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Bermuda Flag

Bermuda-incorporated entities O to Z

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

line drawing

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

 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. 
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
   
Ocorian 2020. February 25. Bermuda is set to reap benefits from the merger of Estera Services (Bermuda) Ltd and Ocorian, which happened this month. That’s the view of Alison Dyer, managing director of Ocorian’s Bermuda office. There will be no impact on jobs at its office in Bermuda, which has a 74-strong team, and its operations are likely to strengthen and grow as a result of the merger. “At Estera and Ocorian people are our biggest asset. It’s really about maintaining a combined merged brand rather than try to amend it in any way,” Ms Dyer said. “Of course, in other jurisdictions there may be some rationalization if there are duplications, but not in Bermuda.” Estera was spun off from law firm Appleby in 2015, and from its office in Victoria Street is a corporate, funds and trust services provider across the region. It is now under the brand name of Ocorian. The merger of the two businesses created a corporate and fiduciary service and fund administration business with $260 billion of assets under administration. According to Ocorian, which has its roots in Jersey and strong links to the Middle East, Africa and beyond, the combined entity is the seventh-largest corporate, funds and trust player in the offshore world by revenue. Speaking about the significance of the larger global presence and scale, Ms Dyer said: “It gives us flexibility to use more jurisdictions. They [Ocorian] are in further jurisdictions than we are, so we grow from about 12 jurisdictions to 18. I’m particularly excited about Asia. Bringing private wealth money and services to Bermuda, through Bermuda, and the region.” She added: “The level of expansion is quite significant and also potentially doubles us in size. It gives us the opportunity to access people in other jurisdictions where Ocorian is, where we weren’t, and the other way round. It makes us one of the leaders in the CSP and Trust space in the offshore world.” Because there is no overlap with the Ocorian brand in Bermuda, there are no expected changes “on the ground”. The merger gives the Bermuda office access to services and other clients in strategically important locations, Ms Dyer said. When asked if the Bermuda operation could grow as a consequence, she said: “I do think so. Bermuda as a jurisdiction is very interesting. It’s a very mature jurisdiction, it is not growing like it was in the 2000s, and in the 1980s and prior to that. It’s growing in different ways. It’s not really growing from a structured account perspective. It is growing from an AUA perspective, so it is a very interesting jurisdiction to work with.” She added: “As far as growth here, yes, but I’m not sure it would necessarily generate structures, but it would definitely generate work services for us to be able to facilitate within the jurisdiction.” Estera has a track record for involvement in and support for community events, and that is set to continue as Ocorian. “Absolutely, we are fully committed to the jurisdiction,” Ms Dyer said. “One of the things that I am extremely passionate about is ensuring that we stay committed to Bermuda, and that we understand the jurisdiction — I am Bermudian. I feel that’s very important for us as a service provider and a sizeable employer of Bermudians on the island, that we maintain that and grow that.” She said the company is looking at going in to more schools and explaining what it does and why it offers a good career path. It is such an important cornerstone to the financial services industry in the jurisdiction,” she said. It is incredibly important that Ocorian stay connected with and supportive of the jurisdiction.”
   
Odfjell Capital 12/21/1988
Odfjell Capital (Bermuda 12/22/1988
Odfjell Chemical Tankers 1/7/2000
Odfjell Drilling Holding 6/14/2010
Odfjell Drilling 11/17/2005
Odfjell Drilling Services 8/30/2011
Odfjell Drilling Technology 6/7/2007
Odfjell Employment Services 1/20/2000
Odfjell Invest I 1/12/2006
Odfjell Invest II 12/1/2006
Odfjell Invest  1/12/2006
Odfjell Offshore 3/25/2011
Odfjell Operations 6/7/2007
Odfjell Partners Invest 7/10/2003
Odfjell Partners 7/10/2003
Odfjell Rig II 2/21/2011
Odfjell Rig III 11/9/2011
Odfjell Rig 11/16/2005
Odfjell Shipping (Bermuda) 11/25/1981
Odfjell Well Services II 7/6/2011
Odfjell & Vapores 1/2/1996
Odin (Bermuda) 10/16/1992
   
Offshore Reinsurer (Bermuda)  
   
OHP-IP Bermuda) LP 2/2/1994. Exempted limited partnership, c/o Appleby
OHP Investors (Bermuda) MGM LP 2/2/1994. Exempted limited partnership, c/o Appleby
OIC 4/26/1993
Oil and Commodity Trading Services 10/8/1979
Oil and Gas Exploration (Bermuda) 9/30/1983
Oil Basins 10/12/1971
Oil Casualty Insurance 5/14/1986.

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

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

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

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

Oil Investment Corporation 9/4/1984
Oil Investment Private Trustee 11/24/1995
Oil Investments 12/17/1976
Oil Management Services (OMSL) 9/3/1986. P. O. Box HM 1751, Hamilton HM GX. A Bermuda-registered and managed mutual management company for insurers in the petroleum industry. The oil group of companies it represents are Oil Insurance (OCIL) and this company. They have in excess of two trillion dollars of energy assets globally.
Oil Management Services PTC 7/13/2007
Oil MOP (Bermuda) 2/14/1975
Oil Products Trading 11/18/1981
Oil Recovery International 9/30/1985
Oil Recovery (Europe) 12/17/1993
Oil Recovery (Global) 3/17/1994
Oil Recovery (Holdings) 12/17/1993
Oil Services International (Bermuda) 9/2/1986
Oil Trading & Transports Co. 5/5/1966
Oil Transport Holdings 10/6/1995
Oil & Gas Management 8/31/1987
Oil & Marine Adjustors 9/14/1988
Oil & Minerals 3/2/1972
Oil (Gabon) 12/21/1983
Oilfield Drilling Equipment 11/20/2000
Oilfield Insurance Company 6/10/1980
Oilfield Services 1/27/1989
Oilship 3/8/1971
Oiltanking MEA 7/27/2009
Oiltanking Star Energy ME 11/2/2010
Oilvalverde 2/6/1990
Oilvest 1/8/1981
Oivind Lorentzen 12/19/1955
   
Olderhood Group  
   
Oim 6/6/2000
OK 5/3/2011
OKA 3/26/2009
Okada International Company 12/20/1976
Okanagan 9/1/1972
OKH Global 6/17/2004
Okra Shipping No 1 9/13/2004
Okra Shipping No 2 9/13/2004
Old and New Europe Fund 2/24/2006
Old Broad Street Reinsurance Company 12/27/2001
Old Court Commodities 4/14/1977
Old Dominion Insurance Company 2/9/1979
Old Fort Insurance Company 1/5/1982
Old GMS Holdings 10/26/2001
Old Ironsides International 2/19/1992
Old Lyme Insurance Company Ltd Amalg 7/37/1978
Old Lyme Insurance Company Ltd 6/13/1984
Old Lyme Insurance Group 3/10/2004
Old Main Assurance 8/17/1983
   
Old Mutual companies below 2016. January 5. Bermuda-based insurance and investment firm, acquired by Beechwood Bermuda. Old Mutual, which has more than $1 billion in assets, closed for new business in 2009. Beechwood, a major provider of international investment plans that has more than $2 billion in assets, completed the buyout of the firm for an undisclosed price. Beechwood Bermuda is a long-term insurer based in Hamilton. The company also owns Caymans-based Beechwood Re. The companies were formed to service demand from non-US high-net-worth investors seeking innovative, guaranteed investment products, and US and international insurers in need of attractive capacity in the life insurance and annuity reinsurance market.
Old Mutual Asset Managers Holdings (Bermuda) 6/24/1996. P. O. Box HM 3085, Hamilton HM NX.
Old Mutual Asset Managers (Bermuda) 8/18/1995. See above.
Old Mutual Energy Asset Managers (Bermuda) 1/5/2001. See above.
Old Mutual Fund Holdings (Bermuda) 8/18/1995. See above.
Old Mutual Global Assets Fund 1/5/2001. See above.
Old Mutual Group 11/25/1996. See above.
Old Mutual Group Services 3/26/1977. See above.
Old Mutual Holdings (Bahamas) 4/2/2001. See above.
Old Mutual International Asset Managers (Bermuda) 8/19/1994. See above.
Old Mutual International Developments 3/26/1997. See above.
Old Mutual International Holdings 3/26/1997. See above.
Old Mutual International 3/26/1997. See above.
Old Mutual Life Assurance Company (Bermuda) 6/29/1998. See above.
Old Mutual Saga Opportunities Fund 4/7/2006.See above.
Old Mutual South Africa Growth Assets Fund 9/7/1995. See above.
Old Mutual (Bermuda) Foundation 11/22/1999. See above.
Old Mutual (Bermuda) 5/15/2000. See above.
Old Mutual (Bermuda) Holdings Manager
Old Mutual (Bermuda) Nominees 5/7/1999. See above.
Old Mutual (Bermuda) Re Class D
   
Olympia Capital International (Bermuda) William's House, 4th Floor, 20 Reid Street, Hamilton, or by mail at P. O. Box HM 2431, Hamilton HM JX. Since 1990. Alternative investment funds administrator, acquired in 2007 by CACEIS, a leading European institutional securities servicing provider with $1.3 trillion in assets under administration. Administers approximately $69 billion in assets for funds domiciled in Bermuda, the Cayman Islands, the British Virgin Islands, Ireland and the US. Oskar Lewnowski, founder and chairman. 
   
Olympus Re Holdings

Olympus Re

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

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

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

   
Omnium Bermuda 2017. December 22.  The East End Group Ltd and Omnuim Bermuda Limited qcquired internet service provider TeleBermuda International Ltd. The Regulatory Authority of Bermuda conducted an assessment of the proposed transaction and has said it is satisfied that subject to compliance with a set of conditions, the transaction would “not create an entity with a dominant position, nor substantially lessen competition in any relevant market, nor harm the public interest”. TBI has offices on Victoria Street. It provides voice, internet and managed IT services. It is a wholly owned subsidiary of Javelin Connections group of companies. Javelin is an end-to-end solutions provider of managed IT and data services for establishing and managing offshore jurisdictions. The change of control will see all shares of TBI being purchased by East End Group and Omnium, from Javelin. The East End Group provides consolidated group functions in the areas of accounting, finance, human resources and information technology services.
   
One Communications 2019. July 29. One Communications Ltd has reported net income of $7.7 million for the first six months of 2019, an increase of $500,000 year-on-year. The telecommunications holding company, with operations in Bermuda and the Cayman Islands, had shareholders’ equity of $154.2 million on June 30, compared with $145.1 million at midyear 2018. Cash flow generated from operating activities was $15.6 million compared with $17 million in 2018. The company had capital expenditures of $8.1 million during the period compared with $14.4 million for the same period a year ago. One reported $5 million in short-term investment at June 30, whereas it had no such investment a year ago. Consolidated revenues for the period were $64.3 million and operating expenses were $55.7 million. Operating income was $8.6 million. The company repaid $1.9 million in principal on its loan and had $11.9 million in cash at June 30 compared with $17.6 million in 2018. Long-term debt was $25.1 million at the end of the period. The company has declared a dividend of eight cents per share for shareholders of record on April 30. Frank Amaral, chief executive officer of One, said: “Much of our focus in Bermuda for the first six months of 2019 has been on launching our state of the art FibreWire TV platform and improving the customer experience around that service. As we finish up several network and service improvement projects that required significant capital, we are focused on growing free cash flow and bringing additional value to our customers and shareholders. We were delighted to provide our FibreWire internet customers with another speed boost during the period. We now offer our customers speeds of up to 300 Mbps, solidifying our world-class internet offering by putting our customers on par with global internet speed averages. In the business solutions area, we are now able to offer a full range of cloud, managed service and IT products that will complement our existing connectivity services. Targeted at both the enterprise and small business segments we intend to provide for the first time a broad solutions-based portfolio under a single provider. With respect to the company’s operations in the Cayman Islands, growth in the national economy continues to benefit us as we invest and expand our fibre footprint on the island with more than 70 per cent of homes passed in Grand Cayman. Our products and brand continue to be well received with market leading customer satisfaction scores, and continued subscriber count growth and penetration rates.”

2019. March 26. Bermuda-based holding company One Communications Ltd has reported net income for 2018 of $15.1 million, an increase of $100,000 over its 2017 results. In an earnings statement released today by the Bermuda Stock Exchange, the diversified telecommunications outfit reported that consolidated revenue for 2018 was $128.9 million, up from $127 million in 2017. That figure includes $105.4 million in Bermuda revenues and $28.4 million attributed to the company’s operations in the Cayman Islands. Total operating expenses for 2018 were $112.4 million, compared to $111.3 million the year before, the company said. The company’s total assets increased during 2018 to $205.6 million, up from $198.3 million a year earlier, including $14.9 million in cash holdings. Shareholders’ equity climbed to $150.2 million from $136.4 million a year earlier. During the year, the company repurchased 712,599 shares under an approved share buyback programme at an average price of $2.99 per share. The company said it declared and paid $1.7 million in dividends in 2018. No dividends were paid in 2017. Earnings per share for continuing operations for 2018 were 36 cents per share, the same figure as in 2017. One said it made $28.3 million in capital investments during 2018. During 2018, the company said, it made $3.75 million in principal repayments in relation to a long-term debt agreement. On May 22, 2017, the agreement was amended to increase the facility to $37.5 million and increase the limit of its overdraft from $5 million to $10 million. This facility, the company said, is scheduled to mature on May 22, 2022. The company had no overdraft at the close of 2018, it said. Of its Bermuda operations, the company said: “Management and the board of directors have spent the past year working hard on delivering our FibreWire internet and transformative FibreWire TV products, which have already and will continue to improve customer satisfaction. We continue to realize synergies from the consolidation of prior acquisitions, with an improvement in margin over prior year reflected in current year results. On the wireless side, our high speed 4G LTE network covers over 99 per cent of the country. We have been able to maintain network integrity and performance even as data usage continues to dramatically increase. We have now launched our single bill initiative, providing customers the optional convenience of receiving a single bill for all of their services. We have also implemented a new scheduling system for home service calls that will improve customer experience and drive added efficiency.” Speaking of its Cayman operations, the company said: “We continue to benefit from growth in the national economy. To further leverage our investments, we continue to expand our fibre footprint on the island, offering customers advanced internet, IPTV, and corporate data products. In 2018, our incremental investment of $6 million in the fibre network increased homes passed from 60 per cent to 67 per cent during the year, and the operating results demonstrated corresponding growth in both subscribers and revenue.”

   
OneBeacon Insurance Group Minnetonka, Minnesota. Specialty insurance. Part of White Mountains Insurance Group. So-named as it was once located at 1 Beacon Street in Boston MA.

Acquired in 2017 by Canadian insurer Intact Financial Corporation in a $1.7 billion deal. The transaction created a North American lender in speciality insurance with more than $1.5 billion of annual premiums. 

   
Ontru 9 Par-la-Ville Road, 3rd Floor, Hamilton HM 11. Human Resources outsourcing and talent development.
   
Onyx Capital Asset Management  
   
Operational Re From 2016 Credit Suisse Group AG, the global investment bank has used this 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 was 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. 
   
Oppenheimer-Close International 12/4/1997
Oppenheimer Arbitrage International 9/26/1986
Oppenheimer Commodity Fund 11/27/1981
Oppenheimer International Arbitrage Management 10/1/1986
Oppenheimer Overseas Commodity (Brokerage) 3/24/1982
   
Optima Fund Management 73 Front Street, Hamilton HM 12. Phone 295-8658. Fax 292-6274
Optimum Risk Research (Bermuda) 12 Warwick Lane, Warwick WK 02. Phone 236-7931
Opus Fund Services

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

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

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

ORN European Debt Fund LP Was ORN European Distressed Debt Fund LP. C/o Citco Fund Services (Bermuda) Ltd.
   
Oswals Affinity (SAC) Since June 2019. A Class 3 insurer
   
Overstock 2019. August 27. The head of this company that pledged to create fintech jobs in Bermuda stepped down after bizarre comments in a series of media interviews. Patrick Byrne, founder and CEO of Overstock.com, resigned on Thursday after he told several news outlets he had been an FBI operative and helped the agency commit “political espionage”. He also claimed the agency had instructed him to pursue a relationship with Russian spy Maria Butina. Mr Byrne made headlines on the island in April last year when he signed a memorandum of understanding with Bermuda to create jobs and educational opportunities for Bermudians through Medici Ventures, an Overstock.com subsidiary formed to incubate, launch and invest in blockchain. A government spokesman said the company would make Bermuda its “laboratory” for blockchain investments and would create at least 30 jobs in three years. 
   
Oxy Overseas Services 7/19/2005
Oxy Palmyra Ltd Amag with 23146 12/23/1993
Oxy Venezuela 1/8/1996
Oxycol Holder 3/21/2011
   
Oxyde Oil and Chemicals (Bermuda) 3/17/1988
Oxygen Insurance (Bermuda) 7/7/2008
Oxygen 10/3/2006
Oyster Bay Fund 5/25/2010
Oyster Consulting (Bermuda) 9/4/1969

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

Oyster Fund 4/30/2008
Oyster Holdings (Bermuda) 11/19/1990
Oyster Point Yacht Charters 8/13/2003
Oystertrade Bermuda 8/15/2007
Oyx Libya E&P Area 35 8/22/1996
Oz Alpha Leasing 4/25/1996
   

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 The joint venture reinsurer is one of the companies targeted by the US Treasury’s crackdown on hedge fund-backed reinsurers. 
   
   
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

Partner Re HQ Bermuda

8/24/1993. Wellesley House South, Pitts Bay Road. 

2020. May 14. A deal to sell a Bermuda-based reinsurer to a French mutual insurance group has been called off. A $9 billion cash agreement to sell PartnerRe to Paris-based Covéa was reached in March, but the French firm said that due to the “significant uncertainties threatening the global economic outlook” it would not go ahead with the purchase of the firm from Exor. Exor, an Italian investment firm controlled by the Agnelli family of Fiat fame, bought PartnerRe in 2016. It said it would retain ownership of the business and that PartnerRe was not expected to be significantly affected by the Covid-19 pandemic. Covéa said: “In light of the current unprecedented conditions and significant uncertainties threatening the global economic outlook, Covéa has indicated to Exor that the context does not allow the contemplated acquisition of PartnerRe to be carried out on the terms initially envisaged.” Exor said its chairman John Elkann and board of directors had acknowledged Covéa’s notice that it would not honour its commitment to acquire PartnerRe in line with the memorandum of understanding announced on March 3. The Italian firm added that the board recognised “the positive outlook for PartnerRe, which enjoys one of the highest capital and liquidity ratios in the global reinsurance industry and is not expected to be significantly affected by the Covid-19 outbreak”. Exor said that the board had underlined its belief that a sale of PartnerRe on terms inferior to those established in the MOU failed to reflect the value of the company. A statement from Exor added: “In attempting to renegotiate the agreed deal terms, Covéa has never suggested the existence of a material adverse change, including pandemic risk, or any other issues at PartnerRe that would explain its refusal to honour its commitments under the MOU and Exor believes that no such basis exists.”

2020. March 5. PartnerRe is to be sold to French insurer Covéa for about $9 billion in cash. The Bermudian reinsurer’s parent company Exor signed a memorandum of understanding to sell its 100 per cent stake in PartnerRe to Covéa. The agreement will become binding after it receives approval from workers’ councils, according to a statement. PartnerRe will also pay a $50 million cash dividend before the closing of the deal. John Elkann, the chairman of Exor, said: “We have now been presented with an outstanding chance for PartnerRe to further strengthen its competitive advantage while providing important new opportunities for its people under Covéa’s ownership.” The acquisition requires approval by regulators and is expected to be completed by the end of this year. It would be the biggest deal in the industry since Axa bought XL Group, another Bermudian-based company, for $15.3 billion two years ago. Exor said its aggregate cash return on its PartnerRe investment had been about $3 billion. Since 2016, PartnerRe has paid a total of $661 million in dividends to Exor and has grown its book value by $510 million to $6.57 billion. Exor said: “This was achieved notwithstanding 2017 and 2018 being among the most challenging years for the reinsurance industry.” The reinsurance industry has evolved in recent years, Exor said, adding: “Specifically, scale is becoming increasingly important for reinsurers as their primary insurance clients consolidate and then seek counterparties with greater capital strength when reinsuring their risks. Following the acquisition by Covéa, PartnerRe will enter the top tier of reinsurers worldwide also by balance sheet size.” Exor, the investment vehicle of the billionaire Agnelli family, bought PartnerRe in 2016 for $6.72 billion. The deal was done after Exor won a hostile takeover battle for PartnerRe in 2015, breaking up a merger agreement between the reinsurer and Bermudian re/insurer Axis Capital Holdings Ltd. Emmanuel Clarke, CEO of PartnerRe said: “Over the past four years, under Exor’s ownership, we have strengthened PartnerRe’s position as a global, diversified reinsurer, thanks to a continuous focus on enhancing our client and broker franchise, our underwriting and investments portfolios and our operational efficiency. And I’m confident we are in a very good position to further evolve under our new ownership.”

2020. February 9. Discussions about the possible sale of PartnerRe have been confirmed by the company that owns the Bermuda-based reinsurer. Exor, the Italian investment firm controlled by the Agnelli family that paid about $6.9 billion for PartnerRe in 2016, in a statement said: “Exor confirms that it has entered into exclusive discussions with Covéa regarding a possible all-cash acquisition of PartnerRe. These discussions are ongoing and there is no certainty that they will result in a transaction. Exor will refrain from further comment until the final outcome of the discussions is known.” Covéa is a French insurance company. Last week, The Insurance Insider cited an unnamed London banking source in its report of discussions about the possible sale of the reinsurer. On Friday, The Royal Gazette contacted PartnerRe, which has offices on Pitts Bay Road, and was told it does not comment on speculation in the press. We also contacted Exor to inquire about the matter. The discussions with Covéa were confirmed by Exor in its statement, which was released today. According to a Reuters report a source “familiar with the matter” said the deal could be worth about $9 billion.

2020. February 7. PartnerRe may be up for sale, according to a report that cites a London banking source. The Bermuda-based reinsurer was bought four years ago by Exor, the Italian investment firm controlled by the Agnelli family. Exor paid around $6.9 billion to buy the company, which has offices on Pitts Bay Road. In a report by The Insurance Insider, French company Covea is said to be a possible buyer of the business, according to an unnamed banking source. In response to an enquiry about the article, PartnerRe told The Royal Gazette it does not comment on speculation in the press. Exor has also been contacted about the report, and the Royal Gazette is awaiting a response.

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
   
Pembroke Managing Agency 2019. November 19. Bermuda-based re/insurer Hamilton Insurance Group Ltd has announced that it is placing Acappella Syndicate 2014 into run-off. Acappella is a third-party-capital-supported Lloyd’s syndicate included in Hamilton’s recent acquisition of Pembroke Managing Agency Ltd, now renamed Hamilton Insurance UK Ltd. Acappella will cease writing business with immediate effect, Hamilton said. Pina Albo, chief executive officer of Hamilton, said: “As we completed the capital raising process at Lloyd’s, we concluded that Acappella was unlikely to produce an adequate return on capital. As conscientious stewards of both our and third-party investors’ capital, and with our focus on underwriting profitability, it was determined that the best course of action would be to discontinue the business.” Ms Albo said she anticipated the continued smooth handling of policyholder obligations and, in that regard, Acappella policyholders will find contact information on Hamilton’s website at hamiltongroup.com/london/syndicate-2014/. She said the company was in discussions with employees who are impacted by the decision.
   
Pennsylvania Manufacturers’ International Insurance Since 1993
   
PennUnion Re A Bermudian special purpose insurer created by Amtrak. 2015. October 9.  A $275 million catastrophe bond issued by this company providing insurance protection to US train company Amtrak illustrates a growing trend of corporations going directly to the capital markets to cover some of their risks.  Its variable rate notes have been admitted for listing on the Bermuda Stock Exchange.  The perils covered by PennUnion Re are storm surge in New York City and Delaware, named storm wind protection across eight northeast US states, and earthquake protection in five of those states. The Series 2015-1 notes will become due in December 2018. 
   
Pentelia Capital Management

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

People's Food Holdings C/o Codan Services
   
Pepsi-Cola International 3/11/1971. In 2009 the USA's Government Accountability Office (GAO) stated there were 13 subsidiaries in Bermuda.
Pepsi-Cola Manufacturing International 11/15/2002
Pepsi-Cola Manufacturing Limited 9/30/1985
Pepsi-Cola Manufacturing (Mediterranean) 11/9/1984
Pepsi-Cola (Bermuda) 2/5/1957
Pepsi Overseas (Investment) Partnership 3/2/2000
PepsiCo Beverages Bermuda 8/18/2011. 
PepsiCo Euro Bermuda 3/31/2005
PepsiCo Finance (Bermuda) 10/31/1984
PepsiCo Global 12/12/1996
PepsiCo Russia (Bermuda) 5/5/2008
PepsiCo (Ireland) 7/19/2004
   
Perfectech International Holdings Butterfield Fund Services (Bermuda)
   

Perigon Product Recall
2019. November 5. Bermuda-based Fidelis Insurance has taken an equity stake in Perigon Product Recall Ltd, a new managing general agency, and will be providing underwriting capacity. Perigon’s focus will be product recall and product contamination coverage for food and beverage producers, restaurant operations, auto manufacturers as well as a broad range of other recall classes of insurance. This will be managed through Pine Walk Capital Ltd, Fidelis’ subsidiary MGA platform. Ian Bailey will run Perigon, bringing more than 20 years’ experience in the industry and 15 years specializing in the field of product recall and contamination. Mr Bailey started his career at Independent Insurance and then moved to RSA, before his focus on product recall began at AIG, before he then went on to XL Catlin and later Hiscox.
   
Perinvest Market Neutral  c/o Prime Management, Church Street. Hit by the Madoff fraud
   
Permanent Capital Holdings A  Bermuda incorporated affiliate company of a private American investment firm, which announced in late February 2019 that it was purchasing the Bermuda Commercial Bank.
   
Permanent Investments Ltd For a time in 2010 the principal shareholder in the Bermuda Commercial Bank Ltd.
   
PFH 5/6/1987
Pfizer Holdings Bermuda 9/20/2006
Pfizer International Investments 12/2/2009
PFM International (Bermuda) 11/19/1993
PFM Israel Growth Fund 11/19/1993
PFT 4/22/2013
PG3 Private ILS Fund 4/22/2003
PGA Arlington Holdings 10/6/1998
PGA Asian Holdings 1/7/1999. A subsidiary of Prudential Financial Inc/
PGA Asian Retail 12/13/2000. A subsidiary of Prudential Financial Inc.
PGA Big Yellow 6/13/2000
PGA European 10/25/2000. A subsidiary of Prudential Financial Inc.
PGA Kilimanjaro 1/14/1999
PGE Fiber (Bermuda) 2/28/2000
PGE (Hamilton) 4/9/1998
   
Philip Morris Capital (Bermuda) 2/22/1980
Philipp and Lion Far East (Holdings) 5/23/1989
Philipp Pbrothers (Bermuda) 10/1/1981
Philippi Investments 2/6/1995
Philippine Fund Ltd (The) 6/30/1989
Philippine Investment Company 4/24/1997
Philippines Long Term Equity Fund 1/29/1987
Philippines Long Term Equity Fund (No 2) 3/7/1988
   
Phillips 66 Asia 10/24/1994
Phillips 66 Asia Pacific Investments 5/31/2004
Phillips Holdings 10/24/2005
Phillips LNG Group 5/5/1997
Phillips Petroleum Company Venezuela 10/31/1996
   
Pillar Capital Management Formerly Juniperus Capital (JCL). Renamed 2013. Since May 2008 as the latter. Catastrophe investment manager. Manages Benfield Group's $50 million cash investment in the Juniperus Insurance Opportunity Fund and other third-party funds focused on the collateralized re/insurance-linked securities markets. In 2011 the company was sold to insurance-specialist private equity investor Aquiline Capital Partners.
   
