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145 web files about the internally self-governing British Overseas Territory of Bermuda in a comprehensive, constantly updated Gazetteer. Accommodation, aircraft registry, airlines, airport, America's Cup 2017, apartments, art, banks, beaches, Bermuda citizenship by Status, Bermuda Dollar, Bermuda Government, Bermuda-incorporated international and local companies, Bermudians, books and publications, causeway, charities, churches, City of Hamilton, commerce, communities, credit cards, cruise ships, culture, cuisine, currency, disability accessibility, Devonshire, districts, Dockyard, economy, education, employers, employment, entertainment, environment, executorships and estates, fauna, ferries, flora, former military bases, forts, gardens, geography, getting around, golf, government, guest houses, history, homes, Hamilton, House of Assembly, housing, hotels, immigration, import duties, insurers and reinsurers, international business, internet access, islands, laws, legal system, legislation, legislators, location, main roads, magazines, marriages, media, members of parliament, motor vehicles, municipalities, music, nearest mainland, newcomers, newspapers, organizations, parishes, parks, Paget, Pembroke, permanent residents, pensions, political parties, postage stamps,  public holidays, public transportation, railway trail, religions, retailers, Royal Naval Dockyard, Sandys, Smith's, Somerset, Southampton, St. David's Island, St George's, senior citizens, shipping registry, Somerset, Spanish Point, Spittal Pond, sports, taxes, telecommunications, time zone, traditions, tourism, Town of St. George, Tucker's Town, utilities, water sports, Warwick, weather, wildlife, work permits.

Bermuda Flag

Bermuda's International and Local Companies and Partnerships, beginning with A

Huge range and variety of offshore entities incorporated here, in this initial listing

line drawing

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

Bermuda flagBermuda coat of arms

American International, AIG Group, Bermuda

One of the many Bermuda-based leading multinational insurers

Introduction

See 

Companies beginning with A

Note: A Work in Progress, much more to be added. Showing date incorporated in Bermuda with date shown the American way.

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

A-A Bankers Reinsurance 10/21/1983
A-A Producers Reinsurance 10/23/1983
A-M-Y 4/30/1976
A-Node 5/30/2001
A-Max Technology 3/17/2004
A-Node 5/30/2001
A-P Corporation 1/17/1978
A-T Insurance Co. 7/9/1987
A-Team (The) 2/19/1990
A-Tec Contracting Services 7/4/2001
A-Z Fire Protection 1/16/2002
A and K International 7/28/1976
ACC Insurance Services 4/8/1968
AC Expediters International 6/7/2005
AF 8/5/1978
AF Portfolio 3/31/1981
AJW Construction 10/20/2003
AK Jensen Group 11/13/2003
AM International 5/8/1987
AP International 2/11/2004
AP Resources 9/20/1994
A Plus Construction 1/28/2010
ASP 2/11/1985
AT&T Capital Corporation (Sec 61 M/C) 5/13/1996
A Touch of Wales 5/7/1986
AW&I 9/26/1996
AZ Insurance 5/16/1978
A and A Investments 11/27/1996
A and A Productions 10/15/2001
A and B Energy 10/26/1978
A and E Biermann 8/11/1959
A and E International 9/9/1991
A and M Holdings 7/30/2001
A and OT Investments 3/16/1992
A and S Company 9/10/1985
A1 Fencing 3/19/2010
A1 Holdings 4/19/2000
A1 5/26/1968
A1Air 6/25/2010
A2Xus Holdings 11/16/2000
A3 Development International 4/20/1981
A300 Finance 3/17/1989
A310 MSN 483 9/24/2007
A310 MSN 541 9/11/2007
AA Investments Company 1/4/2006
AA23 Leasing 5/26/2010
AAA Accounting Services 6/28/2007
AAA International 6/19/2003
AAA Life Re 12/15/1999
AAA Reinsurance 4/1/1999
AAA Risk Solutions  7/16/2003
AAA (Angola) Investors  3/29/2001
AAAA Insurance Company 10/8/1979
AAAF Capital 6/26/2013
AAAF Management 6/26/2013
AABS Aviation 1 (Bermuda) 3/14/2013
AABS 3/14/2013
AAC (Bermuda) 8/19/2005
AAC Saatchi & Saatchi First full service advertising agency in Bermuda and the largest integrated communications agency on the Island. Clients include a variety of international companies domiciled in Bermuda as well as local clients in business across the spectrum: from retail, finance, banking and insurance to travel and hospitality, telecommunications and utility companies.
AAF Asia 8/5/2003
AAF Holdings 8/5/2003
AAHA Assurances 3/26/1986
AAHSA Assurances 1/2/1990
AAHSA Risk Management 8/25/1995
AAI BM 7/5/2007
AAIDC 12/14/1994
AAK Company 9/22/2000
AAL GAT A310 Partners 6/14/2007
AAP-NZ Investments 7/7/1997
AAP Capital 11/23/1995
Aardvark Communications 1/15/1971. A full service advertising and design agency based in Bermuda..
Aardvark Publishing 10/25/1976
Aaron Consulting 6/17/2010
AAAR 4/15/1991
Aaxis Investments 12/13/1996
Aaxis Limited Cont 8/28/1996
AA+ Asset Management 4/11/2011
AB Distribution Holdings CV 8/23/2011
AB Holdings 10/28/2003
AB Investments 7/26/2002
AB One Investments 3/5/2007
AB Partners CV 9/8/2011
AB Two Investments 3/5/2007
AB2B Networks 1/18/2000
Aba 7/1/1980
Abacus Associates 3/29/1983
Abacus Capital Management 5/9/2001
Abacus Fund 7/2/1990
Abacus Global Fund 10/16/1998
Abacus Guaranteed Fund 1/23/1989
Abacus Insurance (Cont) 6/28/2000
Abacus Investments 1/26/1993
Abacus Ltd 10/28/2009
Abacus Systems 4/10/1997
Abacus Trading 2/22/1989
Abacus Trading No 2 7/2/1990
Abacus Trust 7/16/1992
Abalone Trading 10/29/2004
Abargeyn  2/23/2006
Abaris Management (Bermuda) 7/6/1979
ABB Insurance 10/31/1974
ABB Investments 8/20/2007
Abbey Capital Daily Futures Fund 11/29/2012
Abbey Capital Multi-Manager Fund 11/4/2006
Abbey Ltd 3/27/2002
Abbey Road Holdings 9/18/1998
Abbeygate International 4/28/1997
Abbot   2/24/1975
Abbott Bermuda Holding 6/27/2012
Abbott Bermuda Overseas Businesses 2/5/2004
Abbott Development Company 7/28/1989
Abbott Diagnostics International 6/29/2005
Abbott Healthcare (Puerto Rico) 2/5/2002
Abbott Holdings Bermuda 11/20/2002
Abbott Holdings Ltd 6/8/1992
Abbott Ireland UL 10/21/1983
Abbott Laboratories (Bermuda) 10/25/2001
Abbott Strategic Opportunities 4/12/2007
Abbott Street Holdings 4/27/1995
ABBP International Company 8/14/2002
Abbvie Biotechnology 10/25/2001
Abbvie Holdings Unlimited 4/30/2014
Abbvie Ireland 8/28/2012
Abbvie Ltd 6/25/2004
Abyjen Consulting 8/23/2013
ABC Communications (Holdings) 8/5/1991
ABC International Group 8/26/2010
ABC Leasing 6/25/2008
ABC Ltd 5/10/1994
ABC Multiactive 3/2/2000
ABC Realty 9/5/1996
ABCN Capital 12/24/1996
ABCN Program 7/2/1996
ABCO Insurance Company 2/2/2000
ABCO Ltd 5/14/1985
ABD Investments 9/8/1984
Abelia 11/30/2012
Abenaki International 1/15/1999
Abercombie Co. 7/19/1972
Abercon Company 9/30/1980
Abercrombie & Russell 2/25/1994
Aberdale 8/10/1996
Aberdare Ventures II (Bermuda) LP 9/10/2001
Aberdeen Cheval International 5/29/1989
Aberdeen Holdings 9/18/2006. C/o Lines Overseas Management
Aberdeen Insurance (Bermuda) 5/13/2003
Aberdeen Pharmaceuticals 7/26/2006
Aberdeen Supply 9/18/2006
Aberfeldy Nurseries 7/19/1961
Abergavenny 5/23/1994
Abernet Investments 3/15/2007
Abernethy International Insurance Co. 12/19/1979
ABH 10 3/3/2005
ABH 11 4/8/2005
ABH 12 4/8/2005
ABIC Insurance 10/20/2003
ABVIE Holdings CV 8/23/2011
Ability Reinsurance Holdings 6/22/2005
Ability Reinsurance (Bermuda) 6/22/2005
Abingworth (Bermuda) 7/9/1975
Abingworth (Cavendish) 1/17/1979
Abingworth (Devonshire) 1/2/1978
Abingworth (Hamilton) 10/6/1975
Abingworth (Island) 4/26/1978
Abingworth (Pembroke) 1/27/1978
Abingworth (St. George) 12/11/1975
Able Endeavours 5/21/1963
ABMG E-Commerce Capital 5/18/2000
ABMG E-Commerce Investments 5/18/2000
ABN Amro FX Multi-Manager Certificates Investments 8/25/2005
ABN Amro FX Multi-Manager Investments (GBP) 5/9/2006
ABN Amro FX Multi-Manager Investments (USD) 11/9/2005
ABN Amro FX Multi-Manager Notes Investments 8/25/2005
ABN North American Real Estate Fund 11/23/1987
ABO 11/30/1994
About Time Limited Amalgamate 3271 3/27/1996
ABR Reinsurance Capital Holdings 12/15/2014. Formed by Ace Ltd and BlackRock, the world's biggest money manager. They were seeking to raise between $800 million and $1.3 billion for this new (2015) Bermuda-based reinsurance venture.
ABR Reinsurance 3/6/2015
Abracadabra 2/9/1998. Largest of Chinese companies, with a huge presence worldwide, owned by a Chinese billionaire who dreams of supplying the world. Sellsgoods including Alibaba merchandize. 
Abri Heights 4/20/1989
ABS Insurance 4/25/1991
ABS Ltd 5/23/1996
Absolute AKJ 10/1/2010
Absolute Management (Bermuda) 7/16/1993
Absolute Performance 4/19/2006
Absolute Precious Metals Fund (The) 8/10/2004
Absolute Recovery Hedge Fund 5/31/2001
Absolute Recovery Master Fund 9/29/2008
Absolute Return Fund 2/22/1996
Absolute Returns Bond Portfolio  7/26/2004
Absolute Returns Bond Portfolio Trading 7/26/2004
ABT Holding 5/23/1990
ABT International  7/20/1989
Abton Investments 3/1/1995
Abysses 11/25/1988
AC Management Services 1/8/2009
AC Re 6/17/1985
AC Trading Management 12/17/2001
ACA Assurance Corporation 5/13/1999
ACA Assurance 9/3/1999
ACA Solutions 9/3/1999
Acacia Gardens 2/23/2005
Academy at Woodlands (The) 8/2/2005
Academy Group 5/13/1982
Acadia Life International 1/14/1997
Acadia Services 6/27/2006
Acadia Wealth Management 5/31/2002
Acadian Shipping 3/12/1973
Acapulco Holdings 9/12/1980
ACB International 4/6/1988
ACBDA 12/29/2014. A new firm was set up by Government to help run the America's Cup yacht races. The new limited liability company will work closely with the event's ruling body, the America's Cup Event Authority (ACEA), in the run-up to the 2017 finals. ACBDA Ltd will play a critical role in delivering on Bermuda's obligations and making the America's Cup happen. It's a facilitation group, a host group, to assist the ACEA to host these events. ACBDA will work with Wedco, which runs Dockyard, to ensure it was ready for the event and also with the Corporation of Hamilton to guarantee smooth sailing for the America's Cup series races due to be held in October next year. It might work with others to assist with, for example, getting appropriate Government permissions in areas like planning. The new company will be similar in structure to the existing Bermuda Land Development Company and will have only one shareholder, the Government. Crew members, representatives of the ACEA and others connected with the events began the move to Bermuda in early 2015. Dr Gibbons told the House of Assembly it was important to set up a framework for the event to ensure that Bermudians would be able to benefit from the prestige racing event. The ACEA has scheduled a series of racing events in Bermuda beginning with the America's Cup World Series. Other events will include the Youth America's Cup in 2017, the America's Cup Challenger Play-offs 2017, the America's Cup Concert Series 2017 and the America's Cup Super-Yacht Regatta 2017, leading up to the finals, to be held in June 2017.  Dr. Grant Gibbons, the Minister for Economic Development, has announced ACBDA would be funded by an annual government grant and would be responsible for fulfilling Bermuda's commitments to the event. Peter Durhager, the former chief administrative officer and executive vice-president of RenaissanceRe, is chairman of the board and Mike Winfield  chief executive officer. The board of directors will also include John Collis, David Dodwell, Darren Johnston, Warren Jones, Donna Pearman, Denise Riviere, Jasmin Smith and Blythe Walker. ACBDA would represent Bermuda's interests with the America's Cup Event Authority (ACEA), the teams and other parties, and work with ACEA to help to raise sponsorship to offset the Island's financial guarantee commitments. The body will play a central role in helping Government and Bermuda fulfill its responsibilities as the host venue for the America's Cup 2017. The ACBDA will have the ability to hire a small staff, engage consultants and enter into contracts in order to carry out its responsibilities. During its operation, the ACBDA will be funded by an annual grant from the Ministry of Economic Development, much like the Bermuda Business Development Agency. Mr Durhager, who recently retired from RenaissanceRe and played a key role in the success of the Bermuda bid, said the ACBDA would not become a large, bureaucratic organization. It will be lean and efficient. It has a big job to do in a very limited time. ACBDA will help deliver Bermuda commitments under the host venue agreement with the ACEA. It will liaise between the ACEA and Bermuda, and assist the ACEA, Oracle Team USA and challenging teams in relocating to and operating in Bermuda. It will represent Bermuda's interests across all parties, including defining a positive long-term legacy and ensure effective communication within the Bermuda community relating to the America's Cup. Dr Gibbons revealed that the ACEA had received more than 700 responses to the 12 jobs that were recently advertised. "The America's Cup Event Authority has been working closely with our team and planning their move to Bermuda, beginning in February and March. I understand that they are delighted with the volume and quality of the responses they are receiving."
Acbell Air 10/26/2006
ACBL Argentina 10/10/1995
ACBL Castle Harbour 7/4/1994
ACBL Hidrovias 8/22/1995
ACBL Venezuela 7/28/1993
ACC 7/21/1972
ACC Financial Corporation 10/26/1979
Accel Associates (International) 3/30/1984
Accel Capital (International)   4/27/1984
Accel Capital (International) LP 7/2/1984
Accelerated Reinsurance Company 12/19/1997
Accenture Australia 5/8/2001
Accenture Australia (I) 5/8/2001
Accenture Australia (2)  5/8/2001
Accenture Australia (3) 5/8/2001
Accenture Inc 8/16/2006/. Formerly Anderson Consulting, spun off from Chicago-based accounting firm Arthur Anderson. Bermuda headquartered for tax reasons on July 1, 2001. A multi-national company with $ multi-million US Defense and Homeland Security contracts. World's second-largest consulting firm, with more than 140,000 employees in countries including Bermuda, China and Brazil. When Accenture does business with state and local government in the USA, it does so through its US-based subsidiary, Accenture LLP. 
Accenture Ltd 2/21/2001
Access Capital 12/12/2002
Access Financial Group 12/12/2002
Access Investments 3/12/1970
Access Ltd 2/13/2006
Access Marketing International (Bermuda) 4/10/2002
Access Reinsurance Brokers 3/27/1981
Access Reinsurance 11/29/2006
Accession Mezzanine Capital G.P 2/2/2001
Accession Mezzanine Capital II G.P 1/4/2007
Accession Mezzanine Capital II LP 1/21/2002
Accession Mezzanine Capital III GP 5/13/2009
Accession Marine Capital LP 1/21/2002
AccessTurkey Advisoprs 3/9/1999
AccessTurkey Fund 3/9/1999
Accident Reinsurance Intermediaries 2/9/1976
ACCL Management 6/4/1990
Accolade (Bermuda) 5/28/1982
Accord Holdings Acquisition Company 4/21/2004
Accord Holdings 5/21/2002
Accord Lightyear Holdings Company 4/20/2004
Accord Ltd 1/12/201
Accord Re 5/26/1989. 28 Church Street, Hamilton HM 12. Phone 292-4006. Fax 292-3865.
Accord Underwriting Agency 6/21/1989. Continental Building, 25 Church Street, Hamilton HM 12. Phone 292-4006.
Accordion Holdings II 3/5/2003
Accordion Holdings 5/11/2011
Accordion Reinsurance 5/11/2001. Since 5/11/2011 Formed by Lancashire Holdings as a fully collateralised sidecar quota share reinsurance arrangement with a capital draw-down feature, flexibly capitalized for up to $250 million, to act as a quota share reinsurer of Lancashire Insurance Company Ltd on its worldwide property retrocession business. A Special Purpose Insurer.
Accordion Reinsurance II 3/5/2003
Accountability (Bermuda) 9/14/2004
Accountants Liability Assurance Company 6/30/1986
Accountants Professional Risk Insurance, The 4/15/1987
Accounting Dept Ltd (The) 3/31/2005
Accounting & Bookkeeping Services 1/22/1971
Accounting & Consulting Services  4/28/1999
Accredited Insurance 12/10/2004
Accretive Solutions 4/20/2012
Accrogas International 1/21/1992
ACCS 7/11/2003
ACCTRAK21 International 3/9/2001
Accudent 11/25/1998
Accutech Computer Systems 4/3/1987
Accutrac 2/4/1976
ACD Dockpar 2005 LP 9/28/2005
ACD Holdings 2005 LP 9/30/2005
Ace Achieve Infocom 6/11/2004
Ace Alternative Risk 7/5/1978
Ace American Insurance Company 10/29/1999
Ace Asset Management 7/27/2000
Ace Bermuda Insurance (now owned by Chubb)

6/2/1993. World HQ in Bermuda. Ace Building, 30 Woodbourne Avenue, Hamilton HM 08. Phone 295-5200. Fax 295-5221. P. O. Box HM 1015, Hamilton HM DX, Bermuda.  

