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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. 

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

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

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

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

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

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

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

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

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

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

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

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

Olympus Re

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

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

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

   
Omnium Bermuda 2017. December 22.  The East End Group Ltd and Omnuim Bermuda Limited are looking at buying internet service provider TeleBermuda International Ltd. The Regulatory Authority of Bermuda has conducted an assessment of the proposed transaction and has said it is satisfied that subject to compliance with a set of conditions, the transaction would “not create an entity with a dominant position, nor substantially lessen competition in any relevant market, nor harm the public interest”. According to a notice on the RAB website, East End Group and Omnuim Bermuda have said they do not intend to make any of TBI’s staff redundant. TBI has offices on Victoria Street. It provides voice, internet and managed IT services. It is a wholly owned subsidiary of Javelin Connections group of companies. Javelin is an end-to-end solutions provider of managed IT and data services for establishing and managing offshore jurisdictions. The proposed change of control would see all shares of TBI being purchased by East End Group and Omnium, from Javelin. The East End Group provides consolidated group functions in the areas of accounting, finance, human resources and information technology services. Walter Roban, Minister of Transport and Regulator Affairs, has given his consent to the proposed change of control of TBI.
   
One Communications 2019. 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.

2017. May 3. Bermuda-based OneBeacon Insurance Group is to be bought by Canadian insurer Intact Financial Corporation in a $1.7 billion deal. The transaction will create a North American lender in speciality insurance with more than $1.5 billion of annual premiums. The two companies have entered into a definitive merger agreement, with Intact to acquire all outstanding OneBeacon shares for $18.10. Before the announcement, OneBeacon’s stock yesterday closed on the New York Stock Exchange at $15.70. In January, Bloomberg News reported that OneBeacon was thought to be exploring a sale. The speciality insurer is controlled by White Mountains Insurance Group Ltd, which owns 75.7 per cent of its total shares. In a statement released through the Bermuda Stock Exchange, White Mountains said it had entered into an agreement to vote in favour of Intact’s acquisition. The company said it expects to receive $1.3 billion from the transaction, which would increase its adjusted book value to about $107 per share. OneBeacon, which has its corporate headquarters on Reid Street, said the transaction would “bolster Intact’s Canadian business with new products and cross-border capabilities, and better positions the company to compete with North American insurers”. Mike Miller, chief executive officer of OneBeacon, said: “We are all very excited to join the Intact family. The opportunity to leverage Intact’s deep technical, financial and technology capabilities makes this combination the perfect next step in the OneBeacon journey. Together, we will accelerate our pursuit in creating a leading speciality insurer in North America. We look forward to working with our US and Canadian independent agents and brokers to deliver market-leading capabilities to our targeted customers. Both companies are dedicated to ensuring a seamless transition and look forward to profitably growing our speciality portfolio going forward.” While Charles Brindamour, CEO of Intact, said: “Today, we’ve taken an important step in building a world-class P&C insurer. The addition of OneBeacon is creating a leading North American speciality lines insurer focused on small-to-midsize businesses. OneBeacon is a strong strategic fit for Intact, with deep expertise in commercial and speciality lines, and shared values. We see significant growth potential from the combination of our speciality lines operations and we look forward to welcoming OneBeacon employees to the Intact family.” The transaction, which was unanimously approved by OneBeacon’s board of directors, is expected to close in the fourth quarter of 2017. It is subject to regulatory approval and other customary closing conditions.

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

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

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

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

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

ORN European Debt Fund LP Was ORN European Distressed Debt Fund LP. C/o Citco Fund Services (Bermuda) Ltd.
   
Oswals Affinity (SAC) Since June 2019. A Class 3 insurer
   
Overstock 2019. August 27. The head of a company that pledged to create fintech jobs in Bermuda has 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. Medici Ventures has not responded to a request for comment sent last Friday on whether the change in leadership of the company would affect its plans for Bermuda.
   