Pine Walk Capital 2019. November 5. Bermuda-based Fidelis Insurance has taken an equity stake in Perigon Product Recall Ltd, a new managing general agency, and will be providing underwriting capacity. Perigon’s focus will be product recall and product contamination coverage for food and beverage producers, restaurant operations, auto manufacturers as well as a broad range of other recall classes of insurance. This will be managed through Pine Walk Capital Ltd, Fidelis’ subsidiary MGA platform. Ian Bailey will run Perigon, bringing more than 20 years’ experience in the industry and 15 years specializing in the field of product recall and contamination. Mr Bailey started his career at Independent Insurance and then moved to RSA, before his focus on product recall began at AIG, before he then went on to XL Catlin and later Hiscox.
   
Platinum Underwriters Holdings Bought out in 2015 by Renaissance Reinsurance 
   
Playmates Holdings C/o Codan Services
Plus Holdings C/o Codan Services
   
Point Landing Insurance 2016. Class 2. 
   
Polaris Holding Company Bermudian company that runs Stevedoring Services. In April 2015 it brought in equipment at Dockyard for team Oracle and its America's Cup challenge. It had been over 20 years since Stevedoring Services has done any work anywhere other than the Hamilton docks.

2019. November 15. Polaris Holding Company Ltd reported a halving of its six-month profit to $493,000, or 40 cents per share, at the end of September. The company is the parent of Stevedoring Services Ltd, and also East End Asphalt, which it acquired in March. For the same six-month period last year, Polaris made a profit of $1.01 million, or 82 cents per share. In a statement, the company said: “On March 14, Polaris acquired a faltering East End Asphalt Company Ltd and over the past six months has rehabilitated the asphalt manufacturing and paving company, returning the business to its former glory as the island’s leading paving operator. “For East End Asphalt, the past two quarters have seen major capital investment and staffing realignment, driven by Polaris’ CEO Warren Jones, in a repeat of the skilful turnaround of Stevedoring Services’ fortunes when he was hired by the group in October 2013.” It said Travis Gilbert was appointed general manager of East End Asphalt last month, “with the asphalt company persuasively marketing to businesses and residential customers through a strategic pricing campaign and improved level of quality and care”. The company said its core business, Stevedoring Services, continues to benefit “from million-dollar heavy equipment purchases, telecommunication changes, training, and technological innovations introduced over the past few years, shifts which have transformed the business, as lauded by importers, the freight lines, customers, and its union and staff”. It added: “With 53 years of service under its belt, Stevedoring Services has never been in a better place. At the end of quarter two, Stevedoring Services was invited by the Corporation of Hamilton, through a request for proposal process, to tender for the continued facilitation of the Port of Hamilton’s Cargo Dock Area. A positive, progressive, Bermuda company, Polaris looks forward to March 2020 when the concessionaire will be announced. Stevedoring Services seeks to continue its planned evolution as it services the Bermuda public.” Polaris also wholly owns and operates Mill Reach Holding Company Ltd, which holds real estate located at Mill Reach Lane, Pembroke, and Equipment Sales and Rentals Ltd, which owns and leases heavy operating machinery and equipment to Stevedoring Services Ltd.

2019. August 27. Polaris Holding Company Ltd, parent of Stevedoring Services Ltd and recently-acquired East End Asphalt Company Ltd, has reported a net profit of $801,000 for the fiscal year ending March 31, 2019. Operating profit was $1.07 million, the company said, before taking into account acquisition costs of $210,000 and start-up losses of $56,000 in relation to Polaris’ acquisition of EEA in March. This marked the fourth consecutive year of operating profits in excess of $1 million, the company said. After accounting for the EEA acquisition and start-up costs, Polaris reported a gain of 90 cents per share, with a return on equity of seven per cent. At the current 32 cents per share annual dividend distribution and based on Polaris’ most recent BSX price of $5.10, the company said, its dividend yield was 6.3 per cent. A company spokesman said: “Polaris has demonstrated once again that it is a steady pair of hands — true to its motto — ‘quietly powering Bermuda’. Without interruption or disruption, Polaris through its subsidiaries has ensured that the goods and products that are required by and for its community are delivered safely in a timely and efficient manner. With the recent acquisition of EEA, Polaris is primed for growth in another service industry where its proven management experience, coupled with the expertise of the EEA staff will ensure that entity to be another successful performer in the Polaris portfolio.” In addition to Stevedoring Services and EEA, Polaris owns and operates Mill Reach Holding Company Ltd, which holds real estate located at Mill Reach Lane, Pembroke and Equipment Sales and Rentals Ltd, which owns and leases heavy operating machinery and equipment to Stevedoring Services.

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

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

   
Press & Magazines Holdings 2/17/1989
Prestige Art 7/22/2010
Prestige Autos 6/30/2010
Prestige Games International 5/1/1986
Prestige Leasing 8/11/1993
Preston 5/27/1982
Prestwick Aviation 7/15/1986
Prestwick Leasing 5/21/1985
Pretel Communications 11/4/2009
Pretium Investments 11/22/1991
Previsus 4/29/1997
PRG-Schultz Insurance 2/20/2002
   
Price Forbes & Partners (Bermuda) Ltd 3/5/2008. Independent, specialist Lloyd's broker based in London's insurance sector, trading with all of the major international insurance and reinsurance markets in London, Bermuda and Europe. Butterfield Bank Building, 6th Floor,  65 Front Street. Hamilton, HM12.  T: +1 (441) 296 6968
   
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
PriceWaterhouseCoopers 8/31/1979Leading 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) 11/29/2001. 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.
   
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
   
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 
   
Purdue Pharma LP  

Oxycontin by a Bermuda-registered company.

2019. October 15. A Bermuda-based group of companies could play a pivotal role in the proposed settlement of opioid legislation in the United States involving OxyContin maker Purdue Pharma LP and its owners, the Sackler family. The outline of a proposed settlement that Purdue values at between $10 billion and $12 billion was filed in the US Bankruptcy Court in White Plains, NY last Tuesday. On Friday, US Bankruptcy Judge Robert Drain ordered a pause to all litigation involving Purdue until November 6, giving the bankrupt drug maker time to conclude a deal with plaintiffs. The proposed settlement aims to resolve more than 2,600 lawsuits by states, local governments and other plaintiffs against Purdue and its Sackler family owners. Under the agreement, the Sackler family would give up control of Purdue, turning the company over to an entity that would run the company and use its profits for the public good. The money for the proposed settlement is to come jointly from Purdue, and from the Sackler family. In Bermuda, the Mundipharma group of companies, owned by members of the Sackler family, have offices on Par-la-Ville Road in Hamilton. Top US insurance litigators Dick Geddes and Christopher Carroll, of international law firm Kennedys, appeared at the Hot Topics forum organised by the Bermuda office of Kennedys on Thursday. Mr Geddes is a partner in the firm’s Chicago office, while Mr Carroll, also a partner, is based in New York. Together, they gave a presentation entitled “Opioid Crisis: Beginning of the End or End of the Beginning”? Afterwards, the two visiting lawyers agreed that the Mundipharma companies may have a part to play in the proposed settlement. Mr Geddes said: “The proposed settlement involves numbers that Purdue is casting as $10 billion to $12 billion. Ten billion will theoretically come from the continued sale of Purdue’s products under the newly-structured public benefit corporation.” He added: “The other chunk, about $3 billion, theoretically will come from the family that owns 100 per cent of the assets of the Purdue companies, and that is the Sacklers. The question is where that money will come from.” In filings with the US Court, Mr Geddes said, a company is identified as a non-US pharmaceutical company owned by the Sacklers. Mr Geddes said: “That is Mundipharma. It’s very possible that Mundipharma could play a role in the settlement.”

2019. September 13. For months, the judge overseeing national litigation over the opioids crisis urged all sides to reach a settlement that could end thousands of lawsuits filed by state and local governments. But the chaotic developments this week in the case against Bermuda-registered OxyContin maker Purdue Pharma, which also has other Bermuda links, underscore how difficult that goal is. By yesterday, half of America’s state attorneys-general said they would reject a tentative deal crafted by the other half, and many criticized the terms as grossly insufficient. Purdue and the Sackler family that owns it “will never be able to undo all the damage they have done”, Virginia Attorney-General Mark Herring, a Democrat, said in a statement, “but at the very least, they must face real, significant, personal accountability for their lies and for the pain and heartbreak they have caused”. Herring and other attorneys-general opposed to the terms say the amount of money involved will be far less than the $10 billion to $12 billion promised by Purdue and the Sacklers. They want the family to pay more from their vast fortune, much of which has been shifted overseas, and say the current settlement terms allow the relatives to walk away without acknowledging their role in a crisis that has killed 400,000 Americans over the past two decades. “This epidemic has affected everybody in our state,” Delaware Attorney-General Kathy Jennings, another Democrat, said yesterday in a statement. “Irrespective of Purdue’s actions or evasions, we will continue to pursue justice on behalf of those harmed by the Sacklers’s greed, callousness and fraud.” The failure to reach a wide-ranging settlement so far, as the Sacklers had hoped, means the legal battle over what their company must pay will probably shift to bankruptcy court. Questions about the family’s responsibility could play out at the same time in dozens of state courts. More than 20 states have filed separate cases against members of the family, and it’s not clear whether federal bankruptcy proceedings would halt those state cases. The company is expected to file for bankruptcy protection within days. Attorneys-general who say they agree with the terms said the deal is better than what their states and communities would likely receive if Purdue files for bankruptcy without any settlement language to guild the proceedings. “Sadly, this agreement cannot bring back those who have lost their lives to opioid abuse, but it will help Florida gain access to more life-saving resources and bolster our efforts to end this deadly epidemic,” Florida Attorney-General Ashley Moody, a Republican, said. “I want to assure Floridians that we will continue to aggressively pursue our state case against all remaining defendants.” Some attorneys-general — the group that had been leading the settlement talks with Purdue — have described the negotiations as ongoing and unsettled. Katie Byrd, a spokeswoman for Georgia Attorney-General Chris Carr, declined to comment yesterday about the state’s stance, but described the situation as “fluid”. Minnesota Attorney-General Keith Ellison said “widespread uncertainty” remains about the details of the settlement terms, including the size of the payments, how long they would be made and how Purdue and other Sackler-owned entities would be operated going forward. Under the proposed deal, the family would give up ownership of Purdue and pay $3 billion to $4.5 billion, depending on how much Purdue brings in from selling a company known as Mundipharma, which is registered in Bermuda. Several attorneys-general said they are skeptical that Mundipharma is worth that much, and they want more money guaranteed from the Sacklers. OxyContin is probably the best-known prescription opioid and was a blockbuster drug in terms of sales after it was introduced in 1996. In their lawsuits, the state and local governments say Purdue aggressively marketed the drug while downplaying its addictiveness. The developments related to Purdue and the Sackler family come just five weeks before the scheduled start of the first federal trial over the toll of the opioids crisis in the US. That trial involves claims by Ohio’s Cuyahoga and Summit counties against multiple opioid makers, distributors and pharmacies. If the company files for bankruptcy, the trial will go on without Purdue. Families who have lost loved ones to the crisis or have otherwise been hurt by opioid addiction have pushed back against settlements with Purdue and other players in the opioid industry. They want a chance to face company executives in court and tell their stories. In a statement, members of the Sackler family urged governments to sign on to the settlement terms, saying it will fund solutions to the crisis rather than continue “endless litigation”.

2019. September 11. NEW YORK — OxyContin maker Purdue Pharma LP, linked to Bermuda, reached a tentative agreement with some plaintiffs to resolve widespread litigation over its alleged role in fuelling the US opioid crisis and plans to tussle with states opposing its settlement offer in bankruptcy proceedings starting as soon as next week, people familiar with the matter said. On Wednesday, lead lawyers representing more than 2,000 cities, counties and other plaintiffs suing Purdue, along with 23 states and three US territories, were on board with an offer from the company and its controlling Sackler family to settle lawsuits in a deal valued at up to $12 billion, the people said. The Sacklers are reported to have extensive interests in Bermuda, while a variety of companies related to Stamford, Connecticut-based Purdue have had a presence on-island for up to three decades. More than a dozen other states remain opposed or uncommitted to the deal, setting the stage for a legal battle over Purdue’s efforts to contain the litigation in bankruptcy court, they said. States yesterday updated a federal judge on the settlement offer’s support, which could evolve as the day progresses, the people said. Purdue’s board is scheduled to be briefed on settlement progress today, one of the people said. There remained a chance negotiations could fall apart and the company’s plans, including timing of a bankruptcy filing, could change, the person said. The Sacklers, well-known wealthy philanthropists, have declined to revise their proposed settlement contribution of $3 billion over seven years and another $1.5 billion or more through the eventual sale of another business they own called Mundipharma, several people familiar with the matter said. The offices of Mundipharma Medical Company, and other companies carrying the Mundipharma prefix are located on Par-la-Ville Road in Hamilton. The network of companies was reportedly set up to do business outside North America. New York, Massachusetts and Connecticut, where privately held Purdue is based, are among the states opposed to the current offer and have pushed the family to guarantee $4.5 billion, the people said. Last weekend, the Sacklers “refused to budge” after attorneys-general in North Carolina and Tennessee presented the family with counterproposals they said had widespread support from other states, according to correspondence reviewed by Reuters. The lawsuits, which in some cases targeted the Sacklers as well as Purdue, claim the family and company contributed to a public health crisis that claimed the lives of nearly 400,000 people between 1999 and 2017, according to the latest data from US Centres for Disease Control and Prevention. The suits allege Purdue aggressively marketed prescription painkillers while misleading doctors and patients about their addiction and overdose risks. Purdue and the Sacklers have denied the allegations. With negotiations over the family’s contribution to a settlement at loggerheads, Purdue is preparing to file for bankruptcy protection as soon as this weekend or next with the outlines of a settlement in hand, albeit one lacking support from many states, the people said. Purdue would then ask a US bankruptcy judge to halt litigation while settlement discussions continue, a move some states said they are likely to challenge. A bankruptcy judge could force holdouts to accept a settlement as part of Purdue’s re-organization plan if enough other plaintiffs agree. “Purdue Pharma continues to work with all plaintiffs on reaching a comprehensive resolution to its opioid litigation that will deliver billions of dollars and vital opioid overdose rescue medicines to communities across the country impacted by the opioid crisis,” the company said in a statement. Members of the Sackler family targeted in lawsuits said in a statement that they support “working towards a global resolution that directs resources to the patients, families and communities across the country who are suffering and need assistance” as opposed to engaging in what they described as “endless litigation.” With Purdue facing more than 2,000 opioid-related lawsuits, Reuters reported in March that the company and the Sacklers began exploring bankruptcy options to halt litigation and attempt to reach a far-reaching settlement. One reason Purdue is eyeing a bankruptcy filing soon is to avoid an October 21 trial, the people said. That trial, stemming from widespread lawsuits consolidated in an Ohio federal court, risks a verdict with outsize damages Purdue could not withstand, one of the people said. Purdue’s current proposal envisions it using bankruptcy proceedings to transform into a public trust with a board selected by court-appointed trustees, the people said. The trust would donate drugs the company developed to combat overdoses and addiction to US communities, which Purdue values at $4.45 billion over ten years. The Sacklers, who amassed a multi-billion-dollar fortune from OxyContin sales, would cede control of Purdue, they said. A Chapter 11 filing with a deal many states oppose risks triggering more litigation and longer, more expensive bankruptcy proceedings that could reduce payouts to plaintiffs unless a broader deal is reached. “I remain steadfast in my view that the Sacklers have to give back the money they took from selling opioids so that we can put it towards solving the problem they created,” Connecticut Attorney-General William Tong said in a statement. “The current proposal does not do that.” The Sacklers have rebuffed requests from some plaintiffs for more details on the family’s finances, some of the people said. North Carolina Attorney-General Josh Stein said he was preparing to follow other state officials and sue the Sacklers. “A large number of states are committed to the notion that the Sacklers need to guarantee more money,” he said, adding that different states “have different views, as is to be expected”.

   
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 Insurance 2019. December 22. A combined ratio averaging above 100 per cent for a five-year period, and with a $318 million loan repayment on the horizon, AM Best has decided to revise its outlooks to negative for Qatar Insurance Company QSPC, and its Bermuda-based subsidiary Qatar Re. However, the rating agency has also affirmed the financial strength rating of A (excellent) and long-term issuer credit ratings of “a” of QIC and Qatar Re. The ratings reflect the “very strong” balance sheet strength of QIC, its strong operating performance, neutral business profile and enterprise risk management, AM Best said. Regarding the change of outlooks from stable to negative, the agency said it “largely reflects pressure on AM Best’s current operating performance assessment of strong due to underperformance emanating from the group’s non-Middle East insurance operations [QIC Global]”. It said QIC Global, which includes Qatar Re, has experienced “considerable staff turnover and a fluctuating business strategy, at the same time as pursuing aggressive growth in a soft market”. AM Best, in a statement, also said: “Results have been adversely impacted in recent years (2017 to 2019) by natural catastrophe losses and Ogden rate adjustments in the UK motor segment. As a consequence, the group has produced a five-year (2014-2018) average combined ratio of 101.2 per cent and AM Best’s expects the group to report a combined ratio in excess of 100 per cent to be reported for 2019.” The agency said the group has a QAR 1.1 billion ($316 million) “receivable due from the Markerstudy Group before May 2020. Whilst the group maintains sufficient capital to absorb a default on this loan, any impairment would represent a material loss to earnings”. AM Best said pressure on QIC’s underwriting earnings “highlight governance and underwriting control deficiencies in the group’s decision-making process”. It noted that QIC reported gross written premium of $3.4 billion in 2018, and increase of 8 per cent year-on-year. The growth was primarily driven by the acquisition of Markerstudy carriers which “offset material non-renewal of loss-making contracts in the group’s reinsurance platform”. AM Best said: “Going forward, the group plans to focus on low-volatility lines, with more than half of GWP emanating from motor insurance in the UK, Continental Europe and the Middle East.”

2019. April 30. The parent company of Bermuda-based Qatar Re has reported $75 million net profit for the first quarter, an increase of $10 million, year-on-year. Qatar Insurance Group’s earning per share were 21 cents, compared with 18 cents for the same period last year, while its gross written premiums remained stable at $969 million, down $7 million. The Qatar-based group’s non-life combined ratio improved to 100.2 per cent, from 101.6 per cent. Khalifa Abdulla Turki Al Subaey, group president and chief executive officer of QIC Group, said the first quarter was a period of stability and consolidation. He added: “As part of our de-risking effort, we have adopted a more selective approach to writing new business, rewarded by an improving technical performance. QIC remains firmly committed to shifting to lines of business with lower volatility where we see a more attractive risk-return potential. In addition to underwriting, QIC’s investment prowess and commitment to operating efficiency continue to bear fruit and are essential to sustaining the Group’s overall profitability. Based on the strength and diversity of our performance engines, I remain confident in QIC’s future growth and profitability prospects, which should further benefit from what appears to be a slightly firming global re/insurance trading environment.” QIC’s international carriers, which include Qatar Re, Antares, QIC Europe Limited and Gibraltar-based carriers, now account for 76 per cent of the group’s gross written premiums, an increase from 73 per cent a year ago. In a statement, the group said its first quarter profit was driven by improving underwriting results and resilient investment income. Last week, Qatar Re confirmed Michael van der Straaten as its new CEO. He succeeded Gunther Saacke, who announced in January that he was leaving the company

Qatar Reinsurance Company Moved its headquarters to Bermuda in late 2015 as it re-domiciled from Doha, Qatar.  
Qatar Investments 4/13/1983
Qatar Re . Since 2013. Owned by Qatar Insurance Company, above
Qatar Shell GTL 10/7/2003
QBE Insurance
QBE Management (Bermuda) 10/14/1977
QBE Reinsurance (Bermuda) 11/12/2002
QCH Acquisition 5/25/2007
QFV Feeder Fund 2/14/2005
QFV Master Fund 2/14/2005
QH Property Holdings 10/19/2006
QH Pvt 1/20/1995
QHA Holdings 1/22/2008
QIA Stork GP Co 11/27/2014
QIA Stork GP Holdco 11/27/2014
QIA Stork LP 11/27/2014
Qinnan Coalbed Methane 11/6/2008
QIT Madagascar Minerals 9/30/1986
QLI 12/29/1994
QLogic International 6/23/2005
QM Multistrategy Fund 11/20/2003
QM Premier Fund 2/11/2004
Qmetric Group Holdings 1/3/2003
QOS Corporate Limo 2/26/2015
Qpass Bermuda 1/14/2005
QPL International Holdings 1/20/1989
QS 10/16/2008
QSG 2/11/2013
Quad International 1/4/1988
Quad Management 5/20/2005
Quadramics 4/22/1996
Quadrangle Insurance Company 11/7/1996
Quadrant Bermuda 5/20/2013
Quadrant Capital Management 12/28/1995
Quadrant Entertainment 10/15/2001
Quadrant Holdings 10/30/1980
Quadrant Holdings (Bermuda) 6/23/1999
Quadrant Intercontinental Fund 5/22/1984
   
Quality Healthcare Asia C/o Codan Services
Quanta Capital Holdings  
   
Quantex Since 2018. A start-up company in Hamilton that is building a licensed fiat and cryptocurrency exchange and bank is being headed by two executives with backgrounds that include banking and securities. Quantex Ltd is led by Canadian-based Manie Eagar and John Willock. Its aim is to have an exchange before becoming “the world’s first licensed fiat and cryptocurrency financial services provider with a full suite liquidity enablement platform”. In July, the Bermuda Government paved the way for a new type of banking licence to cater for the fintech industry. 
   
Quantum Insurance Company Class 2 insurer
   
Quest Management Services Scandia International House, 16 Church Street, Hamilton. Phone 295-2185. Fax 292-8637. Affiliated with Quest Insurance Solutions Ltd.
Questor Partners Bermuda It acquired in 2002 the Italian aluminum company Teksid SpA. from Fiat.
Quilmes International (Bermuda) A joint Bermuda venture between the Dutch brewer Heineken and Quilmes Industrial SA in Latin America.
QuoVadis Since 1999. A cyber security firm founded in Bermuda which in 2014 expanded its operations into Germany. A global provider of certificate authority identity services for online transactions — has added Germany to existing offices in the UK, Switzerland, Holland and Belgium. The only certificate authority with accreditations in multiple EU jurisdictions to issue qualified digital certificates used in legally-valid online transactions. 

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

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

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

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)
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
   
Radius Shipping 8/1/1979
Radnor Feeder I 12/18/2002
Radnor Feeder 2 12/18/2002
Radnor Feeder A 1/23/2003
Radnor 12/18/2002
Radnor Feeder B 1/14/2005
Radnor Re 2019-1  
Radnor Re 2020-1 2020. February 3. Bermuda-based mortgage insurer Essent Group has acquired $495.9 million of reinsurance coverage from the capital markets for mortgage insurance policies it has written. The insurance-linked securities transaction was done through Radnor Re 2020-1 Ltd, a newly formed Bermudian special purpose insurer. This was the fourth time fast-growing Bermudian-based Essent has tapped the capital markets and the largest deal so far. The fully collateralised excess of loss reinsurance coverage boosts Essent’s capacity for writing mortgage insurance, while protecting its own balance sheet. Radnor Re 2020-1 Ltd has funded its reinsurance obligations through the issuance of six classes of mortgage insurance-linked notes, with ten-year legal maturities, to eligible third-party capital markets investors in an unregistered private offering.
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)  In 2017 Randall & Quilter acquired this company, the captive insurer of biopharmaceutical company AstraZeneca UK Ltd. The insurance company was formed in 1993 and stopped active underwriting in 2004. R&Q, a Bermuda-based insurance services and investment company, announced the acquisition in December, and has confirmed that all necessary approvals were received to allow the completion of the transaction on June 30. Ken Randall, chief executive officer of R&Q, said: “This is the second transaction that we have concluded with AstraZeneca to assist them exiting their captive insurance companies in run-off and further demonstrates the attractions of the group’s offerings to major corporations.” The company will be managed by R&Q with the intention of undertaking a Part VII transfer of the remaining insurance business to one of the group’s consolidation vehicles, subject to regulatory and court approvals. When it announced the acquisition in December, R&Q said it expected the price to be between £10.2 million ($13.1 million) and £34.6 million ($44.7 million), depending on the outcome of capital restructuring, with the anticipated post-capital restructuring net assets to be valued between £12.9 million and £37.9 million.

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

   
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
   
Relm Insurance

2020. March 31. An insurer specialising in emerging business categories has been granted a license by the Bermuda Monetary Authority, the Premier has announced. Relm Insurance Ltd, led by chief executive officer Joe Ziolkowski and operations vice-president Keyla Roman, is owned by Deltec International Group, a Bahamas-headquartered independent financial services group, which is supplying Relm’s underwriting capacity. The company will service the insurance needs of business sectors that are new to the economy but are likely to become significant economic drivers over time, David Burt said. Mr Burt added: “I am pleased that Relm has chosen Bermuda for its digital asset insurance business. Insurance is one of the most sought-after services for digital assets and the choice of Bermuda as their domicile reaffirms our continued strong position in insurance and our developing position in Fintech.” The statement said that Relm will initially focus on digital asset enterprises and cannabis and hemp-related businesses. Their future plan is to offer insurance solutions to new sectors such as digital banking, the sharing and gig economy, autonomous vehicles and artificial intelligence. The first five product areas that Relm will offer are:

  • Tailored Digital Asset Custody insurance programme for digital asset custodians and/or service providers that provide short-term digital asset custody.
  • Directors and officers’ liability for cannabis/hemp businesses and digital asset businesses, including a private company product with coverage for token issuances and alternative Side A solutions.
  • A miscellaneous professional liability cover that can be tailored to accommodate service providers and advisers in various capacities within both the digital asset and cannabis/hemp spaces.
  • Cyber cover for emerging business sectors.
  • Commercial crime for emerging business sectors.

Currently in development for the cannabis and hemp space are insurance products for living plant coverage and bailees’ exposure, the statement said. Mr Ziolkowski said: “Our focus is on providing insurance coverage to solid companies in emerging business sectors. We truly understand how challenging it can be to get affordable cover and great business support, which is why Relm’s proposition to the marketplace is so critical. Locally, we have enjoyed a productive relationship with the BMA over the previous 18 months and have worked closely with Marsh’s Bermuda office and Appleby Bermuda to ensure a solid foundation on which to build the business. We’re thrilled to be a disrupter in the insurance industry through our bespoke insurance solutions that support innovators in digital assets and the cannabis and hemp industries. The Bermuda Monetary Authority provides significant oversight for DABA licensees. These companies are required to go through a rigorous process to obtain their DABA license, and therefore the BMA indirectly becomes a part of our underwriting process.” Ty Sagalow, founding member of Lemonade Inc and independent non-executive director of Relm, said: “I am proud to be on the board of Relm as it steps up to offer relevant insurance products to emerging business sectors.” He added: “My experience with Lemonade has demonstrated just how ready the market is for new approaches to insurance, and I am confident that Relm’s focus on today’s emerging risks will ensure success for its brokers and insureds.”