2017. April 20. The start of the Ace story in Bermuda has been marked with a special plaque at the Hamilton Princess. The founding chairman of the firm John Cox wrote the company’s first insurance policy in room 348 at the hotel in 1985. Ace, now Chubb, has since grown to be the largest publicly traded property and casualty insurance company in the world. Executives from the hotel and Chubb unveiled the plaque on Wednesday. Guests included Eric Dibkin, director of insurance and risk management at Merck & Co, a US pharmaceutical company, which held Ace’s first policy, which was numbered 348 after the room number. Joseph Clabby, division president of Chubb Bermuda, said: “Room 348 of the Hamilton Princess has always held a special place in our company’s history as our first, albeit temporary, headquarters. “We are honored to be joined here again by our first policyholder, many of our earliest employees and colleagues from the broking community to commemorate John Cox, his vision and achievements.” Mr Cox died in February aged 84 and is regarded as a giant in the property and casualty insurance industry. A company spokeswoman said: “Not only did he shape Ace in its formative years, he also helped to establish Bermuda’s leading role in the international insurance and reinsurance industry.” Allan Federer, general manager of the Hamilton Princess, said: “We are pleased to commemorate the room where Ace wrote its first policy, a legacy that will always be an important part of Bermuda’s history.”

Regional headquarters are in London, including Lloyd's Syndicate 2488, Stamford and Dublin. The original insurance company of the ACE Group of Companies, provides insurance protection for risks worldwide. Established in 1985 by a consortium of 34 Fortune 500 companies to provide excess liability and directors &officers insurance when capacity was scarce. Today, is a leading provider of high-level excess liability, directors and officers, professional liability and property insurance. Through its subsidiaries, ACE Bermuda also offers political risk coverages and captive programmes.

Ace Insurance, Bermuda

Ace Bermuda International Insurance (Ireland) 3/4/2003
Ace Capital Re Managers 12/19/1996
Ace Cleaning & Landscaping 2/8/1993
Ace Financial Solutions International 7/10/1987
Ace Foundation - International 8/16/2002
Ace Group Management and Holdings 5/19/2008
Ace Hardware International Holdings 9/24/2010
Ace INA Overseas Insurance Company 5/18/1995
Ace International Strategic Funds LP 10/2/1993
Ace Investments 1 8/20/2010
Ace Investments 2 8/20/2010
Ace Life Insurance Company 7/28/1986
Ace Ltd 9/11/1985
Ace Management 1/31/1983
Ace of Clubs 10/25/1962
Ace Realty Holdings 4/18/1997
Ace Services 10/12/1993
Ace Tempest Life Reinsurance 10/13/2000. Reinsurance division of the Ace Group of Companies. In 2007 established an underwriting presence at Lloyd's Reinsurance Company (China) Limited, Lloyd's new licensed reinsurance company based in Shanghai. Offers all lines of property and casualty facultative and treaty reinsurance to the Chinese market,  fully supported by Ace's existing Lloyd's Syndicate 2488.
Ace Tempest Reinsurance 9/1/1993. 
Ace (Asia) 5/1/2011
Acergy Bermuda Con't Gibraltar 5/12/1994
Aces International 11/6/1998
Aceto 2/19/2012
ACF 1/22/2010
ACG 2004-1 Bermuda 5/5/2009. Aircraft holding company for Bermuda-registered aircraft
ACG Acquisition (Bermuda) 3/19/2008. Formerly owned by Annapolis Consulting Group (ACG), a Maryland international consultancy business that provided services to the reinsurance sector. Since May 2015 owned by Bermuda speciality insurer MultiStrat. ACG has an office in Bermuda and one in South Carolina, specializes in the resolution of legacy claims and captive run-offs. MultiStrat offers reinsurance and advisory services and also specializes in launching and developing asset manager sponsored reinsurance firms through several subsidiaries of the holding company. MultiStrat will also take over ACG Brokerage (Bermuda) as part of the deal, subject to approval by regulators. 
ACG Acquisition (Bermuda) II 3/19/2008. 
ACG Acquisition (Bermuda) III  1/16/2009.
ACG Bermuda Leasing 12/14/2011
ACG Brokerage (Bermuda) 3/20/2014
ACG Capital Partners Bermuda 5/22/2012
ACG ECA Bermuda 7/20/2011
ACG International 3/22/2002
ACH-DD-01 6/24/1999
ACH-DD-03 6/24/1999
ACH-DD-04 6/24/1999
ACH-DD-10 9/4/2001
ACH-DD-11 6/24/1999
ACH-DD-12 6/24/1999
ACH-DD-14 6/24/1999
ACH-DD-15 10/11/1999
ACG-DS-01 6/24/1999
ACG-DS-02 6/24/1999
ACG-DS-04 6/24/1999
ACG-DS-05 6/24/1999
ACG-DS-06 6/24/1999
ACG-DS-07 6/24/1999
ACG-DS-09 4/19/2000
ACG-DS-12 6/24/1999
ACH-ED-02 6/24/1999
ACH-ED-03 6/24/1999
ACH-ED-04 10/11/1999
ACH-ED-05 4/19/2000
ACH-ED-10 6/24/1999
ACH-ED-11 6/24/1999
ACH-LS-01 6/24/1999
ACH-LS-03 6/24/1999
ACH-LS-04 6/24/1999
ACH-LS-05 6/24/1999
ACH-LS-06 6/24/1999
ACH-LS-08 9/4/2001
ACH-LS-09 6/24/1999
ACH-LS-10 11/1/1999
ACH-LS-12 6/24/1999
ACH-RV-01 6/24/1999
ACH-RV-03 6/24/1999
ACH-RV-04 6/24/1999
ACH-RV-05 6/24/1999
ACH-RV-06 6/24/1999
ACH-RV-07 6/24/1999
ACH-RV-08 6/24/1999
ACH-RV-10 6/24/1999
ACH-RV-11 6/24/1999
ACH-RV-12 6/24/1999
ACH-XL Portfolio 2/19/2002
ACH Ltd 7/23/2009
Achela International 8/12/1985
Achievement International 4/21/1995
Achow & Kimpton 9/5/2007
ACHP Insurance Company 8/6/1985
ACI Industries UL 12/13/1995
ACI Industries International 9/28/2000
ACI Industries International Ltd 12/29/2009
ACI Industries LP 12/15/2009
Acimex 3/14/1975
Acirfa 7/6/1976
ACLO 1/3/1989
ACL Air Cargo 12/14/1972
ACL Alternative Fund SAC 1/4/2002
ACL Construction 7/14/1999
ACL Fund 4/10/2001
ACL Venezuela 7/28/1993
ACLI Coffee (South America) 6/7/1983
ACLI Soya Company 5/23/1977
Aclires Holding 6/9/2005
Aclires International 7/1/2005
ACM Bermuda 7/4/2013
ACM Holding LP 12/23/2011
ACM Holdings GP II 10/23/2012
ACM Holdings GP 12/21/2011
ACM Holdings II LP 10/29/2002
Acme Investments 6/21/1955
Acoma Bioindustry Fund 1/9/2003
Acon Floral Partners LP 8/24/2001
Acon Florimex LP 8/24/2001
Aconcagua Management 9/21/2000
Acordia Brokerage Services 11/13/2002
Acordia Management Services 1/3/1978
Acorga 3/22/1973
Acorn Capital 9/14/2012
Acorn Co 3/23/1978
Acorn Energy (Bermuda) 7/22/1992
Acorn Geophysical 1/25/2006
Acorn Insurance Company 10/7/1982
Acorn Investments 8/27/1982
Acorn Ltd 5/13/2009
Acorn Services 2/14/1995
Acorn Technology Partners LP 6/9/1997
Acot American Canadian Oil Trading (Bda) 5/10/1979
Acot Oil Trading (Bermuda) 5/10/1979
ACP Acrobat Co-Invest LP 10/26/2013
ACP Hansa (Offshore) II-A 1/7/2010
ACP Hansa (Offshore) II-A, LP 1/18/2010
ACP II Hansa 6/24/2008
ACP III-A Topco (Offshore) LP 5/21/2013
ACP III AIV GP 5/11/2012
ACP III India (Offshore) LP 3/29/2011
ACP India (Offshore) 3/28/2011
ACP Management LP 2/10/1993
ACP Nycom (Bermuda) 2/28/2008
ACP Partners 10/10/2001
ACP Re 10/27/2009
ACP Topco (Offshore) LP 5/21/2012
ACP (Bermuda) 1/3/1995
Acquisitor Holdings  7/11/2002.  A subsidiary of Acquisitor PLC, a UK investment company.
ACRC 12/14/2002
Acro-Tech 5/6/2005 
Acronis Inc. 4/12/2007
ACS 2007-1 5/15/2007
ACS-2008-1 4/17/2008
ACS Aircraft Finance Bermuda 5/4/2006
ACS Nominees 6/19/2007
ACS (Bermuda) 2/1/1981
ACSL (Bermuda) 11/7/1986
ACT Teleconferencing of Bermuda 7/20/2000
Acta International Funds 6/30/2004
Actaeon Shipping 8/5/1990
Actava Insurance Company 12/12/1975
Actinium Holdings 4/11/1977
Actinium Pharmaceuticals Ltd (Amalgamation) 6/8/2000
Action 11/27/1980
Action Services 3/12/2007
Action World Travel Consultants 1/7/1994
Active Allocation Fund 8/11/2010
Active Asset Management 8/5/2010
Active Computer Services 10/13/1992
Active High Yield Fund 5/2/2012
Activelifestyle Travel Network 6/23/2000
Activision Blizzard Bermuda 11/27/2008
Activision Entertainment Properties CV 8/23/2011
Actua Re 4/11/2008
Acuity Brands Insurance (Bermuda) 2/14/1990
Acumen Capital 12/3/2007
Acumen Insurance Managers 4/29/2009
Acumen 1/25/2006
Acumen Services 10/10/2007
Acusphere Newco 6/28/2000
Acvitch Investments 6/29/2000
Ad Capital Partners 1/12/2006
Ad Hoc Systems 10/12/1994
Ada Investments 9/5/1985
Ada 6/23/2006
Ada Uhuru 12/22/1993
Adaka Real Estate Holdings 9/2/2010
Adam Bermuda Holdings LP 11/3/2006
Adam PP (Ber) LP 11/3/2006
Adam & Partners Family Office 9/3/2010
Adam & Partners Group Holding Company 9/3/2010
Adam & Partners International Investment Advisors 9/3/2010
Adamant 9/29/1994
Adamantine Fund 7/7/2011
Adamar International Lodging 11/10/1998
Adamas 9/20/1979
Adams Aquanaut 2/4/2008
Adams Arrow 2/4/1999
Adams Challenge 2/24/1999
Adams Holdings (Bermuda) 10/25/2000
Adams Multi-Advisor Fund 6/1/1994
Adams Nomad 2/24/1999
Adams Offshore 1/10/1995
Adams Subsea 2/24/1999
Adams Surveyor 2/24/1999
Adams & Porter International 10/24/1969
Adams & Porter Management 8/20/1985
Adams Henry Collidge 1/23/1984
Adanac Realty Corp 4/26/1978
Adare 3/14/1979
Adas Capital Group Holding 11/19/1997
ADC International 9/25/1979
ADC Partners 4/4/1989
ADC Products LP 10/23/2013
ADC Products Switzerland and Sarl 12/12/2013
ADC Theraputics Sarl 10/19/2012
ADCB Macquarie Infrastructure Fund 5/10/2007
ADCO 4/5/1999
Adcom Management 12/19/1980
Add-Venture 1/3/1973
Adda Resources (Bermuda) 5/1/1997
Addax Bermuda 10/19/2010
Added Speed & Accessories 6/19/2012
Adderley Associates 10/21/1982
Adderley Brothers 1/23/1951
Adderley Enterprises 8/10/1982
Adderley Stone Amy 10/10/2012
Adderley, Donald Edward 9/23/1987
Adderley, Erskine E 9/30/1986
Adderley, Pearl L 10/27/1978
Addison Financial Management 3/31/1993
Additions 11/24/2009
Adec Solutions 11/22/2006
Adecco Financial Services (Bermuda) 10/27/2000
Adecco Investments (Bermuda) 10/5/2009
Adecco Reinsurance Company 6/6/2997
Adelaide Investments 1/24/1994
Adelaide 9/27/1996
Adelco Securities 10/31/1984
Alelphi 1/17/1991
Adept Solutions 3/22/2012
ADF Tiger I 11/27/2007
ADF Tiger II 12/12/2007
ADF Tiger III 12/17/2007
ADF Tiger IV 12/21/2009
ADF Tiger V 12/21/2009
ADF Tiger VI 9/22/2011
ADG Absolute Diversified Growth Fund 7/19/2007
ADG II Trading 11/14/1994
Adgroup International Marketing Services 4/8/1982
Adgroup Limited (The) 6/2/1992
Adhealth 12/11/1990
Adherex International 2/6/1997
Adia Funding 9/26/1995
Adib Al Hilal Fund 12/22/1999
ADIC-Redwood Partners 10/19/1998
ADIC Diversified Investment Fund 5/25/2011
Adivan High Tech 6/13/1995
ADK Contruction 10/10/1975
   
ADL Compliance 2017. June 2. This Bermudian firm specialising in compliance and anti-money laundering has been signed up by the Bermuda Casino Gaming Commission. ADL Compliance will work to make sure that the gambling industry on the island is clean. Lanan Bascome, manager of ADL, It has already carried out stringent background checks on people involved in the local gambling industry, including criminal, civil and credit checks, media and social media vetting as well as investigations into professional and social contacts and employment history. Ms Bascome said: “These background checks are of paramount importance because people employed in or working with the casinos and gaming industry in Bermuda will have access to financial assets and complex technology. As much as we can, we endeavour to ensure that these persons are honest. As the regulator, it is the Commission’s job to safeguard the industry from any possibility of corruption and robust employee vetting goes a long way towards that end. These protections will help Bermuda not only build a reputation in gaming but will also help safeguard our island’s hard-earned, distinguished reputation in international business and finance generally.” Staff at the firm have already signed up for classes at the University of Nevada in the US gambling capital Las Vegas involving regulation and background investigations into casinos.
   