Oxy Overseas Services 7/19/2005
Oxy Palmyra Ltd Amag with 23146 12/23/1993
Oxy Venezuela 1/8/1996
Oxycol Holder 3/21/2011
   
Oxyde Oil and Chemicals (Bermuda) 3/17/1988
Oxygen Insurance (Bermuda) 7/7/2008
Oxygen 10/3/2006
Oyster Bay Fund 5/25/2010
Oyster Consulting (Bermuda) 9/4/1969

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

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

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

P

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

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

Adonia Arcadia AuroraBritannia

Oceana Oriana

Ventura

P&O Arcadia

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Partner Reinsurance Life Company of Bermuda 4/3/2014. Part of Partner Re
   
PartnerRe Underwriting Management 2016
   
Partnerre Catastrophe Fund Holdings 12/20/2011. As above.
Partnerre Catastrophe Fund 12/20/2011. As above.
Partnerre Financing 5/8/2007. As above.
Partnerre 8/24/1993. As above
Partnerre Services 9/9/1993. As above.
Partners Indemnity Company 1/6/1998
Partners Security 5/3/2001
Partners & Partners 4/22/2009
Parts Express 12/18/2002
Partygaming Finance 1/30/2006
Partygaming 1A 1/30/2006
Parventure Secondaries Japan 8/18/1999
Pas Beverages 6/9/2005
Pas Insurance 11/5/2014
Pas International 6/9/2005
Pas Snacks 6/9/2005
Pasadena Investments 9/15/1982
Pasair 12/6/1985
Pascal Reinsurance 6/24/1998
Pascalis, Gardner & Partners 1/15/2004
Pasco Risk Services 6/20/2001
Paseo de Anza Property 6/1/1981
Pasha Advisors 12/30/2010
Pasha Bermuda 11/3/2003
   
Paul Y-ITC Construction Group C/o Codan Services
Peace Mark (Holdings) C/o Codan Services
Peaktop International Holdings C/o Codan Services
Peking Apparel International Group C/o Codan Services
   
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 has 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.

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

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

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

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

   
Press & Magazines Holdings 2/17/1989
Prestige Art 7/22/2010
Prestige Autos 6/30/2010
Prestige Games International 5/1/1986
Prestige Leasing 8/11/1993
Preston 5/27/1982
Prestwick Aviation 7/15/1986
Prestwick Leasing 5/21/1985
Pretel Communications 11/4/2009
Pretium Investments 11/22/1991
Previsus 4/29/1997
PRG-Schultz Insurance 2/20/2002
   
Price Forbes & Partners (Bermuda) 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. April 30. The parent company of Bermuda-based Qatar Re has reported $75 million net profit for the first quarter, an increase of $10 million, year-on-year. Qatar Insurance Group’s earning per share were 21 cents, compared with 18 cents for the same period last year, while its gross written premiums remained stable at $969 million, down $7 million. The Qatar-based group’s non-life combined ratio improved to 100.2 per cent, from 101.6 per cent. Khalifa Abdulla Turki Al Subaey, group president and chief executive officer of QIC Group, said the first quarter was a period of stability and consolidation. He added: “As part of our de-risking effort, we have adopted a more selective approach to writing new business, rewarded by an improving technical performance. QIC remains firmly committed to shifting to lines of business with lower volatility where we see a more attractive risk-return potential. In addition to underwriting, QIC’s investment prowess and commitment to operating efficiency continue to bear fruit and are essential to sustaining the Group’s overall profitability. Based on the strength and diversity of our performance engines, I remain confident in QIC’s future growth and profitability prospects, which should further benefit from what appears to be a slightly firming global re/insurance trading environment.” QIC’s international carriers, which include Qatar Re, Antares, QIC Europe Limited and Gibraltar-based carriers, now account for 76 per cent of the group’s gross written premiums, an increase from 73 per cent a year ago. In a statement, the group said its first quarter profit was driven by improving underwriting results and resilient investment income. Last week, Qatar Re confirmed Michael van der Straaten as its new CEO. He succeeded Gunther Saacke, who announced in January that he was leaving the company

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

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

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

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

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

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

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

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

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

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

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

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

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

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

R

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

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

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

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

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

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

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

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

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

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

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

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

Renaissance Re Bermuda offices

6/7/1993.