   
Remis Management Registration 43826
   
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.

2020. January 7. RenaissanceRe Holdings Ltd has announced an underwritten public secondary offering of more than 1.7 million of its common shares by Tokio Marine & Nichido Fire Insurance Co. The selling shareholder will receive all of the net proceeds from this offering. No shares are being sold by RenRe. The shares would be valued at about $333.9 million, based on the Bermudian reinsurer’s closing share price of $192.01 on Monday. RenRe acquired Tokio Millennium Re in a $1.5 billion cash-and-shares deal from the Japanese-based Tokio Marine Group in March last year. Morgan Stanley & Co LLC is acting as the sole underwriter for the offering. The underwriter may offer the shares from time to time in one or more transactions on the New York Stock Exchange, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices relating to prevailing market prices or at negotiated prices. The shares are being offered pursuant to an effective shelf registration statement that has been filed with the Securities and Exchange Commission.

2019. July 24. Bermuda-based reinsurer RenaissanceRe Holdings Ltd reported net income of $367.9 million and trounced the estimates of Wall Street analysts. Profits soared more than 90 per cent from the $191.8 million the company made in the corresponding quarter last year. Operating income was $212.6 million, or $4.78 per diluted common share, up by $8 million from the same period and comfortably surpassing the $3.71 per share consensus forecast of analysts tracked by Yahoo Finance. Kevin O’Donnell, chief executive officer of RenRe, said: “I am pleased with our performance in the second quarter, where we achieved annualized operating return on average common equity of 16.7 per cent and growth in tangible book value per common share plus accumulated dividends of 8.2 per cent. This strong performance was due to the diligent execution of our differentiated strategy, resulting in solid profits, material growth and improved operational efficiency. The portfolio of risks we have constructed is larger, more diverse and increasingly efficient, and poised to drive superior long-term returns for our shareholders.” The company reported an annualized return on average common equity of 28.9 per cent and an annualized operating return on average common equity of 16.7 per cent in the second quarter. Book value per common share increased $8.12, or 7.3 per cent, to $119.17 in the second quarter of 2019. Gross premiums written increased by $499.6 million, or 51.1 per cent, to $1.5 billion, in the second quarter of 2019, compared to the second quarter of 2018, driven by an increase of $286.6 million in the Property segment and an increase of $213.0 million in the Casualty and Specialty segment. Underwriting income of $170.8 million and a combined ratio of 81.3 per cent in the second quarter of 2019, compared to $226.6 million and 47.2 per cent, respectively, in the second quarter of 2018. Total investment result was a gain of $309.8 million in the second quarter of 2019, generating an annualized total investment return of 8 per cent, driven by net realised and unrealized gains on investments of $194 million, comprised of $143.3 million from fixed maturity investments and $50.7 million from equity investments and investments-related derivatives. RenRe said more than $700 million of capital was raised through the company’s third-party vehicles, including DaVinciRe Holdings Ltd, Upsilon RFO Re Ltd, Vermeer Reinsurance Ltd and RenaissanceRe Medici Fund Ltd. On March 22, 2019, the Company completed its acquisition of Tokio Millennium Re AG, now known as RenaissanceRe Europe AG, Tokio Millennium Re (UK) Ltd, now known as RenaissanceRe (UK) Ltd and their subsidiaries. The second quarter of 2019 was the first full quarter that reflected the results of the TMR acquisition on the company’s results of operations.

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

Renaissance Securities Trading 2/2/1998
Renaissance Securities (Cyprus) 12/24/2010
Renaissance Underwriting Managers 11/27/1999
Renaissancere Fund Management 6/22/2009
Renaissancere Holdings 6/7/1993
Renaissancere IP Holdings 6/15/2006
Renaissancere IP (UK) 1/8/2015
Renaissancere Medici Fund 6/22/2009
Renaissancere Risk Advisors 10/30/2008
Renaissancere Services 5/22/1998
Renaissancere Specialty Risks 1/2/1996
Renaissancere Specialty US 2/11/2013
Renaissancere Underwriting Management 7/23/2004
Renaissancere Upsilon Co-Invest Fund 11/13/2014
Renaissancere Upsilon Fund 11/13/2014
Renaissancere Ventures II 9/11/2008
Renaissancere Ventures 10/27/2004
Renaud Marine 11/10/1988
   
Resilience Economics  area of risk that was underserved by traditional insurers and reinsurers. The website added that “the use of technology alongside ILS-backed capacity and capital market techniques will mean its solutions can be delivered efficiently and effectively. “This also means the opportunity is significant for Nephila Capital to put more of its risk capital to work in emerging areas, solving problems at the front end of the value-chain for corporates, institutions and sovereign entities, while adding another unique angle to its investor offering. Resilience Economics will look to take the climate risk discussion to the CFO level, where organisations and institutions will be receptive to solutions that can help to remove volatility caused by the weather out of their businesses.”
   
Resilience Re 2016. January 7. A new $57 million private catastrophe bond has been launched in Bermuda. The bond transaction used Willis’ Resilience Re cat bond issuance platform, which was launched in October last year. Resilience Re was set up to cover property catastrophe risks by Willis Capital Markets and Advisory, a catastrophe bond, ILS, mergers and acquisitions and investment banking unit of global reinsurance broker Willis. Willis, which has offices on Pitts Bay Road, Pembroke, officially merged earlier this week with Towers Watson, a professional services company with an office on Par-la-Ville Road, Hamilton.
   
Resource Finance & Investment Seeks acquisition opportunities
Refco Capital Markets Owned by commodities broker Refco Inc. 
Refco Global Finance  As above
Revelation Capital Management Formerly Osmium Capital Management. Investment manager. Uses the name Revelation America in the US. Osmium, with almost $500 million in assets under management, was founded by former ABN Amro proprietary desk trader Chris Kuchanny.

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

Revir Acquired in 2001 several Bermuda-based or overseas-based insurance companies.
   
Rewire Securities 2017. April 5. Bermuda-based insurance-linked securities group Horseshoe has yesterday sponsored at $20 million insurance-linked security, listed on the Bermuda Stock Exchange. The listing is issued by Eclipse Re, a new company designed to bring turnkey reinsurance ILS market services to investors and sponsors. Eclipse Re, set up by Horseshoe with boutique insurance investment banking specialists Rewire Securities, will be used to provide collateralised reinsurance participation in a listed note format. Horseshoe subsidiary Horseshoe Corporate Services, which recently became a Bermuda Stock Exchange listing sponsor, acted as sponsor for a $20 million security issued by Eclipse on the BSX yesterday. Andre Perez, the CEO of Horseshoe Group, said at the launch of Eclipse in February: “As the leading full-service ILS service provider, Horseshoe continues its commitment to being responsive to clients’ needs and providing the highest level of innovative and efficient professional services. Eclipse Re will provide a vehicle for investors to participate in the collateralised reinsurance market with the benefit of liquidity not previously available through traditional platforms. We are excited to support the BSX as a listing sponsor and launching this product to expand our broad capabilities in the ILS marketplace.” Eclipse Re is expected to attract sponsors such as insurers, reinsurers, corporates and funds, working with investors on the other side of the deal, all of whom who will benefit from an ILS issuance structured by Rewire and administered by Horseshoe. ILS and reinsurance notes issued by Eclipse Re can be structured in as short a timeframe as two to three weeks, the pair said, offering provide sponsors am efficient and low-cost way to access the ILS and capital markets in reinsurance. The new platform will allow sponsors and investors to more easily transform and securitise reinsurance risks into an investable and transferable note form.
   
R& H Trust Co (Bermuda) P. O. Box HM 1556, Hamilton HM FX.  Canadian.
Richina Pacific New Zealand-based, with tanneries in China. Leather goods world-wide. Moved to Bermuda in 2008. In December 2013 went into provisional liquidation owing more than $120 million. Parent of failed New Zealand construction firm Mainzeal Property & Construction. The liquidators, New Zealand firm BDO, represent unsecured creditors owed more than $106 million. The receivers were appointed by the Bank of New Zealand, which was owed $11.3 million, most of which involved the Mainzeal headquarters in Auckland, New Zealand. Preferential creditors, including staff entitlements and tax, were owed about $5.3 million.
   
Riddell’s Bay Golf and Country Club  2016. April 8. The whole of Riddell’s Bay golf club is up for sale, the provisional liquidators said yesterday. And they confirmed that the near century-old Country Club holds all the assets of the club, including the course. The club announced its closure last week. Another company, Riddell’s Bay Golf Club Ltd exists, but does not own the property. PwC’s Alison Tomb, the joint provisional liquidator, said interested parties are being sought for the company or all or part of the assets of the company. Ms Tomb said: “The joint provisional liquidators have been made aware that there is another company named Riddell’s Bay Golf Club Limited. “They have been advised by the board that this company never operated and is dormant with no assets other than share capital.” Interested parties are encouraged to contact the provisional liquidators directly at PwC.
   
Right Management Consultants LP Appleby Spurling & Hunter
Rising Development Holdings  C/o Codan Services Ltd
Ritchie Capital Management (Bermuda) Appleby Spurling & Hunter
Ritz-Carlton Development Company (The) Since 1991.
Ritz-Carlton Hotel Company of Bermuda (The) Since 1991
Ritz-Carlton Hotel Company (The) Since 2000
Ritz Paris Hotels Management Since 1985
   
Riverhead Investments 2015. October 27. Announced has teamed up with Sky News, working in partnership to bring the 24-hour news channel to audiences in Bermuda, the Caribbean and Canada. Owned and operated by Ann Petley-Jones, it is acting as the distribution agent for Sky News as it looks to expand its audience in 15 countries and jurisdictions. Ms Petley-Jones, who was formerly chief executive officer of LinkBermuda, said: “We are excited at this great opportunity to bring Sky News to a wider audience. “Sky News is famous for the quality of its news service. It is a wonderful international brand backed by a news team with a track record of innovation and success. Riverhead is delighted to be partnered with such a group. ” When it was launched in 1989, Sky News was Britain’s first 24-hour international breaking news channel. It is now available in 127 countries. Figures from the European Media and Marketing Survey show that in Europe, Sky News has almost twice the daily audience of rival non-terrestrial news channels, including CNN and BBC World News. Ms Petley-Jones said Riverhead had secured the licence for Sky News in Canada and the Caribbean, including Bermuda. It is now negotiating sub-licensing deals with television platforms in those territories. “Sky News will be new to these territories,” she said. “It’s an exciting new market. We are impressed with the quality and impartiality of the news coverage. Sky News has bureaus in many locations around the world.” She said both Riverhead Investments and Sky News believe the partnership is an attractive one. John Ryley, head of Sky News, said: “This is a terrific opportunity to bring our award-winning news service and outstanding original journalism to a new audience. We are currently available in 127 countries and under this agreement with Riverhead, we will deliver Sky News to the important Canadian and Caribbean markets.” Ms Petley-Jones said she expects to announce broadcast arrangements with carriers in some of the targeted territories within the next few months.
   
Road King Infrastructure C/o Codan Services Ltd
Roche International 37 Church Street, Hamilton HM 12. Phone 295-3391
Roche Intertrade  C/o Conyers Dill & Pearman. Swift code ROCHBMHA.
Rockfield Holdings  22 Victoria Street, Hamilton HM11
   
Roivant Sciences Biopharmaceutical company 
   
Roly International Holdings C/o Codan Services Ltd
Rosedale Hotel Group C/o Conyers Dill & Pearman
Rose Management LP H&F International Rose Investors Ltd
Ross Capital Markets 65 Front Street, Hamilton HM 12. Phone 295-1537. Owned by Austrian national Wolfgang Flottl whose wife is Dwight D. Eisenhower’s granddaughter. His father is a Viennese banker.
   
Rosneft Majority owned by the Russian government.
   
Rothermere Continuation Since 1995, three years before the Hon Jonathan Harmsworth (as he then was), now 4th Viscount Rothermere, inherited the Daily Mail & General Trust plc empire from his father, the 3rd Viscount, the group has been controlled through this firm, incorporated and registered in Bermuda but run from Jersey, Channel Islands. An earlier Viscount Rothermere died in Bermuda during WW2 and is buried at St. Paul's Church, Paget.
Rothschild N. M. Services (Bermuda) 15 Queen Street, Hamilton. P. O. Box HM 1565, Hamilton HM MX. Phone 295-8591. Fax 295-3201. Also with Rothschild Trust (Bermuda). Since 1996 in Bermuda but in May 2008 announced its 12-person Bermuda office is closing although its Bermuda-registered corporations are staying.
   
Royal Gazette Limited (The) 5/19/1947. Bermuda's only daily newspaper, owned by Bermuda Press Holdings Ltd
   
RPost Communications

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

RPost International 9/13/2000.
   
Rubik Reinsurance Class 3. 
Rubis Energy Bermuda French firm, affiliate of The RUBiS Group registered on the Paris stock exchange and is active in two downstream petroleum businesses: storage of petroleum products and chemicals through RUBIS Terminal and the distribution of petroleum products, particularly liquefied petroleum gas (LPG), through RUBiS Energie and its commercial brands of Vitogaz, Vito and RUBiS. Since September 2006 has operated the leading automobile and marine fuel distribution network (12 service stations) and is the sole importer and wholesaler of LPG in Bermuda. Super Unleaded Gasoline, Ultra Low Sulfur Diesel (ULSD), LPG and lubricants are distributed via two independent former Shell storage terminals located in St. George's and Ireland Island (Dockyard). The firm's retail and marine service stations are conveniently situated throughout the island and offer a range of quality fuels and lubricants for both auto and marine customers. Also supplies and installs fuel storage tanks, pumps and fleet management systems tailored to meet individual and company needs and budget. Interesting example of how an international firm can operate in Bermuda despite not complying with the 60-40 rule. Took over the Shell gasoline and related operations in Bermuda
   
Rushe Capital Advisors Financial consulting firm, Nathalie Rushe, principal. On November 9, 2016 She called the US Presidential election result “a huge setback” for the United States.
   
Russia Infrastructure Equities  
Ryan Specialty Group (RSG) May 7. Ryan Specialty Group (RSG) and Nationwide have teamed up to form a new Bermuda-based reinsurance company called Geneva Re. Michael O’Halleran will be the new company’s executive chairman. Mr O’Halleran is well known in the industry, having previously served as executive chairman of Aon Benfield and as president and chief operating officer of broker Aon. Nationwide is an insurance company based in Ohio, while RSG is a Chicago-based holding company for insurance brokerages and managing general agencies. Each company will have a 50 per cent stake in the venture. Ryan Re, an RSG-affiliated company led by Brian Boornazian, the chief executive officer, will act as the exclusive underwriting manager for Geneva Re. Mr Boornazian is a 37-year veteran of the insurance industry, having previously worked for Gen Re, Guy Carpenter, Cologne Re, NAC Re, XL Re and Aspen Re. In a statement, Geneva Re said it will have the financial strength to immediately accept a diversified portfolio of reinsurance business from Ryan Specialty Group’s underwriting programmes. It is anticipated that Geneva Re will be able to begin underwriting business on July 1 this year subject to the approval of the Bermuda Monetary Authority. Nationwide will also appoint Ryan Re as its exclusive underwriting manager for third-party property and casualty treaty reinsurance business flowing through Geneva Re. Mr Boornazian said: “I believe we are bringing an unprecedented proposition to the reinsurance market. Combining the quality and balance sheet strength of Nationwide, the innovation and market presence of RSG, and the well respected and experienced underwriters will uniquely position Ryan Re to provide the security and underwriting insight to our brokers and clients.” RSG said the strategic partnership will enable it and Nationwide to grow in the specialty lines market, while expanding upon an already strong relationship. Patrick Ryan, chairman and CEO of RSG, said the companies “share a similar culture, which is critical to entering into a long-term relationship”. Mark Berven, president and COO, Nationwide property and casualty, said: “We look forward to furthering our relationship with RSG, who is today one of our largest E&S/specialty distribution partners. This relationship will create new opportunities for both organisations to expand our reach and serve additional niche markets that are currently underserved.”

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
   
   
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 The holding company of Caribbean financial services giant Sagicor. The firm has discontinued as a Barbados company, where it has been based for 170 years, and redomiciled to Bermuda. The company said Bermuda had a “stronger and more stable” credit rating, which would mean an upgrade for the firm to BB+ and a reduced cost of capital and increased attraction for potential investors. But Sagicor, which operates in 22 countries, including the Caribbean, the US and Latin America, said it would maintain its headquarters in Barbados and continue to be taxed there, although it will have an address and resident representative in Bermuda. Sagicor looked at several countries, including Britain, Ireland, Switzerland, Luxembourg, Canada, Trinidad & Tobago and Holland before deciding on Bermuda. Sophia Greaves, also part of the CDP team that advised on the redomicile, said: “It was a pleasure to advise Sagicor on this important transaction. We look forward to a long relationship with the group.”
Sagitta Northwood Fund LP C/o Conyers Dill & Pearman
Saguenay Shipping Hamilton. Phone 295-5214. Canadian. 
   
Said Holdings Owned by billionaire Wafic Said. He is a Syrian-Saudi Arabian businessman living in Monaco and Paris. Born 21 December 1939, in Damascus, Syria. A huge exempted investment holding company incorporated and registered in Bermuda. It has investments in Europe, North America and the Far East and diverse portfolios, which include fixed income, quoted equities, hedge funds, private equity and real assets including real estate.  Said is also heavily involved with Bermuda-registered Magna Holdings.
   
Sahar Minerals Since 2009 in Bermuda. Established by mining professionals specifically to target opportunities in east Africa. Eritrea is its first licence. The 16th foreign mining company now operating in Eritrea, joining groups from Australia, Canada, China, Libya and Britain. Eritrea sits on a patch of the Arabian-Nubian Shield, a geological feature that stretches from Saudi Arabia and Yemen in the east to Sudan and Egypt in the west. Foreign investors are attracted to Eritrea because of its liberal mining laws. Sahar's license covers 373 square kilometres (144 square miles) near Sudan. Gold and base metals are the main interests.
Said Holdings Sun Life House, 31 Reid Street, Hamilton HM 12. Phone 296-8104. Fax 292-3143
Same Time Holdings C/o Appleby Spurling & Hunter
Sampoerna Strategic Holdings  
   
Sandell Re 2019. July 2. Randall & Quilter Investment Holdings Ltd agreed a deal worth at least $25 million to purchase Bermuda-based reinsurer Sandell Re. London-listed R&Q, which is headquartered in Bermuda, said its subsidiary Randall & Quilter II Holdings Ltd had signed an agreement to acquire Sandell Holdings Ltd, parent company of Sandell Re, a Class 3A segregated account company that was incorporated in Bermuda in 2014 to write general business insurance and reinsurance. Legacy acquirer R&Q said residual liabilities comprise primarily of contractor’s liability exposures arising in the US. Sandell Re had net technical reserves of $48.3 million as at December 31, 2018. The deal is subject to approval by regulator the Bermuda Monetary Authority and cash consideration payable at closing by R&Q is $25 million, “with further amounts payable subject to certain conditions being met”. Sandell Re’s net assets were $40.8 million as of the end of last year. Sandell Holdings recorded a loss of $2.7 million last year. Ken Randall, executive chairman of R&Q, said: “This is another sizeable acquisition for R&Q following on from our recent completion of the Global Re deal. R&Q takes pride in providing finality for owners and we expect to announce a number of additional acquisitions during the rest of this year.”
   
Sankaty High Yield Asset Investors

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

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

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

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

2018.  April 23. Schroders is looking to build up its wealth management business in Bermuda. The venerable London investment house, which has been servicing clients on the island for 49 years, re-established a physical presence on the island last year. The firm is well known in Bermuda as an asset manager for institutional clients,

   
Schroders Inc 7/15/2002
Schroders PLC 3/17/1995
Schroders Taiwan 5/9/1989
   
Scottish Re The company once 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. 
   
Skuld Mutual Protection and Indemnity Association (Bermuda) 2019. February 22. Tawana Tannock, well known as the former chairwoman of the Bermuda Human Rights Commission, has been appointed managing director of Skuld Mutual Protection and Indemnity Association (Bermuda) Ltd, effective immediately. The Skuld group is a protection and indemnity club, which provides marine insurance products. In her new role, Ms Tannock is responsible for the management of Skuld Mutual Protection and Indemnity Association (Bermuda) Ltd and the Skuld Bermuda group of companies. Ms Tannock joined Skuld Mutual Protection and Indemnity Association as corporate legal counsel in 2017 and was responsible for the management of the compliance, legal and regulatory functions of Skuld Bermuda. Well known for her service in the community, particularly with the Bermuda HRC, Ms Tannock is a barrister who holds numerous insurance industry designations, is an experienced company director and corporate secretary and has a passion not only for the growth of Bermuda’s insurance industry but for working towards diversity and inclusion in international business.
   
SDI Inc 4 Cavendish Road, Pembroke HM 19. Phone 296-0773
   
Seaboard Agronomics 7/31/1985
Seaboard Atlantic Re 2/12/1997
Seaboard Brazil Holdings 7/19/2013
Seaboard Bulk Services 10/14/2008
Seaboard Colombia 7/2/2007
Seaboard Equador 9/21/2006
Seaboard Express 2/9/1993
Seaboard Florida 3/17/1995
Seaboard Ghana 9/7/2011
Seaboard Guyana 3/17/1995
Seaboard Intrepid 2/9/1993
Seaboard Latin America Holdings 11/22/2007
Seaboard Marine Consultants 9/1/1976
Seaboard Minoco 12/27/2000
Seaboard Moz 5/11/2006
Seaboard Overseas Cont 6/1/2005. A subsidiary of Seaboard Corporation, of Kansas City, Missouri. Commodities broker. In Bermuda since the 1980s. In 2011 announced closure of the main Bermuda office on April 30, with relocation to Isle of Man. The high cost of living had made it increasingly expensive for the company to pay the wages and benefits of expatriate staff it needed to hire, plus restrictions imposed by Bermuda's work permit time limits and so had eroded the benefits of Bermuda's tax regime. The Isle of Man offered similar tax benefits with a significantly lower cost of living. Seaboard Corporation has annual sales of approximately $3.6 billion, employs 14,000 people around the world and was number 552 on the Fortune 1000 list.
Seaboard Overseas Management 4/22/1998
Seaboard Petroleum 1/14/1988
Seaboard Star 9/1/2006
Seaboard Venezuela 1/2/1985
Seaboard Venture 3/3/1999
Seaboard Voyager 6/17/1994
Seaboard Zambia 9/16/1999
Seaborn Networks Bermuda 5/15/2014
Seabourn Cruise Line 11/26/2003. One of the most luxurious cruise lines.
Seabourn Maritime Services (Bermuda) 8/17/2005
   
   
Seabras 1 Bermuda  2019. December 27. Submarine cable company Seabras 1 Bermuda Ltd has filed for bankruptcy protection in the US as it pursues a secured debt-restructuring plan. Severe price drops on a fibre-optic cable system between the US and Brazil have been cited as the reason why it, together with its subsidiary Seabras 1 USA LLC, filed voluntary petitions for relief under Chapter 11 of the US Bankruptcy Code. The petitions were filed on December 22. The construction of a competing, larger and newer underwater cable project, and the Brazilian economy collapse, led to “severe price drops” on the Seabras-1 cable system between New York and São Paulo, and led to customers shifting to buying small amounts of capacity on the cable for one to two-year leases, paid monthly, rather than the previously expected “front-end payments” of large cash amounts. Larry Schwartz, chief executive officer of Seabras 1 Bermuda and Seabras 1 USA, described those market landscape changes in a New York court document. Seabras 1 Bermuda, and a number of its subsidiaries, own the Seabras-1 fibre-optic cable system between New York and São Paulo. The company has directors registered in Bermuda, and was an exempted company incorporated under Bermuda’s laws when it, along with others, entered into a financing agreement in 2015. But a downturn in business caused Seabras 1 Bermuda to default under the agreement and ultimately file for bankruptcy protection, Mr Schwartz explained in the court document. Separately, in a letter to customers and vendors on Monday, he said the reason for the Chapter 11 move was to restructure Seabras 1 Bermuda’s secured debt. “The restructuring process is a very positive development for the companies’ business and for the companies’ loyal customers. It will provide the best opportunity to enable the business to not just survive, but prosper,” he said. According to a statement, Seabras 1 Bermuda and Seabras 1 USA expect to complete the process relating to the Chapter 11 filings within the next few months, and to emerge within the second quarter of 2020, subject to all required approvals. Seaborn Networks, the Massachusetts-headquartered operator of the companies’ business, is not part of the filings and continues to be the operator of the companies’ business. The statement said: “Seaborn is not owned by the companies, but Seaborn is one of the indirect shareholders of the companies. Seaborn’s work in this regard is not expected to be impacted by the filings; and the companies expect that Seaborn will continue to provide all SG&A and operations and engineering services for the companies. Seaborn itself has no borrowed money indebtedness and is a healthy business. Through the filings process, Seaborn’s management and workforce is expected to remain as it is today.” The statement said customers and vendors should expect to work with all Seabras’ entities, and with Seaborn, as usual throughout the process. In addition the plan to be proposed is not expected to “contemplate any changes in business arrangements or activities for any of Seabras 1 Bermuda’s subsidiaries, or for Seaborn, and all trade and vendor claims are expected to be paid in full”.
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. Seacrest has promoted 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. 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. 
SeaDrill  5/16/1990. Oil-drilling and oil rig maker, set up by Norwegian billionaire John Fredriksen, with many Bermuda-incorporated companies. Also operates mobile drilling fleets specializing in deepwater and harsh environments and has about 5,000 employees. Often touted as a potential suitor for US-based offshore drillers. Operated from Norway, it owns Norway’s Smedvig ASA. Incorporated in 2005 by Norwegian shipping billionaire and oil tanker magnate John Fredriksen. After the acquisition of Smedvig, the company became managed from  Stavanger on Norway’s southwest coast. sold its West Prospero rig to ship owner Ship Finance International for $210 million and leases it back for 15 years.