ADM Private Trustees (Bermuda) 12/13/2013
Admat Enterprises 11/13/1990
Administrative Dynamics Intl 3/6/1977
Admiral Finance 12/15/1992
Admiral Fund One LP 12/28/1991
Admiral Holdings 12/15/1992
Admiral Insurance Company 11/8/1977
Admiral International 10/15/1991
Admiral Investment 3/12/1990
Admiral Ltd 4/19/2000
Admiral Management Services 4/28/1995
Admirals Overseas 1/29/1999
Admiralty Fund 10/16/1981
Adobe Software Trading Company 12/7/2005
Adola Gold 2/10/1995
ADP Offshore Master 2007 LP 3/4/2008
Adpro Management (Bermuda) 3/1/2000
Adrenalin Extreme Bermuda 8/13/1993
Adrian Shipping (Bermuda) 8/19/1957
ADS Reinsurance 11/26/1998
ADT Treasury Management 1/2/1990. Owned by Tyco International
Adult Education Enrichment Society (The) 1/24/1985
Advance Insurance Company 8/20/1979
Advance Medical Supplies 12/22/2010
Advance Partners International 11/27/1999
Advance Security Systems 10/18/1985
Advance Software Systems 4/15/1983
Advance Travel Holdings (Bermuda) 10/3/1997
Advance Travel 3/29/1996
Advanced Chemical Technologies 10/9/1992
Advanced Communication Equipment Holdings 1/3/1995
Advanced Computer Sciences 3/27/1980
Advanced Eco Technology 11/18/2004
Advanced Engineering 7/9/1987
Advanced Genetic Sciences (Bermuda) 9/4/1980
Advanced Global Investing Direct 6/18/1999
Advanced Installers 10/22/1991
Advanced Management International 8/12/1999
Advanced Materials Foreign Sales Corporation 11/7/1997
Advanced Medical Technologies 5/14/1986
Advanced Mobile Solutions 1/7/1998
Advanced Pest Control 3/13/1997
Advanced Portfolio Technologies 6/22/1993
Advanced Tech Solutions 10/16/1998
Advanced Technology Trading 2/3/1983
Advanced Technology Ventures Bermuda 8/4/1981
Advanced Therapeutic Systems 5/28/1993
Advanced Trade Technologies and Services 5/2/2002
Advancetex (Bermuda) 7/2/1990
Advantage Capital International 1/20/1992
Advantage Company 12/6/1983
Advantage Computer Solutions Bermuda 7/9/1999
Advantage Fleet & Auto 2/12/2014
Advantage Limited Partnership 1/29/1992
Advantage 6/2/1993
Advantage (Bermuda) Fund 5/4/1998
Advantec-Engineering Services 6/1/1999
Advantech Automation Corp 4/25/2000
Advent Asia/Pacific Fund Limited Partnership 4/23/1992
Advent Direct Investment Program Limited Partnership 9/14/1993
Advent International 11/12/1985
Advent Israel (Bermuda) Limited Partnership 6/30/1993
Advent Re Holdings 11/6/2006
Advent Re 12/21/2006
Advent Shipping 11/15/1990
Advent Techno-Venture Investment Corp 11/30/1983
Advent Techno-Venture (Bermuda) Management Co B V I 4/10/1984
Advent (Bda) Co II 9/11/1972
Advent (Bda) 7/9/1969
Adventure Enterprises 3/21/1994
Adventure Travel 10/3/1985
Adventure X Bermuda 8/25/2004
Adventureland Nursery and Pre-School 3/15/1999
Adventurous Navigation (Bermuda) 2/19/1990
Advertising Associates Company 7/20/1961
Advertising Services 12/2/1991
Advisors Insurance Group 3/29/1990
Advisory Services (Bda) 8/8/1975
ADX Shipping 3/3/1989
AE Helicopter (10) 1/24/2012
AE Helicopter (11) 1/24/2012
AE Helicopter (1) 1/26/2010
AE Helicopter (2) 1/26/2010
AE Helicopter (3) 3/24/2010
AE Helicopter (4) 8/19/2010
AE Helicopter (5) 10/19/2010
AE Helicopter (6) 10/19/2010
AE Helicopter (7) 1/24/2012
AE Helicopter (8) 1/24/2012
AE Helicopter (9) 1/24/2012
AE Holding 8/21/2002
AEA International Search 5/27/2002
AEC International 12/4/1992
AEC International (Congo) 9/18/2000
Aecom GBP Holdings 3/30/2010
Aecom Global Ireland Holdings 3/30/2010
Aecom MEA Services 7/12/2010
Aediles 2/20/2013
Aedos Fund Management (Bermuda) 12/17/2009
Aegean Services 6/16/2005
Aegeanships 10/26/1995
Aegerion Pharmaceuticals 12/29/2111
Aegian Insurance Company 3/21/1975
Aegir International Investments 9/1/1989
Aegir Services International 9/23/2010
Aegis Bermuda 10/24/2013
Aegis Coastal Storm & Quake Insurance Company 6/14/1995
Aegis Indemnity 10/6/1969
AEI (PQP) Holdings 2/11/2004
Aelion Energy 5/28/2009
Aelion (PVT) 5/21/2009
Aelp NT Australia Holdings 5/1/2015
Aem Trading 10/20/1982
Aeneas Capital 11/5/2009
Aeolian Private Trust Company 3/6/2008
Aeolus Capital Management 3/28/2011
Aeolus GP 7/19/2006
Aeolus Holdings 6/30/1986
Aeolus LP 7/20/2006
Aeolus 6/28/2006
Aeolus Property Catastrophe Fund GP 11/10/2011
Aeolus Property Catastrophe Fund I LP 11/10/2011
Aeolus Property Catastrophe Fund II LP 9/11/2012
Aeolus Property Catastrophe Keystone PF Fund LP 4/25/2014
Aeolus Property Catastrophe Keystone PF GP 4/22/2014
Aeolus Property Catastrophe Spire Fund LP 6/21/2013
Aeolus Property Catastrophe Spire PF Fund LP 4/25/2014
Aeolus Property Catastrophe Spire PF Fund GP 4/25/2014
Aeolus Property Catastrophe Spire PF GP 4/22/2014
Aeolus Re J12 SPI 12/8/2011
Aeolus Re 3/28/2011
Aeolus Re 3/28/2011
Aeolus Re My11 SPI 5/5/2011
Aeolus Reinsurance 6/28/2006
Aercap Bermuda A330 2/8/2008
Aercap Funding No 1 (Bermuda) 6/19/2000
Aercap Funding No 2 (Bermuda) 6/19/2000
Aercap Funding No 3 (Bermuda) 6/19/2000
Aercap Holdings (Bermuda) 6/19/2000
Aercap International Bermuda 7/24/2009
Aercap Leasing 3034 (Bermuda) 3/29/2012
Aercap Leasing MSN 2413 (Bermuda) 3/27/2012
Aercap Partners Bermuda 1 3/11/2014
Aercap (Bermuda) No 3 7/14/1993
Aerco Bermuda Leasing 10/25/2006
Aerfunding 1 4/5/2006
Aerfunding Bermuda Leasing 4/27/2011
Aergo Bermuda Leasing 9/22/2006
Aerial Finance 3/18/1994
Aerie Reassurance (Amal/disc to Delaware) 1/3/1984
Aero-Marine Insurance 7/13/1981
Aero Assurance Vermont USA 12/12/1990
Aero Consultants 2/23/1981
Aero Development 1/26/2007
Aero One 9/10/2007
Aero Transactions 10/28/2005
Aero USA Inc (Sec 61 M/C) 1/4/1994
Aerolab 10.5/1992
Aeroleo Taxi Aereo 7/1/1980
Aeromaritime International Management Services 10/12/1971
Aeromaritime Overseas 2/27/1976
Aeromaritime Systems 10/27/1976
Aeromex Leasing 12/10/1993
Aeronautics G 4/26/1990
Aeronautics T 1/24/1991
Aero-Quip Vickers International Con't 1/26/2006
Aerosko Bermuda 10/5/2009
Aerospace Enterprises 7/5/2001
Aerospace Finance Asia Leasing Four 4/18/2007
Aerospace Finance Asia Leasing One 8/14/2006
Aerospace Finance Asia Leasing Three 4/18/2007
Aerospace Finance Asia Leasing Two 8/14/2006
Aerospace Finance (Bermuda) 2/28/1990
Aerospace Industry Risk Solutions 6/11/2004
Aerostar Investments 11/4/1996
Aeroturbine (Bermuda) 6/19/2013
Aersale Bermuda 27149 10/27/2011
Aes-Gitic Power Development Company 1/18/1995
Aes Acquisition Co 11/22/1996
Aes Agriverside II 10/30/2007
Aes Agriverside 7/14/2006
Aes Americas International Holdings 10/12/1994
Aes Brazil International Holdings 10/12/1994
   
Aetna Global Benefits (Bermuda)  
Aetna International Assurance (Bermuda) 5/29/1968
Aetna International Managers (Bermuda) 6/23/1969
Aetna Investment Enterprises 11/25/1986
Aetna Life & Casualty (Bermuda) 2/27/1978
Aetna Risk Indemnity Company 9/3/1996
   
AFL Investments 6/1/2005. Maxwell R. Roberts Building, 1 Church Street, Third Floor, P.O. Box HM 1064, Hamilton HM11. Phone 294-5715. Fax 292-5761.
   
Africa Risk Capacity Insurance Company (ARC) May 2014. This catastrophe insurance pool to insure a group of African countries against drought was set up in Bermuda by Willis Group Holdings plc, a global broker and risk adviser, as a new mutual insurance company. The capital was raised from the international weather risk markets and the pool the first of its kind will issue insurance policies against drought to an initial group of five African countries: Kenya, Mauritania, Mozambique, Niger and Senegal. It will allow member countries to respond quickly to a developing crisis, and rely less on uncertain international aid in times of drought. In January 2015 it was announced that this unique Bermuda-based insurance pool was set to pay out $25 million to three drought-hit countries in Africa,Niger, Mauritania and Senegal.
Ag Show (ASL) Since 2015. A public-private partnership with the Bermuda Government put on the Agricultural Show at the Botanical Gardens from 2016.
   
Agency Program Insurance Company (Apic) 2016. July 19. Randall & Quilter Investment Holdings Ltd has acquired this Bermuda-based 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 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.
   
AIG (American International Group) in Bermuda

AIG, New York

AIG, New York

AIG Bermuda

American International Group (AIG) Bermuda headquarters.

American International Building, 27 Richmond Road, Hamilton HM 08. Phone (441) 295-2121. Fax (441) 292-6735. Very prominent in Bermuda with a massive Bermuda-incorporated corporate offshore presence as shown in the AIG companies (corporations) listed below. Second-largest single user and registrant of Bermuda's offshore companies, second only to the Chevron Corporation. World's largest insurer by market value, with a $100+ billion balance sheet. Founded in Shanghai, China, in 1919. New York-headquartered at Maiden Lane, a block from Wall Street. On 16th September 2008 AIG was rescued after the US Federal Reserve extended an $85bn bridging loan to the troubled insurance giant that provides mortgages insurance and more to most banks in the USA and many abroad. The Fed, after meeting with senior officials of the US Treasury, Senate and Congress, offered the money to the corporation in return for it pledging all of its assets. In addition, the Fed  received warrants which gave it an ownership stake of almost 80pc. In March 2009 AIG announced a huge loss, highest in US corporate history, of $61.7 billion for the fourth quarter of 2008 on Monday. The US Government provided another $30 billion of aid in its third bailout of the company, now totaling $180 billion, since September 2008. The latest bailout increased the government's commitment to keeping AIG on life support, and avoided any crippling credit rating downgrades that might have forced AIG to come up with billions of dollars it might not have had. Most of the loss stemmed from big write-downs tied to credit default swaps and other toxic debt. AIG built up its exposure to swaps earlier this decade, when long-time CEO Maurice (Hank) Greenberg and then Martin Sullivan ran the company. Briefly changed its name to Chartis, now back to AIG, following its return to health, profitability and hugely less debt to Uncle Sam. Employs around 200 people in Bermuda. First major insurance company to locate in Bermuda and in the 1960s was allowed to have a separate agency of the American Life Insurance Company, an AIG subsidiary, active in the Bermuda marketplace. 

2017. June 30. Acquisitions are on the agenda for American International Group under new chief executive officer Brian Duperreault. Speaking after the company’s annual shareholders meeting in New York on Wednesday, Mr Duperreault said: “I’d love to find great additions to the company. I think the important thing is that we look at companies that can make us better.” He said he might scale back share buy-backs and use excess capital for acquisitions. That would be a change of direction for the company, which last year embarked on a two-year plan to buy back $25 billion in shares by the end of 2017. The scheme, which was instigated by former CEO John Hancock, has returned $18.1 billion to date. Bermudian-born Mr Duperreault was appointed CEO of AIG in May. He previously worked for the company between 1973 and 1994, before going on to lead Ace Ltd, now Chubb. After retiring in 2006, he returned to head Marsh & McLennan Companies, the second-largest insurance broker in the world. Then in 2013, he founded Bermudian-based Hamilton Insurance Group with New York-based Two Sigma Investments. His extensive background in the sector, and his long association with AIG, made him the favourite choice to lead the giant insurance company as it continues to recover from the impact of the global financial crises of 2008.And Mr Duperreault’s popularity with shareholders was clearly indicated in the result of the shareholders’ vote for the election of directors on Wednesday. He attracted the most votes in favour, some 743 million, and the least votes against at 467,732.AIG has a global workforce of about 56,000 and a market capitalisation of $58.5 billion.

2017. May 18. A subtle pattern of symmetries has been created by this week’s appointment of Brian Duperreault as chief executive officer of American International Group. Not only has Mr Duperreault, 70, come full circle in his career, having entered the insurance sector in 1973 at AIG, he is now leading the company that seven decades ago was the first international insurer in Bermuda. The company was a pioneer for Bermuda’s subsequent emergence as one of the world’s major insurance and reinsurance hubs. Now, just as AIG played such a key role in bringing a prosperous direction to the island’s economic destiny many years ago, it is a Bermudian who has stepped up to help AIG through a difficult period. By further coincidence, Mr Duperreault was born in Bermuda in 1947, the same year that American International Company incorporated on the island. AIC was a component of what became AIG, and handled the non-US business of the American International group. Although born in Bermuda, Mr Duperreault was raised in Trenton, New Jersey, the only child of a single working mother. He started work for AIG and its affiliates in 1973 and rose through the executive ranks, being viewed as a potential future CEO. However, in 1994 he joined Ace, now Chubb, in Bermuda — fulfilling a desire to reconnect with the island, albeit after 47 years. When Mr Duperreault was approached for the CEO role at Ace he already had a Bermudian passport and status, but he did not reveal those facts until he had secured the post as he wanted the appointment to be made solely on merit. At the time, Ace was a relatively narrowly focused Bermudian-based insurer. During his decade at the company, Mr Duperreault transformed it into a globally significant insurer. After his ten-year tenure as CEO, he remained for a further two years as non-executive chairman before retiring in 2006. Two years later he was approached to come out of retirement and lead Marsh & McLennan Companies, the second-largest insurance broker in the world. Marsh was saddled with a series of problems, including legacy issues, excess capacity, lawsuits and organisation woes. Mr Duperreault accepted the challenge and during his four years as CEO reorganized and turned the company around. He retired for a second time in 2012, but it was another short hiatus. The following year he founded Bermudian-based Hamilton Insurance Group with New York-based Two Sigma Investments. He was chief executive officer and chairman. Then on Monday, he was appointed CEO of AIG, 44 years after first working for the company. AIG has a global workforce of about 56,000 and a market capitalisation of $57 billion. It has maintained a strong presence in Bermuda since the incorporation of AIC in 1947, and has offices on Richmond Road, Pembroke. AIG hit rocky ground in the early 2000s and teetered on the brink of collapse as a result of the global financial crisis of 2008. It received a $185 billion bailout from the US government, which was fully repaid by 2012. However, the pace and nature of the company’s slow recovery has concerned investors, including billionaire activist investor Carl Icahn. In Marsh, Peter Hancock, CEO of AIG, announced plans to resign. This sparked a hunt for a replacement. Mr Duperreault, as one of the industry’s most effective and highly regarded leaders, was immediately included on a speculative list of possible candidates. He stood out with his impressive track record at Ace, Marsh and Hamilton, and his key role with AIG from 1973 to 1994 as it became a global powerhouse. His appointment this week to lead AIG was broadly welcomed. Mr Icahn, in a tweet, said: “Very pleased the AIG board is finally making some of the much needed changes we’ve been advocating the last 18 months.” While Douglas Steenland, AIG chairman, said: “He is a hands-on leader who has consistently delivered strong bottom line results.” And Mr Duperreault, who is also part of the team spearheading the redevelopment of Morgan’s Point, has made clear his intentions at AIG. As his insurance industry career came full circle on Monday, he said: “It is a privilege to return and lead AIG. I look forward to building on AIG’s nearly 100-year heritage as one of the world’s leading insurers for its next century.” 