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.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Revir Acquired in 2001 several Bermuda-based or overseas-based insurance companies.
   
Rewire Securities 2017. April 5. Bermuda-based insurance-linked securities group Horseshoe has yesterday sponsored at $20 million insurance-linked security, listed on the Bermuda Stock Exchange. The listing is issued by Eclipse Re, a new company designed to bring turnkey reinsurance ILS market services to investors and sponsors. Eclipse Re, set up by Horseshoe with boutique insurance investment banking specialists Rewire Securities, will be used to provide collateralised reinsurance participation in a listed note format. Horseshoe subsidiary Horseshoe Corporate Services, which recently became a Bermuda Stock Exchange listing sponsor, acted as sponsor for a $20 million security issued by Eclipse on the BSX yesterday. Andre Perez, the CEO of Horseshoe Group, said at the launch of Eclipse in February: “As the leading full-service ILS service provider, Horseshoe continues its commitment to being responsive to clients’ needs and providing the highest level of innovative and efficient professional services. Eclipse Re will provide a vehicle for investors to participate in the collateralised reinsurance market with the benefit of liquidity not previously available through traditional platforms. We are excited to support the BSX as a listing sponsor and launching this product to expand our broad capabilities in the ILS marketplace.” Eclipse Re is expected to attract sponsors such as insurers, reinsurers, corporates and funds, working with investors on the other side of the deal, all of whom who will benefit from an ILS issuance structured by Rewire and administered by Horseshoe. ILS and reinsurance notes issued by Eclipse Re can be structured in as short a timeframe as two to three weeks, the pair said, offering provide sponsors am efficient and low-cost way to access the ILS and capital markets in reinsurance. The new platform will allow sponsors and investors to more easily transform and securitise reinsurance risks into an investable and transferable note form.
   
R& H Trust Co (Bermuda) P. O. Box HM 1556, Hamilton HM FX.  Canadian.
Richina Pacific New Zealand-based, with tanneries in China. Leather goods world-wide. Moved to Bermuda in 2008. In December 2013 went into provisional liquidation owing more than $120 million. Parent of failed New Zealand construction firm Mainzeal Property & Construction. The liquidators, New Zealand firm BDO, represent unsecured creditors owed more than $106 million. The receivers were appointed by the Bank of New Zealand, which was owed $11.3 million, most of which involved the Mainzeal headquarters in Auckland, New Zealand. Preferential creditors, including staff entitlements and tax, were owed about $5.3 million.
   
Riddell’s Bay Golf and Country Club  2016. April 8. The whole of Riddell’s Bay golf club is up for sale, the provisional liquidators said yesterday. And they confirmed that the near century-old Country Club holds all the assets of the club, including the course. The club announced its closure last week. Another company, Riddell’s Bay Golf Club Ltd exists, but does not own the property. PwC’s Alison Tomb, the joint provisional liquidator, said interested parties are being sought for the company or all or part of the assets of the company. Ms Tomb said: “The joint provisional liquidators have been made aware that there is another company named Riddell’s Bay Golf Club Limited. “They have been advised by the board that this company never operated and is dormant with no assets other than share capital.” Interested parties are encouraged to contact the provisional liquidators directly at PwC.
   