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

Seadrill-Fintech 6/29/2013
Seadrill 38 Ltd Delaware 5/16/1990
Seadrill 41 Ltd Delaware 5/16/1990
Seadrill 42 Ltd Delaware 5/16/1990
Seadrill 89, Ltd Delaware USA 9/11/1991
Seadrill 96, Ltd Delaware USA 9/17/1991
Seadrill Alliance 5/4/2012
Seadrill Aquila 7/3/2013
Seadrill Auriga 11/3/2010
Seadrill Brunei 11/23/2012
Seadrill Callisto 10/3/2012
Seadrill Capricorn 10/28/2009
Seadrill Carina 9/20/2012
Seadrill Castor 10/22/2010
Seadrill China Operations 6/29/2010
Seadrill Common Holdings 1/20/2011
Seadrill Cressida 4/15/2010
Seadrill Deepwater Charterer 7/8/2008
Seadrill Deepwater Contracting 4/19/2011
Seadrill Deepwater Crewing 9/29/2006
Seadrill Deepwater Holdings 4/19/2011
Seadrill Drome 7/31/2013
Seadrill Dorado 7/3/2013
Seadrill Draco 7/3/2013
Seadrill Eclipse 11/20/2012
Seadrill Egypt Operations 1/16/2007
Seadrill Eminence 12/4/2007
Seadrill Equatorial Guinea 2/13/2013
Seadrill Esperanza 4/19/2011
Seadrill Freedom 8/8/2013
Seadrill GCC Operations 7/27/2006
Seadrill Gemini 3/25/2009
Seadrill General Holdings 11/29/2012
Seadrill Ghana Operations 1/20/2011
Seadrill Global Services 2/13/2013
Seadrill Holdings Ltd Delaware 7/20/1993
Seadrill Hyperion 6/19/2013
Seadrill Indonesia 6/4/2008
Seadrill Insurance 9/29/1994
Seadrill Invest I 2/13/2005
Seadrill Invest 3/1/2004
Seadrill Ivory Coast Operations 9/8/2011
Seadrill Jack-Ups Contracting 4/21/2011
Seadrill Jack-Up Holding 8/22/2005
Seadrill Janus 7/6/2010
Seadrill Jaya 7/6/2010
Seadrill Juno 4/29/2010
Seadrill Jupiter 2/15/2012
Seadrill Leo 11/18/1011
Seadrill Libra 7/3/2013
Seadrill Limited 5/10/2005
Seadrill Ltd 5/16/1990
Seadrill Management Ame 6/5/2008
Seadrill Mimas 7/31/2013
Seadrill Mira 5/3/2012
Seadrill Neptune 2/15/2012
Seadrill Oberon 10/29/2010
Seadrill Orion 2/16/2010
Seadrill Payroll 1/2/2007
Seadrill Pelaut 5/4/2012
Seadrill Polaris 3/7/2008
Seadrill Prospero 2/23/2005
   
Sea Holdings C/o Codan Services Ltd
Sealift Since January 2007, spun-off from Frontline. It converts ageing crude-oil tankers into rig transporters, sells shares to the public is listed on the Oslo stock exchange.
   
Searchlight At inception offered enhanced due diligence investigations and reports aimed at helping businesses avoid falling foul of increased regulations, and suffering reputational damage. A spin-off from Oyster Consulting (Bermuda). The team includes staff who have worked in the fields of law enforcement, investigation, compliance and fraud detection. 
   
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 Biopharmaceutical firm. Sellas develops immuno-therapeutic products to treat a variety of cancers. Re-located from Switzerland to Bermuda. Sellas Life Sciences Group. The company also has an office in New York.
   
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.

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

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

2018. May 16. Blockchain technology company Shyft has pledged to invest up to $10 million in Bermuda over a three-year period, creating new jobs, helping to re-skill workers and investing in local businesses, education and infrastructure. Those are some of the highlights of a Memorandum of Understanding signed by the company and the Bermuda Government in New York City. The company has also signed a separate MOU with Bermuda-headquartered Trunomi, which aims to leverage Shyft’s blockchain technology with its expertise in consumer consent frameworks to support Bermuda in the implementation of an electronic ID framework. The memorandum with the Government was signed by David Burt and Joseph Weinberg, chairman of Shyft. Mr Weinberg said: Shyft states that it is building the world’s first modern, secure, multi-stakeholder blockchain-based digital identity solution that enables KYC/AML attested data transfers.

   
Signet Jewelers

Signet stores in UK

Signet stores in UK

Zales in USA, acquired by Signet

Zales in USA

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

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

Sirius Insurance Group

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

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

   
SKN Holdings C/o Lines Overseas Management
   
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.
   
Skyport See under www.bermuda-online.org/airport.htm 

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

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

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

Smartone Telecommunications Holdings  C/o Conyers Dill & Pearman
SNP Lee Fung Holdings  
   
SOBC DARAG 2019. August 5. SOBC DARAG has announced its new office in Bermuda as it expands its US and Bermuda-based operations. It is owned by DARAG Group investors, and is the principal vehicle for North American legacy transactions. It said the Bermuda team will provide “a full suite of finality solutions to clients, including the acquisition of insurance entities in run-off, assumptions, novations and retrospective reinsurance”. Dan Linden has joined as head of the Bermuda office. Joel Neal, Ryan Heyrana and Lucy Foster have also joined as executive vice-president, vice-president and financial controller/ captive manager, respectively. Tom Booth, chief executive officer at DARAG Group, said: “I am delighted to welcome the new Bermudian team. This team brings further expertise and capacity to help grow SOBC DARAG in Bermuda and North America and will benefit from access to our extensive capital resources”.
   
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 2019. November 27. Esso is promising more than simply a new look at its gas stations in Bermuda. Because the fuel at the pumps is different and comes with claims it will help provide better gas mileage, lower emissions and better engine responsiveness. Esso brought leading executives to the island for the launch of the new brand of fuel, which is called Synergy and is being sold at Esso gas stations. But it’s all about the fuel. Synergy is also a new image brand at Esso service stations on the island, which include a different forecourt look, bright red structures at the pumps and the gradual introduction of screens and eventually tap-and-go payment options. Synergy fuel has been introduced in other countries, including the US, UK and Canada. Bermuda is the first jurisdiction in the western Caribbean region to have the fuel. SolPetroleum Bermuda Ltd said all Esso brand gas stations and Sol commercial customers will have access to the Synergy fuels. Ché Barker, retail sales executive at Sol Bermuda, said: “Synergy is going to benefit engines for the better. It is also a change to the forecourt. The forecourt at the Esso stations haven’t seen an upgrade this century. It’s an upgrade to how we look. It’s a new feel for customer service, a real change in the branding and in the concept of what we are going to be offering. We are in the process of doing upgrades even to the pumps, with 10-inch screens to make it easier to get information across, and tap-to-pay; making it much easier for the customer to get there and get their fuel and get information.” Synergy fuels were developed by Exxon Mobil Corporation. Esso is an ExxonMobil brand. The fuel contains seven ingredients, including a second detergent. The detergent is a component designed to clean and protect intake valves for port fuel injector engines. The other ingredients are an anti-adhesion compound, a corrosion inhibitor, a demulsifier, solvent fluid, and marker molecules. Collectively, those elements are said to ensure a cleaner engine with less fuel-created deposits, and more efficiency leading to “better gas mileage”. Actual benefits will be based on vehicle type, driving style and which gas you previously used. The grades of gas and diesel available are Supreme+, Unleaded, Supreme+ Diesel, in addition to mix gas. The synergy fuels will only be sold at Esso gas stations in Bermuda. Lauren Lauher, Houston-based market strategy adviser with ExxonMobil, said: “We have been rolling out Synergy products around the globe.” She said the reaction to the fuel has been positive, especially with the diesel product offering. We are seeing people switching their whole fleets over to our product,” she said, mentioning that there had been a 2 per cent efficiency improvement measured in vehicles using Synergy diesel. The launch event, held at the Hamilton Princess & Beach Club, was attended by executives from Sol and ExxonMobil, together with on-island dealers, fleet owners, corporate customer and government officials. Stephen Turner, sales manager at Sol Bermuda, said: “It’s a big deal. We are the third country in the Caribbean to get this product. We can tell people we have the best fuel, the research backs it up. We want this to benefit our customers.”

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 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.

Somers Ltd remains hopeful that it can complete the agreed sale of Bermuda Commercial Bank after the deal was stalled by the Covid-19 crisis. The financial-services holding company agreed last year to sell BCB to Permanent Capital Holdings Ltd and in February this year the deal received necessary approvals from regulators. In March, Somers announced the deal had been delayed amid extreme volatility on financial markets. In its first-quarter earnings statement today, filed with the Bermuda Stock Exchange, Somers said: “Disappointingly, during the quarter, we were not able to complete the sale of BCB due to the uncertainty caused by Covid-19 and the impact this uncertainty had on investor confidence. “We remain in discussions with the proposed buyer and are hopeful that we will be able to complete the sale later in 2020.” Somers values its investment in BCB at $70 million. The company which has interests in the UK and Australia, as well as Bermuda, reported a net loss of $22 million for the six months ended March 31, the first half of its financial year. Somers said its net asset value dipped with the markets in the first three months of the year, but has since rebounded. “During the quarter the company’s investments experienced significant stock market and currency volatility as a result of the impact of the Covid-19 pandemic and the actions taken by governments worldwide,” Warren McLeland, chairman of Somers, said. “The impact of sharply reduced valuations combined with the decrease of sterling and the Australian dollar against the US dollar caused the company’s NAV to decrease to $15.73 as at March 31, 2020. It is positive to note that since the quarter end the company’s NAV has moved higher and is now back above the company’s NAV at the start of the financial year.” The NAV was $17.10 per share at the end of September last year. During the first three months of this year, Somers recorded a $78.3 million unrealized loss on its investment portfolio, mainly due to decreased valuations of its holdings in PCF, Waverton, BCB and Thorn Group.

“While we anticipate valuations to be impacted by Covid-19 in the short term, particularly in those businesses, such as PCF, which is focused on asset financing and whose customers will be impacted by the pandemic, we do expect that over the longer term these investments will generate significant value to Somers shareholders,” Somers stated. Shareholders’ equity was $331.3 million as at March 31, 2020 down from $353.6 million six months earlier. Somers’ board of directors declared an interim dividend of 21 cents per share. Of the companies Somers invests in, Australian firm Resimac Ltd reported normalized profit after tax of A$26.9 million for the six months ended December 31, 2019, up 85 per cent from the same period a year earlier, and assets under management of over A$14 billion. UK-based Waverton Investment Management’s assets under management at March 31 were £5.6 billion, down from £6.2 billion at the end of 2019. PCF Group increased its lending portfolio by 45 per cent to £400 million as of the end of March. Total assets were $403.2 million at the end of March, down from $423.1 million six months earlier.

2020. March. The completion of the deal to buy out Bermuda Commercial Bank will be delayed, probably into the summer. Somers Ltd agreed last year to sell BCB to Permanent Capital Holdings Ltd and last month the deal received necessary approvals from regulators. Somers said in a filing with the Bermuda Stock Exchange today: “With the recent extreme market volatility in global markets caused by the Covid-19 virus, Somers and Permanent have agreed that anticipated completion of the sale of BCB should be delayed until as soon as practicable, which could extend into the summer, when it is hoped that the global outlook will have improved and markets are more stable. Permanent has confirmed to Somers that they remain committed to completing the acquisition of BCB. Somers will update shareholders once there is further clarity on an anticipated date of completion of the transaction.

2020. February 28. Increases in valuation and a stronger British pound and Australian dollar helped Somers Limited to a $74.6 million profit in its first quarter, which ended on December 31. The financial services investment holding company has reported its results, only days after it was announced that regulatory and government approvals have been received for the sale of Bermuda Commercial Bank Ltd, which it owns. Alisdair Younie, director of ICM Ltd, Somers’ investment advisor, said: “Post the quarter end we were delighted to announce that all material regulatory and government approvals had been received for the sale of BCB. We expect the sale to complete shortly and will advise shareholders of the anticipated use of the proceeds upon completion.” Somers’ net income of $74.6 million, or $3.61 per share, compares to a loss of $16.8 million for the same period in 2018. The company said the improvement was primarily due to valuation increases at Resimac and PCF, and the strengthening of sterling and the Australian dollar against the US dollar. About 80 per cent of Somers’ investment portfolio is exposed to foreign currencies, mostly British and Australian. Warren McLeland, chairman of Somers, said: “The first quarter of the year included buoyant global stock markets, clarity on Brexit and an agreement on phase one of the US/China trade war. This had a positive impact on Somers’ two main foreign currency exposures, sterling and the Australian Dollar. On top of this, Resimac announced strong financial results during the quarter providing a significant increase to the valuation. This gain at Resimac, the positive move in the global markets and stronger foreign currencies enabled Somers to announce a record profit for the quarter of $74.6 million and an increase in the company’s net asset value to $20.41. Importantly, our underlying investments continue to perform strongly with their core fundamentals continuing to provide excellent growth.” Resimac Group Holdings is Somers’ largest investment with a value of $227.8 million and assets under management of A$14.2 billion ($9.3 million) at the end of December. Other investment highlights for Somers during its first quarter was Waverton Investment Management Ltd completing the acquisition of Timothy James & Partners, and MJ Hudson Group plc completing its initial public offering on the London Alternative Investment Market, raising $30 million and valuing Somers; investment at $10.4 million. Somers’ total borrowings at December 31 were $73.6 million, up from $67.9 million three months earlier due to increased shareholder loans to fund investments

2019. December 27. Weaknesses in the British pound and Australian dollar contributed to Somers Limited recording a $9.7 million loss for the year 2019. It has a concentrated portfolio of investments in companies principally in Australia, Bermuda and the UK, and it wholly owns Bermuda Commercial Bank Limited. The company entered into an agreement in February to sell BCB to Permanent Capital Holdings Ltd. Somers is awaiting the necessary approvals from the Bermuda Monetary Authority and the Bermuda Government in order to proceed with the sale. Warren McLeland, chairman of Somers, said: “Whilst the delay is frustrating, we remain positive that the transaction will complete and thereby release significant capital to enable Somers to reduce its debt and to male investments in new and existing businesses.” He made the comment as part of Somers’ annual report. The company’s financial year ended on September 30. While it is waiting for clearance to sell BCB, it has had a busy year, and one which produced strong earnings in some of the companies it is invested, according to Mr McLeland. Somers increased its level of borrowing during the year. It entered into a new loan facility to fund its investment in PCF Group Plc, a bank listed on the London Stock Exchange, in February. Somers invested £5.3 million ($6.9 million) as part of a PCF fundraising. It has a majority shareholdings in the bank. Regarding the increased borrowing, Mr McLeland said: “Given the quality, diverse nature and size of Somers’ asset base, an external gearing level of 12 per cent remains relatively low and within the company’s risk tolerance. Whilst the company’s focus remains on delivering strong returns for our shareholders, we recognise that the global economy is facing numerous challenges and as such we will look to repay the company’s related party debt and reduce bank debt as a result of the sale of BCB.” Macro-economic factors, including Brexit, resulted in a negative impact on foreign exchange movements from Somers’ investment perspective. Mr McLeland said that while the financial performance of many of its investments was strong, foreign currency movements in Sterling and the Australian dollar “which reduced in value due to the weakening global economy” impacted the valuation of several of Somers’ larger investments. Sterling and the Australian dollar weakened against the US dollar by 5.7 per cent and 6.6 per cent, respectively, during the year. Somers has about 41 per cent of its investments in Australia, 28 per cent in the UK, and almost 27 per cent in Bermuda. It has controlling stakes in Resimac Group Ltd, an Australian and New Zealand mortgage securitisation business; Waverton Investment Management Ltd, a UK private wealth management business; and West Hamilton Holdings Ltd, a Bermuda property holding and management company. It also has stakes in UK brokerage organisation AK Jensen; Australian financial services organisation Thorn Group Ltd; and UK law firm MJ Hudson. Somers’ net asset value per share decreased from $18.15 to $17.10. Its shares trade on The Royal Gazette/BSX Index, currently at $15 per share. Its total assets increased during the year from $407.3 million to $423.1 million. At the end of September it had $17.3 billion of assets under management. Looking ahead to the new year, Mr McLeland noted the historically low levels of interest rates around the world, and the weakening of global growth in the face of geopolitical events such as the US-China trade war, Brexit, and protests in Hong Kong. He said: “We remain cautious going into 2020. Whilst we may be entering the end stages of the current economic cycle, we believe our investments are well placed and expect to be able to take advantage of opportunities that might arise.”

2019. December 13. Somers Ltd has reported a net loss for the year of $9.7 million while it awaits government and regulatory approvals for the sale of Bermuda Commercial Bank, which it expects to receive “shortly”. Year-end results for the financial services investment holding company were filed with the Bermuda Stock Exchange, which released them today. Permanent Capital Holdings Ltd, a private New York-based investor in financial services companies, announced on February 5 that it was buying BCB from parent Somers, subject to regulatory approvals, including from the Bermuda Monetary Authority. Somers’ year-end financials valued BCB at $82.9 million, compared with $94.9 million at the end of fiscal 2018. The net loss for the financial year ending September 30 was despite Somers recording a net profit of $4.9 million in the fourth quarter. The loss compares to a profit of $4.2 million at year-end in 2018. Somers said the net loss was primarily due to net foreign exchange losses of $15.6 million for the year. At year-end, Somers said, 72.1 per cent of its net assets were exposed to foreign currencies, primarily sterling and the Australian dollar, and over the course of the year these currencies decreased in value versus the US dollar by 5.7 per cent and 6.6 per cent, respectively. The exchange losses were primarily unrealized, the company said. Warren McLeland, chairman of Somers said: “2019 was a busy year for Somers with a number of corporate transactions and positive financial performances at several of the company’s investee companies, particularly Resimac and PCF. Unfortunately, this did not flow through to the company’s net asset value primarily due to weaknesses in Sterling and the Australian dollar which meant that the company recorded a loss for the year. Since the year end the rebound in the value of sterling, the continued strong financial performance at Resimac and an increase in the share price at PCF have had a material positive impact on the company’s net asset value. We are still waiting regulatory and Government approvals for the sale of BCB but remain confident that the transaction will complete shortly. 2019 has been a year of geopolitical events which have impacted global markets and global economic growth which in turn has led to lower interest rates, often negative rates, and the reintroduction of central bank liquidity. The extreme volatility that the markets experienced in the last quarter of 2018 may not have been repeated in 2019 but until some of these events are removed global growth will continue to be anemic and the threat of further volatility remains. However, our investments are well placed with strong financials, and with increased liquidity when the sale of BCB completes Somers will be able to take advantage of the opportunities that are likely to be present over the next 12 months.” Somers’ total assets increased during the year to $423.1 million, up from $407.3 million a year previous. The company had a net asset value per share of $17.10, and shareholders’ equity of $353.6 million as at September 30, the company reported. Shareholders’ equity a year ago was $364.1 million. Somers’ share price ended the period at $15, down from $16 at September 30, 2018. Investment highlights for the year included completion of the sale of Somers’ holdings in Merrion Capital, Stockdale Securities and Street Capital Group, the company said. Resimac Group Ltd remains Somers’ largest investment with a value of $157.9 million and reported assets under management in excess of $13 billion Australian and recently announced a significant increase in forecast profits for the first half of the current financial year, Somers said. Somers recorded a $4.3 million gain on its investment portfolio for 2019. Total borrowings increased to $67.9 million from $41.5 million a year earlier. The directors of Somers have resolved to pay a final dividend of 30 cents per share bringing the total dividend for the year to 51 cents.

Sompo Global Risk Solutions Part of the Sompo  Group shown below. 

2020. January 9. David Carter has been appointed chief underwriting officer and executive vice-president of the Sompo Global Risk Solutions strategic business unit, reporting to Michael Chang. The unit is part of Bermuda-based Sompo International Holdings, a specialty provider of property and casualty insurance and reinsurance. Mr Carter will assume a strategic management role at GRS and will have oversight of underwriting strategies, new product innovation, and underwriting guidelines along with expense and profitability management. In this role, David will leverage his experience to help Sompo GRS grow, introducing new and innovative products, and through the expansion of its network of retail brokers and agents across the US and Mexico. Mr Carter brings with him more than 30 years of experience in the industry, specialising in middle market, specialty and financial products. He began his career at Aetna before spending 17 years at Travelers Insurance where he held various underwriting and leadership positions in National Property, First Party as well as their Middle Market group. David then moved to The Hartford for seven years where he was executive vice-president and head of its middle market division. Most recently, David served as the chief insurance officer of DriveOn, an insurtech start-up. In his new role, Mr Carter will report to Michael Chang, CEO of Sompo GRS. Mr Chang said: “David’s track record of leading teams that deliver superior client service and excellent results make him an ideal fit for the Sompo GRS executive team. We are very pleased to have him join our organisation.” Sompo GRS offers comprehensive multi-line capabilities targeted to accounts in select industry verticals including real estate, hospitality, financial institutions, life sciences and professional services, in addition to Asian companies with operations in the US and Mexico, as well as global weather products.

Sompo International 2020. April 15. Sompo International Holdings Ltd has announced that as part of the ongoing transformation of Sompo International, the Bermuda-based re/insurer will be consolidating its London presence into one company market platform. This will mean that, from January 2021, it will no longer write business from Endurance at Lloyd’s or Syndicate 5151. All renewals and new business will be written from Endurance Worldwide Insurance Limited. John Charman, executive chairman, Sompo International Holdings Ltd, and chief executive officer of Overseas Insurance and Reinsurance Business, Sompo Holdings Inc, said: “Our decision to focus our activities in London on a single company platform reflects the unique strength of Sompo’s global reach, brand, ratings and financial stability. Having one single platform will allow us to continue to profitably grow our business and deliver superior value and solutions to our clients and distribution partners. With Sompo International’s rating equivalent to Lloyd’s, we can utilise that rating and our existing operation to be an even more streamlined and efficient provider of risk solutions whilst maintaining a meaningful and diversified trading relationship with Lloyd’s in the years to come.” Julian James, CEO of International Insurance, said: “Our ambition is to grow our London Market and European business significantly in the near term. Sompo International is now recognised by our brokers and clients as a global leader with significant capability and excellent talent. With one platform, we will be able to provide them with efficient access to the very best products and services, underpinned by highly rated security.”

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

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

   
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.”

2019. April 10. Ed Noonan, the former chairman and chief executive officer of Bermuda-based reinsurer Validus Holdings, has taken a new role as chairman of global specialty insurer StarStone. StarStone is predominantly owned by Bermuda-based Enstar Group, which has a 59 per cent stake in the company, along with the Trident Funds, managed by Stone Point Capital, which own a 39.3 per cent stake. The company simultaneously announced that Dick Sandford, the former chairman of PartnerRe US, will take the role of president of StarStone. Chris Rash has also been promoted to CEO of StarStone International and deputy group CEO. One of StarStone’s underwriting platforms is StarStone Insurance Bermuda Ltd, a Class 4 insurer, based at offices in Windsor Place on Queen Street, Hamilton. The company also manages Syndicate 1301 in the Lloyd’s of London market and also has a presence in the US and Liechtenstein. Validus was acquired by American International Group last year in a deal worth more than $5.5 billion. Mr Noonan had been chairman and CEO of Validus since its founding in 2005. Mr Noonan has more than 30 years of industry experience. Before he joined Validus, he was CEO of American Re from 1997 to 2002, after joining the firm in 1983. Before that, he worked at Swiss Re from 1979 to 1983. Mr Sanford will oversee StarStone’s global underwriting and reinsurance strategy. He has 35 years of insurance-market experience and began his career as a casualty underwriter at AIG in 1984. He has since held a succession of senior roles including, executive vice-president, TIG Re/Odyssey America Reinsurance and vice-president, Cologne Reinsurance Company of America, before he joined PartnerRe in 2000. Mr Rash, who joined StarStone in August 2018, will lead StarStone’s international business, and operational strategy at group level. He has more than 20 years of industry experience, having held numerous financial and operational leadership positions, including 15 years at RSA, and as group CFO at MS Amlin. In a joint statement, Enstar and Stone Point, said: “The experience that Ed and Dick bring to StarStone is considerable. Their appointments demonstrate our collective investment and commitment in realizing StarStone’s ambitions, and we are very pleased to welcome them to the Group.” John Hendrickson, group CEO, StarStone, said: “This is a pivotal moment for StarStone. As we reposition StarStone to deliver profitable growth, Ed and Dick bring a wealth of knowledge. Their respective contribution, together with Chris’s financial and operational expertise, will prove invaluable as we continue to provide highly professional, bespoke specialty solutions to our clients, locally and globally.”

   
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
   
Stevedoring Services 2019. March 18. With its licence to operate Bermuda’s only cargo dock coming due in less than two years, the management of Stevedoring Services Limited is keeping a close eye on Bermuda Government’s plans for the Corporation of Hamilton. Stevedoring has an exclusive terminal operating licence for the Hamilton docks, which expires in February 2021. It holds a non-exclusive terminal operating licence, as do several other entities, for the free ports in St George, Dockyard, and at Morgan’s Point. Warren Jones, chief executive officer, Polaris Holding Company Ltd, the parent company of Stevedoring, said: “We have been watching it, and we will see where it goes. Our focus is on the business we do, and we will continue to defend our position here regardless of how it all comes out. “Our focus is on the dock and trying to continue to be Bermuda’s choice as the operator to run the dock. Whatever Government does, we expect to be the terminal operator running the dock. In fact, our vision is to be the terminal operator at all of Bermuda’s ports.” Mr Jones said Stevedoring is in close contact with government officials on an ongoing basis since the dock’s importance to Bermuda is related to several ministries as well as to the Emergency Measures Organisation. “We are responsible for a key part of Bermuda’s infrastructure,” he said. “The EMO and the various ministries are all key to what we do.” Members of Parliament voted 22-7 along party lines on Thursday to pass the Municipalities Reform Act 2019, which once in force will transform the Corporations of Hamilton and St George into un-elected quangos. The Act will bring to an end a combined total of almost 450 years of local government in Bermuda. Elected members of the municipalities are to hold office until May 13, unless they resign in writing to the Minister of Home Affairs. The minister will appoint a mayor and councillors for each of the corporations to serve from May 14. Charles Gosling, Mayor of Hamilton, has indicated that the Corporation of Hamilton will launch a court battle to fight the Government’s plans.
   
St. George's  2019. July 4. Police have launched an international manhunt for a Bermuda-based international life insurance company owner accused of investor fraud involving millions of dollars. Ramesh Dusoruth, owner of St George’s Ltd, faces a charge of fraudulent inducement to deposit or invest and another of transferring criminal property. He is also charged with three counts of transmission of false information to the Bermuda Monetary Authority. Mr Dusoruth was arrested and charged with the offences, but failed to appear in Magistrates’ Court on March 21 and an arrest warrant was issued. Acting Detective Superintendent Nicholas Pedro of the Bermuda Police said: “Inquiries indicate Mr Dusoruth absconded from Bermuda and his current whereabouts are not known.” He added Mr Dusoruth is known to have business interests in Cyprus, Malta and Holland and has homes in London and Antwerp in Belgium. Interpol has been notified and the alleged fraudster has been red-flagged for arrest and return to Bermuda to face the charges in court. Anyone with information on Mr Dusoruth’s location should contact the police specialist investigations department on 295-0011.
   
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.
   
St. George's 2019. July 10. The owner of a Bermuda- based international life insurance company wanted on allegations of misuse of millions of dollars of investors’ money was arrested yesterday in the Netherlands. An international manhunt was launched for Ramesh Dusoruth, beneficial owner of St George’s Ltd, after he failed to appear in Magistrates’ Court in March to face the allegations. He was arrested after an Interpol red notice was issued and police in Bermuda are now liaising with the Dutch authorities to have Mr Dusoruth returned to Bermuda. Acting Detective Superintendent Nicholas Pedro said the arrest came as a result of good teamwork between Bermuda police officers and their international counterparts. He added: “In today’s world of transnational organised crime, the ability for law enforcement to co-operate globally sends a clear message that one cannot easily hide from justice and accountability.” Mr Dusoruth faces a charge of fraudulent inducement to deposit or invest and another of transferring criminal property. He is also charged with three counts of transmission of false information to the Bermuda Monetary Authority. Mr Dusoruth was known to have business interests in Cyprus, Malta and the Netherlands and has homes in London and Antwerp in Belgium.
   
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.
   
Sugaree Insurance Company  Since June 2019. A Class 2 insurer
   
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) Washington House, above the Washington Mall, Church Street. Hamilton. P.O. Box HM 3070, Hamilton HM NX. Phone 294-6050 or 800-368-9428.