2017. May 16.  NEW YORK (Bloomberg) – American International Group will give Brian Duperreault $12 million in cash, 1.5 million stock options and an annual pay package valued at $16 million to turn around the company as its seventh chief executive officer since 2005. AIG will also pay Mr Duperreault’s previous employer, Bermudian-based Hamilton Insurance Group, as much as $40 million over two years to waive their former CEO’s non-compete agreement, according to a regulatory filing yesterday. Mr Duperreault, 70, spent time at AIG earlier in his career as a deputy to Maurice “Hank” Greenberg, who built the company into the world’s largest insurer before departing in 2005. Mr Duperreault will begin immediately, AIG said in a statement. He succeeds Peter Hancock, who said in March he would leave because of insufficient support from investors such as activist Carl Icahn. The new CEO will seek to bring stability to AIG, which has endured the departures of top executives, higher-than-expected claims costs and four losses in seven quarters. Before joining Hamilton, he was CEO of insurance broker Marsh & McLennan Cos, where he helped restore confidence of investors and clients. He also led Ace Ltd, which is now known as Chubb Ltd and is one of AIG’s largest rivals. “It is extremely gratifying that the activist strategy continues to create value for all shareholders,” Mr Icahn said in a Twitter post yesterday, adding that he was pleased AIG was making “much needed” changes he’s been advocating. The annual pay comprises $1.6 million in salary, a $3.2 million target bonus and an $11.2 million long-term incentive consisting of restricted shares, some of which are linked to performance. Taken together, that’s 23 per cent more than Mr Hancock’s $13 million target annual pay. Of the 1.5 million options, Mr Duperreault will get a third within three years and the remaining will vest in increments if AIG’s share price exceeds hurdles set $10, $20 and $30 above its current level. AIG also agreed to pay about $110 million to acquire a US operation from Hamilton, which includes a $30 million premium to the book value of the Bermudian-based firm. AIG will allow Hamilton the chance to collect about $150 million of reinsurance premiums over six years. AIG said it will work with hedge fund firm Two Sigma Investments, which already works with Hamilton, to create a “next generation insurance platform” for Duperreault’s new company. Mr Duperreault helped create Hamilton in 2013 with backing from principals of Two Sigma. Former Citigroup CEO Sanford “Sandy” Weill had a stint as Hamilton’s chairman and remained a shareholder when he stepped down from the board. Mr Duperreault “has an excellent grasp of the global insurance industry and he has proven to be a real innovator over many decades,” Weill said in an e-mail. “He views change as creating opportunities, and I really believe that we will see good things from AIG as a result of Brian’s leadership.” Hamilton focused on data analytics with Two Sigma to help decide which insurance risks to take, and how much to charge for them. The company formed a venture last year with AIG to provide coverage to small and medium-size businesses. Mr Duperreault will seek to improve return on equity, and also boost AIG’s stock price. Shares of the company have slumped 6.6 per cent this year, while the S&P 500 Index has climbed 6.8 per cent. He will need to decide the right size for AIG, which has been shrinking for years through asset sales. Icahn sought a breakup when he disclosed a stake in AIG in late 2015, and the billionaire has representation on the insurer’s board. Chairman Doug Steenland said earlier this year that a split would compromise the company’s global reach, and that the plan is to continue returning capital to shareholders and cutting expenses.

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

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

2016. May 3. NEW YORK (Bloomberg) — American International Group, the insurer that’s shrinking under pressure from activist shareholders, posted a third-straight unprofitable quarter on losses from hedge funds and declines in the value of other investments. The first-quarter net loss of $183 million, or 16 cents a share, compares with profit of $2.47 billion, or $1.78, a year earlier, the New York-based company said yesterday in a statement. Operating profit, which excludes some investment results, was 65 cents a share, missing the $1 estimate of 20 analysts surveyed by Bloomberg. Chief executive officer Peter Hancock is reshaping the insurer’s portfolio, expanding bets on highly rated bonds and property lending while scaling back on hedge funds after the company was burnt on those investments. AIG also is among insurers that have large holdings of bonds tied to energy and mining, assets that were pressured by declines in commodities prices. “Results were impacted by market volatility on investments,” Hancock said in the statement, which also highlighted his efforts to cut costs and simplify the company. “By transforming AIG into a leaner, more profitable and focused insurer, we can leverage our risk expertise.” The loss on hedge funds widened to $537 million from $349 million in last year’s first quarter. Results also included $1.11 billion in net realized losses, compared with a gain of $1.34 billion in the first three months of 2015, according to AIG’s statement, which didn’t include a breakdown of impairments. The insurer dropped 2.8 per cent to $55 in extended trading in New York. AIG had slipped 8.7 per cent this year compared with the 1.8 per cent climb in the S&P 500 Index. Results were released after the close of regular trading. AIG also intends to exit personal insurance in dozens of countries after announcing deals to scale back in Taiwan and sell operations in Panama, El Salvador and Guatemala, Hancock said in his annual letter in March. The CEO also announced a reinsurance agreement that month in which Swiss Re agreed to take on some of AIG’s risks tied to casualty policies. The changes, along with job cuts, are designed to improve return on equity in the long run. Activist investor Carl Icahn has mocked Hancock for failing to generate a 10 per cent ROE. AIG agreed in February to appoint hedge fund manager John Paulson and a representative of Icahn’s firm to the insurer’s board. The normalized ROE, which excludes some one-time items, was 8.9 per cent in the first quarter, compared with 7.8 per cent a year earlier. Book value, a measure of assets minus liabilities, climbed to $78.28 a share from $75.10 at the end of last year, helped by stock repurchases. Profit at the commercial insurance operations, run by Rob Schimek since his promotion in December, fell 39 per cent to $889 million. Kevin Hogan’s consumer business slipped 17 per cent to $788 million. Both divisions were hurt by deteriorating investment results. At the largest segment under Schimek, property-casualty coverage, income slipped 38 per cent to $720 million. Policy sales fell 15 per cent to $4.31 billion on the Swiss Re deal. The combined ratio improved to 96.9, meaning the insurer had an underwriting profit of 3.1 cents on every premium dollar, after paying claims and expenses. That compares with a ratio of 97.1 a year earlier. Hancock has planned some initiatives for growth, including a joint venture announced last week with Hamilton Insurance Group and hedge fund firm Two Sigma Investments to sell coverage to small- and mid-sized enterprises. The goal is to better use data analytics when underwriting insurance policies. At the mortgage insurer, which guards lenders against borrower defaults, profit rose 12 per cent to $163 million as claims costs declined. Hancock has filed for an initial public offering to sell a stake in the United Guaranty mortgage insurer, and plans to eventually exit the operation. At the other unit under Schimek, institutional markets, profit plunged to $6 million from $147 million, hurt by investment results. At the retirement operation, the main segment under Hogan, profit slumped 42 per cent to $461 million, driven by hedge fund losses. Life insurance fell 39 per cent to $105 million. AIG said personal insurance generated $222 million, compared with $26 million loss a year earlier. The improvement reflects lower expenses and better underwriting results tied to US property coverage.

AIG-Ascot Re  
AIG-FP Asset Holdings 12/4/1990
AIG-FP Deutschland 4/13/1992
AIG-FP Investment Company (Bermuda) 4/4/1994
AIG-FP Portfolio Management 1/6/2004
AIG-GE Capital Latin American Infrastructure Fund LP 11/27/1996
AIG-GE Capital Latin American Infrastructure Management 10/30/1996
AIG-GE Capital Latin American Infrastructure Management LP 11/22/1996
AIG American Equity Fund 11/26/1971
AIG Asian Infrastructure Fund LP 2/24/1994
AIG Asian Infrastructure Fund II LP 11/19/1997
AIG Asian Infrastructure Investment Development Company II 10/26/1995
AIG Asian Infrastructure Investment Development Corporation 12/29/1995
AIG Asian Infrastructure Management 2/23/1994
AIG Asian Infrastructure Management LP 2/23/1994
AIG Asian Infrastructure Management II 11/17/1997
AIG Asian Infrastructure Management II LP 11/18/1997
AIG Associates 8/10/1987
AIG CAC Beverage Holding 6/29/1999
AIG Caspian Aviation Holdings 11/18/1999
AIG Caspian Oil Holdings 5/11/1999
AIG China Real Estate Investors 10/30/1985
AIG China Real Estate Investors Partner 3/27/1986
AIG Commodity Alpha Fund 11/1/2002
AIG DKR Diamond Fund 11/22/1999
AIG DKR Diamond Holding Fund 11/22/1999
AIG DKR Emerging Markets Holding Fund 1/22/1999
AIG DKR Emerging Markets Trading Fund 4/28/1998
AIG DKR International Relative Value Fund LP 5/30/1997
AIG DKR Special Situations Fund 12/17/1998
AIG DKR Special Situations Holding Fund 12/17/1998
AIG DKR Stapleford European Merger Arbitrage Fund 6/8/2000
AIG DKR Stapleford European Merger Arbitage Holding Fund 6/8/2000
AIG Emerging Europe Infrastructure Fund LP 9/23/1999
AIG Emerging Europe Infrastructure Management 9/20/1999
AIG Emerging Europe Infrastructure Management LP 9/23/1999
AIG Equity Market-Neutral Holding Fund 11/28/1997
AIG Equity Market-Neutral Fund 7/11/1997
AIG Equity  Opportunity Fund LP 5/27/1996
AIG Equity  Opportunity Investors 5/23/1996
AIG Financial Products Asia 3/2/1994
AIG Financial Products Treasury Management Company 7/10/1995
AIG Global Management Company 4/6/2000
AIG Insurance Commodities Trading 9/25/1997
AIG International Asset Management 2/2/2001
AIG International Commodity Fund LP 8/6/1992
AIG International Currency Fund 1 6/28/1995
AIG International Falcon Portfolio 1 LP 7/24/1992
AIG International Interest Arbitrage Fund 6/28/1995
AIG International Market-Neutral Portfolio 1 LP 8/7/1992
AIG International Strategic Currency Fund 10/12/1997
AIG International (Bermuda)  12/9/1997
AIG Life of Bermuda 1/12/1998
AIG Multi-Portfolio Fund 12/21/2000
AIG Multi-Portfolio Fund II 1/24/2001
AIG Multi-Portfolio Fund III 1/24/2001
AIG Multi-Portfolio Fund IV 1/24/2001
AIG Portfolio Diversification Fund 8/5/2002
AIG Private Equity Funding (Bermuda) 3/25/2002
AIG Silk Road Capital Management 6/17/1997
AIG Silk Road Fund 9/11/1997
AIG Silk Road Investments I 12/17/1998
AIG Strategic Asset Allocation Fund 3/12/2003
AIG Trust Services (Sec 61 M/C) 1/16/1996
Aigburth Consultants (BVI) 1/13/1992
Aiggig CV (Bermuda) Holdings 4/1/1999
Aiglon Shipping Copporation 9/3/1979
All Insurance Management 10/19/2005
All Investment Holdings 7/11/2007
All Reinsurance Broker 10/19/2005
Aiken 12/26/1975
Aileron Finance 11/30/1992
   
Allied World Syndicate Services (Bermuda) 2016
   
Aim 2/5/1979
Aimco-Blaesbjerg 1/3/1978
Aimco Assurance 4/15/1986
Aimcor Finance Holding 12/22/1983
Aimpoint Revest Holding Corp 9/22/2011
Aimpoint Re 2/12/2012
Ainwick 7/10/1970
Aip Fada 7/18/2006
Aip Global Diversified 12/21/2005
Aip Investments 3/11/2009
Aip 4/22/2004
Air 125 9/1/1989
Air Accord 4/30/2012
Air Atlantic 2/11/1974
Air Berlin Bermuda Co 4/25/2012
Air Canada 12/5/1973
   
AIR Worldwide 2016. September 14. In line with the evolving threat of terrorist attacks around the world, an expanded terrorism risk model has been announced by AIR Worldwide. The model will allow insurers, reinsurers and others to test likely terrorist attack scenarios in 28 countries, including the US, Britain, France, Germany, China and Japan. For instance, a target can be chosen and a weapon type selected, such as a truck bomb, and then run through the modelling program to estimate potential losses to insurance and workers’ compensation policies. The catastrophe risk modelling firm collaborated with a team of counter terrorism experts with experience working with the FBI, CIA, US Department of Defence and other government bodies, to incorporate updated and detailed threat assessments to estimate attack frequencies. About 100 ‘trophy’ targets associated with a higher probability of attack, and an expanded database of more than 64,000 potential targets, including US corporate headquarters, sports stadiums, prominent buildings and hotels, are featured in AIR’s US Terrorism Model. The Boston-based company said the Terrorism Model will help companies assess the impact of different attack scenarios on their portfolios and better manage their global terrorism risk. “The AIR Terrorism Model now supports deterministic modelling of conventional weapon attacks in countries across the globe,” said Shane Latchman, assistant vice-president at AIR Worldwide. In addition, in this latest release, estimates of the frequency of attacks in AIR’s probabilistic US Terrorism Model have been updated to reflect the current threat. Together, the updated model provides a comprehensive view of the global terrorism risk landscape.” Explaining how the platform works, the company said: “Users can select a property from within their own portfolio, one of the targets in AIR’s US landmark database, or any user-identified target and then select a weapon type, such as a truck bomb, to test ‘what if’ scenarios. “AIR has developed robust damage functions to help companies understand the impact on their insured exposures given the size of the blast and urban density indices. The loss estimation functionality complements existing accumulations management capabilities within Touchstone, including dynamic ring analysis, for property and workers’ compensation exposures.” AIR has integrated terrorism risk index maps from its sister company Verisk Maplecroft as a “hazard layer” into Touchstone. The indices provide an assessment of terrorism risk at a sub national level based on terrorism incident data and severity of attacks during a specific reporting period. Rob Newbold, executive vice-president at AIR Worldwide, said: “Modelling this complex and dynamic global threat requires a comprehensive solution. A complete terrorism risk analysis must include three components: accumulations analysis, deterministic analysis, and probabilistic loss analysis. Touchstone offers all three.”
   