Right Management Consultants LP Appleby Spurling & Hunter
Rising Development Holdings  C/o Codan Services Ltd
Ritchie Capital Management (Bermuda) Appleby Spurling & Hunter
Ritz-Carlton Development Company (The) Since 1991.
Ritz-Carlton Hotel Company of Bermuda (The) Since 1991
Ritz-Carlton Hotel Company (The) Since 2000
Ritz Paris Hotels Management Since 1985
   
Riverhead Investments 2015. October 27. Announced has teamed up with Sky News, working in partnership to bring the 24-hour news channel to audiences in Bermuda, the Caribbean and Canada. Owned and operated by Ann Petley-Jones, it is acting as the distribution agent for Sky News as it looks to expand its audience in 15 countries and jurisdictions. Ms Petley-Jones, who was formerly chief executive officer of LinkBermuda, said: “We are excited at this great opportunity to bring Sky News to a wider audience. “Sky News is famous for the quality of its news service. It is a wonderful international brand backed by a news team with a track record of innovation and success. Riverhead is delighted to be partnered with such a group. ” When it was launched in 1989, Sky News was Britain’s first 24-hour international breaking news channel. It is now available in 127 countries. Figures from the European Media and Marketing Survey show that in Europe, Sky News has almost twice the daily audience of rival non-terrestrial news channels, including CNN and BBC World News. Ms Petley-Jones said Riverhead had secured the licence for Sky News in Canada and the Caribbean, including Bermuda. It is now negotiating sub-licensing deals with television platforms in those territories. “Sky News will be new to these territories,” she said. “It’s an exciting new market. We are impressed with the quality and impartiality of the news coverage. Sky News has bureaus in many locations around the world.” She said both Riverhead Investments and Sky News believe the partnership is an attractive one. John Ryley, head of Sky News, said: “This is a terrific opportunity to bring our award-winning news service and outstanding original journalism to a new audience. We are currently available in 127 countries and under this agreement with Riverhead, we will deliver Sky News to the important Canadian and Caribbean markets.” Ms Petley-Jones said she expects to announce broadcast arrangements with carriers in some of the targeted territories within the next few months.
   
Road King Infrastructure C/o Codan Services Ltd
Roche International 37 Church Street, Hamilton HM 12. Phone 295-3391
Roche Intertrade  C/o Conyers Dill & Pearman. Swift code ROCHBMHA.
Rockfield Holdings  22 Victoria Street, Hamilton HM11
   
Roivant Sciences Biopharmaceutical company 
   
Roly International Holdings C/o Codan Services Ltd
Rosedale Hotel Group C/o Conyers Dill & Pearman
Rose Management LP H&F International Rose Investors Ltd
Ross Capital Markets 65 Front Street, Hamilton HM 12. Phone 295-1537. Owned by Austrian national Wolfgang Flottl whose wife is Dwight D. Eisenhower’s granddaughter. His father is a Viennese banker.
   
Rosneft Majority owned by the Russian government.
   
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
   
Sagicor 2017. December 29. Sagicor is planning to establish a reinsurance operation in Bermuda, according to an International Monetary Fund report on Barbados. The financial-services giant moved its holding company to Bermuda last year, but continues to be operated from Barbados, its home for 170 years. A report by Barbados Today said the IMF draft report on an October mission in Barbados at the invitation of regulator the Financial Services Commission states that as a follow-up step to the relocation of the holding company, Sagicor plans to establish a reinsurer in Bermuda. “During the mission team’s discussion with the senior management team at Sagicor, we were advised of plans to establish a reinsurance operation in Bermuda, and of the company’s request to the Bermuda Monetary Authority to be the agency responsible for group-wide supervision,” stated the draft report by the three-member IMF team of Ralph Lewars, Lawrie Savage and Rodolfo Wehrhahn. The team noted that the insurance giant had not established any operational entity in Bermuda as of the date of the mission, and the senior management team was still operating out of Barbados. The Sagicor group does business through more than 50 subsidiaries in 21 countries including the US, spanning a range of businesses such as general insurance, commercial banking, mutual funds, investment advisory services, property management, pension fund asset administration and other financial and non-financial businesses. The IMF team had concerns over the effectiveness of the regulation of Sagicor, saying the FSC in Barbados was “currently not in a position to conduct group-wide supervision, and solo supervision is weak”. The report added: “Ultimately, the intensity of supervision carried out by the BMA will depend on the type of entity [or] entities that Sagicor ultimately establish in Bermuda, and the importance and risk posed by that [or] those institutions to Bermuda. Both questions are central to avoid supervisory gaps of the Sagicor Group.” Sagicor is incorporated as a publicly listed holding company with total assets of more than $13 billion.