2019. May 15. Bermuda-based Sun Life Financial International has launched Sun Global Sentinel, a permanent participating whole life insurance product aimed at high net-worth clients. The company is a unit of Sun Life Financial, the Toronto-based financial-services company with more than $1.01 trillion of assets under management as of March 31 this year. Sun Life has strived to establish itself as a pioneer in ultra-high-net-worth and high-net-worth life insurance markets. Sun Life Financial International focuses on high-net-worth life and wealth solutions for families in Asia, Latin America, the Middle East and Africa, helping families and business owners protect their wealth and fund their business succession plans. “We are pleased to offer Sun Global Sentinel to our high-net-worth clients,” Paul Courtney, chief commercial officer of Sun Life Financial International, said. “All our products are a great solution for global clients who seek to protect and grow their legacy for future generations. In particular, Sentinel is designed for those clients who seek a guaranteed lifetime protection combined with potential value accumulation through dividend earnings that can increase the death benefit and cash value.” Whole life products — which include a death benefit and an investment growth component — have become increasingly popular with high-net-worth clients in recent years. Sun Global Sentinel affords long-term security through permanent coverage and guaranteed death benefit, offers the potential for growing clients’ legacy through bonuses that may be applied to the contract, and offers flexibility of tailoring the contract to one of three benefit plans and choosing a payment schedule that best fits client needs, Sun Life said. “Sun Global Sentinel is a great timely addition to our product portfolio,” Niall O’Hare, CEO of Sun Life Financial International, said. “We will continue working on expanding our product offerings, creating more product choices for our high-net-worth clients.” The Sun Global Sentinel product is not available to citizens and residents of Bermuda, Canada and the US.

2018. August 21. Bermuda-headquartered Sun Life Financial International has launched a new universal life insurance product for high-net-worth clients. Sun Global Optima is described as a flexible premium indexed universal life insurance product, which differs from traditional models where the interest rate is declared in advance and the company sets the rates. Instead, it features interest accumulation based in part on movement of three major stock market indices. The company claims this model offers greater interest potential. Paul Courtney, chief commercial officer of Sun Life Financial International, said: “All of our offerings are designed for global clients who seek to protect and grow their legacy for future generations. In particular, Optima is designed for those clients who seek potentially higher cash accumulation value with the protection of minimum guarantees and death benefit.” Niall O’Hare, chief executive officer of Sun Life Financial International, said: “We will continue working to bring competitive products to the market, creating more product choices for our high-net-worth clients.” However, Sun Global Optima is not available for citizens or residents of Bermuda, Canada or the US. Sun Life Financial focuses on high-net-worth life and wealth solutions for families in Asia, Latin America, the Middle East and Africa. It has operations in the UK, Ireland, Canada, the US, Australia and a number of Asian countries, and has total assets under management of $986 billion.

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.”

   
Superior Bermuda GP c/o TMF Bermuda Ltd. One of the Boots Walgreen group of companies. Boots, with pharmacies throughout the UK, is owned by Walgreen of the USA, with its thousands of pharmacies.
   
Surrey Reinsurance Company Since 1993
   
Sustainable Forestry Management 2017. November 7. BBC London reported that Paradise Papers show the Duchy of Cornwall in 2007 secretly bought shares worth $113,500 in this Bermuda company that would benefit from a rule change. Prince Charles, who owns and controls the Duchy was a friend of a director of Sustainable Forestry Management Ltd. The Duchy of Cornwall says he has no direct involvement in its investments. A Clarence House spokesman said the Prince of Wales had "certainly never chosen to speak out on a topic simply because of a company that it [the Duchy of Cornwall] may have invested in. In the case of climate change his views are well-known, indeed he has been warning of the threat of global warming to our environment for over 30 years. Carbon markets are just one example that the prince has championed since the 1990s and which he continues to promote today."
   
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. 
   
Sussex Capital Insurer Brit launched Sussex Capital, which provides more than $100 million of capacity, in early 2018. Through Sussex Re, it writes direct collateralized property catastrophe reinsurance and also provides collateralized reinsurance to Brit’s property treaty portfolio.
Sussex Re See above, another Brit enterprise.
   
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

Belvedere Building, Pitts Bay Road. 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. Belvedere Building, Pitts Bay Road.
Teekay LNG Partners LP As above. Belvedere Building, Pitts Bay Road.

2019. October 2. Operations of this Bermuda-based liquefied natural gas tanker company have been disrupted by US sanctions. Teekay LNG Partners said its joint venture shipping natural gas from Northern Russia to China was “blocked” because of ties to Chinese shipping company Cosco — accused by the US of carrying Iranian crude oil. The Yamal LNG joint venture was termed a “blocked person” under the sanctions, Teekay said, because its partner China LNG Shipping (Holding) is half-owned by Cosco Dalian. “As a result of CLNG’s 50 per cent interest, the Yamal LNG Joint Venture also currently qualifies as a ‘Blocked Person’ under OFAC rules,” Teekay said, referring to the US Treasury Department’s Office of Foreign Assets Control. “Teekay Group has not traded and will not trade with Iran and will not act in contravention of any trading sanctions,” Teekay said. The news triggered a more than 10 per cent fall in shares of Teekay LNG on New York’s Nasdaq Stock Exchange this week. Parent company Teekay Group also postponed the investor day in New York that it had planned to host today, “in order to fully focus on avoiding undue disruption to Teekay LNG’s business” as a result of the sanctions’ impact, the company said. Teekay said it was “working with its joint venture partner to expeditiously resolve this issue”. The Yamal LNG Joint Venture owns six Arc7 LNG carriers, icebreaker tankers designed to operate year-round transporting gas from the plant on the Yamal peninsula in northern Russia and to break up sea ice up to eight feet thick. Teekay LNG is the world’s third largest independent owner and operator of LNG carriers, with a fleet of 56 double-hull tankers. T

   
TeleBermuda International 2019. July 15. TeleBermuda International has announced the launch of an updated logo and refreshed website. The company said the new website, which can be found at telebermuda.com marked the successful completion of its acquisition transition phase, and a new chapter in its evolution. Nearly 19 months ago, Bermudian companies East End Group and Celeritas Ltd partnered to purchase TBi. TBi is a provider of high-quality voice, internet, and managed IT services, as well as the owner of the wireless internet service provider, Bluewave, the company said. The fresh look for TBi reflects its future direction as the parent company of a diverse group of fibre and wireless communications services providers, the company said. Nick Faries, chief executive officer of TBi, said: “Since December 2018, the management and staff have worked hard to leverage the strategic alliance and synergies between TBi and Bluewave, Bermuda’s newest wireless ISP. We have built on each entity’s core competencies to solidify their positions as reliable providers of innovative products and services.” He added: “We have invested millions into improving the network, operating infrastructure, new integrated billing system, and enhancing the customer experience for all TBi and Bluewave clients. The new website is the next step in our strategic plan to grow and diversify TBi into Bermuda’s most trusted telecommunications company.” The website was created, the company said, to inform Bermuda and the world about its mission and vision for the future. The East End Group is a diversified holding company with business interests spread among different lines of business. This strategic diversification spreads the company’s risk and helps the group to achieve economic benefits, the company said. Celeritas Ltd is a privately-held telecommunications investment company and a subsidiary of the Mayfair Group.

2017. December 29. Telecommunications firm TeleBermuda International Ltd has been bought out by the East End Group in partnership with Celeritas Ltd. EEG owns the wireless internet service provider Bluewave and is a public safety and wireless communications provider. Celeritas is a Bermuda-based telecommunication investment firm and a subsidiary of the Mayfair Group. TBi provides voice and internet services, as well as managed information technology services. In a press release today, the EEG stated: “This acquisition ensures that TBi will continue to provide the highest level of service to their clients, and more importantly, remain a Bermudian-owned company. The purchase also offers the opportunity to leverage synergies between EET, TBi and Bluewave, Bermuda’s newest high-speed wireless internet service provider. The aim is to build on each company’s core competencies to solidify their positions as consistent providers of innovative products and services. To ensure a seamless transition for TBi clients, its current president Greg Swan will be retained during the transition period. TBi clients will be directly contacted regarding this acquisition. It is anticipated that the immediate impact on their accounts will be insignificant.”

2017. December 22.  The East End Group Ltd and Omnuim Bermuda Limited are looking at buying internet service provider TeleBermuda International Ltd. The Regulatory Authority of Bermuda has conducted an assessment of the proposed transaction and has said it is satisfied that subject to compliance with a set of conditions, the transaction would “not create an entity with a dominant position, nor substantially lessen competition in any relevant market, nor harm the public interest”. According to a notice on the RAB website, East End Group and Omnuim Bermuda have said they do not intend to make any of TBI’s staff redundant. TBI has offices on Victoria Street. It provides voice, internet and managed IT services. It is a wholly owned subsidiary of Javelin Connections group of companies. Javelin is an end-to-end solutions provider of managed IT and data services for establishing and managing offshore jurisdictions. The proposed change of control would see all shares of TBI being purchased by East End Group and Omnium, from Javelin. The East End Group provides consolidated group functions in the areas of accounting, finance, human resources and information technology services. Walter Roban, Minister of Transport and Regulator Affairs, has given his consent to the proposed change of control of TBI.

   
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  

2019. August 9. The Weather Channel is likely to get more attention in the offices of Third Point Reinsurance Ltd in the future. That observation was cause for a light-hearted chuckle, but it was more than a throwaway line for chief executive officer Daniel Malloy. Third Point Re is beefing up its presence in property catastrophe and specialty lines. In the first six months of this year it had gross premiums written of $402.2 million, of which property catastrophe totaled about $57 million. The reinsurer yesterday reported second-quarter profit of $53.1 million, or 57 cents per share, up from $19.6 million a year ago. Although it made a net underwriting loss, the gap has narrowed, reflected in a combined ratio that has dropped from 103.6 per cent a year ago, to 101.1 per cent. Mr Malloy said the company is on target to hit its goal of underwriting profitability, subject to catastrophe events, by year end. “This will be an important milestone for the company and a validation of our strategy to deliver value from both sides of our balance sheet,” he said. We have continued to build out our underwriting team over the past year, where we have successfully recruited talented underwriters, to allow us to expand our portfolio into new profitable lines of business including property catastrophe and specialty. We are encouraged with our progress to date with the build out of our team and portfolio positioning going better than expected.” He became CEO of the Bermudian-based company in May, following the resignation of Robert Bredahl. He also continues as CEO of Third Point Reinsurance Company Ltd, a position he has held since 2017. Speaking to The Royal Gazette, he said the caliber of people that have joined the company on the underwriting side meant it now punched above its weight. He mentioned the teams and new hires in Bermuda and the US helping to drive its property catastrophe and specialty lines. Tracey Gibbons joined in April and leads a specialty team for Third Point Re in Bermuda. She has been a lead in the class for 15 years and “clients and brokers want to trade with her”, said Mr Malloy. The company has also added a senior risk modeler. Asked about the increased presence in property catastrophe and specialty lines, Mr Malloy said: “We are seeing, on the property catastrophe market, reinsurance capacity being withdrawn due to the losses in 2017 and 2018. That has given us an opportunity to step in. I’m excited by our prospects, watching the plans we started 12-plus months ago roll out. I’ll be watching The Weather Channel now, that’s something new for us. In a way we are inching a little bit closer to what is a more typical offering for a Bermuda reinsurer, but we still understand our roots and our DNA, which includes a relationship with Third Point [LLC], and they have been great producers of very profitable investment returns over the years.” Third Point Re’s investments are managed by Dan Loeb’s Third Point LLC hedge fund. The reinsurer’s investment return for the first six months of the year was 10.3 per cent. As it released its second-quarter results, the company announced that Sid Sankaran, formerly chief risk officer and chief financial officer at AIG, has joined its board.

2017. November 9. Third Point Reinsurance Ltd reported third-quarter earnings of $54.7 million, as its investment returns comfortably outstripped underwriting losses. The Bermudian reinsurer also announced that John Berger will step down as chairman on December 22, to be replaced in the interim by existing director Steven Fass, while chief executive officer Rob Bredahl will join the board. The company, whose assets are managed by Dan Loeb’s hedge fund company Third Point LLC, said it achieved positive returns on each of its investment strategies during the quarter. Third Point Re said it made a net underwriting loss of $12.6 million and saw net catastrophe losses of $5.3 million. Its combined ratio for the quarter was 111.9 per cent. The assets managed by Third Point LLC generated a 3.6 per cent return during the third quarter, helping the reinsurer to investment income of $89 million. For the first nine months of the year, the hedge fund-managed investments have gained 14.6 per cent and investment income has totaled $324.8 million. So far this year, Third Point Re’s shares have gained 42 per cent and closed down 2 per cent at $16.40 in yesterday’s trading. Mr Bredahl said: “Our strong performance for 2017 continued through the third quarter with a return on beginning shareholders’ equity of 3.5 per cent, bringing our nine-month return to 16.8 per cent. Our investment manager, Third Point LLC continues to have a great year and has generated an investment return of 14.6 per cent through the first nine months of the year and 17.6 per cent through October 2017.” The $5.3 million net loss from catastrophes was “within expectations given our limited exposure and reflects our decision to avoid highly volatile forms of reinsurance such as catastrophe excess of loss treaties”, Mr Bredahl added. Outgoing chairman Mr Berger, a Bermuda reinsurance veteran who was Third Point Re’s founding CEO, said: “I am very proud of what we have accomplished at Third Point Re over the past six years and couldn’t be more confident of their continued success.”

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 Point LLC.

2018. May 9. Third Point Reinsurance reported a net first-quarter loss of $26 million as investment valuations fell — but gross premiums more than doubled. The Bermuda-based company, whose investments are managed by Dan Loeb’s Third Point LLC hedge fund, said the loss broke down to 26 cents per share, compared to earnings of 98 cents per share in the first quarter of 2017. Diluted book value per share decreased by 26 cents, or 1.7 per cent, to $15.39 as of March 31, 2018, down from $15.65 as of the end of last year. “During the first quarter, we generated premiums written of $378 million, an increase of 159 per cent compared to the prior year’s quarter,” Rob Bredahl, Third Point Re’s chief executive officer, said. Our combined ratio for the quarter was 104.5 per cent, compared to 106.3 per cent in the prior year’s first quarter. We experienced significant premium growth in the first quarter compared to the prior year, driven by new business and the timing of certain renewals. We were pleased with the business written during the quarter, which was generally at improved terms and underlying pricing. We expect this to contribute to an improvement in our underwriting results as this premium is earned. Our investment returns and overall return on equity reflected a modest loss for the quarter, however, we remain confident that the improvements in our underwriting results as well as Third Point LLC’s proven track record will generate attractive returns to our shareholders over time.”

   
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
   
Tokyo Millennium Re (TMR)

2020. January 7. RenaissanceRe Holdings Ltd has announced an underwritten public secondary offering of more than 1.7 million of its common shares by Tokio Marine & Nichido Fire Insurance Co. The selling shareholder will receive all of the net proceeds from this offering. No shares are being sold by RenRe. The shares would be valued at about $333.9 million, based on the Bermudian reinsurer’s closing share price of $192.01 on Monday. RenRe acquired Tokio Millennium Re in a $1.5 billion cash-and-shares deal from the Japanese-based Tokio Marine Group in March last year. Morgan Stanley & Co LLC is acting as the sole underwriter for the offering. The underwriter may offer the shares from time to time in one or more transactions on the New York Stock Exchange, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices relating to prevailing market prices or at negotiated prices. The shares are being offered pursuant to an effective shelf registration statement that has been filed with the Securities and Exchange Commission.

2019. January 24. About a third of the staff at Tokio Millennium Re’s Bermuda operation will be let go after the company’s takeover by RenaissanceRe Holdings. About two-thirds of the 69 employees have been offered new deals or transition opportunities, RenRe said yesterday. “Starting this week, we began communicating with employees of Tokio Millennium Re about our intentions regarding personnel once our acquisition closes,” RenRe stated in response to our questions. In Bermuda, we extended offers of full-time employment or meaningful transitional roles to just over two-thirds of the organisation. Additionally there are a number of open positions at RenaissanceRe available for TMR staff to apply. We placed a hold on hiring new positions immediately following the announcement of the deal to make available as many roles as possible. Mergers and acquisitions frequently create overlaps in roles and functions, and RenaissanceRe and TMR are both reinsurance-focused organisations. We undertook a thoughtful process to arrive at our personnel decisions, and our analysis has focused on identifying redundancies and planning for the needs of the combined organisation. This has only furthered our appreciation of the excellent franchise TMR has built, and everyone at RenaissanceRe is looking forward to welcoming our new colleagues once the transaction closes. Our combined company will be a larger, more diversified global reinsurer with broader reach and extended capacity to serve clients worldwide, while grounded in our Bermuda roots and committed to our island home.” The transaction is expected to close in the first half of this year. TMR, which is headquartered in Switzerland, has a branch office in Bermuda, based at offices in Chesney House on Pitts Bay Road. RenRe said at the time the deal was announced that it expected to achieve “material synergies” within the first two years — language that normally refers to cost reductions. It is understood that some of the positions made redundant were in Tokio Solution Management Ltd, TMR’s Bermudian-based fronting and third-party capital management unit. Kevin O’Donnell, RenRe’s chief executive officer, made clear in last October’s third-quarter earnings conference call with analysts that this part of the business was not a good fit for RenRe. Mr O’Donnell said at the time: “The transaction includes TMR’s fronting business, which is a very different business than our third-party ventures business.” Lovitta Foggo, the labour minister, said last night that the Department of Workforce Development was ready to help those made redundant with the offer of services including resume development, interview preparation, career guidance, sponsorship and funding for retraining, assistance with obtaining professional credential, networking and job search assistance. Ms Foggo said, “Although this acquisition may create avenues for new job opportunities for some, I remain extremely sympathetic to those experiencing redundancy or career disruption and the anxieties that they and their families might be feeling.”

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

   
Tokio Solution Management Broker
   
Top Layer Insurance Managed by Renaissance Re
   
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.
   
Traders Insurance Since 1993
   
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
   
tribeOS 2019. February 22. This company that has been approved to offer the second token under Bermuda’s Initial Coin Offering Act, is aiming to raise $45 million during the next 12 months. That funding will be used to complete the development of a digital advertising marketplace, that it says will be “ad fraud free”, and to launch it in the second half of the year. Matt Gallant, chief executive officer of Bermuda-registered tribeOS, said there is a likelihood the company will have staff on the island as it rolls out its platform. TribeOS has about 20 employees at present, and has a team of technology engineers in Bosnia. Last August, it raised $3 million in seed funding from Bitmain Technology, a developer of bitcoin mining products. This month, the company announced it had been approved to offer its token, called Fire, under Bermuda’s Initial Coin Offering Act 2018. It is the first security token, and second token in general, to be approved under the island’s new regulations. The token enables investors to participate in revenue sharing in tribeOS. The company aims to combat the problem of online ad fraud. Industry statistics point to $51 million being stolen each day from digital ad programs through ad fraud. Advertisers pay a fee for online views or “clicks” on their adverts, but can be cheated by fraudulent clicks, spambots and phantom views. TribeOS is integrating blockchain with two of its own technologies, AdShield and Golden Lantern, to create a solution. Mr Gallant explained that AdShield will block fraudulent activity, such views and clicks created by bots [autonomous computer programs], click farms and people attempting to cheat the system. He said part of AdShield will be put on the blockchain, thereby allowing advertisers to verify that they are getting legitimate hits on their ads. “Blockchain will show what is happening,” Mr Gallant said. The almost tamper-proof nature of a blockchain ledger will give advertisers reassurance as they directly pay publishers on bids for web traffic in real time, with performance and transactions verified on the blockchain. “Golden Lantern is the final piece of the puzzle,” said Mr Gallant. It is an ad management platform that includes web tracking and focuses on attribution. Through the tribeOS system it will allow advertisers to track, verify and report on traffic — that is the views and interactions from online users — that they are purchasing. The company searched for a supportive jurisdiction in which to set up, and picked Bermuda. “We spent a lot of time looking at all the options. [Bermuda] had the clearest legislation out of any country that we looked at,” Mr Gallant said. He has previously praised the island for setting itself apart from others by showing commitment to legitimizing digital assets and tokens, and passing the Initial Coin Offering Act, and the Digital Asset Business Act 2018. Looking ahead, he said tribeOS will continue raising funds in the second quarter, and launch its platform in the third. He added: “We are bringing in advertiser with letters of intent. Advertisers want to solve the problem.”
   
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) 2020. February 19. Bermuda-based Triton International, the world’s largest lessor of shipping containers, says it expects the coronavirus-driven slowdown in Asian shipping activity to continue at least until mid-March. The company announced fourth-quarter 2019 net income of $77.5 million, down 14.4 per cent from the corresponding period of 2018. For the full year, net income was $339 million, up slightly on 2018. Brian Sondey, Triton’s chairman and chief executive officer, said Triton’s performance was solid in 2019, although impacted by “soft global economic conditions and disruptions caused by the trade dispute between the United States and China”. He had a cautious outlook for the first quarter, given that it traditionally represents the slow season for dry containers. Mr Sondey said Triton was paying close attention to developments with the coronavirus outbreak, which started in China. The global death toll rose to 1,875 yesterday, with more than 73,000 cases reported. “First and foremost, we are focused on the health and safety of our employees,” Mr Sondey said. “Despite the challenges presented by the current situation, we remain fully operational. At the same time, we expect the current slowdown in shipping activity in Asia to extend for at least the next month. Beyond then, the impact of the coronavirus outbreak on our business is unclear.” Mr Sondey said Triton had been seeing a pick-up in business during December and January, after progress in US-China trade negotiations. Container utilisation averaged 96.9 per cent in 2019, Triton said. Triton repurchased 6.9 million of its common shares during last year, or about 8.8 per cent of the outstanding total at the start of 2019. Triton’s board of directors announced a quarterly dividend of 52 cents per share.

2019. October 24. Container company Triton International Limited made a profit of $85 million, or $1.16 per diluted share, in the third-quarter. That beat a $1.14 per share consensus expectation by analysts on Yahoo! Finance. The net income was almost $10 million less than the $94.8 million reported in the same period last year. However, the results were described as strong by Brian Sondey, chief executive officer, who noted continued weak leasing demand and a softening of global economic conditions. Triton’s total leasing revenues slipped by just over $13 million, year-on-year, to $336.7 million for the period, which was about $1 million below analysts’ expectations. The Bermuda-based company’s return on equity was stable at 16.1 per cent, compared to 16.9 per cent a year ago. Mr Sondey said: “Triton’s financial performance has remained solid despite facing weak leasing demand since last fall, and leasing activity remained slow throughout the traditional peak third-quarter. Global economic conditions have softened this year, and the ongoing trade dispute between the United States and China continues to create uncertainty and impact shipping activity. Fortunately, the supply of containers remains generally well balanced due to reduced production of new containers, and while our utilization continued to gradually trend down during the third quarter, it remains strong at 96.1 per cent as of October 18. Triton’s financial performance has also been supported by our industry-leading cost structure and operating capabilities, our well-protected long-term lease portfolio, and disciplined use of our strong cash-flow.” The company repurchased 1.6 million of its common shares during the third-quarter. Discussing the outlook for the company, Mr Sondey said: “Our customers and market forecasters have reduced their expectations for containerized trade growth this year following the weak summer peak season, and most are currently projecting growth will be just slightly positive in 2019. We are also heading into the seasonally slower time of year. As a result, we expect our key operating metrics will continue to gradually decrease over the next several quarters. However, the short ordering cycle for containers and multiple drivers for container leasing demand typically limit the duration of soft market conditions, and we continue to benefit from numerous advantages and strong, stable cash-flow.” Overall, we expect our adjusted net income per share will decrease from the third quarter to the fourth quarter, though we also expect our financial performance will remain solid.”

2019. July 26. Bermuda-based Triton International Ltd, the world’s largest lessor of shipping containers, reported net income of $86.4 million for the second quarter amid uncertainty in the shipping industry caused by trade disputes. The profit was slightly lower than the $88.9 million Triton reported in last year’s second quarter, but on a per-share basis this year’s results were better at $1.15, compared to $1.10 last year. Brian Sondey, chief executive officer of Triton, described the result as “solid” and said the company realised an annualized return on equity of 16.2 per cent. “Triton faced mixed market conditions in the second quarter,” Mr Sondey said. “While container supply and demand were generally well balanced, lease transaction and container pick-up activity remained slow despite the start of the traditional summer peak season. Global economic conditions have softened this year, and the ongoing trade dispute between the United States and China continues to create uncertainty and impact shipping activity. Our utilization continued to gradually trend down during the second quarter, though it remains strong at 96.8 per cent as of July 19, 2019.” Second-quarter leasing revenues totaled $338.6 million, up from $329.8 million in the same period last year. Triton said it has spent $146.7 million on containers for delivery this year. It also repurchased third-party partnership interests in one of its container-owning subsidiaries for $103 million. Triton declared a dividend of 52 cents per share on its common stock, payable on September 26 to shareholders of record as of September 5. Shares of Triton fell 3.4 per cent on New York’s Nasdaq stock exchange yesterday to close on $33.09. The company repurchased 2.3 million shares during the quarter. As of July 19, Triton has bought back 7.1 million shares, since its board initiated the buyback programme in August last year, leading to an 8.8 per cent reduction in its diluted share count. Mr Sondey added: “Our customers expect trade growth will be modestly positive this year, and we expect container demand will improve somewhat as we move deeper into the summer. However, we expect third quarter leasing activity will be less than usual due to the slow start for the peak season and the lack of resolution for the trade dispute between the United States and China.”

2018. August 7. Triton International saw its profit increase to $104.9 million in the second quarter, or $1.30 per share, an improvement of 30 per cent on the first three months of this year. The Bermuda-registered company is the world’s largest lessor of intermodal freight containers. Its earnings result included a one-off $21 million gain from the sale of a building. The sale of the building also increased the company’s effective tax rate to 13 per cent. Triton’s adjusted net income was $88.9 million, or $1.10 per share, which was up 11.1 per cent on the first quarter. Brian Sondey, chief executive officer, noted that the company has generated an annualized return on equity of 16.4 per cent. He said container pick-up activity was near record levels in May and June, which reflected ongoing trade growth and the start of the peak season for dry containers. Utilization level of Triton’s leased containers averaged 98.8 per cent, while the company also benefited from higher sale prices for its used containers. Mr Sondey said trade growth and container demand have not been impacted by the threat of trade actions or the initial round of new tariffs implemented between the US and China. He added: “However, the US has disclosed an expanded list of products that will likely become subject to increased tariffs later in the third quarter. The potential for expanded tariffs is adding uncertainty to our market, though our customers and market forecasters are still expecting global container volumes to increase in 2018.” Triton has ordered $1.4 billion of containers for delivery this year and expects its revenue-earning assets will grow by about 10 per cent during 2018. Looking ahead, Mr Sondey said: “We are starting the second half of 2018 with strong operating and financial momentum. Container pick-up activity and lease deal activity remain strong, and our key operating metrics remain at high levels. Based on the continued growth in our container fleet, continued high utilization and the currently limited impacts from the tariffs, we expect our adjusted net income to increase sequentially throughout the balance of the year.” The company’s board has authorized the repurchase of up to $200 million of its shares. Mr Sondey said: “Given the strong market environment and sizeable attractive investment opportunities, we will continue to prioritise organic investment and growth as the primary use for our capital. However, we believe that an opportunistic share repurchase programme could complement our dividend as another avenue for providing returns to shareholders.”