Airbus-2009 5/16/2008
Airbus Industrie (Bermuda) 11/3/1992
Airbus Spares 9/16/1991
   
Aircastle Advisor Asia Pacific 3/15/2012
Aircastle Advisor (International) 5/3/2005
Aircastle Bermuda Holding  10/29/2004. 
Aircastle Bermuda Holding II 11/24/2004
Aircastle Bermuda Holding III 11/24/2004
Aircastle Bermuda Holding IV 12/14/2004
Aircastle Bermuda Holding V 12/4/2004
Aircastle Bermuda Holding VI 12/14/2004
Aircastle Bermuda Holding VII 2/4/2005
Aircastle Bermuda Holding VIII 2/4/2005
Aircastle Bermuda Holding IX 3/3/2005
Aircastle Bermuda Securities 2/4/2005
Aircastle Holding Corporation 9/23/2005
Aircastle Investment Holdings 2/16/2005
Aircastle Investment Holdings 2 2/8/2006
Aircastle Investment Holdings 3 11/29/2007
Aircastle Ltd 10/29/2004. Listed on the New York Stock Exchange, leases 42 jets to passenger and cargo airlines, benefits from the trend of more companies outsourcing rather than owning their fleets. Formed by Fortress Investment Group in 2004.
Airco Finance Co. 7/10/2003
Airco Japan Investment Corp I 4/18/2001
Airco Japan Investment Corp II 4/18/2001
Aircraft 78-1 12/20/2006
Aircraft Caterers 5/5/1971
Aircraft Financial Leasing 3/5/2007
Aircraft Holdings I (Offshore) 11/22/2013
Aircraft Lease Securitisation II 5/22/2008
Aircraft Lease Securitisation IV 5/20/2013
Aircraft Leasing 1/18/1986
Aircraft Services Bermuda 8/6/1969
Aircraft Solutions 777-2012 (Offshore) 10/12/2012
Aircraft Trading & Services 3/19/1987
AIRIC 3/31/1978
Airinspace 4/6/2001
Airkool Properties 11/15/1991
Airlease International Finance 5/3/1971
Airlease 11/6/2009
Airlease (Bermuda) 6/16/1999
Airlift (Bermuda) 10/3/1988
Airline Mutual Insurance 5/13/1986
Airline Publications International 1/4/1988
Airline Services 3/27/1987
Airline Ventures 3/24/1988
Airlord Transport 2/17/2004
Airmabel 3/30/1983
   
Air Max 3/23/1999. Bermuda subsidiary of multi-national footwear giant Nike, reportedly with over $7 billion of profits parked offshore including in 12 subsidiaries in Bermuda. According to the US-based Citizens for Tax Justice, ten of the Bermuda subsidiaries are actually named after Nike shoes: Air Max Limited, Nike Cortez, Nike Flight, Nike Force, Nike Huarache, Nike Jump, Nike Lavadome, Nike Pegasus, Nike Tailwind and Nike Waffle. Nike is believed to very aggressive when it comes to sheltering profits overseas.
ALAS (Bermuda) Cumberland House, 1 Victoria Street, Hamilton HM 11. Phone 292-9989.
Albourne Atlantic
   
Alcan Canada (Bda) 7/1/1981. Capital G Building, 25 Reid Street, Hamilton HM 11. Phone 295-3550.
Alcan Finances (Bda) 12/10/1980
Alcan Nikkei Asia Company 10/28/1986
Alcan Nikkei Asia Holdings 11/20/1996
Alcan Ningxia Holdings 5/15/1998
Alcan Securities 11/5/1985
Alcan Shipholdings (Bermuda) 8/25/1980
Alcan Shipping (Bermuda) 4/14/1994
Alcan Trading (Bermuda) 1/26/1971
Alcan (Bermuda) 6/12/1984
   
Alco Holdings 9/22/1992. Codan Services Ltd
   
Allianz Global Investors Pacific 9/4/1984
Allianz Life Bermuda 7/19/1976
Allianz Mena Holding (Bermuda) 7/19/1976
Allianz Risk Transfer AG 2/20/2008
Allianz Risk Transfer (Bermuda) 9/20/1999
   
Allied World Assurance Company Holdings Founded 11/13/ 2001. Originally consisted of four employees located in a small office in Bermuda. Since then, the company has built a reputation as a strong supplier of insurance and reinsurance solutions globally. Today, Allied World has a worldwide network of offices, a Lloyd’s syndicate (2232) and is listed on the New York Stock Exchange under the ticker symbol “AWH.”

2017. April 27. Allied World made a total of profit of $80.3 million in the first three months of this year. The figure was up $6.2 million on the $74.1 million recorded in the first quarter of last year and equal to 90 cents per share, compared to 81 cents per share for the same period in 2016. Scott Carmilani, president and CEO of Allied World, said: “Despite a challenging market environment, I am pleased with our ability to produce an annualized net income return on average shareholders’ equity of 8.9 per cent this quarter, while growing diluted book value per share by 2.8 per cent from year end 2016. “Additionally, we have made great strides within the global markets insurance segment which generated a 14.4 percentage point improvement over the prior year period as we are beginning to reap the benefits of the strategic re-underwriting of this segment. “Looking ahead, I feel that we are well-positioned for continued growth in our core specialty business.” The company, in line to be taken over by Fairfax Financial Holdings, notched up gross premiums written of $860.9 million, a decrease of 0.3 per cent on the $863.5 million for the first quarter of 2016. The company report said that was driven by growth in the North American insurance segment, partially offset by decline in the reinsurance segment, which saw a 5.6 per cent decrease, caused mostly by the reduction in property casualty risk, as well as the non-renewal of some property and casualty treaties. The quarter saw $11 million in catastrophe losses related to Cyclone Debbie, compared to no major catastrophe losses in the same period of 2016. The $11 million total represented $7.5 million in the reinsurance segment and $3.5 million in the global markets insurance segment. The firm recorded net investment income of $52.3 million, $1 million down on quarter one last year.

2017. March 23. Allied World shareholders approved a special dividend as the insurer moved a step closer to its merger with Canadian firm Fairfax Financial Holdings. Allied Word, one of the Class of 2001 insurers to form in Bermuda after the September 2001 terrorist attacks in the US, is now based in Zug, Switzerland, but has substantial operations on the island. Yesterday’s vote gave the go-ahead for a $5 special dividend to be paid to shareholders immediately following the completion of the Fairfax deal. Shareholders also approved the amending of the company’s Articles of Association to remove the limitation on the voting rights of a holder of 10 per cent or more of the company’s ordinary shares. Scott Carmilani, Allied World’s chief executive officer, said: “We are pleased with the overwhelming support we received today from our shareholders. “With today’s vote, we move one step closer to completing the transaction with Fairfax, to the benefit of our shareholders, customers, business partners and employees.” Fairfax has promised Allied World will be allowed to continue to run as it does now after the completion of the merger.

2016. December 21. Allied World Assurance Company operations will not be changed as a result of Fairfax Financial Holdings proposed $4.9 billion acquisition. Prem Watsa, the chief executive officer of Fairfax Financial, has praised the performance of the insurer and reinsurer since its formation 15 years ago, and the guidance of CEO Scott Carmilani. During a conference call featuring executives from both companies, Mr Watsa said: “AWAC will be run by Scott on a decentralized basis with no cost synergies. I emphasise no cost synergies. “No change in operations other than what Scott sees fit to do. AWAC will continue to be built under Scott’s vision.” There are about 125 staff at Allied World’s offices in Richmond Road, Pembroke. The company was formed in Bermuda in 2001, in the wake of the 9/11 attacks in the US. It moved its headquarters to Switzerland in 2010, and globally has about 1,040 employees. Fairfax Financial, a Canadian investment and insurance company, has a track record of buying companies and allowing them to continue to operate in the manner that made them prized acquisitions in the first place. This was highlighted by Andy Barnard, president of the Fairfax Insurance Group, during the conference call with analysts. He listed insurers and reinsurers that have previously been acquired by Fairfax, including OdysseyRe, Crum & Forster and Brit Plc, and said: “The point is in Fairfax all of these companies are run by their CEOs. They all enjoy the autonomy that comes with our decentralized operating philosophy. We have a fantastic group of CEOs running all of these companies.” Mr Barnard pointed to strong results achieved by the individual companies as a result of “that system of operating”. Meanwhile, Mr Carmilani noted: “Allied World’s business is highly complementary to the Fairfax franchises, and truly creates a world-class specialty insurance and reinsurance franchise, with leading positions in North America and Bermuda, and having a global territorial reach.” It was announced on Monday that Fairfax Financial is to acquire Allied World in a cash-and-stock deal. The transaction is subject to regulatory and shareholders’ approval, and is expected to conclude in the second quarter of 2017. The move is in line with a trend by smaller insurers to seek merger partners, due to the preference of commercial coverage clients and their brokers to place business with larger insurers and reinsurers. As a combined entity, Fairfax Financial and Allied World will become the seventh largest North American insurer, excluding Berkshire Hathaway. It will have a market capitalisation of $15 billion. We’ll have enhanced size and capabilities in an industry in which scale increasingly confers significant competitive advantage.” S&P Global Ratings yesterday placed all its ratings for Allied World and its operating companies on credit watch with negative implications. One of S&P’s concerns is the potential departure of Allied World key executives following the transaction, as they have not entered into any long-term contracts to remain employed with the company after the deal. This topic was mentioned during the conference call on Monday, when Mr Watsa said: “Because of our decentralized operations, we have had many presidents who’ve retired in the past, but no president has ever left our company for another job in the industry. They retired and that’s happened over the years, we’ve been in business now for 31 years but we’ve never lost a president.” None of our companies have contracts, and we haven’t had anyone leave. One of the reasons is we have 35 people in our head office, and we’ve got 22,000 people in our companies, and we really do believe in a decentralized operation, and that’s been a major plus for our company over the years.” S&P also has concerns about possible implications to Allied World’s enterprise risk management, which it presently states as “strong”, once the company comes under Fairfax’s ownership. The agency views Fairfax’s enterprise risk management as “adequate” and has concerns that Allied World will likely shift its investment strategy to align with Fairfax’s. The ratings agency said its credit watch action will be resolved and updated within the next three months after it has discussed the transaction with the management teams of Fairfax Financial and Allied World. This year has been a busy one for mergers and acquisitions in the insurance sector. In October, Fairfax Financial bought a number of American International Group’s commercial and consumer operations, including those in Argentina, Chile and Turkey. Deals with a Bermuda connection have included the $3 billion sale of Bermudian-based Ironshore to Liberty Mutual Holding Company, a transaction announced earlier this month. Meanwhile, Endurance Specialty Holdings Ltd is being taken over by Tokyo-based Sompo in a $6.34 billion deal expected to close by the end of March next year.

2016. December 19. Canadian investment and insurance company Fairfax Financial Holdings Ltd has agreed to buy Allied World Assurance Company in a $4.9 billion cash and stock deal. The proposed transaction has been unanimously approved by the directors of both companies. Allied World was among a number of insurers and reinsurers formed in the immediate wake of the 9/11 attacks in the US. The company was set up in Bermuda as a joint venture between American Insurance Group, Chubb Corporation and an investment fund managed by Goldman Sachs & Co. In 2010, Allied World redomiciled from Bermuda to Switzerland, however it maintains an office in Bermuda. Globally, the company has 1,040 employees, according to a Forbes report. Two years ago, it expanded its North American insurance operations by opening a branch in Toronto. In the proposed deal, Toronto-based Fairfax will pay $54 for each Allied World share, which is about 18 per cent higher than their closing price on Friday. Allied World shareholders will receive about $10 cash and $44 of Fairfax’s stock for each share they own. Fairfax has an option to increase the cash portion up to $30 per share. Prem Watsa, chief executive officer of Fairfax, said: “We are excited to have Allied World join the Fairfax group. Allied World is a high-quality company with an excellent long-term track record and an outstanding management team led by Scott Carmilani. Allied World will operate within the Fairfax group on a decentralized basis after closing, and we are looking forward to supporting Scott and the entire team at Allied World in growing their business over the long-term.” Mr Carmilani will continue as chief executive officer of Allied World, according to a report by The Washington Post, which quoted Mr Watsa as saying Allied World “will be the largest and the best company that Fairfax has purchased in 31 years”. Meanwhile, Mr Carmilani called it a tremendous opportunity. He said: “Our shareholders are being rewarded for the strong performance of Allied World over the last ten years since going public. We are strategically aligning ourselves with Fairfax, one of the premier companies in the insurance industry which has a great track record of supporting their operating companies and creating value for shareholders. We are excited to be joining the Fairfax organisation — we share their passion for underwriting excellence and their entrepreneurial approach to growing the business with a long-term orientation. Our shareholders will benefit from Fairfax’s tremendous investment capabilities as demonstrated by its superior long-term investment track record.” He added: “The success of Fairfax’s decentralized approach in empowering their management teams to drive profitable underwriting and combining Fairfax’s investment philosophy will position us to create long-term value for shareholders. Fairfax provides a great home for Allied World to continue to build a strong business for our customers, business partners and employees.” It is intended that the transaction will be effected by way of an exchange offer, followed by a squeeze-out merger, and conclude in the second quarter of 2017. The acquisition deal is subject to a sufficient number of the outstanding Allied World shares having been tendered in the offer, approval by Allied World shareholders and, to the extent required by applicable regulations, Fairfax shareholders, approvals from applicable regulators and satisfaction of other customary closing conditions. In a statement, Allied World said its position “as a market-leading global property, casualty and specialty insurer and reinsurer, its major worldwide presence and its disciplined approach to underwriting make it a natural candidate to join Fairfax’s expanding worldwide operations”. The company said its “growing international reach is highly complementary to Fairfax’s existing worldwide operations and the acquisition further diversifies Fairfax’s group risk portfolio. In addition, Allied World will be able to leverage Fairfax’s expertise in Canada, the US and international insurance and reinsurance markets, thus enhancing Allied World’s global product offering and providing it with expanded underwriting opportunities and support”. Last year, Fairfax Financial acquired insurance and reinsurance group Brit Plc.

2016. July 20. Allied World Assurance yesterday reported net income of $153.4 million for the second quarter of the year — up nearly $144 million on the same period in 2015. The figure is equivalent to $1.70 per share, compared to ten cents per share for the sane period of last year. Scott Carmilani, president and chief executive officer of the Swiss-based firm, which maintains a Bermuda arm, said: “I am very pleased with our results this quarter, which were attributable to strong performance across both the underwriting and investment portfolios. In particular, with a combined ratio of 92.3 per cent, our North American insurance business is showing the strength and results of our focused build-out.” Gross premiums written for the quarter amounted to $800.3 million, a 3.1 per cent decrease, compared with $825 million in the second quarter of 2015 as all three segments — North American insurance, global markets insurance and reinsurance — declined. Allied World showed $20.9 million in catastrophe losses for the quarter, compared with $25 million in the same quarter in 2015. An April hailstorm in Texas cost $6 million on the reinsurance side, while the Fort McMurray wildfires in Alberta amounted to losses of $10.3 million. In the North American insurance segment, losses of $4.5 million came from the Texas hailstorm.

2016. April 20. Profits at insurance and reinsurance firm Allied World dropped by more than $50 million for the first quarter. Allied World had a net income of $74.1 million for the first three months this year, down from $124.4 million in the same quarter the previous year. The drop was offset by a 19.5 per cent increase in investment income over the same period, up to $53.3 million from the $44.6 million recorded for the first quarter of 2015. Allied World president and CEO Scott Carmilani said: “We’re pleased at the positive contribution from our investment portfolio and solid underwriting results this quarter. Although market conditions remain challenging, we continue to find attractive opportunities while maintaining our strong focus on risk selection and capital management.” The earnings for the first quarter in 2016 is equivalent to 81 cents per share, compared to the $1.27 per share for the same period the year before. The firm, which is headquartered in Switzerland but has substantial operations in Bermuda, recorded gross premiums of $863.5 million, down 1.9 per cent on the $880.6 million recorded in the same quarter last year. The firm’s report said: “This was driven by a decline in the reinsurance segment, partially offset by growth in the global markets insurance segment. North American insurance was essentially flat. The global markets insurance segment grew by 94.7 per cent on a constant dollar basis and 90.96 per cent per cent on an as reported basis, driven by the inclusion of the acquired Asian operations.” Allied World’s reinsurance segment dropped 16 per cent, which the company attributed to a reduction in property catastrophe risk and the non-renewal of other property and casualty treaties. Total shareholder equity at the end of the first quarter totaled $3.53 billion, in line with the end of the first quarter in 2015.