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

   
Saga Insurance Company Since 1991
Saga Shipping Since 1993
SageCrest Holdings

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

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

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

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

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

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

   
Sankaty High Yield Asset Investors

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

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

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

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

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

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

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

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

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

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

• Total cash of about $2.1 billion.

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

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

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

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

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

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

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

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

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

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

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

Sequant Re

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

   
Serafina Holdings An investment vehicle primarily owned by private equity firm BC Partners Ltd which owns 71 percent of Serafina, and therefore have a controlling interest in Intelsat (see above). The largest single investor in Serafina, through its investment in BC Partners' funds, is the Ontario Teachers' Pension Plan Board. It owns about 11.5 percent of Serafina.
   
Serco Inc Since 11/30/2001. Headquartered in Reston, Virginia. Works globally in assisting federal and regional governments including in Bermuda where it provides weather and airport-related services. Two other Serco companies are also Bermuda-incorporated.
Serco International Corp Since 11/29/1991
Serco Ltd Since 1/19/1978
Serena Fund Ltd (The) Since 9/2/2005
Serena Trading Since 7/21/1997
Serendip Investments Since 12/3/2007
Serenica Since 12/22/2011
Serenity 2 Since 4/7/2006
Serenity Since 1/4/2006
Serfimex Ventures I Ltd BVI Since 7/3/1992
Sergeant Majors Since 4/15/1999
Serica Company Since 8/7/1981
Serico Bermuda LP Since 6/17/2005
Serico PP (Ber) LP Since 7/8/2005
Series Insurance Since 12/10/1980
Series Overseas Investment Since 8/5/2003
Serpentine Motors Since 1/5/1979
Serpentine Properties Since 5/21/2008
Serra Do Navio Since 5/27/2008
Serra Shipping 11/26/1973
Serrana Holdings 11/10/1999
Service Aviation 3/9/1994
Service & Drilling 4/26/1978
Servicepro 6/3/2002
Services CV Management 12/18/2002
Servisen Investment Management 1/2/1998
Servisen Private Equity 2001 2/21/2001
Servisen Private Equity Fund 12/20/1996
Servisen Private Equity Fund II 1/26/1998
Servisen Private Equity Fund III 10/3/2001
   
Shearwater Capital Group (Bermuda) Co 12/16/2008
Shearwater Capital Group (Bermuda) LP 12/24/2008
Shearwater Capital Management (Bermuda) Co. 12/15/2008
Shearwater Capital Management (Bermuda) LP 12/24/2008
Shearwater Capital Partners I (Bermuda) LP 12/24/2008
Shearwater Capital Partners I (Reservoir) LP 12/24/2008
   