2018. February 27. A one-time tax benefit of $139.4 million helped lift Triton International Ltd’s fourth-quarter profit to $207.2 million, or $2.57 per share. That compares with a profit of $57.2 million in the preceding quarter, and $22.8 million for the same quarter in 2016. The Bermudian-based container company had income before income taxes of $86.7 million, and adjusted pre-tax income of $84.9 million, or $1.05 per share. The company benefited from favorable market conditions and an increased demand for leased containers, with utilization averaging 98.3 per cent for the fourth quarter and 96.9 per cent for the year. Brian Sondey, chief executive officer of Triton International, said the company’s leasing revenue and margins continued to grow as a large number of new containers went on-hire. He said: “Our ability to step in to the supply gap created by the combination of stronger than expected trade growth and constrained buying by many of our customers and several other leasing companies reinforced our position with the world’s largest shipping lines and enhanced our strong reputation for reliability.” Triton saw fourth-quarter benefits that included $6.8 million in insurance receipts related to lost leasing revenue due to the default of Hanjin Shipping in 2016, and an income tax benefit of $139.4 million related to the revaluation of Triton’s deferred tax liability as a result of the reduction in the US statutory corporate tax rate. Mr Sondey added: “We expect market conditions will remain favorable in 2018. Our customers are indicating they expect trade growth will remain solidly positive, and the supply of containers remains well controlled, with a moderate amount of new container inventory and very limited inventories of available used containers.” Triton reported a $344.6 million profit for the year. The company declared a quarterly dividend of 45 cents per share payable on March 28, to shareholders of record as of March 12.

2017. August 10. Economies of scale have helped Bermuda-based Triton International Ltd benefit from stronger than expected demand for shipping containers. In the second quarter its net income was $45.7 million, or 62 cents per share, compared with $34.6 million for the first three months of the year. The company, which a year ago was formed by the merger of Triton Container International and TAL International Group, dominates the shipping container market. During the second quarter it saw a 1.3 per cent increase in utilization of its containers, to 97.1 per cent, and that figure has edged slightly higher since the end of June. Stronger than expected global containerized trade growth this year has boosted revenue, and that trend is expected to continue during the third quarter. Since Triton’s merger last July it has purchased 1.1 million TEU of new and sale-leaseback containers, enhancing its already considerable market reach at a time when some shipping lines and leasing companies have been unable to respond due to lingering financial challenges. The company generated a $9.6 million gain from sales of used containers in the three months to the end of June. The market for used containers has rebounded this year in tandem with rising demand for container usage. Triton’s adjusted pre-tax income was $58.8 million, up from $42.7 million in the first quarter, while adjusted net income was $47 million. Total leasing revenue for the quarter was $281.9 million, up about $16 million on the first three months of the year. Brian Sondey, chief executive officer of Triton, said: “Market conditions remained strong in the second quarter and we continued to benefit from our industry-leading scale, cost structure, and operational capabilities. Our customers are indicating that global containerized trade growth has been stronger than expected this year, and industry forecasters have generally increased their growth projections for 2017 into the range of 5 per cent. In addition, the inventory of new and used containers remains extremely tight, especially for dry containers. New dry container prices have been fairly stable since March in the range of $2,100 to $2,200 for a 20-foot dry container, and market leasing rates for dry containers remain above our portfolio average rates. Used dry container sale prices continued to increase in the second quarter and are now above our accounting residual values. Triton’s financial and operational strength had allowed it to fill a supply gap in the market, mentioning its purchase of 1.1 million TEU of new and leaseback containers. Our ability to quickly and aggressively invest to meet the industry’s container needs plainly demonstrates to customers that Triton is uniquely capable of managing their most critical container requirements.” Mr Sondey expects market condition to remain favorable at least until the end of the year, with the gap between supply and demand for containers remaining tight.

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.

   
Trivision Reinsurance Company Since June 2019. Class 2 insurer.
   
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.

2018. February 6. Bermuda-based technology start-up Trunomi has raised $3.5 million from investors to fund its expansion. CloudScale Capital Partners, a venture capital firm based in California’s Silicon Valley, said today that it participated in Trunomi’s latest round of financing. Trunomi, a provider of customer consent and data rights and privacy software solutions, will use the financing to help manage the rapid increase in demand for its technologies and to continue its global expansion. “Customer data rights and privacy are quickly becoming major issues of concern for companies, especially financial institutions, due to new regulations such as EU GDPR, UK Open Banking and marketing opportunities,” said Kim Perdikou, CloudScale partner. Trunomi enables businesses to comply with these new regulations by demonstrating compliance and accountability in customer data use and immutably proving the legal basis of processing. With Trunomi, businesses can empower their customers with control and transparency in how their data is used and turn regulation from a burden into a competitive advantage.” Stuart Lacey, Trunomi’s CEO, said: “We are thrilled that CloudScale Capital Partners are part of this financing. CloudScale brings significant strength to our investor base, and its partners bring with them a wealth of industry connections with the largest players in the global customer and data markets.” Trunomi was one of the winners at the Global Fintech Hackcelerator event in Singapore last November.

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

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.
   
Tysers (Bermuda) 2019. October 15. Two months after his arrival in Bermuda, insurance industry veteran Richard Tomkins has already experienced the best and worst of the island. A hole-in-one on the 165-yard seventh hole at Mid Ocean Club, combined with the wrath of Hurricane Humberto which sent a 30-foot cedar tree crashing onto the yard of the Hamilton Parish house he shares with wife Julie, gave the 51-year-old Englishman a quick introduction to the flipsides of Bermuda life. Mr Tomkins has relocated from London, where he was managing director of reinsurance at Tysers, to become managing director of Tysers (Bermuda) Ltd, the mid-Atlantic affiliate of the venerable Lloyd’s of London broker, which next year will celebrate its 200th year in business. Tysers was acquired by Integro Insurance Brokers Holding, the company Mr Tomkins joined in 2006, in the fall of 2018. That acquisition was quickly followed by Integro’s sale of its US retail business to Epic Brokers, part of the seller’s broader strategy to be a fully independent worldwide broker. Integro, which has had a servicing office here for US retail business since 2007, has now rebranded on-island as Tysers. Knowing that Mr Tomkins was bullish about the opportunities that a Bermuda office presented, his boss Andrew Behrends asked Mr Tomkins to write a business plan. “Four months later, here I am,” Mr Tomkins said. He added: “This is exactly the time to have an office in Bermuda, a time when there are problems getting adequate insurance capacity from other markets around the world, including Lloyd’s. We need a proper way for our worldwide clients to access the Bermuda insurance and reinsurance market.” London-based Tysers employs more than 500 people and handles upwards of $2 billion in annual premiums working with leading re/insurance markets worldwide to deliver risk solutions to a global client base with global exposure. In addition to the aforementioned reinsurance unit, Tysers at Lloyd’s also focuses on management risk/professional liability; international (other than US/UK) property and casualty; special risks — Tysers is the largest broker for insuring stallions; US P&C, giving managing general agencies in the US access to the Lloyd’s market; marine and aviation; and sports and entertainment, for events such as Formula One auto racing, and for entertainers regarding contingency/non-appearance. “I’ve just been asked to find some capacity for Elton John’s next tour,” Mr Tomkins said. He added: “Across all those divisions, we have dislocated business in Lloyd’s that needs a new home. We have clients that have needs and Lloyd’s and other markets are not fulfilling those needs. So, we need to find a solution in the Bermuda market.” And where might that solution be found? “All in the ‘Pitts Bay village’,” Mr Tomkins quipped. In addition to serving existing clients, and providing solutions for prospects and clients where other markets are constrained by either capital or regulation, geographically well-positioned Tysers Bermuda has other intentions. It seeks to be an independent access point for the Bermuda market for other independent worldwide brokers, as well as producing reinsurance business from within this market from traditional re/insurers as well as the ILS market. Mr Tomkins said: “I am a specialist reinsurance broker at heart, and that area is underserved in this marketplace. The reinsurance broking community here is polarized towards property cat and property retro. There are opportunities in the areas of casualty, other speciality lines like surety, project finance, D&O, anything other than property cat and property retro.” Familiar with Bermuda from numerous visits, Mr Tomkins said he wants to build the brokerage business in a non-traditional manner. “We are not just flag-wavers, we want to make strategic partnerships with other entities,” he said. “I am meeting new people here that I have never met before. I see the ILS space as an interesting place in which to develop relationships. I think they are looking to diversify within their models. There is only so much property cat and property retro that you can write. If investors are giving you money, you need to deploy it in a diverse way that is different to the core of your offering. They don’t need any more Florida exposure.” He added, more broadly: “From my own research, and from talking to people that I trust, the market here is growing beyond the traditional excess casualty and excess professional liability along with property cat and property retro, to represent other areas. Our plan here is to complement how businesses here are changing as well.” More than three decades into a career that he began as a claims broker, in part because his father-in-law was a broker at Lloyd’s, Mr Tomkins said he continues to enjoy the business. “In 1987 I thought ‘I’ll give this a go’.” he said. “Thirty-two years later, I am still doing it and I love it.”

2019. August 15. Independent Lloyd’s of London broker Tysers has announced the launch of a Bermudian-based affiliate. Tysers (Bermuda) Ltd will be headed by Richard Tomkins, who has relocated from London to become managing director of Tysers Bermuda. He was managing director of reinsurance at Tysers, and has more than 30 years of insurance brokerage experience and has covered both mainstream and specialty areas, predominantly in the treaty and binding authority lines of coverage, the company said. In 2006 he joined Integro Insurance Brokers Ltd, which now trades as Tysers, along with Nick Harrap to grow the firm’s reinsurance business. Mr Harrap is the new managing director of reinsurance for Tysers, following Mr Tomkins’s move. “I’m excited to build the Tysers Bermuda office. Tysers Bermuda will provide access to additional insurance markets for our independent broker relationships globally,” Mr Tomkins said. “We see particularly attractive opportunities that will complement our specialty focus in both insurance and reinsurance, along with providing additional capacity for our clients globally, where other markets are not responding to the demand.” He added: “Overall, this will provide our clients with the best possible solutions. We are also actively seeking to build our broking capabilities and expertise in Bermuda to match our needs as we grow the office.” Jason Collins, co-head of Tysers, said: “Tysers sees the expansion of the office in Bermuda, to serve its worldwide clients, as an important part of our overall strategic plan. Our commitment to Bermuda is demonstrated by moving Richard, an important leader of Tysers, to lead this new venture. He has supported the growth of our London business over the last 13 years and is the ideal person to execute this part of our strategy.” London-based Tysers employs more than 500 people and handles upwards of $2 billion in annual premiums working with leading re/insurance markets worldwide to deliver risk solutions to a global client base, the company said.

   
Tyson International Company Since 1993
   

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.
   
Ultra 2019. March 29. Bermuda-based digital asset exchange platform Ultra has revealed a new conservation finance mechanism. Ultra Reserve, a new financial token tool for forest and wilderness conservation, was unveiled at the Grounded Summit, a solutions-oriented gathering of scientists, technologists and conservation leaders collaborating on climate change solutions. Ultra Reserve is part of the Ultra digital asset management system and connected to a tokenized asset exchange. Tokenized assets are digital representations of physical assets which can be compiled, managed and exchanged. Ultra is managed by Hub Culture, founder of the cryptocurrency ven. In a statement, Hub Culture said the system enables the protection of forested land and wilderness through direct purchase and placement into trust for perpetual protection. Ultra Reserve tokens, which are digital, liquid and connected to the Ultra Exchange are related to the value of the land under protection are issued for sale or trade linked to the value of that land. Ultra Reserve tokens can be linked to many types of qualified land protection projects where the land is legally preserved from development or in trust. The qualification process for token issuance is managed through a digital contracting and legal terms library managed by Hub Culture, with the first projects linked to land purchases by Hub Culture held in perpetual trust. Aspects of Ultra assets like Ultra Reserve include immutable ledger issuance and blockchain integration of identity and purchase data connected to the project. Trading is connected to ven. Reserve joins Ultra Carbon, a tokenized carbon asset launched in 2018 and available to qualified buyers via Ultra and Hub Culture. Hub Culture said such tokens “help remove externalities from the wider economy by turning them into quantifiable assets. By doing so, the ability for businesses and consumers in the Hub Culture community to tackle grand societal challenges like preservation, climate change and other issues becomes more feasible.”
   
Unikrn Bermuda 2017. October 31. E-sports company Unikrn Bermuda Ltd has made the island’s first cryptocurrency launch. Unikrn describes itself as a “regulated e-sports betting platform” and its freshly launched cryptocurrency is known as UnikoinGold. Bermudian law firm Conyers was involved in the launch and Unikrn raised roughly $31 million in its digital token sale. The e-sports start-up was founded in 2014 with backing from investors like Elisabeth Murdoch, daughter of media baron Rupert Murdoch, and actor Ashton Kutcher. In 2015, Unikrn also received financial backing from Mark Cuban, an American venture capitalist and owner of NBA franchise, the Dallas Mavericks. Conyers said UnikoinGold’s launch had surpassed every other e-sports and gaming token sale to date. For the sale, Unikrn used smart contracts deployed via Ethereum to trade Ether, the cryptocurrency used on the Ethereum blockchain platform. Conyers director, Chris Garrod and associate, Jacqueline King worked on the matter. Rahul Sood, CEO of Unikrn, said: “We see a future where UnikoinGold is in the hands of millions gamers and e-sports fans, ushering in incredible opportunities to use UnikoinGold inside and outside of Unikrn’s own properties.” Commenting on the deal, Chris Garrod said: “We were delighted to work with Unikrn on their launch. As technology and platforms advance within the crypto-sector, we can expect to see more of these transactions. This is especially true as innovations in blockchain continue to evolve”. Bermuda has made important strides to support the technology sector, not only providing an ideal base for these companies to establish, but also acting as a forum for innovation, such as it relates to insurtech. 
   
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.
   
University of Vermont Health Network 2018. January 3. The University of Vermont Health Network is to move its captive insurance company from Bermuda to Vermont. The cost of the move is expected to be between $35,000 and $50,000, and the state of Vermont will collect about $50,000 annually in premium taxes. John Brumsted, chief executive officer of UVM Health Network, said part of the reason for the change was to do business locally where possible, adding: “So we’re happy that being in Vermont is the best business decision in this case.” The decision was taken by the directors of the VMC Indemnity Company, the health network subsidiary that provides medical malpractice insurance coverage for its medical providers. In a statement, the UVM Health Network said the change in location will have no impact on the providers insured by the plan, or on the cost of healthcare in Vermont.
   
Unocal A large US oil company. In 1990s it set up dozens of companies in Bermuda to cover its companies worldwide. 
   
Update Contracting  A Dublin-based company registered in Bermuda, a multidisciplinary provider of mechanical, engineering and plumbing services with experience in providing building services engineering to a wide range of client sectors. In November 2017 was awarded a Bermuda airport contract, working with local firms.
   
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 Emerging Markets 2018. February 14. Utilico Emerging Markets Limited, a closed-ended investment company, is to re-domicile to the United Kingdom from Bermuda. In a statement, the company said the proposed move was in its “best interests” but did not elaborate. The news follows an announcement in November when the company, which has investments in infrastructure, utility and related sectors, said it was considering options for a possible change in its domicile. The company is listed on the London Stock Exchange, and has a market capitalization of £461 million ($642 million), with assets of £570 million ($788 million). In today’s statement the company said: “Following a review, the board has concluded that it would be in the company’s best interests to re--domicile to the United Kingdom.” The proposed change will be conditional to the approval of shareholders and being sanctioned by the Supreme Court of Bermuda. The re-domiciliation is to be effected under the Companies Act 1981 of Bermuda. The move will result in the creation of a closed-ended investment trust in the UK, which will be known as Utilico Emerging Markets Trust plc. The company’s statement said the board will not be proposing any changes to the investment management arrangements as a result of the re-domicile and, “other than JP Morgan Chase Bank NA, London Branch who will act as administrator, it is planned that the principal service providers to Utilico Emerging Markets Trust plc will remain the same”.
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
Uulula 2019. January 29. A lead figure in a fintech company that was the first to be approved to launch an initial coin offering in Bermuda under the island’s new regulatory regime, has a history of court judgments and tax liens against him in the US. A new report by the OffshoreAlert website has highlighted the judgments dating back to 2007. In addition, the report features court judgment details relating to shareholders, officers and directors of Bermuda-based cryptocurrency exchange and coin company Arbitrade. Oscar Garcia is the founder and chief executive officer of Uulala Ltd, which has stated its mission is to provide access to financial tools to the under-banked and unbanked. In October it was hailed as the first company to meet “the stringent Bermuda fintech standard to launch from the jurisdiction”. Wayne Caines, Minister of National Security, at the time said: “For Bermuda to go from just the legislative concept nine months ago, to our first ICO now, with Uulala, is magnificent.” Uulala aimed to raise $50 million from the sale of its crypto tokens during an initial coin offering that took place between November and the end of December. Its white paper also mentioned a private sale of tokens undertaken earlier last year. The Royal Gazette yesterday attempted to contact the company to find out if the ICO had met expectations, and also for a response to the report that lists a number of court judgments and tax liens involving Mr Garcia and previous companies with which he has been associated. These include judgments and tax liens against Market 2 Millions Direct Inc, where Mr Garcia was CEO between 1996 and 2008. While some of the judgments were made after he had left the company — as indicated by the timeline on his LinkedIn profile — he is named in a later 2010 judgment. State and federal tax liens against Mr Garcia are also listed in the report, as is a 2013 failure to repay a loan judgment against 2GO Industries Inc and Mr Garcia, who was CEO of that business for three years. Since 2007, the judgments and tax liens that reference Mr Garcia or companies he was associated with total $540,000. Further tax liens and judgments were made against e-commerce business Lucrazon Global. Mr Garcia does not list this company in his LinkedIn profile, however he did appear in a Lucrazon promotional video where he introduced himself as its executive vice-president. The report also mentions an ongoing court action brought by a former business partner against Mr Garcia and a company called Uulala Inc that was formed in Delaware. Elsewhere, the report highlights Arbitrade, which established its global headquarters in Bermuda last year. Details are given of shareholders, officers and directors of the company who have been subject to lawsuits, judgments, liens and regulatory actions.

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  

Validus Group

10/19/2005.

2018. July 18. American International Group Inc has completed its acquisition of Bermud-based Validus Holdings Ltd. The deal was first announced in January and has now close following receipt of regulatory approvals and approval of Validus shareholders. Brian Duperreault, president and chief executive officer of AIG, said: “We are very pleased to welcome Validus to AIG. Validus’s experienced team and complementary businesses will help us deliver sustainable, profitable growth as we continue to build value for our shareholders.” In a statement, AIG said Validus adds “attractive and diversified franchises” with reinsurance platform Validus Re, an insurance-linked securities asset manager AlphaCat, Lloyd’s syndicate Talbot, together with Western World, a specialist in US small commercial excess and surplus underwriting, and Crop Risk Services, which provides access to the North American crop insurance market. Peter Zaffino, AIG’s CEO, General Insurance, said: “We look forward to working with the Validus team on the expanded capabilities and value we can deliver to our clients and broker partners. The Validus businesses will be immediately accretive to our performance in General Insurance now that they are officially part of AIG.” Validus was among the Bermuda “Class of 2005” reinsurance start-ups that followed in the wake of the major insured losses from hurricanes Katrina, Rita, and Wilma that year.

2017. December 28. Bermuda-based reinsurance firm Validus Holdings is sponsoring a $400 million catastrophe bond issuance. The issuance will be made through the newly formed Bermuda special purpose insurer Tailwind Re Ltd in the form of three tranches with varying levels of risk. The bonds will be listed on the Bermuda Stock Exchange, which confirmed the admission to listing yesterday. The transaction will provide retrocession and reinsurance to Validus Re, Talbot Underwriting and Validus’s syndicate at Lloyd’s of London, Western World and other subsidiaries of the firm, according to the alternative risk transfer website Artemis.bm. The Tailwind Re 2017-1 cat bond will provide coverage for multiple perils of US, Canada, Puerto Rico and the US Virgin Islands, named storms and earthquakes. The reinsurance protection from the Tailwind Re 2017-1 cat bond will run for a four-year period. Artemis reported that the offering was increased 23 per cent from the initially targeted amount to $400 million during marketing, as strong demand allowed the price guidance to drop below the initially marketed range for each tranche.

2017. October 26. Validus Holdings Ltd posted a third-quarter net loss of more than a quarter of a billion dollars, driven by heavy catastrophe losses. However, chairman and chief executive officer Ed Noonan said the hit could have been worse, but for the high quality of underwriting at the Bermudian insurer and reinsurer. And with heavy losses sweeping the industry, Mr Noonan believes Validus is now in a stronger competitive position. Validus said its net loss totaled $250.4 million, or $3.17 per share, for the three months ended September 30. Net catastrophe losses across its insurance and reinsurance businesses, together with its share of losses at AlphaCat, the firm’s alternative capital arm, amounted to $400.8 million. However, total notable losses — including the AlphaCat segment — were $962.2 million, suggesting that AlphaCat’s third-party investors took a significant hit. Natural disasters that incurred claims included hurricanes Harvey, Irma and Maria. Validus recorded an operating loss of $254.5 million, or $3.22 per share, just bettering the consensus forecast of a $3.30 per share loss of analysts tracked by Yahoo Finance. “While results of operations were negative, I am gratified with this outcome which is the result of world-class underwriting, risk, financial and operational management throughout our global businesses,” Mr Noonan said. “Despite significant natural catastrophes we close the quarter with a very strong balance sheet and a belief that the quarter’s results across the industry have enhanced our competitive position.” Book value per diluted share fell 6.3 per cent, inclusive of dividends, to $43.13 at September 30 from $46.45 at June 30. The combined ratio — the proportion of premium dollars spent on claims and expenses — was 138.8 per cent, when only Validus’s share of losses from AlphaCat are included.

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.
   
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.
   
Velocity Ledger Holdings Holding company of those mentioned immediately below.

2019. April 10. Bermuda-based Velocity Ledger Holdings Ltd has been approved to conduct an initial coin offering, or ICO, by the Ministry of Finance. One of VLHL’s subsidiaries, VL Financial, wants to launch a digital asset exchange in Bermuda that would support asset-backed investment and real estate tokens. The company has applied to the Bermuda Monetary Authority for a digital asset business licence. The coin offering is intended to fund the operations of VL Financial and another subsidiary, VL Technology Ltd, a private blockchain enabled platform for the generation of tokenized assets, secondary trading and settlement of trades. A white paper on the offering on Velocity Ledger’s website states that the token exchange rate will be one token to one Bermuda dollar. Investors can buy tokens either with dollars or with the cryptocurrency ethereum. “The maximum amount that the offering can raise is $22 million, assuming that all the tokens offered for sale are sold without discount,” the white paper adds. A statement issued by the company said that VL tokens may be used for payment for licensing VL technology platform and services. Benefits include revenue sharing and monthly distribution of newly minted tokens to stakeholders. Over the five-year revenue-sharing period, from January 2020 to January 2025, the white paper states that 833,333 tokens will be distributed among users every month. The VL token sale was approved on March 22 this year and the ICO is expected to start this month and continue through July 2019. “Bermuda has adopted pragmatic, non-restrictive frameworks for digital assets that provide regulatory certainty to market participants,” Shawn Sloves, CEO of Velocity Ledger, said. “Bermuda will be a focal point for blockchain initiatives globally.” David Burt, the Premier, said: “Velocity Ledger represents the exact kind of company that Bermuda is pleased to attract. They have a traditional finance industry pedigree and are building solutions for the institutional finance market. Their platform will showcase the potential of what fintech and Bermuda have to offer. I am pleased that they have been granted a licence to issue an ICO and will be proceeding to apply for a digital asset business licence. I look forward to them developing their business and creating jobs in Bermuda.”

Velocity Ledger Technology 2019. November 21. Bermuda-based fintech outfit Velocity Ledger Technology Ltd has announced the beta launch of the Velocity News and Research Channel, an information hub to help investors navigate the rapidly evolving digital asset ecosystem. The company said the platform is a destination for digital assets analytics and market research, giving users insights from a large community of experts working in the blockchain and fintech sectors. VL Tech said the channel includes a research portal, which allows third-party regional and industry experts to contribute their insights to the platform in exchange for performance based payouts in VL tokens or Fiat. Velocity Channel, the company said, is assembling a group of vetted contributors to begin posting to the web application. Eventually, it said it will open up applications to the wider community as it builds a network of researchers that cover technological, legal, and financial developments across many jurisdictions and business sectors. The platform features a 24/7 news feed delivering real-time blockchain and security token offering news aggregated from more than 20 curated publications. The company said it also features an expansive STO database offering in-depth asset profiles of vetted projects across industries and jurisdictions. Shawn Sloves, chief executive officer of VL Tech, said: “Understanding the inherent challenges associated with covering security tokens, a regulatory and technological innovation which crosses jurisdictional lines and has the potential to disrupt the capital formation processes of many industries, our platform draws upon the expertise of a diverse group of researchers to provide users with in depth, actionable insights.” The company said Velocity Channel uses blockchain technology to index and generate hashes of all site activity, allowing the platform to measure content performance and keeping an historical record of changes made to the site. The team plans to use feedback from the beta launch to improve the platform and continue building out new features to enhance their product offering.
   
Vemeer Reinsurance 2018. December 18. A potentially $1 billion reinsurance company has been unveiled by RenaissanceRe Holdings Ltd and major pension fund manager PGGM, of the Netherlands. The new company is called Vermeer Reinsurance Ltd has approval in principle to be licensed and regulated by the Bermuda Monetary Authority as a Class 3B reinsurer. Vermeer has received an “A” financial strength rating from AM Best. It will provide capacity focused on “risk remote layers” in the US property catastrophe market, and be managed by Renaissance Underwriting Managers, Ltd. PGGM is a Dutch pension fund service provider with €215 billion of assets under management. It has a 13-year track record of investing in insurance and is one of the largest end-investors in the ILS asset class. Vermeer will be initially capitalized with $600 million of equity from PGGM, with up to a further $400 million available to pursue growth opportunities in 2019, for a total of $1 billion of capital. PGGM is the sole investor in Vermeer. Aditya Dutt, president of Renaissance Underwriting Managers, said: “We are proud to partner with a respected global leader in PGGM to create Vermeer. This continues Renaissance Re 20-year track record of creating and managing joint ventures that match well-underwritten portfolios of risk to diverse sources of capital. We continue to be a pioneer in this area and are pleased to bring our excellent service and deep expertise in underwriting, modelling and claims to address the risk challenges of our clients.” Eveline Takken-Somers, senior director, credit and insurance linked investments of PGGM, said: “Since 2014, we have focused on building strategic partnerships with top tier reinsurance companies to improve access to and selection of risk. We seek efficient implementation of our investments as we believe this leads to superior returns. RenaissanceRe is a world leader in both reinsurance and the creation of joint venture vehicles and we look forward to the opportunities Vermeer will provide as PGGM continues to grow its insurance portfolio.”
   