2015. October 22. A massive explosion in a Chinese port helped propel this insurance firm to a loss of $51.6 million in the third quarter. The Switzerland-based firm, which maintains this Bermuda operation, said the explosion in Tianjin in August cost it nearly $30 million in claims. And Allied World also reported net realized investment losses of $113.6 million. The $51.6 million loss amounts to 57 cents per share and compares to the net income of $30.9 million, or 31 cents per share, for the same quarter last year. Allied World president and CEO Scott Carmilani said: “Despite a challenging investment environment and a large event loss, we believe that we are well positioned to create shareholder value. We continue to be excited about the attractive platform we have built over the last few years.” The firm also reported operating income of $51.4 million — 56 cents per share — for the third quarter of 2015, compared to operating income of $606 million (61 cents per share) for the same quarter the previous year. The firm’s gross premiums written rose by more than $46 million (6.5 per cent) for the third quarter compared to the same period last year. The global markets insurance segment wrote 100 per cent more business, driven by the inclusion of the acquired Asian operations. Premiums at the North American insurance segment dropped slightly — 1.4 per cent — led by decreases in various lines of business including healthcare and property. The firm’s reinsurance segment dropped 9 per cent, driven by the non-renewal of several casualty and property treaties.

Allied World Assurance Company AG 4/2/2012. See above. 
Allied World Assurance Company 11/13/2001. See above.
Allied World Assurance Holdings (Ireland) 1/9/2002. See above.
Allied World Europe Holdings 4/27/2010. See above
Allied World Financial Services 8/28/2012. See above.
Allied World 10/9/2007/ See above.
   
Aligned Re 2015. December 4. Enstar Group Ltd formed this new Bermuda-based reinsurance company to assume some of its risks. Aligned Re Ltd is expected to be funded by third-party capital along with investments from the Enstar, which recently contributed $100 million, according to a regulatory filing yesterday from the insurer. Enstar itself is also based on the Island, with offices on Queen Street. It specializes in acquiring and managing businesses in run-off — that is, they have stopped writing new business, but continue to have assets and obligations. Nicholas Packer, who is an executive vice president at Enstar, will be chief executive officer of Aligned Re. “As a start-up company, Aligned Re will consider hiring additional executives during the ramp-up period of its operations,” Enstar said in the filing. UBS O’Connor LLC, a $6 billion hedge-fund unit within Switzerland’s biggest bank, will manage money for the new reinsurer. Goldman Sachs Group and BlackRock have also agreed to oversee portfolios for reinsurance ventures that raised funds this year. U.S. hedge-fund firms including David Einhorn’s Greenlight Capital entered the offshore industry years ago, giving the money managers a tax advantage for their investments and a source of permanent capital. Enstar traces its roots to the early 1990s when executives including Mr Packer pushed into the run-off industry. The Canada Pension Plan Investment Board agreed this year to take a 9.9 percent stake in Bermuda-based Enstar.
   
All Insurance Management Part of the AmTrust Group below
   
AlphaCat Managers  Investment advisory subsidiary of Validus Holdings, which in 2013 raised $404.4 million of third-party capital for collateralised reinsurance and insurance-linked securities.
   
All The Kings Men 1/31/2007
Alpha General Holdings Ltd Codan Services Ltd.
Alpha Prime Fund  
Allan International Holdings Ltd Codan Services Ltd.
Alloy Aircraft Company Ltd Owned by the Turkish Uzan family, one of that nation's wealthiest. Had a Bombardier Challenger $15 million aircraft until it was seized in Paris in August 2003 by order of a Bermuda court and awarded to Motorola.
Alpha Corporate Services (Bermuda)  
   
Altair Re  
   
Aluminium Investors Ltd  
   
Alterra Capital Bermuda insurer, acquired in 2013 for $3.1 billion  by US financial holding company Markel Corporation. 
   
   
Amaranth Fund LP  
Amber Partners  
A-Max Holdings Conyers Dill & Pearman
   
America By Car International 9/5/1979
America Multimedia Group 6/19/2000
American-Arabian Construction 3/16/1978
American-Bermudian Corp 4/24/1985
American-British Insurance and Annuity Company 2/15/1978
American-European Export 10/6/1972
American Advisors 4/14/1980
American Aerospace 8/3/1981
American Airlines 7/22/1975
American Alliance Insurers 6/26/1979
American Bankers Mortgage Reinsurance 9/1/1998
American Bankers Mutual Insurance 12/23/1986
American Capital Access Holdings (Cont) Delaware USA 11/22/2002
American Capital Acquisition Investments 12/14/2012
American Capital Insurance 6/9/2004
American Coastal Insurance 8/21/1995
American Comanche 11/15/1977
American Commonwealth Assurance Company 9/2/1968
American Constantine Insurance Company 4/4/2001
American Construction Benefits Group 9/29/2005
American Contract Freight Line 4/5/1993
American Contractors Insurance Co. 12/15/1986
American Contractors Insurance Group Ltd AmalgG.W/12427 5/3/1978
American Craft Brewing International 6/5/1996
American Data Exchange Corporation 3/26/2004
American Dental Insurance Company 7/8/1986
American Diversified Reinsurance 6/1/1993
American Eagle Reserve Overseas Insurance 11/1/1982
American Enterprise Insurance Since 4/12/1977
American Equities Overseas Since 11/9/1995
American Equity Underwriters Management Since 10/15/1997
American Excess Insurance Since 5/3/1990
American Fidelity International (Bermuda) Since 6/5/2000
American Fidelity Offshore Investments Since 5/1/1995
American Fidelity (China) Since 7/25/1997
American Financial Holdings Since 7/9/2010
American Flight Crew Company Since 7/20/1979
American General Life Insurance of Bermuda Since 1/19/2004
American Global Assurance (Holding) Company Since 11/27/1980
American Guaranty Insurance Company Since 6/3/1983
American Home Assurance Company Since 12/5/2008
American Indemnity Insurance Company Since 2/24/1982
American Industries Insurance Since 5/27/1988
American Insurance Funding Since 12/10/2003
American Insurance Ltd Since 7/9/2010
American Insurance Services Since 10/30/1980
American International Assurance (Asia Pacific) Company Since 2/12/1991
American International Company Since 12/20/1947.

AIG Bermuda

American International Group (AIG) Bermuda headquarters.

American International Building, 27 Richmond Road, Hamilton HM 08. Phone (441) 295-2121. Fax (441) 292-6735.  Bermuda headquarters of the AIG companies mentioned earlier above and those shown below. 

2017. June 12. American International Group is to sell $590 million of shares in Bermuda-based insurer and reinsurer Arch Capital Group. AIG, which has many Bermuda-incorporated subsidiaries, last month appointed former Hamilton Insurance Group chief Brian Duperreault as president and CEO, acquired more than 6.38 million common shares last year through the conversion of 638,141 convertible preferred shares the US-based giant got as a result of the sale of United Guaranty Corporation to Arch. The offering is scheduled to close on Wednesday and is subject to the usual closing conditions. AIG said it had given underwriters a 30-day option to buy an additional 957,210 common shares in Arch, which would be issuable on conversion of 95,721 additional convertible preferred shares, worth about $89 million. After that, AIG would still own 542,420 convertible shares in Arch, which are subject to a lock-up which expires in mid-January next year.

2017. May 31. Confidence in American International Group has grown in the two weeks since Brian Duperreault was appointed chief executive officer. The giant insurance company’s share price has risen 3.7 per cent, from $61.82 to $64.10, since the Bermuda-born CEO took the helm on May 15. And last week AM Best’s outlook for the ratings assigned to AIG was declared “stable”, raising investor confidence after the agency had placed the ratings under review for the previous four months. Darian Ryan, an analyst with AM Best, said the appointment of Mr Duperreault, 70, was a factor in the ratings decision. Morgan Stanley, billionaire activist investor Carl Ichan, and Hank Greenberg, who was CEO of AIG for 38 years until 2005, all gave immediate support to Mr Duperreault’s appointment. Morgan Stanley upgraded AIG’s stock to overweight and assigned a price target of $72. For the past two weeks the shares have been steadily rising. The stock currently has an analyst’s target price on Yahoo! Finance of about $69. Three days after becoming CEO, Mr Duperreault showed his faith in the road ahead for the company when he purchased 80,000 shares for $4.91 million, buying at $61.48 during a brief dip in the stock. From January to mid-May, AIG shares fell 7 per cent, but since Mr Duperreault’s appointment the stock has recovered a chunk of that loss, boosted by the positive words of support from the likes of Mr Ichan and Mr Greenberg, and improved investor sentiment.

2017. May 16.  NEW YORK (Bloomberg) – American International Group will give Brian Duperreault $12 million in cash, 1.5 million stock options and an annual pay package valued at $16 million to turn around the company as its seventh chief executive officer since 2005. AIG will also pay Mr Duperreault’s previous employer, Bermudian-based Hamilton Insurance Group, as much as $40 million over two years to waive their former CEO’s non-compete agreement, according to a regulatory filing yesterday. Mr Duperreault, 70, spent time at AIG earlier in his career as a deputy to Maurice “Hank” Greenberg, who built the company into the world’s largest insurer before departing in 2005. Mr Duperreault will begin immediately, AIG said in a statement. He succeeds Peter Hancock, who said in March he would leave because of insufficient support from investors such as activist Carl Icahn. The new CEO will seek to bring stability to AIG, which has endured the departures of top executives, higher-than-expected claims costs and four losses in seven quarters. Before joining Hamilton, he was CEO of insurance broker Marsh & McLennan Cos, where he helped restore confidence of investors and clients. He also led Ace Ltd, which is now known as Chubb Ltd and is one of AIG’s largest rivals. “It is extremely gratifying that the activist strategy continues to create value for all shareholders,” Mr Icahn said in a Twitter post yesterday, adding that he was pleased AIG was making “much needed” changes he’s been advocating. The annual pay comprises $1.6 million in salary, a $3.2 million target bonus and an $11.2 million long-term incentive consisting of restricted shares, some of which are linked to performance. Taken together, that’s 23 per cent more than Mr Hancock’s $13 million target annual pay. Of the 1.5 million options, Mr Duperreault will get a third within three years and the remaining will vest in increments if AIG’s share price exceeds hurdles set $10, $20 and $30 above its current level. AIG also agreed to pay about $110 million to acquire a US operation from Hamilton, which includes a $30 million premium to the book value of the Bermudian-based firm. AIG will allow Hamilton the chance to collect about $150 million of reinsurance premiums over six years. AIG said it will work with hedge fund firm Two Sigma Investments, which already works with Hamilton, to create a “next generation insurance platform” for Duperreault’s new company. Mr Duperreault helped create Hamilton in 2013 with backing from principals of Two Sigma. Former Citigroup CEO Sanford “Sandy” Weill had a stint as Hamilton’s chairman and remained a shareholder when he stepped down from the board. Mr Duperreault “has an excellent grasp of the global insurance industry and he has proven to be a real innovator over many decades,” Weill said in an e-mail. “He views change as creating opportunities, and I really believe that we will see good things from AIG as a result of Brian’s leadership.” Hamilton focused on data analytics with Two Sigma to help decide which insurance risks to take, and how much to charge for them. The company formed a venture last year with AIG to provide coverage to small and medium-size businesses. Mr Duperreault will seek to improve return on equity, and also boost AIG’s stock price. Shares of the company have slumped 6.6 per cent this year, while the S&P 500 Index has climbed 6.8 per cent. He will need to decide the right size for AIG, which has been shrinking for years through asset sales. Icahn sought a breakup when he disclosed a stake in AIG in late 2015, and the billionaire has representation on the insurer’s board. Chairman Doug Steenland said earlier this year that a split would compromise the company’s global reach, and that the plan is to continue returning capital to shareholders and cutting expenses.

2017. March 9. LONDON (Bloomberg) — American International Group, the Bermuda-incorporated global provider of commercial property-casualty coverage, said it plans to open an insurer in Luxembourg to write business in the European Economic Area and Switzerland once the UK exits the European Union. “This is a decisive move that ensures AIG is positioned for whatever form the UK’s exit from the EU ultimately takes,” Anthony Baldwin, chief executive officer of AIG Europe, said yesterday in a statement. “We are ensuring that our clients and partners experience no disruption from the UK’s EU exit.” Financial firms are shaping their Brexit plans after Prime Minister Theresa May announced in January that the UK would leave the EU’s single market in 2019, likely spelling the end of passporting, where companies seamlessly service the rest of the bloc from their London operations. AIG currently writes business in Europe from a single insurer based in the UK. The New York-based company has more than 2,000 employees based in London and has already been cutting staff there and in other cities as part of a separate cost-cutting initiative. The re-organisation is expected to be completed in the first quarter of 2019, and AIG will retain an insurer in the UK for sales in that market, according to the statement. Nicola Ratchford, a spokeswoman for the insurer, said the company has a few employees already in Luxembourg. She said there might be shifts in the leadership ranks in Europe, but that it is too soon to know how many workers will move, or to comment on real estate decisions. AIG CEO Peter Hancock said before the Brexit referendum last year that he’d consider an operations hub in continental Europe if UK voters opted to leave the EU. Luxembourg is among European cities seeking to attract banks and insurers that are looking to open EU hubs. “Luxembourg, a founding member of the European Union, offers us a secure location in a stable economy with an experienced and well-respected regulator in continental Europe close to many of our major markets,” Baldwin said in the statement. AIG’s Europe segment had about $5.4 billion in operating revenue last year, about 11 per cent of the insurer’s total, according to the company’s most recent annual report.

American International Insurance Co. of the Middle East 7/1/1977
American International Overseas Association 12/22/1975
American International Overseas Ltd 1/23/1969
American International Reinsurance Company 5/8/1968
American International Reinsurance Holdings 5/8/1968
American International Trust Management Co. 7/27/1971
American International Underwriters Management Co 6/21/1977
American International Underwriters (South Pacific) 4/11/1977
American Investors Insurance (Bermuda) 4/20/1998
American Investors Ltd 6/24/1980
American Life Insurance Company (ALICO) 5/17/1967
American Longshore Mutual Association 9/15/1997
American Marine Advisors 8/31/1989
American Meridian Insurance Company 11/3/1975
American Military Sales Corp 10/5/1979
American Oak Hill Assurance 3/26/2007
American Oil and Gas Company 12/8/1981
American Overseas Group (AOG) 1/28/1998. Formerly RAM Holdings. In October 2014 it acquired Orpheus, a specialty writer of non-standard auto (NSA) insurance business in USA. AOG, formerly known as Ram Re, is running off its long-tail financial guaranty business, while building up a property and casualty business. The acquisition of Orpheus completes the transformation of AOG into a property and casualty insurance holding company. Listed on the Bermuda Stock Exchange. Orpheus has 41 employees. Although AOG is incorporated in Bermuda, it is a tax resident of the UK. 
American Overseas Reinsurance Company 1/28/1998. Operating subsidiary of AOG, above, a property/casualty reinsurance company that currently writes short tail non-catastrophe property/casualty reinsurance and historically wrote financial guaranty reinsurance for US and international public finance and structured finance transactions.
American Partners Asset Management 3/21/1997
American Plastic Toys 4/5/1993
American Plastics Holding Company 12/4/1985
American Plastics Holdings Company 12/19/1982
American Products Corporation 7/25/1978
American Property Services 7/26/1974
American Reserve Corporation 3/18/1991
American Resource Corporation 8/27/1981
American Resource Management Fund 10/23/1981
American Revival Fund (Bermuda) 9/19/2013. Hedge Fund. Owned by Meredith Whitney, a former Wall Street analyst, who is married to Bermuda resident ex-WWE wrestler and TV pundit John Layfield. Ms Whitney shot to fame as a Wall Street analyst when she warned that US banking giant Citigroup was in financial trouble a year before the 2008 global financial crisis, started a new firm, Kenbelle Capital, with help from Mr Platt, a British investment manager who lives in Switzerland, in 2013.
American Revival Master LP 10/17/2013. See above
American Russian Cosmos 8/27/1992
American Safety Assurance 2/13/2004
American Safety Insurance Holdings 1/2/1986
American Safety Reinsurance 1/5/1998
American Scientific Resources 3/31/1994
American Senterfitt Insurance Company 10/30/2001
American Standard Foreign Trading 12/10/1999
American Star Insurance Company 11/1/1979
American Steel & Metal Reins 11/17/1977
American Stock Options Co. 1/20/1976
American Surety 1/2/1992
American Technology Services 9/30/1997
American TP Insurance Company 8/23/1985
American Trading Co. Korea Since 3/14/1977
American Unity Group Since 10/30/1984
American Values IV (Bermuda) 7/21/1989
American & British Capital Corporation 8/4/1998
American & Overseas Reinsurance Management Company 4/19/1990
AmericanInvest 5/29/1990
Americas Bond Company 5/26/1993
Americus Investment Services 10/28/1986
Amerihealth Assurance 5/18/2004
Amerilease Capital Corporation (Sec 61 MC) 11/28/1994
Amerimed Insurance 11/6/2002
Amerinst Holdings 1/17/2006. c/o Cedar Management Limited, P.O. Box HM 1601, Hamilton HM GX, Bermuda
Amerinst Insurance Company 11/16/1999. As above.
   