Shell Company of Bermuda This huge Anglo-Dutch oil company has many (over 45) Bermuda subsidiaries, as mentioned both below and in the case of Solen Insurance, a major subsidiary. 4th Floor, Cedar House, Cedar Avenue, Hamilton..
Shell Australia Natural Gas Shipping 11/17/1989
Shell Bermuda (Overseas) 1/2/1952
Shell Caribbean and Central America 10/23/1996
Shell Cuiaba Holdings 6/30/1999
Shell Deepwater Borneo 12/1/2004
Shell Electric Holdings 8/20/2009
Shell Enterprises 7/17/1958
Shell EP International 7/14/2003
Shell Exploration and Production Guyana 9/9/2008
Shell Fuel Distribution Company (Bermuda) Ltd Amg 8/7/2006
Shell Gabon Holdings 12/21/2000
Shell Generating 10/9/1997
Shell Holdings Bermuda) 12/10/1962
Shell International Gas and Power 12/17/2003
Shell International Trading Middle East 10/18/1999
Shell Iran Offshore 12/20/1999
Shell Markets (Middle East) 12/6/1963
Shell Mexico Exploration and Production Investment Ltd Con't 12/21/2007
Shell Middle East Trading Co. 2/18/1955
Shell Offshore Central Gabon 6/21/2007
Shell Oil and Gas (Malaysia) LLC 7/3/2003
Shell Oman Trading 11/17/2000
Shell Overseas Holdings (Oman) 10/23/1996
Shell Overseas Trading  1/2/1952. Was for many years at Ferry Reach, St. George's until it sold its Bermuda-based gasoline stations.
Shell Petroleum (Malaysia) 7/31/1985
Shell Point 5/1/2001
Shell Point 6/12/1989
Shell Saudi Arabia (Refining) 4/21/1967
Shell South Syria Exploration 12/13/2006
Shell Trading (M.E) Private 1/26/1984
Shell Trust (Bermuda), The 5/19/1953
Shell Trust (UK Property) 10/27/2003
Shell Venezuela Hydrocarbons 1/30/1996
   
SHEP C/o Lines Overseas Management
   
Ship Finance International Multi-billion dollar entity. Most of its vessels are leased to Frontline Ltd., the world's biggest oil-tanker operator by capacity. It was spun off from Frontline in June 2004

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

Shore Capital Group

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

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

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

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

   
Signet Jewelers

Signet stores in UK

Signet stores in UK

Zales in USA, acquired by Signet

Zales in USA

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

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

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

Sirius Insurance Group

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

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

   
SKN Holdings C/o Lines Overseas Management
   
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 2018. May 9. Somers Ltd’s first-quarter profits rose on the back of an increase in the value of the companies in which it invests. The financial-services holding company and owner of Bermuda Commercial Bank, said net income for the first three months of the year was $18.5 million, up from $4.1 million in the first quarter of 2017. The Bermuda Stock Exchange-listed company’s net asset value per share was $19.91 at the end of March, compared to $18.55 six months earlier. Somers reported a $16.4 million gain on its investment portfolio during the three months — principally due to an increased valuation of the company’s holding in Australian lender Homeloans Ltd due to a stronger financial performance. The bulk of Somers’ investments are in three companies — Homeloans at $138.2 million, BCB at $101.8 million and UK wealth manager firm Waverton Investment Management Ltd at $91.2 million, which together represent 83.9 per cent of total investments. BCB made a profit of $0.8 million during the six months and a capital ratio of 23.3 per cent. Homeloans reported normalized profit after tax of A$12.9 million ($9.94 million) for the six months ended December 31, 2017 and assets under management of A$11.1 billion. Waverton has assets under management of £5.3 billion ($6.7 billion), while PCF, a UK specialists bank in which Somers has a 65.7 per cent stake, has retail deposits of £100 million ($135.7 million). The Somers board declared an interim dividend of 21 cents per share for the six months of the company’s financial year. Warren McLeland, chairman of Somers, said: “The investee companies continue to perform strongly with excellent financial results. In particular, assets under management growth at Homeloans and strong deposit and loan growth at PCF has been pleasing. While markets are currently more volatile, our investments continue to produce strong operating earnings. The company’s valuations have also been positively impacted by an increase in the value of sterling in the quarter which more than compensated for the slight fall in the value of the Australian dollar.” Somers’ net foreign exchange gains were $2.7 million for the quarter. During the three months, the UK pound appreciated 3.9 per cent versus the US dollar while the Australian dollar depreciated by 1.6 per cent. Mr McLeland added: “Post the quarter end we agreed to sell our investment in Merrion Capital and it is anticipated that this transaction will complete later in 2018.” Somers’ share price ended the period at $14.25 — where it remained on the BSX yesterday — a discount of 28.4 per cent to the company’s net asset value per share.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

   
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)

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) 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 Solutio