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
   
Victor Insurance Holdings 2019. May 17. Victor Insurance Holdings, the world’s largest managing general underwriter, has appointed Anthony Stevens as president of Victor International, effective immediately. Mr Stevens, who was previously head of international development for Marsh’s global risk and digital division, will be responsible for advancing Victor’s insurance strategy outside North America with a specific focus on innovative insurance products and digital solutions, the company said. Victor has offices in Bermuda, United Kingdom, Netherlands, Germany, Italy, Australia, Canada, and the United States. Mr Stevens is based in London and reports to Christopher Schaper, chief executive officer of Victor Insurance Holdings. He succeeds Paul Drake, who previously announced his plans to retire from the firm in September. The company said Mr Stevens brings a unique expertise in technology, strategy and international growth to this new role, having worked throughout Europe and Asia-Pacific on the carrier, brokerage, and consulting sides of the industry. Mr Schaper said: “A technology-driven leader, Anthony’s extensive experience in building next-generation commercial insurance distribution models, as well as international development, make him ideally suited to drive Victor International’s ambitious growth plans.” Mr Stevens said: “Technology, data, and analytics are globally revolutionizing the way in which the insurance industry transacts business, and managing general underwriters are at the forefront of this transformation. Victor is a new breed of MGU, and is now well established in numerous markets including the UK and across Continental Europe. I’m excited to develop new opportunities incorporating innovative insurance products and digital solutions throughout the international insurance market.”
   
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 Advertised extensively in UK, USA, etc. All Bermuda-registered companies of Viking River Cruises feature voyages on Europe's 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 Viking Longship river cruises should note that mid-range cabins are among the smallest of all river boat services in Europe, only 135 square feet, bathrooms are uncomfortably tiny, internet WIFI is the worst in reliability of all European river cruise vessels, from Spain and so low-powered that guests will not be able to connect most of the time to send or receive files and photographs. When paying guests sign up for their Viking Longship cruises they often include hotels before and after the Viking Longships. In complete contrast to the very cramped cabin and bathroom conditions on board, the before-and-after hotel rooms are very comfortable, at least 2-3 times bigger than the vessels' rooms and bathrooms. Also worth noting is that Viking charges one of the highest advance deposits for bookings and does not include drinks as standard except for wine or beer at lunch or dinner. In startling contrast to the very high cost of a Viking Longship vacation for a week or 10 days, guests from the UK can book a 2-week stay with premium economy return flights and all drinks included, at a Caribbean beach resort such as Sandals, for appreciably less than a Viking Longships European river cruise and with a much lower initial deposit.

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
   
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.
   
Viribus Re January 8. MS Amlin has set up a new Bermuda-domiciled sidecar with more than $60 million of capital backing. The global re/insurer with offices in Bermuda, the UK and continental Europe, said the new special purpose insurer, Viribus Re Ltd, would provide collateralized capacity support for MS Amlin Syndicate 2001’s global reinsurance portfolio in 2018. Viribus Re Ltd has entered into a quota share agreement with MS Amlin, from the start of this year, under which it will reinsure a share of MS Amlin’s worldwide property catastrophe excess of loss portfolio. MS Amlin said capital had been committed by a number of third-party investors, including MS Amlin, which has committed $5 million. James Few, global managing director of reinsurance at MS Amlin, said: “This is an important long-term strategic initiative for MS Amlin as we continue to seek ways to build capacity and relationships with capital market partners, whilst providing us with greater scope and flexibility to support the evolving needs of our clients. We are delighted to have secured funding for Viribus Re Ltd from a range of new partners whom we look forward to working with closely in the future.”
   
   
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. 
VMC Indemnity Company Since 1993
   
   
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.

2019. March 28. Bermuda-registered reinsurer Watford Holdings Ltd started trading on the Nasdaq Stock Exchange today. Existing shareholders of the company, which was founded by Bermudian re/insurer Arch Capital five years ago, were aiming to sell 3.59 million shares in an offering to the public. The company itself was not to receive any proceeds from the offering. Watford was formed in January 2014 and had capital of about $1.1 billion as of the end of last year. It has an outsourced business model, partnering with Arch on the underwriting side, while its investments are overseen by HPS Investment Partners, a New York-based credit investment platform that manages about $47 billion in assets. Arch Re still owns 14.7 per cent of Watford, according to a filing with the Securities and Exchange Commission. No target price for the offering was set. Watford made a net loss of $54.5 million in 2018. Book value at the end of 2018 was $39.22 per share. Trading under the ticker symbol “WTRE”, the company closed on $27 on the trading of 129,131 shares in New York, up 6.9 per cent from its opening price of $25.26, according to Nasdaq data. John Rathgeber, Watford’s CEO, said: “This is an important milestone in the evolution of Watford. Listing the company on the Nasdaq achieves the objective of providing a liquidity mechanism for our existing shareholders; it will allow us to diversify our investor base; and it will give us access to the public capital markets when we need to finance our growth."

Watford Re A multi-line Bermuda reinsurance company.
   
Watlington Waterworks 2019. September 17. Watlington Waterworks Ltd’s profits fell in the first six months of the year, as piped water sales dipped. In the company’s report to shareholders for the first half of 2019, Watlington said rainfall that was three inches higher than the same period of last year dampened demand for piped water. However, sales of all other products and services increased. Watlington’s profits for the six months through June 30 totaled $1.3 million, down from $1.41 million in the corresponding period of 2018, according to financial statements filed with the Bermuda Stock Exchange. Revenue slipped to $5.62 million from $5.79 million, as a $202,000 decrease in water sales was partially offset by gains in other areas. Watlington said its Utility Division, which supplies piped water as a supplement to rainfall harvesting, generates 65 per cent of revenue. “The company’s results therefore have a strong inverse correlation to rainfall,” Watlington wrote to shareholders. “In years when rainfall is below average one can expect stronger results and vice versa. For the first six months of this year rainfall was more than three inches above last year. This created softer demand for our piped water product, which resulted in piped water sales being down compared to last year. This was offset to some extent by increased sales from both our bottled water and retail plumbing divisions improving from the same period last year.” The company said it was continually connecting new customers to its pipeline network and had to invest in infrastructure. “The company completed the purchase of a parcel of land in Southampton on which it is intended to build a new large reservoir and water treatment building,” Watlington stated. “Excavation of the site commenced during the second quarter. Plans for the structure are well advanced with the aim to commence construction sometime in the first half of next year. This total project will involve significant capital investment in our infrastructure to meet customers’ current and future demand.”

2019. May 7. Watlington Waterworks Ltd made a full-year profit of $2.77 million in 2018. In its full-year financial statements posted on the Bermuda Stock Exchange website, Watlington said comprehensive income fell from the record $3.17 million achieved in 2017. Watlington’s utility division sells water via its network of pipelines to the central and western parishes, while its bottled water division prepares and distributes the Pure Water brand. Revenue climbed slightly last year, to $12.15 million from $12.06 million in 2017. However, production, administration and distribution expenses all rose to a combined total $9.42 million, up from $8.91 million in 2017. “The company experienced increased operating costs across the complete spectrum of its operations,” Watlington’s board said in a statement to shareholders. Watlington said it had invested in upgrades at its seawater reverse osmosis plant and its retail sales and administrative facilities at its Devonshire headquarters. “Future investment to strengthen bottled water infrastructure is planned through the current year,” the statement added. Watlington held $8 million in reserve as of the end of last year: $7 million of it earmarked for infrastructure improvements and a further $1 million as a contingency for unexpected future expenditure. Watlington plans to build a reservoir in the West End. “A search for a site on which to build a significant reservoir to improve overall water production, storage and distribution efficiency was found and the company has been steadily making progress as it goes through the regulatory process to receive permission to develop the site,” Watlington stated. “It is anticipated that the sale will be completed this year.” Watlington added that it had “benefited from having a long-serving, very able team of Bermudians” and that turnover among staff at all levels had been low. “The board feels investment in human resources is even more important to the ongoing long-term success of the company than its physical infrastructure strengthening policy. It is fully committed to the recruitment and development of its personnel. Costs attributed to salaries and benefits for employees are expected to increase in the short-term because of this policy of human resource development and succession planning.” Directors declared a bonus dividend of 20 cents per share based on 2018 results to all shareholders of record on March 15, 2019. The dividend was paid on March 29, 2019. Watlington’s shares closed at $21.50 on the BSX yesterday, giving the company a market capitalization of $22.84 million.

   
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
   
Western Growers Tom Nassif, CEO. Founded in 1926, wga.com represents local and regional family farmers growing fresh produce in Arizona, California, Colorado and New Mexico.  Members and their workers provide over half the nation's fresh fruits, vegetables and tree nuts, including nearly half of America's fresh organic produce. Some members also farm throughout the U.S. and in other countries.
   
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.
   
White Angels Cleaning Service Activities include a $135,000 three year contract at King Edward VII Memorial Hospital for the Lamb Foggo Urgent Care Centre in St. David's.
   
Whitechapel Management Par-la-Ville Road, Hamilton
   
Whitecross Development 2018. June 12. Rosemont City Place units are now up for sale with a starting price of just over $1 million. Nikki Thomas, real estate assistant at Coldwell Banker Bermuda Realty, said the properties have been on the open market since the beginning of last month and already have a unit in contract. The two- and three-bedroom homes are located on Rosemont Avenue, next to the Ascots restaurant. The properties have previously been rented for around $6,000 to $9,000 a month. Ms Thomas said owner WhiteCross Development Ltd believes it’s the right time to sell. “We have the first apartment in contract and now the ball has started to roll,” Ms Thomas said. “All apartments are on the market and ready to be sold. Right now we currently have about a dozen left.” Ms Thomas argued that it was an attractive investment, as the location is within walking distance of the city. “It is so close to the city, you can walk to work if you choose, but you don’t feel like you’re directly in the city. The area is green, you hear the birds, so you don’t feel like you’re in a city-centre residence.” Another benefit of Rosemont City Place is the parking lot. “We have the underground parking, there’s not a lot of places that give that option,” Ms Thomas said. “The first four residences are being sold with free parking space, but any units sold after that can pay for the underground parking with an elevator that takes you directly to your apartment floor, which costs $30,000. This is a great opportunity for people from the rental side of things. The buyers we see that come through here are mostly people who want to downsize from a larger home in a few years, which will give them a great return on investment.” The apartments are available to locals, PRC holders and international buyers. The two-bedroom apartments start at $1.075 million and the three-bedroom units start at $1.45 million. Other amenities beside the underground parking, are a fitness centre, access to the private pool and sundeck, extra storage space, elevator access and secure access with security card system. There is a quarterly maintenance fee for the upkeep of the elevators, common space, pool, gym and parking. Each residence has a large private balcony, is furnished with major appliances, including a microwave, refrigerator and dishwasher. They are also centrally air-conditioned and heated.
   
White Mountains Insurance Group Moved from New Hampshire to Bermuda in 1999.

2019. February 6. White Mountains Insurance Group has reported a $141 million comprehensive loss attributable to common shareholders during the fourth quarter. For the full year, the loss was $146 million. That compares with comprehensive income of $23 million and $631 million for the fourth quarter and full year, respectively, in 2017. The 2017 full-year figure included a $557 million gain from the sale of the OneBeacon insurance company. Bermuda-domiciled White Mountains reported book value per share of $896, and adjusted book value of $888 at the end of 2018. Book value for the fourth quarter was down 5 per cent, and for the full year was 4 per cent lower. White Mountains said that the estimated gain of $55 per share as a result of a transaction announced this month by MediaAlpha, an advertising company in which it is a significant equity holder, would have resulted in its book value per share being $951. Manning Rountree, chief executive officer, described the fourth quarter as “tough” and said the book value of shares was impacted by “the rout in the equity markets on our investment portfolio”. He said: “BAM enjoyed a strong fourth quarter, ending the year at new highs for par in force, total premiums and claims paying resources and, in December, making a $23 million cash payment on the surplus notes. NSM posted mixed results across its existing business lines in the quarter, while closing two new bolt-on acquisitions. MediaAlpha had yet another strong quarter, ending the year at new highs for revenues and Ebitda [earnings before interest, taxes and amortization].” BAM is a mutual insurance company that is owned by its members. It insured municipal bonds with par value of $5.4 billion in the fourth quarter, compared with $3.3 billion in the final quarter of 2017. For the full year it insured municipal bonds with par value of $12 billion, up from $10.3 billion. For the fourth quarter and full year BAM had pre-tax losses of $8 million and $61 million, respectively. Seán McCarthy, CEO of BAM, said: “Total premiums grew 7 per cent in 2018 to a record high of $111 million, despite lower new-issue municipal bond volume. Solid investor demand for BAM’s guaranty, including increasing interest from large institutions, helped BAM’s secondary market activity grow 21 per cent. We also completed our first assumed reinsurance transaction, bringing total par in force to a new high of $52 billion.” Meanwhile, NSM Insurance Group, which is a full-service MUG [managing general underwriter] and programme administrator for speciality property and casualty insurance, reported a pre-tax loss of $3 million for the fourth quarter. MediaAlpha reported break-even results and pre-tax income of $9 million in the fourth quarter. It had advertising and commission revenues of $79 million ad $296 million for the fourth quarter and full year, respectively. White Mountains announced this week that MediaAlpha has signed a definitive agreement to sell a significant minority stake to Insignia Capital Group in connection with a recapitalisation and cash distribution to shareholders. White Mountains will receive an $85 million cash payment as a result of the deal, and will retain a 42 per cent ownership interest in MediaAlpha. During the fourth quarter, White Mountains repurchased and retired 7,425 of its common shares for $6 million, at an average share price of $841. For the full year, the company repurchased and retired 592,458 of its common shares for $519 million, at an average price of $877. White Mountains total return on invested assets declined 4.4 per cent in the fourth quarter, and 1.7 per cent for the year. Mark Plourde, managing director of White Mountains Advisors, said: “These are disappointing results, driven by our asset allocation and the sharp decline in equity markets in the fourth quarter. The fixed income portfolio returned 1.2 per cent for the year, outperforming the BBIA Index return of 0.9 per cent. Common stocks and other long-term investments returned -3.6 per cent for the year, outperforming the S&P 500 return of -4.4 per cent. Our international equity portfolios under performed, while our other long-term investments portfolio outperformed.”

2019. February 4. Bermuda-based White Mountains Insurance Group Ltd will receive an $85 million cash payment as the result of a deal involving a company in which it owned a majority stake. MediaAlpha has signed a definitive agreement to sell a significant minority stake to Insignia Capital Group in connection with a re-capitalization transaction. The transaction values MediaAlpha at approximately $350 million. White Mountains will remain a significant equity holder in MediaAlpha going forward with a 42 per cent ownership interest on a fully diluted basis. MediaAlpha’s founding managers will continue to lead the business, and each will remain a significant equity holder. MediaAlpha is an advertising technology company that has developed distinctive platform solutions for auto, motorcycle, home, renter, health and life insurance. White Mountains said the $85 million payment it would receive would result in a gain of about $55 to the insurance group’s book value per share. Manning Rountree, chief executive officer of White Mountains, said: “This transaction is an important milestone for MediaAlpha. It recognizes the significant value that the MediaAlpha team have created to date, and it sets the stage for further value creation going forward. “We are excited to welcome Insignia Capital as our new institutional investment partner. The Insignia team has a proven track record of investing in high-growth marketing technology businesses, and their strategic and operational guidance will be highly valuable.” The transaction is expected to close within 60 days. It is subject to the satisfaction of customary closing conditions and MediaAlpha securing new third-party debt financing of approximately $100 million, the proceeds from which will be used to effect a dividend re-capitalization.

2017. October 16. MediaAlpha, a company owned by Bermuda-based White Mountains Insurance Group Ltd has acquired parts of Healthplans.com’s health and life insurance business. Terms of the transaction were not disclosed. MediaAlpha is an advertising technology company. It operates exchange platforms that facilitate real-time transactions between advertisers and publishers of performance media (i.e., clicks, calls and leads). MediaAlpha has developed distinctive platform solutions for a range of insurance verticals, including auto, motorcycle, home, renter, health and life, and non-insurance verticals, including travel, education, personal finance and home services. It powers over 25 million transactions annually, representing more than $250 million in aggregate media spend. In a statement, White Mountains said the acquisition will expand MediaAlpha’s footprint in the health insurance and life insurance verticals and increase the company’s scale and profitability. “We are pleased to support MediaAlpha in its acquisition,” commented Chris Delehanty, Managing Director of White Mountains. “The deal supplements MediaAlpha’s strong organic growth and further establishes MediaAlpha as the leader in its marketplace.” The acquisition was financed with debt from MediaAlpha’s existing lender, Bridge Bank, and equity funded by MediaAlpha’s existing unit holders. As a result of the transaction, White Mountains’ ownership in MediaAlpha increased to approximately 59 per cent on a fully-diluted basis.

2017. August 17. White Mountains Insurance Group Ltd is aiming to buy back up to half of a million of its common shares, valued at more than $400 million, in a “modified Dutch auction”. Through the self-tender offer, the Bermuda-based firm will give shareholders the opportunity to part with shares for a cash payment of between $825 and $875 per share. On Wednesday, White Mountains closed at $850.65 in New York trading. The announcement of the tender came in a filing with the Bermuda Stock Exchange. Companies frequently use excess capital to buy back their own shares for cancellation, in order to boost the value of each share. The buyback announcement was welcomed by investors, as White Mountains stock climbed more than 2 per cent to as high as $869.42 in morning trading on the Nasdaq Stock Exchange. “The self-tender offer allows shareholders to indicate how many shares and at what price within the company’s specified range they wish to tender their shares,” White Mountains said in a statement. “Based on the number of shares tendered and the prices specified by the tendering shareholders, the company will determine the lowest price per share within the range that will enable it to purchase 500,000 shares or such lesser number of shares that are properly tendered.” The company will determine the purchase price, based on the results of the offer. No shareholder will be paid less than their agreed selling price, but some may be paid more. The offer opened yesterday and is expected to expire at 12 midnight, New York time, at on September 14, 2017, unless extended. The company, nor its directors, made any recommendation as to whether any shareholder should participate.

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 2018. April 4. Large insurers are increasingly entering the market to buy reinsurance companies, according to risk adviser Willis Re. In its latest 1st View report, Willis Re said it had seen “largely flat” renewal pricing on loss-free programmes, but some modest growth in demand for reinsurance. James Kent, chief executive officer of Willis Re, said there were significant changes going on in the nature of the ongoing consolidation in the industry. “The most dramatic shift in the last few months has been the dynamic change in reinsurance mergers and acquisitions with large primary carriers re-entering the reinsurance market, having largely abandoned the sector in the 1990s and early 2000s,” Mr Kent said. "Many major non-life primary companies with large personal line and small medium enterprises portfolios are facing the greatest disruption from new distribution models. Similarly, large primary companies with life portfolios are facing profitability challenges and an inability to differentiate their results from general investment markets. Against this background, buying large transparent, well-managed reinsurance companies with synergies in some areas of their existing portfolio is proving attractive. When big insurers exited the reinsurance market at the turn of the century, it was because of poor exposure management that led to earnings volatility and sometimes large underwriting losses that resulted in capital strains. The assumption now is that access to diversified sources of risk, allied with greater confidence that historic technical issues are now better managed through advanced risk quantification techniques, is sufficiently enticing for large primary companies looking for growth, The ‘Big Balance Sheet’ reinsurer model is being reinvigorated and the real test for management will be their portfolio management ability and the agile use of their large balance sheets.” While rates had been largely flat, reinsurers could take some encouragement from an increase in demand from a number of buyers that had boosted reinsurance premium volumes. “Furthermore, insurance companies, particularly within the C-suite, continue to assess the impact of reinsurance buying to support earnings and capital management, with the value of reinsurance seen as higher than it has been in recent years. Away from the headline property catastrophe renewals, many other classes managed uncontentious renewals and despite limited movement in original rating levels, underlying exposure growth has fed through into modest increased reinsurance premium volumes for reinsurers.” Willis Re said there had been a “rapid reload” of insurance-linked securities funds after initially overstated losses from last year’s hurricanes Harvey, Irma and Maria, which in turn had led to a continued oversupply of capital that was helping to restrain rate increases. There was apparently no impact on investor appetite, the report added. “Many of the larger ILS funds are building up their own analytical skills and developing their ‘own view of risk’,” Mr Kent said. “This is helping them manage their investors’ expectations with regard to less obvious exposures. Full-year results from reinsurers had revealed an increasingly worrying trend”— the deterioration of virtually all non-natural catastrophe lines and a limited reserve release available from past years. While long predicted, the impact of this deterioration is now compelling virtually all managers to take decisive action. This is evident in many reinsurers and specialty carriers stepping up their efforts to reshape their portfolios, exiting unprofitable lines of business and implementing cost-saving programmes.” The outlook was not completely grim for reinsurers, however. Mr Kent said: “Any hopes reinsurers held for meaningful real rate increases to help offset difficult 2017 results have been dashed. Now, a slower upward trend across different lines of business is what observers are stating as the more likely trajectory, particularly if loss ratios on the underlying business continue to deteriorate."

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 2020. March 9. Aon said today it would buy Willis Towers Watson for nearly $30 billion in an all-stock deal that creates the world’s largest insurance broker. Both companies have significant operations in Bermuda. However, as Aon is the second largest insurance broker in the world and Willis the third, the deal is likely to face antitrust regulatory hurdles. The combined company would be worth $76 billion by current share prices and adds scale in a battle with falling margins and challenges ranging from the coronavirus to climate change. In Bermuda, both companies have reinsurance and insurance broking operations and both also provide captive management services. Aon is based in offices on Woodbourne Avenue and Willis on Pitts Bay Road. “We know each other well and this came together pretty quickly,” Aon chief executive officer Greg Case said on a call with analysts, adding that the deal was motivated by “unmet client needs”. First mooted a year ago, the deal creates a company that will overtake market leader Marsh & McLennan in terms of value. Aon confirmed last year that it was in early stage talks with Willis Towers before quickly scrapping the plans, without giving a reason. Analysts said that an Aon-Willis deal might have trouble clearing antitrust hurdles and Aon’s shares plunged 14.5 per cent in pre-market trade, while Willis’ shares slid 7.1 per cent, although both moves came in a market hit heavily by today’s collapse in oil prices. “The insurers and reinsurers are unlikely to be happy about the deal given the scale of the two players coming together,” said analyst Ben Cohen at Investec. The deal terms state Aon will be obligated to pay a fee of $1 billion to Willis if the deal were to fall through. Aon chief financial officer Christa Davies said she was confident of getting all the “necessary approvals” for the deal. The deal follows other moves to consolidate the global insurance business. Marsh last April sealed its own purchase of British rival Jardine Lloyd Thompson for $5.7 billion, at the time cementing its position as the biggest global player. Under the deal, Willis shareholders would receive 1.08 Aon shares, or about $232 per share as of Aon’s Friday close, representing a total equity value of $29.86 billion. The offer is at a premium of 16 per cent to Willis’s closing price on Friday. When the deal closes, existing Aon shareholders will own about 63 per cent and existing Willis investors will own about 37 per cent of the combined company on a fully diluted basis. The deal is expected to add to Aon’s adjusted earnings per share in the first full year of the deal, with savings of $267 million, reaching $600 million in the second year, with the full $800 million achieved in the third year. The deal is subject to the approval of shareholders and regulatory approvals and is expected to close in the first half of 2021. Aon will maintain its headquarters in London and the combined firm will be led by Aon CEO Case and Aon CFO Davies. Aon’s financial adviser for the deal is Credit Suisse Securities, while Willis was advised by Goldman Sachs.

2019. November 1. LONDON (AP) — Willis Towers Watson yesterday reported third-quarter earnings of $75 million. The London-based company, which has a Bermuda-incorporated subsidiary, said it had net income of 58 cents per share. Earnings, adjusted for one-time gains and costs, came to $1.31 per share. The results beat Wall Street expectations. The average estimate of ten analysts surveyed by Zacks Investment Research was for earnings of $1.30 per share. The advisory, broking and solutions company posted revenue of $1.99 billion in the period, which also beat Street forecasts. Seven analysts surveyed by Zacks expected $1.98 billion. Willis Towers Watson shares have increased 25 per cent since the beginning of the year. The stock has increased 35 per cent in the last 12 months.

2018. December 28. Insurtech investments rose to $1.3 billion in the third quarter, double the amount for the previous quarter, according to a report by Willis Towers Watson. While individual investment rounds were larger, the number of transactions reported declined 20 per cent to 57, according to the risk adviser’s new Quarterly Insurtech Briefing. The third quarter saw eight transactions over $40 million, up from six, and the continued active participation of re/insurers. The pipeline of insurtech partnerships remains “very strong”, the report stated. Among Bermuda-based re/insurers mentioned in the report are Hiscox, whose partnerships with Hi Marley and Eigen Technologies are highlighted. Hi Marley is described as an intelligent conversation platform, specifically designed for communication between insurers and their customers. Eigen is a research-led artificial intelligence company that specializes in neuro-linguistic programming for financial-services firms. XL Catlin, now Axa XL, also partnered with Slice, a New York-based start-up focused on the on-demand and gig economies, to offer cloud-based, on-demand cyber insurance for US small to medium-sized businesses. The briefing adds that many insurtech companies are deploying parametric structures, which unlike indemnity-based insurance pay out a predefined sum based on a trigger chosen as a proxy for an actual loss. Parametric products align the interests of insurers and insureds in a way which traditional indemnity covers do not, by removing the parties’ respective incentives to manage down or inflate claims. Parametric insurance is also substantially simpler than indemnity products, since it does not require costly claims handling. With parametric insurance, frictional costs can be very low. Some insurtech firms have acknowledged these benefits and combined technology and information within parametric or event-based insurance structures to address existing inefficiencies or coverage gaps. They use a combination of third-party and proprietary data, advanced sensors, and the capabilities of the internet of Things to develop a new paradigm of insurance offerings for the connected world. The briefing refers to several examples, including the use of parametric structures earthquake, travel disruption, flash flooding and horticulture risks. “The impact of parametric insurance can be much more profound than simply lowering frictional costs and mitigating the potential for fraud,” Rafal Walkiewicz, chief executive officer of Willis Towers Watson Securities, said. “First, the use of parametric insurance encourages conversation around risk mitigation. Second, the simplicity of parametric insurance facilitates a decoupling of the various functions of the industry value chain and it allows for modularization.” Magdalena Ramada, Willis Towers Watson senior economist, said: “When automated correctly, besides being increasingly economical to deploy, parametric products are an important tool to access underserved segments and bridge coverage gaps. Their underlying policy structure and digital nature fundamentally reduce the complexity and frictional costs of traditional insurance, allowing for the simplicity, scalability and flexibility needed to cater to most of these markets.” In the report, Dr Ramada adds: “Data from drones, satellites, smart devices and wearables can deliver automation in many parametric insurance products. They can further help to improve the efficiency and pricing accuracy of indemnity-based insurance. They can increase the pool of insurable people and enable pricing and products that adapt with people and businesses’ needs and behavior. That is not the future, it is the present.”

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.