Amil 6/22/1978
Aminco Corporation 3/3/1989
Amis Memorial Chapel 9/7/1995
Amisil Holdings 5/14/1997
Amista Ventures Advisors V-B Limited Partnership 1/12/2009
Amista Ventures V-B Limited Partnership 1/2/2009
Amity Construction Co. 1/2/1986
Amity Excavating & Landscaping 7/6/1989
Amity Holdings 8/15/1972
Amity (Toronto) 4/15/1993
Amlab 11/19/1987
Amlin AG 10/7/2010
Amlin Bermuda Holdings 10/26/2005. Bermuda-incorporated subsidiary, at 141 Front Street, of London-headquartered insurer and reinsurer. 

2017. April 4. Lloyd’s of London has fined Amlin Underwriting Ltd £630,000 ($786,600) for breaches of the Lloyd’s Premium Trust Deed (PTD) and for failings in its response to those breaches. Following a restructure of the Amlin group in 2014, which AUL is part of along with two non-Lloyd’s insurance companies, it was found that premiums for certain outward reinsurance contracts were paid from the premium trust fund on behalf of multiple group entities including the non-Lloyd’s insurance companies, according to Lloyd’s. Intelligent Insurer reported that the payments made on behalf of the non-Lloyd’s entities did not relate to the underwriting of AUL’s Syndicate 2001. This constituted a breach of the terms of the Premium Trust Deed, under which assets are held in trust for the benefit of members and ultimately policyholders and therefore cannot be used to pay for liabilities of non-Lloyd’s entities. AUL then failed to ensure that this matter was investigated in a fully effective and timely manner and it failed to ensure that the board and Lloyd’s were notified of the breach promptly. There was no allegation this breach was intentional and AUL acknowledged the breach. AUL also fully repaid all amounts incorrectly taken (with interest). In addition, at no point was the solvency of the trust fund at risk. “The fine reflects the importance that Lloyd’s places on the terms of the PTD being followed,” said Jon Hancock, director, performance management. “The reputation of the market depends on our syndicates and policyholders knowing that assets held on their behalf are used appropriately. When an error is discovered it is incumbent on our firms to respond quickly and effectively.” AUL accepted the errors and co-operated fully with the Lloyd’s investigation. The fine of £630,000 includes a 30 per cent discount for early settlement and AUL will pay £90,500 towards the cost of proceedings. This has been approved by the Enforcement Board of Lloyd’s. This is the first fine to be issued against a firm under the framework for the imposition of sanctions that was adopted by Lloyd’s in 2014 and which establishes the appropriate level of sanctions when prosecuting enforcement cases. Amlin has offices in Hamilton at 141 Front Street.

2015, August 25, CEO Charles Philipps stated Amlin was not looking for a buyer. It has been the subject of buyout rumors amid a mergers and acquisitions spree in the industry. But during the first-half earnings call with analysts, Mr Philipps asserted that Amlin was strong enough to remain a stand-alone company.  Amlin reported pretax profit of £143.3 million in the first half of 2015, down 3.5 per cent from a year earlier. Gross premiums written rose by 6.2 per cent to just over £2 billion from £1.89 billion in the first half of 2014. 

Amlin Bermuda 20/24/2005. See above.
Ammexjet Group 8/24/2011
Ammin Coal Investments 6/20/1997
Amnet Telecommunications Holdings 3/22/2006
Amnet Telecommunications 9/1/1998
Amoco Export 1/28/1966
Amoco International 8/18/1967
   
AMS Continental Building, 25 Church Street, Hamilton HM 12. Phone 295-1078. Fax 292-5116.
   
AmTrust Equity Solutions 1/9/2012. An insurer, owns several different Bermuda based insurers.
Amtrust International Bermuda 3/6/2012
Amtrust International Insurance 8/10/1982
   
Antares Reinsurance Parent is the Qatar Insurance Company. To be merged with Qatar Re when it redomiciles to Bermuda in late 2015, creating a Class 4 reinsurer with a capital base of approximately $500 million.
   
AMX Wireless Conyers Dill & Pearman.
   
AON Insurance Managers Captive Insurance manager.  With an employee base of 65,000 people working in more than 120 countries. See below.
AON Re Bermuda A leading global provider of risk management, insurance and reinsurance brokerage, and human resources solutions and outsourcing services. With more than 65,000 colleagues worldwide. Named repeatedly as the world's best broker, best insurance intermediary, reinsurance intermediary, captives manager and best employee benefits consulting firm by multiple industry sources.

2016. June 21. NEW YORK (Bloomberg) — Aon chief executive officer Greg Case, who moved the insurance broker to London from Chicago four years ago, said Britain’s centuries-long leadership in the industry would be damaged if voters choose to leave the European Union. “The UK has been at the centre of insurance and risk management since maritime trade and shipping was insured at Lloyd’s in the City of London more than 325 years ago,” Case said in a letter posted yesterday on the company’s website. “Leaving the EU jeopardizes the UK’s leading position in the epicentre of our global service economy.” Industry leaders have been stressing the benefits of global commerce, along with the risks of isolationism, ahead of the June 23 vote. American International Group CEO Peter Hancock said last week that he’d consider establishing a European operations hub beyond London if the “Leave” side prevails. Case said Aon may not be able to provide the same coverage options to clients if trade barriers increase. He also said the company would find it harder to recruit and retain top talent. Aon moved its headquarters to the UK in 2012, citing improved access to Lloyd’s of London and emerging economies. Lloyd’s is the world’s oldest insurance market and is used by businesses seeking to guard against large or complicated risks. Aon’s shift also provided tax benefits. Case’s company acts as a middleman in the insurance industry, helping clients arrange coverage to guard against risks ranging from natural disasters to bed bugs to lawsuits. It is the second-largest broker by market capitalization to New York-based Marsh & McLennan Cos. “In our world, risk is inevitable and we manage it accordingly,” Case wrote. “But leaving the EU is an unnecessary gamble.” Aon climbed 95 cents to $107.81 in New York, extending its gain for the year to 17 per cent as global stocks rallied after weekend polls showed “Remain” prevailing in the UK vote. Marsh & McLennan rose 76 cents to $66.62 and is up 20 per cent since December 31.

AON Risk Solutions The global risk management business of Aon plc. In 2013 it signed a unique coinsurance agreement with Berkshire Hathaway International Insurance Ltd. Aon Risk Solutions will place business in the sidecar where the Lloyd's market participates.
   
Andrew Barile Consulting Corp  
Anex International Holdings Codan Services Ltd
Anse Chastanet Club Bermuda company registered in August 1981. Prominent hotel operation in St. Lucia
   
Apollo Enterprise Solutions 2016. November 30. Technology company Apollo Enterprise Solutions Ltd has celebrated its fourth anniversary of being listed on the Bermuda Stock Exchange. The company has its corporate office in Hamilton. It also has offices in Los Angeles, New York, London, Sydney and Milan. Among its products and services, it provides advanced technology to banks, financial institutions, finance departments and health organisations. Joseph Konowiecki, chief executive officer of AES, said: “The BSX is a full member of the World Federation of Exchanges and we recognise that the BSX has increasingly become a destination market for growth companies. “We have received recognition in the marketplace due to our association with the highly respected BSX and are confident it will assist us in expanding our shareholder base in years to come.” AES is also listed on the Frankfurt Stock Exchange and the Xetra platform. 
   
APP China Group  
APT Satellite Holdings Clarendon House, 2 Church Street, Hamilton HM11. Principal Place of Business in Hong Kong:
APT Satellite Holdings Limited, 22 Dai Kwai Street,  Tai Po Industrial Estate, Tai Po, New Territories, Hong Kong. 
   
APW Moved from Wisconsin to Bermuda in 2000.
   
AQ Asian Absolute Return Fund Mutual fund, formed July 2003 by Olympia Capital (Bermuda) Ltd
AQR Capital Management Has a reinsurance arm, AQR Re. Greenwich, Connecticut-based, has approximately $79.5 billion of total assets under management as of March 31, 2013.
A. P. Moller (Bermuda)
APW  Bermuda company of American organization, under Chapter 11 bankruptcy since July 2002.

Apex Fund Services

Began in Bermuda in 2003. Has grown into an international fund services provider with more than $30 billion under administration, more than 400 clients and more than 400 employees in 34 offices across 26 countries. 
   
Apollo Enterprise Solutions  A US-based provider of advanced technology to banks, listed on the Bermuda Stock Exchange.
   
Appleby Corporate Services (Bermuda) 11/9/1978. A subsidiary of  Bermuda-headquartered legal firm of Appleby Bermuda.
Appleby Directors I (Bermuda) 4/20/2012. A subsidiary of  Bermuda-headquartered legal firm of Appleby Bermuda.
Appleby Directors II (Bermuda) 4/20/2012. A subsidiary of  Bermuda-headquartered legal firm of Appleby Bermuda
Appleby Executive Services 9/29/2003. A subsidiary of  Bermuda-headquartered legal firm of Appleby Bermuda
Appleby Global Group Services 3/2/2010. A subsidiary of  Bermuda-headquartered legal firm of Appleby Bermuda
Appleby Investments 2/3/2004. A subsidiary of  Bermuda-headquartered legal firm of Appleby Bermuda
Appleby Management (Bermuda) 4/6/1967. A subsidiary of  Bermuda-headquartered legal firm of Appleby Bermuda. Provides comprehensive management and accounting and back-office solutions to meet the requirements of Bermuda-registered companies, insurers and trusts.
Appleby Securities (Bermuda) 6/23/1998. A subsidiary of  Bermuda-headquartered legal firm of Appleby Bermuda. A registered Listing Sponsor for the Bermuda Stock Exchange.
Appleby Services (Bermuda) 6/27/1956. A subsidiary of  Bermuda-headquartered legal firm of Appleby Bermuda. Licensed to conduct trust business by the Bermuda Monetary Authority. Through its corporate administration and trust services, has provided a comprehensive range of company and trust services to corporate and private clients for many years.
Appleby (Bermuda) 2/10/2011.  Owner of all the Appleby companies above and below. In early 2016 with about 770 people, including 75 partners, operating from 12 offices around the globe. This includes the key offshore jurisdictions of Bermuda, BVI, Cayman, Guernsey, Isle of Man, Jersey, Mauritius and the Seychelles, as well as the international financial centres of London, Hong Kong, Shanghai and Zurich. As lawyers advises global public and private companies, financial institutions, and high net worth individuals, working with them and their advisers to achieve practical solutions, whether in a single location or across multiple jurisdictions.
Appleby, Protectors (Bermuda) 11/20/1995.  A subsidiary of  Bermuda-headquartered legal firm of Appleby Bermuda
   
AQR Re Management 3 Bermudiana Road, Hamilton. 2015. March 23, it was announced the firm was to wind down its operations after three years in business as a result of the reinsurance industry's consolidating market dynamics. Some jobs have been lost lose their jobs as the firm stopped writing new business. But some will remain to oversee the run-off business. AQR Re is affiliated with Greenwich, Connecticut-based investment adviser AQR Capital Management, which had $122 billion of assets under management as of the end of 2014. The fundamentals of the reinsurance industry have changed significantly since AQR's entrance into the business in 2011, a spokesman for AQR Capital Management said: "While the diversification benefits and relative returns of reinsurance as an asset class remain attractive, we have come to the conclusion that due to consolidating market dynamics, it will become increasingly difficult to put larger amounts of capital to work to achieve attractive risk-adjusted returns for our investors, and ever more important to be in multiple lines of business, many of which we are not currently in. Accordingly, we have decided to wind up the AQR Re business and will cease writing any new or renewal business after April 1.
Aquarius Platinum Digs for platinum, palladium and other metals in South Africa and Zimbabwe. Metal is sold for dollars while most costs are met in local currency. 
   
Aramark Corporation  
   
Arcadia Associates 6/20/2001
Arcadia Insurance Company 5/16/1975
Arcadia Investments 8/18/1983
   
Arch Capital Moved from Connecticut to Bermuda in 2000.

2017. June 12. American International Group is to sell $590 million of shares in Bermuda-based insurer and reinsurer Arch Capital Group. AIG, which has many Bermuda-incorporated subsidiaries, last month appointed former Hamilton Insurance Group chief Brian Duperreault as president and CEO, acquired more than 6.38 million common shares last year through the conversion of 638,141 convertible preferred shares the US-based giant got as a result of the sale of United Guaranty Corporation to Arch. The offering is scheduled to close on Wednesday and is subject to the usual closing conditions. AIG said it had given underwriters a 30-day option to buy an additional 957,210 common shares in Arch, which would be issuable on conversion of 95,721 additional convertible preferred shares, worth about $89 million. After that, AIG would still own 542,420 convertible shares in Arch, which are subject to a lock-up which expires in mid-January next year.

2017. June 8. Arch Capital Group Ltd has revealed that its second-quarter profit will take a $38 million hit from reinsurance losses. The news prompted Arch shares to fall more than 2 per cent in early trading on the Nasdaq Stock Exchange and follows filings that show chairman Dinos Iordanou sold nearly half of his personal stake in the company during the past three weeks. In a Securities and Exchange Commission filing, the Bermudian insurer and reinsurer said $38 million in losses emanated from its property facultative reinsurance book of business. “Such activity related to losses incurred on a small number of contracts across multiple underwriting years and represents an unusually high level of activity for the property facultative reinsurance unit,” the filing stated. “Since its inception in 2007, the property facultative reinsurance unit has consistently produced significant underwriting profits for the company.” Arch shares had risen more than 12 per cent since the start of the year by Tuesday’s close. Yesterday, Arch closed down $2.10, or 2.2 per cent, at $95.04, in New York trading. Other recent SEC filings show insider selling by board members. Chairman Dinos Iordanou sold 100,000 shares — nearly half his stake in the company — since May 18. As of May 31, after those sales he still held 107,151 shares in Arch, worth about $10.15 million at yesterday’s price. Arch director John Vollaro also sold 10,000 shares on May 31 and June 1, leaving him with a holding of 118,016 shares.

2017. February 10. Arch Capital’s top executive accused some in the insurance industry of “cheating” with reserves. Dinos Iordanou, chairman and chief executive officer of the Bermudian insurer and reinsurer, warned of “noise” in apparently strong balanced sheets among insurers that have mis-priced risk. His comments were reported by industry publication The Insurance Insider, which was hosting the InsiderScope conference at which Mr Iordanou was speaking. “It’s a self-grading exam — you decide what it’s going to be on the day,” Mr Iordanou said. “There’s a tendency within our industry to mis-price risk, and there’s a tendency to cheat, sometimes intentionally, sometimes unintentionally. There’s noise in the underlying healthiness of the balance sheets,” he added. “Those who intentionally or unintentionally cheated the most have the worst problem.” The Arch chairman added that the industry traditionally “has not done well in managing, financing and transferring risks for our clients in a smart and consistent way”, the Insider reported. Mr Iordanou said he expected mergers and acquisitions to continue, with weaker companies becoming opportunistic takeover targets. The reinsurance industry is awash with capital, one of the factors keeping pricing down. And Mr Iordanou did not see that trend changing any time soon. “I think this cycle is going to be prolonged,” Mr Iordanou said. “There’s not going to be an abrupt correction but an evolution, with companies improving.” He added that tighter regulation and tougher auditing “has enhanced our ability to have less defects in our decision making”. “In essence our ability to cheat is less,” he added.

