the combination with Catlin. Net investment income for the quarter was $215.4 million, compared to $223.2 million in the prior-year quarter and $205.9 million in the first quarter of 2016. Share buybacks totaled 9.7 million shares, or $328.3 million, during the quarter, At June 30, 2016, $815.8 million of ordinary shares remained available for purchase under XL's share buyback programme.

2016. July 25. Bermuda is officially home for the XL Group Ltd after it completed its re-domestication to the island today, a move that was announced at the beginning of the year. The international insurer and reinsurer started operations in Bermuda in the mid-1980s, and has maintained offices on Bermudiana Road. However, its holding company was always domiciled in the Cayman Islands until the firm moved to Ireland six years ago. The company’s historical link to the island, and Bermuda’s success in obtaining Solvency II third-country equivalency from the EU, were factors in the decision to move from Ireland to Bermuda. Last year XL Group strengthened its Bermudian links when it acquired Catlin Group. The company now operates under the XL Catlin brand. In January, Mike McGavick, XL’s chief executive officer said: “Given, in particular, our longstanding and substantial operations in Bermuda that have been bolstered by the Catlin Group Ltd acquisition, and Bermuda’s position within the international re/insurance market, including Bermuda’s recent achievement of Solvency II equivalency, we believe a change in the country of domicile of our parent company to Bermuda will be advantageous to the company and its shareholders.” The company has previously said it did not expect the re-domestication to have any impact on its effective tax rate or financial results. XL Group also expected staffing levels in Bermuda and Ireland to be unchanged by the move. In a statement today, the company said it had “completed its re-domestication to change the place of incorporation of the ultimate parent holding company to Bermuda from Ireland. As previously announced, the name of the new holding company is XL Group Ltd”. The company’s shares will trade on the New York Stock Exchange and it is expected it will be included in the S&P 500 Index. XL Group has a market capitalization of $9.5 billion, and is due to report second quarter earnings on Wednesday.

2016. April 28. XL Group’s first-quarter earnings missed Wall Street estimates as increases in catastrophe losses and integration costs hit results. The business insurer’s operating earnings were $103.4 million, or 35 cents per share, down from the $194.4 million XL made in the first quarter of 2015 and well short of the 50 cents per share consensus forecast of analysts tracked by Yahoo Finance. Natural-catastrophe pre-tax losses in the quarter amounted to $52.8 million, up from $14.7 million in the same period of last year. The combined ratio for property-and-casualty operations — reflecting the proportion of premium dollars spent on claims and expenses — was 92.5 per cent compared to 88.9 per cent a year earlier. Last year, XL acquired Bermudian-based insurer and reinsurer Catlin Group in a $4.1 billion deal. The company said that integration costs related to the merger totaled about $55 million in the first three months of the year. Also weighing on earnings were hedge fund investments. XL said net income from affiliates fell by nearly $50 million to $8 million. “This decrease was driven primarily by our hedge fund affiliates where equity and credit market volatility fed through to returns,” XL stated. Annualized operating return on equity excluding investment gains and losses was 3.9 per cent, or 5.9 per cent when integration costs were stripped out the company said. Mike McGavick, chief executive officer of XL Group, said the combination with Catlin was working out well. “While we see difficult market conditions continuing in the near term, we firmly believe our focus on the bottom line is the right long-term strategy and that we remain very well positioned. Near the one-year anniversary of XL Catlin, we continue to exceed all of our integration targets and are seeing new opportunities aligned with our global reach and market relevance.” Gross premiums written in the first quarter were $4.36 billion, up by nearly $1.9 billion, or 75.7 per cent, from a year before. The increase was chiefly due to the acquisition of Catlin. Underwriting profit was $175.5 million compared to $146.8 million in 2015. XL said ongoing operating expenses, excluding integration costs, were 46 per cent higher, due to the company’s larger scale since the Catlin combination. “However, overall run-rate expenses for the quarter continue to indicate that synergy savings are being achieved in line with or ahead of expectations,” XL stated. XL’s book value per share rose by $1.10, or 3.5 per cent during the quarter, to $32.62 at March 31. The increase was aided by the repurchase of around 10 million shares at a cost of $355.1 million. At the end of the quarter, XL’s buyback programme allowed for the repurchase of a further $348.2 million worth of common shares. XL’s share price fell six cents, or 0.2 per cent, to close on $35.86 in New York trading yesterday.

2016. February 29. XL Group is proposing to change the parent holding company’s place of incorporation from Ireland to Bermuda. The company, which has had a presence in Bermuda since 1986, this morning announced that it proposes to change the parent holding company’s place of incorporation to Bermuda. “Establishing our corporate home in Bermuda is a natural step for XL,” said Michael McGavick, chief executive officer. “XL has had a presence in Bermuda since 1986, which grew significantly following the transformative transaction with Bermuda-based Catlin last year. A significant portion of XL’s business, in fact our largest operating subsidiary, has for decades been located in Bermuda and regulated by the Bermuda Monetary Authority, a premier regulator of global insurance and reinsurance companies. Further the BMA’s regulatory regime, and its expertise as an international financial regulator, has recently been acknowledged and endorsed with it being determined fully equivalent to Solvency II by the European Union’s Commission, Parliament and Council. Following the Catlin transaction, and with the recent determination of full Solvency II equivalence for Bermuda, it has been concluded that the BMA is best situated to serve as XL’s group-wide supervisor and to approve XL’s internal capital model. This is a change that we believe will benefit XL’s clients, partners, and shareholders alike.” XL said it does not expect the re-domestication will have any material impact on its financial results, including the company’s global effective tax rate. To effect the re-domestication, a Bermuda exempted company, XL Group Ltd, would replace XL Group plc as the ultimate holding company of the XL group of companies, and the company’s ordinary shareholders would receive one common share of the new Bermuda company in exchange for each