   
Winchester Global Trust Has since acquired Fiduciary Partners
   
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
   
XBTO International 2019. July 26. Bermuda-based digital asset trading company XBTO International Ltd (Bermuda) has become the third firm to be granted a licence under the island’s Digital Asset Business Act. XBTOI, a licensee of XBTO Group, is a digital asset provider offering best-in-class market making products through superior proprietary technology and connectivity, the company said, adding that this licence allows XBTOI to roll-out a variety of next generation, innovative digital asset solutions, and cements its leadership role across crypto finance. Julien Auchecorne, chief operating officer of XBTOI, said: “This is a significant development for our business in Bermuda and across the global trading landscape. We are engaged in many exciting projects and are proud to showcase Bermuda’s growing status as a leading offshore digital asset hub. Our local commitment extends beyond our own office presence and working relationships with service providers on the island. We presently have a mandate to expand our office following our licence obtention and remain committed to collaborating with all Bermudian stakeholders to explore how we can educate the island on the digital assets industry.” David Burt, the Premier, said: “I am exceptionally pleased that XBTO International has been granted a digital asset business licence by the Bermuda Monetary Authority. XBTO represents a company with solid financial services pedigree that has seen the opportunity and potential offered by the digitisation of finance. XBTO was one of the earliest fintech companies to choose Bermuda as its domicile for its international operations and has been a welcomed proponent and evangelist for the regulatory clarity that Bermuda has developed with our regulatory framework. We appreciate their collaboration, feedback and insights as we strive to deepen and diversify our footprint in the fintech industry. We look forward to building upon our relationships with key players like XBTO as we continue to play a constructive role in the further development of this rapidly evolving industry.” Steven Rees Davies, lead partner at XBTOI’s legal counsel, Appleby (Bermuda) Ltd, said: “We congratulate Julien and the team at XBTOI on this well-deserved achievement. The receipt of a digital asset business licence from the BMA is testament to the standards by which XBTOI operates globally and sets them apart from others in this highly competitive sector.” Present in Bermuda since January 2018, XBTOI is a proprietary digital asset trading firm transacting globally. The company says it provides counter parties with best-in-class solutions and strategies through superior proprietary technology, risk management and relationships with key market participants.
   
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 Capital Group

XL Building, Bermuda

   
   
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)

XL at O'Hara House

2019. February 19. More than 700 jobs will potentially go in the proposed next phase of integration of business units in Europe following Axa’s acquisition of XL Group last year. Axa Corporate Solutions, Axa Matrix, Axa Art and XL Catlin, are to become a united Axa XL division. In a statement, Axa XL said that following the closing of the acquisition last September, several teams have already started working together, with “tangible business wins as a result of going to market with a stronger proposition”. It said that, in Europe, Axa XL began transferring employees into a single employing company at the beginning of the month and, subject to regulatory approvals, commenced plans for merging certain legal entities. Axa XL is the property and casualty and specialty risk division of Axa. Greg Hendrick, chief executive officer of Axa XL, said: “This is a very important next step for Axa XL in its journey to become a united division. This proposed target operating model and organizational structure will help us to deliver the best services to our customers and provide them with the innovative solutions they need to succeed.” A draft plan for the next phase of the integration has been presented to employee representatives in countries where formal consultations are applicable. This includes France, Italy, Germany and the UK. In addition to proposing a new target operating model and organizational structure, the plan proposes activities and synergies to support the division’s combined operations. It is to be presented on a country-by-country basis and discussed with social partners during the coming weeks. The company said that combining what were previously separate teams and activities into one structure “means Axa XL will need to redefine its working processes and organisation accordingly. The proposed plan sets out the potential reduction of 711 positions in Europe, out of a workforce of 9,500 employees globally”. It added that supporting measures will be put in place and may include internal redeployments or voluntary departures. Doina Palici-Chehab, chief integration officer of Axa Group, said: “Consistent with Axa’s long-term responsible employer strategy, Axa XL is committed to supporting its employees through the change period, and every effort will be made to assist them.”

2018. September 12. French insurance giant Axa has completed its $15.3 billion acquisition of XL Group, a deal that was announced in March. As a consequence XL’s shares were de-listed from the New York Stock Exchange and the Bermuda Stock Exchange before the start of trading today. The combination of Axa’s and XL Group’s existing positions is said to have moved the group to the top global position in P&C Commercial lines. Thomas Buberl, chief executive officer of Axa, said: “The completion of this transaction marks a significant milestone in our strategic ambition to further improve the balance between technical and financial margin. This transaction accelerates our transformation, allowing us to deliver enhanced solutions and services to a greater number of clients, and provides opportunities for significant long-term value creation for our stakeholders, with increased risk diversification, strong underwriting discipline, higher cash remittance potential as well as reinforced growth prospects. Today, as Greg Hendrick steps up to lead Axa XL as its CEO and joins Axa Group’s management committee, I personally welcome him and all XL Catlin colleagues to the Axa family. With the enthusiasm and shared vision of Axa and XL Catlin teams, extensive preparatory work has already been conducted to ensure a smooth integration of our businesses within the Axa Group.” Greg Hendrick said: “This announcement marks the culmination of a great deal of work and vision. We have our sights focused on success and together with Axa, our offering is truly compelling: we have the right geographical footprint, expert teams, and a culture that constantly strives for innovation. And innovate is what we will continue to do, so that we can be the partner of choice for our clients today and well into the future.” XL Group has also announced its intention to voluntarily de-list its outstanding debt securities from the New York Stock Exchange. The series of securities being de-listed are: 2.3 per cent senior notes due 2018; 5.75 per cent senior notes due 2021; 4.45 per cent subordinated notes due 2025; 5.25 per cent senior notes due 2043; 5.5 per cent subordinated notes due 2045; and the fixed to floating rate subordinated notes due 2047.

2018. July 31. XL Group Ltd posted improved net income of $319 million for the second quarter, but earnings fell short of Wall Street’s expectations. The Bermuda-based insurer and reinsurer, which is in the process of being taken over by French insurance giant Axa Group, achieved top-line growth of more than 10 per cent in April through June period. The company reported rate improvement in its main businesses, with insurance rates up by 3.8 per cent for the first six months of the year and reinsurance rates for the year to date through July, up 3.7 per cent. XL made an underwriting profit, recording a combined ratio of 95.8 per cent for the quarter, compared to 92.3 per cent for the corresponding period of 2017. Mike McGavick, XL’s chief executive officer, said: “In the second quarter we have continued our progress towards a strong and diversified book, particularly as rate conditions improved across most lines. We grew top line by 10.6 per cent, maintained underwriting discipline and continued our shift of our book towards lower volatility business. Partially offsetting these positive trends was non-catastrophe large loss activity from the current quarter as well as prior-year development from short tail lines in insurance. Our investment results continue to improve as active portfolio rotation allows us to take advantage of rising interest rates. Overall, we are pleased with the results and look forward to continuing to realize the full potential of what we have built when we become part of Axa Group.” Net income of $319 million, or $1.21 per share, compared to $301.6 million, or $1.14 per share, in the second quarter of 2017. Operating net income of $220.3 million, or 84 cents per share, fell short of the 93 cents per share consensus forecast of analysts tracked by Yahoo Finance. P&C gross premiums written grew 10.6 per cent year over year and 7.8 per cent when the impact of currency exchange rates is stripped out. Natural catastrophe pre-tax losses net of reinsurance, reinstatement and premium adjustments for the quarter totaled $76.8 million, down from $92.1 million in the prior-year quarter. Net favourable prior-year development was $8.9 million during the quarter, compared to $86.7 million in last year’s second quarter. Investment returns positively impacted by ongoing portfolio rotations capitalizing on rising interest rates and a gain on the sale of one operating affiliate. Net investment income was $231.8 million, compared to $208.7 million in the second quarter of 2017. US tax reform has kicked in this year but there was no obvious negative impact evident in XL’s results. In its earnings report, XL said income tax expense was $27 million, down from $29 million in the second quarter of last year. The company said the decrease “is primarily attributable to the mix of profit by jurisdiction”. Axa’s $15.3 billion deal to acquire XL is expected to close in the second half of this year.

2018. July 11. XL Catlin’s operations will become part of new division of French insurance giant Axa, to be named Axa XL. Details of the rebranding and operational combination of the two companies comes after the announcement of Axa’s $15.3 billion acquisition of Bermudian-based XL Group four months ago. Axa XL, which will be dedicated to large property and casualty commercial lines will operate under three main lines, Axa said in a statement today:

  • XL Insurance, which will comprise XL’s insurance business and Axa Corporate Solutions; and will include XL Art and Lifestyle, the combination of XL’s Fine Art and Specie business and Axa Art offerings.
  • XL Reinsurance, which will incorporate XL Group’s reinsurance business.
  • XL Risk Consulting, which will incorporate Axa Matrix and XL Group’s Property Risk Engineering GAPS.

In addition, XL Group’s primary Lloyd’s syndicate will continue to be known as XL Catlin Syndicate 2003. Thomas Buberl, chief executive officer of Axa, said: “We are very pleased to announce another important milestone in the integration planning process with XL Group, which will see Axa become the #1 global P&C commercial lines insurer. “Behind this new common branding and naming, I am excited to see the future creation of Axa XL, a division based on Axa’s and XL Group’s shared culture around people, operational excellence, and innovation. The combination of these attributes will position us perfectly to establish an even stronger brand leadership and bring a unique value proposition to our customers.” Greg Hendrick, president and chief operating officer of XL Group, said: “We recognize the opportunity we have ahead to take the unique mix of elements that make XL a success — our talent, our approach, our tools — and bring them into the Axa family. I believe we will be stronger together and will be ambitious. We are going to continue to put our clients and brokers at the heart of what we do, while staying firmly focused on the future of risk and the solutions needed to advance.” Last month XL shareholders approved the sale of the company to Axa. The deal is expected to close in the second half of this year, subject to conditions, including regulatory approvals, which remain pending. Until the acquisition closes, XL and Axa remain two separate companies.

2018. May 3. XL Group Ltd made a profit of $152.6 million, or 58 cents per share, during the first quarter. The result closely matched its performance during the same period last year, when it achieved $152.8 million, or 57 cents per share. Natural catastrophe pre-tax losses, net of adjustments, were $73.2 million, compared to $96.1 million a year ago. While net favourable prior year development was $9.1 million, contrasting with an adverse development of $24 million in the first three months of 2017. Mike McGavick, chief executive officer of the Bermudian-based company, said: “We are pleased with our solid start to 2018, in-line with our expectations. During the first quarter our performance reflected benefits of our market leadership, focus on underwriting discipline, strong culture of innovation, continuous improvement, and efficiency.” Mr McGavick noted that XL grew its gross premiums written by more than 6 per cent compared with the corresponding quarter in 2017, and continued to improve the insurance loss ratio, excluding prior year development and the impact of catastrophe losses. XL’s operating net income was $214.4 million, or 82 cents per share, compared to $136.1 million, or 50 cents per share, in the first quarter of 2017. “We did see a lower reinsurance margin in the quarter, largely driven by our strategic initiatives including a shift in portfolio mix towards lower volatility and an increase in outward reinsurance protections,” Mr McGavick said. “With respect to pricing, we are pleased to have achieved broad rate increases throughout our insurance and reinsurance portfolio, which will earn into our results over the rest of the year. Also during the quarter we had strong contributions from the investment portfolio, and we continued managing our expenses.” Mr McGavick added: “As we look forward to the next phase in XL’s journey, with the proposed combination with AXA, we believe there is substantial opportunity to continue realizing the potential of what we have built.” In its property and casualty operations, XL’s gross premiums written were $4.92 billion, up from $4.62 billion a year ago. The P&C combined ratio edged slightly higher to 95.3 per cent, from 94.3 per cent during the same period of 2017.

2018. March 6. The impact on jobs at XL Group is expected to be limited after it is acquired by French multinational insurance company Axa in a $15.3 billion deal. Although no figures have been mentioned, Mike McGavick, chief executive officer of XL Group, believes staff at both companies will be affected “less than ordinarily expected in such advanced integration” because there is little overlap in operations. Axa is buying Bermuda-based XL Group in a deal that will be completed in the second half of the year, subject to shareholders’ and regulatory approval. The XL Catlin brand is set to continue under the Axa umbrella, however it is intended that XL Group will be de-listed from the New York Stock Exchange. Axa is transitioning from being predominantly focused on life insurance and savings to becoming the number one global property and casualty commercial lines insurer based on gross written premiums. The integration of XL into Axa will achieve that shift. Insurance accounts for two-thirds of XL’s operations, with the remainder reinsurance. The transaction will give Axa access to capital markets through the reinsurance sector, while XL will have the opportunity to take its specialty products to a greater client base through Axa’s extensive market reach. Gérald Harlin, deputy CEO and group chief financial officer of Axa, at a press conference in Paris yesterday, responded to a question about cost savings and the impact on jobs. Referencing the intention to de-list the company, he said: “XL is a listed company, which means a lot of [that] structure and infrastructure will be no more needed.” Mr McGavick said XL has a staff of 7,400 globally, with more than 30 offices and a presence in 50 countries. It writes $15 billion in premiums each year, and has grown rapidly since the $4.1 billion merger with Catlin in 2015. He said: “In terms of key business lines, we are a premier specialty platform. We think of the specialty business as an important strategic element. The reality is that change is coming to the insurance market, change is accelerating. Nothing in life is standing still and our clients’ risks don’t stand still either. Being a leader in specialty and a leader in reinsurance is precisely how you drive that change forward.” Referring to the transaction, he said: “In terms of immediate benefits, the ability to sell the products we have across the Axa platform will be one of the quickest sources of growth and additional profit.” Mr McGavick and Thomas Buberl, chief executive officer of Axa, have known each other for a number of years having met through the Geneva Association, an international think tank on insurance and risk management issues. In November, they met at Mr Buberl’s office in New York and discussed the direction of the industry. That meeting and follow up discussions paved the way for yesterday’s announcement. Mr McGavick drew a parallel with the position XL Group and Bermuda-based insurer Catlin found themselves in before they merged. He said: “It was the recognition that scale matters more and more in insurance operations. Operating globally is essential and that is a very expensive infrastructure to maintain. And second, capital is made very dear by Solvency II and other regulatory pushes around the world. If you think about those two things alone, you realize that scale makes a huge difference in competitive position. We gained greater scale through Catlin, but the reality was that we were not in the final group, the top group in the world. While our board was not looking to sell, when Thomas came forward and outlined a vision for maintaining the brand, maintaining the strength and accelerating its progress from being part of this more powerful group, it was a very compelling vision.” Mr McGavick said the deal was exciting as it was a complementary fit between companies with similar approaches to customer service, similar cultures and focus on innovation. “When you add that together and realize that the overlaps are not that large, so the impact on XL people and Axa people will be less than ordinarily in such an advanced integration, this is incredibly exciting for all of us. That convinced our board and management this was the right thing to do,” he said. The merger agreement has been unanimously approved by the boards of Axa and XL Group. XL will be combined with Axa Corporate Solutions, with Greg Hendrick, XL president and chief operating officer, to be appointed CEO of the combined entity. Mr Hendrick was also at the Paris press conference. He said there were a number of synergies between the companies, such as the opportunity for XL’s specialty products, such as those in professional, environment and cyber lines, to be “combined with the power house that Axa is in the small commercial market space and sell to a whole new customers and distribution that we have not had access to before — particularly the smaller brokers in Europe and even some of the Axa agents. Axa Corporate Solutions has a great franchise in Europe; the benefit from the US underwriting expertise that we will bring to the table will only enhance the positions that ACS has with its customers and really move forward to a lead position.” Mr Hendrick expects opportunities to leverage XL’s footprint in the US and bring AXA’s expertise to more potential clients. Regarding the future of the XL Catlin brand, he said: “We are still working together on how exactly the brand should go. We have said the XL name and the Catlin name will move forward within the Axa organisation. We have to work out the specifics of how we are going to do that best.” In an earlier statement, Mr Buberl said: “The transaction offers significant long-term value creation for our stakeholders with increased risk diversification, higher cash remittance potential and reinforced growth prospects. The future Axa will see its profile significantly rebalanced towards insurance risks and away from financial risks.” At yesterday’s press conference, he said it was intended to de-list XL Group “if possible” and create an internal advisory board. Mr McGavick will become vice-chairman of the entity created by the combining of Axa Corporate Solutions and XL Group, which will be a “sixth pillar” of the Axa group. Mr McGavick will also be special adviser to Mr Buberl, with regard to integration-related and other strategic matters. Commenting on the deal, Ross Webber, CEO of the Bermuda Business Development Agency, said it “continues to show how attractive the Bermuda market and its companies are. Bermuda has yet again proven itself to be a domicile where companies can grow from the seeds of necessity-driven innovation in the mid-1980s to highly desirable multi-billion-dollar targets more than 30 years later. Larger, stronger companies — in this case creating one of the world’s largest P&C carriers — are beneficial for both the market and the industry. We continue to see new companies launching in Bermuda, and we expect this to continue.” XL shareholders will receive $57.60 per share under the terms of the transaction, which represents a 33 per cent premium on Friday’s closing price.2

2018. March 5. XL Group is being bought by French multinational insurance company Axa in a $15.3 billion deal. The merger agreement has been unanimously approved by the boards of Axa and Bermudian-based XL Group. XL shareholders will receive $57.60 per share under the terms of the transaction, which represents a 33 per cent premium on Friday’s closing price. Mike McGavick, chief executive officer of XL Group, said: “Today marks an unrivalled opportunity to accelerate our strategy with a new strength and dimension. With every confidence in how we have positioned XL Group for the future, it is a substantial testament to Axa’s leadership and commitment to maintaining the XL Group brand and culture that we have come to an alignment. We are excited at the opportunity to build the scale, geographical footprint, product portfolio, and the unmatched commitment to innovation that relevance in the global insurance industry requires. In Axa we have found like-minded partners committed to the absolute necessity to innovate and move this industry forward.” In a statement outlining the agreement, the companies said the combination of Axa and XL Group “will propel the group to the number one global position in property and casualty commercial lines with combined 2016 revenues of €30 billion and total P&C revenues of €48 billion”. Thomas Buberl, chief executive officer of Axa, said: “This transaction is a unique strategic opportunity for Axa to shift its business profile from predominantly L&S business to predominantly P&C business, and will enable the Group to become the number one global P&C commercial lines insurer based on gross written premiums. The transaction offers significant long-term value creation for our stakeholders with increased risk diversification, higher cash remittance potential and reinforced growth prospects. The future Axa will see its profile significantly rebalanced towards insurance risks and away from financial risks. “XL Group has the right geographical footprint, world-class teams with recognized expertise and is renowned for innovative client solutions. Our combined P&C commercial lines operations, will have a strong position in the large and upper mid-market space, including in specialty lines and reinsurance, and will complement and further enhance Axa’s already strong presence in the SME segment. The two companies share a common culture around people, risk management and innovation, positioning Axa uniquely for the evolving future of the P&C industry.” When the transaction is complete, the combined operations of XL Group, Axa Corporate Solutions, which is Axa’s large commercial P&C and specialty business, and Axa Art will be led by Greg Hendrick, currently president and chief operating officer of XL Group, who will be appointed CEO of the combined entity and join Axa Group’s management committee, reporting to Mr Buberl. Mr McGavick will become vice-chairman of the combined P&C commercial lines operations and special adviser to Mr Buberl, to advise on integration-related and other strategic matters. Completion of the transaction is subject to approval by XL Group shareholders and other customary closing conditions, including the receipt of required regulatory approvals, and is expected to take place during the second half of the year.

018. March 4. NEW YORK (Bloomberg) — Axa SA is in advanced talks to buy Bermuda-based XL Group Ltd, people familiar with the matter said. A deal could be announced in coming days, said the people, who asked not to be identified because the matter isn’t public. Property and casualty insurer XL has also attracted interest from insurers including Germany’s Allianz SE, Bloomberg reported last month. A final deal hasn’t been reached and another bidder may yet emerge or talks may fall apart, the people said. Representatives for XL Group and Axa didn’t respond to several requests for comment. A spokesman for Allianz declined to comment. Buying XL, which sells insurance to other insurers, would bolster Axa’s casualty coverage business in the US, and mark the biggest insurance deal since 2015, according to Bloomberg data. Such firms have become ripe takeover targets as policy prices begin to increase after firms booked heavy losses last year due to a spate of natural disasters. Some $17.5 billion in deals have been stitched together so far this year, according to data compiled by Bloomberg. The biggest of the takeovers so far has been American International Group Inc’s January agreement to buy Validus Holdings Ltd for more than $5 billion in cash. XL shares have advanced 23 per cent this year in New York, giving the Hamilton, Bermuda-based company a market value of about $11 billion. Axa has gained 1.3 per cent in Paris so far this year, valuing the company at €61 billion ($75 billion). XL’s chief executive officer Mike McGavick, who expanded the insurer in 2015 with the $3.9 billion deal to buy Catlin Group Ltd, last month said he was optimistic about “where we are going” on the back of a solid capital position and growth in premiums. Still, catastrophe losses might spur more consolidation for Bermuda reinsurers this year, while the US tax overhaul has diluted the pricing advantage the companies enjoyed with Bermuda’s low rate, according to a Fitch Ratings report. Axa’s chief executive officer Thomas Buberl, who took the post less than two years ago, has said one of his preferred areas for growth is P&C commercial lines segments. Europe’s second-largest insurer is shedding some assets as it plans to focus its expansion on fewer countries, with scale being an important factor as he seeks to simplify the business. The Paris-based insurer plans to list a minority stake in its US businesses, including its Life & Savings unit and its 64 per cent stake in AllianceBernstein, in the first half of this year. Proceeds from the initial public offering will be used to fund acquisitions or returned to shareholders.

2018. January 11. XL Catlin has estimated catastrophe losses totaling about $315 million for the fourth quarter of last year. In addition, the Bermudian-based global insurer and reinsurer will recognize a one-time charge of around $98 million in relation to US tax changes enacted by the Tax Cuts and Jobs Act. The charge relates to a revaluation of deferred tax assets and XL said the actual charge would depend on fourth-quarter results. But the company added: “Based on XL’s preliminary assessment, XL does not currently expect US tax reform to have a material impact going forward on its average global effective tax rate.” In a catastrophe loss update today, XL announced a preliminary estimate of about $45 million in net losses related to the recent wildfires in Southern California and another $20 million related to other events. XL had previously estimated losses of around $250 million related to the October 2017 Northern California wildfires and other events. The company also reaffirmed its previously disclosed aggregate net pre-tax losses of $1.48 billion, related to the third-quarter 2017 catastrophes, including those related to hurricanes Harvey, Irma and Maria. “Since these events, XL has continued to pay claims and receive reported loss information from its clients and brokers,” the company stated. “Ongoing assessment has resulted in approximately 6 per cent of the third quarter 2017 aggregate net losses being reallocated from the reinsurance segment to the insurance segment.” XL expects to announce its fourth-quarter results after financial markets close on February 1.

2017. October 24. Natural catastrophe losses of $1.48 billion took a toll on XL Group’s third quarter performance, with the company reporting an operating net loss of $1.03 billion. Hurricanes Harvey, Irma and Maria accounted for the bulk of the catastrophe losses. XL’s operating net loss was $4 per share, compared to a profit of 44 cents per share in the same quarter last year. A Wall Street consensus had forecast a loss of $3.84 per share for the company in the quarter. XL’s property and casualty combined ratio — the portion of premium dollars spent on claims and expenses — was 146.9 per cent compared to 93.1 per cent a year ago. “The natural catastrophes that mark the third quarter bring a unique devastation to those impacted and we continue the important work of helping our clients rebuild in these times of need,” said Mike McGavick, XL’s chief executive officer. “The financial impact of these events was, of course, significant to our financial results in the quarter. At the same time, excluding these events, our underlying results show continued progress as demonstrated by improvement in the ex-cat P&C combined ratio, insurance combined ratio and insurance loss ratio versus the prior year quarter. As we look at the global re/insurance markets today, with a view that we will see new levels of appropriate sustainable pricing, we believe we are well positioned by virtue of our diverse portfolio, global relevance and disciplined underwriting.” Annualized operating return on average common shareholders’ equity on a year-to-date basis, excluding unrealized gains and losses on investments, was 8.9 per cent, compared to 4.2 per cent in the third quarter of 2016. XL said it spent $120.9 million buying back approximately 2.7 million shares during the quarter. As of the end of September, $529.1 million of common shares remained available for purchase under XL’s buyback programme.

2017. September 19. XL Group is moving its main European Union insurance operation from London to Dublin in response to Britain’s impending departure from the European Union. The Bermudian-based insurer and reinsurer made the announcement today after a meeting between Mike McGavick, XL’s chief executive, and Leo Varadkar, Ireland’s Taoiseach, or prime minister. XL already runs its European reinsurance business from Dublin and will relocate XL Insurance Company SE from the UK to the Irish capital next year. It employs about 45 people in Dublin and intends to build that up to 70 by the end of 2018. Although the terms of Brexit are still under negotiation, “passporting” rights, which allow UK-based businesses to service clients across the bloc, may well be lost. Many banks and insurers are also moving their European hubs into other EU countries to avoid potential disruption. Mr McGavick said: “Since the referendum announcement we have been clear that our top priority is to provide certainty and consistency of service to our clients and brokers. Moving XL Insurance Company SE to Ireland means we deliver on that commitment. My meeting today with An Taoiseach Leo Varadkar has only served to further enhance our relationship and our commitment to Ireland. Dublin is a natural home for us in Europe. We have a long and established presence in Ireland and we understand and respect the high quality business environment, the regulatory environment and the talent of the people here.” XL Group has had insurance operations in Dublin since 1990, when it opened its first European insurance company in the then brand new International Financial Services Centre. Today XL maintains reinsurance operations and corporate functions at No 8 St Stephen’s Green, Dublin. Dublin was also the domicile for XL Group’s parent company between 2010 and 2016 before its new holding company, XL Group Ltd, was formed in Bermuda after XL acquired Catlin Group Ltd. In the UK, XL will retain Catlin Insurance Company Ltd as well as its Lloyd’s operations, Syndicate 2003 and 3002.

2017. July 26. Bermuda-based XL Group Ltd has reported a big jump in second-quarter profit to $301.6 million, or $1.14 per share, compared to $43.8 million in the same period of 2016. The net income boost was primarily driven by lower catastrophe losses and favorable results from its affiliates, including the sale of one of the investment manager affiliates. Catastrophe pre-tax losses net of reinsurance and reinstatement premiums were $92.1 million, compared with $240.1 million same quarter in 2016, which included nearly $130 million of losses from the Fort McMurray wildfire in Canada. The company’s earnings when adjusted for non-recurring gains was $255.1 million, or 96 cents per share, easily beating analysts expectations of 89 cents per share. Mike McGavick, chief executive officer, said: “In the second quarter we remained focused on disciplined underwriting and are pleased with our overall results. Also in the quarter, we generated positive investment returns, continued to capture efficiencies as an organisation and actively managed our capital. We remain committed to fully delivering the value of the franchise we have built.” Integration costs related to XL’s acquisition of Catlin in 2015 were completed during the quarter and totaled $39.1 million, some $13 million lower year-on-year. The company reported P&C combined ratio — the portion of premium dollars spent on claims and expenses — of 92.3 per cent, an improvement on the 96 per cent in the same period in 2016. The loss ratio fell from 64.6 per cent to 60.8 per cent. Net income from affiliates was $73.5 million for the quarter, compared to $34.6 million in the prior year quarter. There was a fall in net investment income to $208.7 million, compared with $215.4 million in the same period last year. Gross premiums written were $3.54 billion, up $24 million year-on-year. The company, which brands itself XL Catlin, bought back six million shares, or $250.1 million, during the quarter. At June 30, $650 million of shares remained available for purchase under XL’s share buyback programme. Before the earnings report was released, XL’s shares closed at $45.98, down 38 cents, in New York.

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-