2016. December 28. Arch Capital Group’s $3.4 billion acquisition of United Guaranty Group has been approved by the North Carolina Department of Insurance. It was announced in August that the Bermudian-based company would buy the mortgage unit from American International Group in a cash and securities deal. United Guaranty is the leading private mortgage insurance company in the US. It is based in Greenboro, North Carolina. In a statement, the North Carolina Department of Insurance said: “After the acquisition, Arch Capital Group, will be the largest mortgage insurance company in the country and will relocate their headquarters to Greensboro.” The headquarters referred to are those of Arch Mortgage Insurance Company, currently based in Walnut Creek, California. Constantine “Dinos” Iordanou, CEO of Arch, in August said: “We expect to quickly integrate Arch’s existing California-based mortgage insurance operations and the North Carolina-based operations of United Guaranty while maintaining a strong presence in both locations, thereby further developing our superior customer service with nationwide and worldwide coverage.” Announcing the approval, Wayne Goodwin, North Carolina’s insurance commissioner, said: “I always strive to recruit companies to North Carolina that will encourage growth and I believe Arch Capital Group’s choice to invest in the Tar Heel state will benefit everybody. “This acquisition is great for North Carolina business and I am excited for what promises to be an enormous economic impact.”

2016. August 17.  NEW YORK (Bloomberg) — Like an archer at the Olympics, Arch Capital has landed its target: AIG’s mortgage insurance business.  The Bermuda-based insurer said late on Monday that it would buy United Guaranty for $3.4 billion in cash and stock. The deal is set to be more than 35 per cent accretive to both its earnings per share on a run-rate basis and will also immediately lift the company’s book value per share. Investors applauded Arch’s biggest deal on record — the shares climbed as much as 5 per cent yesterday to the highest level since its initial public offering some 21 years ago. The transaction isn’t a complete surprise. Arch has been scaling back its property-and-casualty operations and recently made a notable stride in mortgage insurance. In the second quarter, that culminated in the latter posting an 81 per cent jump in new premiums written, a figure that was driven by its reinsurance of Australian mortgages. For AIG, the price tag is lower than the $4 billion United Guaranty was said to be valued at in a planned IPO, but the sale allows for a cleaner exit. The insurance giant will receive at least $2.2 billion up front, and can begin selling its Arch Capital shares after an initial six-month lock-up. The proceeds will come in handy for AIG, considering it hopes to return $25 billion to shareholders by the end of next year through dividends and buy-backs.

2016. April 28. Arch Capital Group increased its gross premiums written during the first quarter but saw its profits fall. The net income available to common shareholders was $149.3 million, down from $277 million for the same period last year. That result, which equates to $1.20 per common share, beat analysts’ estimates of $1.10. Pre-tax foreign exchange losses of $22 million were a drag on Arch’s earnings. In the corresponding period in 2015 the company had made $66.9 million of foreign exchange gains. In a statement the company pointed out that the majority of those amounts are unrealized “and resulted from the effects of revaluing the company’s net insurance liabilities required to be settled in foreign currencies at each balance sheet date”. Pre-tax net realized investment gains dropped year-on-year from $61.9 million to $29.9 million. Gross written premiums rose to $1.39 billion, up 6.1 per cent, while the underwriting combined ratio edged down a fraction to 87.1 per cent. Among its business units, Arch reported a big jump in the gross premiums written by its mortgage segment, which rose 83.8 per cent to $111.2 million. Gross written premiums in the insurance segment were $798.5 million, up 4.2 per cent, while the reinsurance segment was little changed year-on-year at $481 million. During the first quarter Arch repurchased 1.1 million shares, at a cost of $75.3 million. At the end of March there were $446.5 million of repurchases available under the company’s buyback programme. In New York, Arch shares closed yesterday at $71.40, up 10 cents, or 0.14 per cent.

2015. October 29. Reported operating profits of $125.8 million for the third quarter of the year, surpassing analysts’ expectations. After-tax earnings per share were $1.01, compared to the 98 cents consensus of analysts tracked by Zacks Investment Research. The figure is $1.3 million down on the amount recorded for the third quarter last year, which was equal to $1.05 a share. Net income for the quarter was $74.5 million, or 60 cents per share, compared to $223.2 million and $1.64 a share in the third quarter of 2014. Gross premiums written for the third quarter totaled $1,158,451 compared to $1,138,398 for the same period last year — a 1.8 per cent increase. The company said net investment income for the quarter fell to $67.3 million, equal to 54 cents a share, compared to $72.2 million and 53 cents a share in quarter three last year. Arch’s report on the company’s performance said: “Total return in the 2015 third quarter reflected the impact of the strengthening US dollar against the British pound sterling, Canadian dollar and other major currencies on non-US denominated investments. “Excluding the effects of foreign exchange, total return was 0.04 per cent for the 2015 third quarter as investment grade fixed income returns were substantially offset by negative returns on equities, high yield and alternative strategies.” Arch added it had also bought up “a small number” of its own shares during the quarter. The company report said: “Since the inception of the share repurchase programme through September 30, 2015, Arch Capital Group Ltd has repurchased 124.1 million common shares for an aggregate purchase price of $3.61 billion. At September 30, 2015, $521.8 million of repurchases were available under the share repurchase programme.”

Arch Reinsurance (Bermuda) Formed, in 2001 to provide highly rated capacity to the specialty property and casualty reinsurance marketplace. With an experienced management team, industry-leading underwriting talent, and substantial capacity, provides a sound, flexible market for "large lines" on selected property, casualty, nontraditional and multi-line reinsurance contracts. Conducts business from Bermuda offices.
   
Arche Master Fund LP Owned by Arche GP LLC, Delaware, USA. C/o AS&K
Arethusa Its two largest shareholders are based in Stockholm, Sweden. Arethusa owns and or operates a fleet of 13 offshore oil drilling rigs, including eight semi-submersibles and five jack-ups. It is the second-largest semi-submersible operator in the Gulf of Mexico. Its other rigs are deployed in the offshore waters of Brazil, Egypt, India, Indonesia and the Netherlands.
Argentum Management and Research Portfolio (Bermuda) Since 9/1/1999
Argent Financial Group (Bermuda)  
   
Ariel Re

2017. February 7. Bermuda-based insurer and reinsurer Argo Group has closed the acquisition of fellow island firm Ariel Re. Agreement on the $235 million deal was announced last November. And today Argo also announced that Ryan Mather, former Ariel Re chief executive officer, will serve as Argo’s global head of reinsurance leading all reinsurance operations. “Ariel Re and Argo Group are a terrific fit — operationally and culturally,” Mark Watson, CEO of Argo Group said. “Ryan’s leadership and collaboration were key factors in our ability to finalise this agreement and begin implementing the company’s integration plan so swiftly. This is reflective of the teamwork and outstanding results we expect to see in the future.” Mr Mather’s organisation will retain the Ariel Re brand as a member of Argo Group, and he will report directly to Jose Hernandez, head of Argo’s international business. Ariel Re was jointly owned by Banco BTG Pactual SA and the Abu Dhabi Investment Council. The company underwrites a global portfolio of insurance and reinsurance business through Lloyd’s Syndicate 1910. Ariel Re employs around 100 people and has offices in Victoria Place, Hamilton. In November a spokesman for Argo told this newspaper that job cuts were not high on the agenda for the combined company. He said: “Cost savings were not a major driver in the rationale for the acquisition of Ariel Re, rather we are excited about bringing two significantly complementary businesses together. Both teams will have a significant role to play in bringing our platforms together for the benefit of our customers.” The reinsurance arm of Argo, whose headquarters is in Pitts Bay Road, will combine with Ariel Re. In November, Mr Watson said that the acquisition was part of Argo Group’s bid to build scale in its London and Bermudian platforms by adding complementary lines of special business. Argo said the combined company will have “a well-balanced portfolio mix” of about 88 per insurance and 12 per cent reinsurance.

November 15. Argo International Holdings has struck a $235 million deal to buy Ariel Re in an all-Bermuda insurance combination. And it appears that job cuts on the island are not high on the agenda for the merged company. A spokesman for Argo said: “Cost savings were not a major driver in the rationale for the acquisition of Ariel Re, rather we are excited about bringing two significantly complementary businesses together. “Both teams will have a significant role to play in bringing our platforms together for the benefit of our customers.” Ariel Re employs around 100 people and has offices in Victoria Place, Hamilton. Argo, whose headquarters is on Pitts Bay Road, said the deal, which will see Argo’s reinsurance arm combine with Ariel Re, was expected to close in the first quarter of next year, subject to regulatory approvals. Mark Watson, CEO of Argo, said: “Ariel Re is a terrific fit for Argo Group — operationally and culturally. We remain focused on delivering enhanced shareholder value. This transaction enables us to build on the successes realized individually by Argo Group and Ariel Re, utilizing our combined strength to deploy capital in selected areas to produce maximum return and continued growth.” Mr Watson added: “Under the leadership of Jose Hernandez, head of Argo Group’s international business, the combination of Ariel Re and Argo Re will result in a market-leading business and will make a meaningful and immediate contribution to earnings and return on equity.” He said that the acquisition was part of Argo Group’s bid to build scale in its London and Bermuda-based platforms by adding complementary lines of special business. Mr Watson added that, after the deal goes through, Argo Group will have “a well-balanced portfolio mix” of about 88 per insurance and 12 per cent reinsurance. The transaction is claimed to provide Argo with added diversification, which will help to improve its ability to manage through changing market cycles. And the company said that other benefits, like Ariel Re’s “unique modelling and risk analysis tools”, would enhance Argo’s underwriting analytics. Mr Hernandez said: “Ariel Re is a group of proven insurance experts who rely on deep domain expertise, rigorous research and development and innovative thinking — values and capabilities that align with those of Argo Group.” Ryan Mather, CEO of Ariel Re, said: “Argo Group have long been supporters of Ariel Re and we are delighted to take this relationship forward by bringing Ariel Re under the Argo banner. There is great synergy between the teams from both companies and we are looking forward to working together to strengthen the offering for our clients.” Ariel Re is jointly owned by Banco BTG Pactual and the Abu Dhabi Investment Council and underwrites a global portfolio of insurance and reinsurance business through Lloyd’s Syndicate 1910. The company said it’s business is well-diversified by distribution, regional exposure and peril and that it had achieved “superior returns by sourcing low-frequency/higher severity high margin business”. Ratings agency Standard & Poors said that the US long-term ratings of Argo were unaffected by the move. The firm said: “SWE believe the acquisition’s size is relatively small on a net basis. While financial leverage, on a pro forma basis, will increase to around 26 per cent, we expect prospective capitalization to remain very strong, leverage to decline in part through accrued earnings and fixed charge coverage to remain above four times, which is consistent with our assessment of a strong financial risk profile.”

   
   
Argo Group International Holdings Moved to Bermuda from Texas in 2007
   
Argo Re P. O. Box HM 1282, Hamilton HM FX. A member of the Argo Group, an international specialty underwriter offering vis its subsidiaries commercial Property and Casualty insurance and reinsurance products. argolimited.com. 

2017. May 23. When Star Wars actress Carrie Fisher died in December 2016, it triggered what is thought to be the largest single personal accident insurance claim payout ever. And among the more than 20 carriers that jointly covered Disney’s insurance policy on Ms Fisher, was Bermuda-based Argo Group International Holdings. The specialty insurer and reinsurer has offices on Pitts Bay Road, and is known for identifying and insuring risks that other traditional underwriters do not insure. Argo’s stake in the insurance policy covering Ms Fisher was highlighted in a report in the San Antonio Express-News. Film company Disney took out contract protection, estimated to be $50 million, on Ms Fisher in case she was not able to fulfil her obligations to appear in all the Star Wars trilogy sequel films. A number of Lloyd’s of London insurers took a stake in the risk contingency policy, which was underwritten by New Jersey-based Exceptional Risk Advisers. According to a report by The Insurance Insider, Atrium, a subsidiary of island-based Enstar Group, was the lead in the facility. As a legacy star of the original Star Wars trilogy, where she played the role of Princess Leia, Ms Fisher appeared in Star Wars Episode VII: The Force Awakens, the first of the new trilogy. The film was released in 2015 and took $2.07 billion at the box office, becoming the third most financially successful film of all time. Ms Fisher also completed filming of the follow up Star Wars Episode VIII: The Last Jedi, set for release later this year. She was due to star in the final film of the sequel trilogy, Star Wars Episode IX, but died in December a few days after suffering a heart attack on a flight from London to Los Angeles. Filming of the still untitled Episode IX, has not started. The film is due to be released in May 2019.

2017. May 1. Insurer and reinsurer Argo is to change its financial reporting — with just two segments, US and international. The change replaces the four reporting segments formerly used, with US figures now including excess and surplus and commercial specialty, while international figures will include the former Syndicate 1200, international specialty and Ariel Re. The new reporting method will take effect when the firm’s first quarter results are released later this week. Mark Watson, Argo Group CEO, said: “This is an important step better reflecting the way we are managing our businesses and thinking about our operating platforms. Argo had made important enhancements with the addition of Jose Hernandez to lead its international business and the acquisition of reinsurer Ariel Re earlier this year. These recent additions, combined with the consolidation of our US operations under the leadership of Kevin Rehnberg, allows us to make this change. With these additions and operational changes, we are better positioned as a global underwriter of specialty insurance and reinsurance products.”

2017. April 13. Argo Group, the Bermuda-based insurer and reinsurer, has warned that its first quarter profits will be adversely impacted by about $16.5 million. The four non-recurring charges include $5 million in late claims reported from Hurricane Matthew, and $4 million in relation to the transfer of some infrastructure and information technology functions to third party service providers. The others are $2.5 million relating to the recent acquisition of Ariel Re and an estimated $5 million to incorporate the recent change in the UK Ogden discount rate. Argo will announce earnings for the first quarter on May 3.

2017. February 14. Argo Group has reported a dip in profits for the fourth quarter and the full year. The Bermudian-based company’s net income for the quarter was $32.9 million, or $1.07 per common share, compared with $41.2 million for the same period in 2015. For the full year the profit was $146.7 million, or $4.75 per share, compared to $162.2 million, or $5.20 per share, in 2015. Argo’s fourth-quarter adjusted operating income was $19.8 million, or 65 cents per share, which was in line with analysts’ estimates. For the full year gross written premiums were $2.16 billion, a rise of 7.6 per cent, and net investment income was $115.1 million, up 29.9 per cent. Mark Watson, chief executive officer of Argo Group, noted that the company ended 2016 with book value of $59.73 per share, a 10 per cent increase “even with an increase in the incidence of global catastrophe losses relative to recent years”. He said: “For the past 15 years, Argo Group has grown book value per share in excess of 10 per cent on a compounded annual basis. As we have discussed in the past, we consider the compounded annual growth in book value as the measure that most clearly demonstrates value creation for our shareholders. Also, our annualized return on equity has averaged 9.8 per cent over the last four years. These results demonstrate the value of a well-balanced and diverse portfolio of businesses as well as thoughtful asset allocation. The recently completed acquisition of Ariel Re provides us with additional presence and scale in both our Bermuda and London-based operations.” The insurer and reinsurer acquired fellow island firm Ariel Re in a $235 million deal. For the fourth quarter, Argo reported estimated pre-tax catastrophe losses of $22.8 million, or 6.4 points on the combined ratio, compared with $5.2 million for the last three months of 2015. Its estimated full year pre-tax catastrophe losses are $61.7 million, up from $23.7 million. The company’s combined ratio for the year was 96.2 per cent, up from 95 per cent, and for the quarter was 98.8 per cent, compared to 94.5 per cent in the fourth quarter of 2015. Argo Group shares yesterday closed at $65.95, up 75 cents, in New York.

2017. February 7. Bermuda-based insurer and reinsurer Argo Group has closed the acquisition of fellow island firm Ariel Re. Agreement on the $235 million deal was announced last November. And today Argo also announced that Ryan Mather, former Ariel Re chief executive officer, will serve as Argo’s global head of reinsurance leading all reinsurance operations. “Ariel Re and Argo Group are a terrific fit — operationally and culturally,” Mark Watson, CEO of Argo Group said. “Ryan’s leadership and collaboration were key factors in our ability to finalise this agreement and begin implementing the company’s integration plan so swiftly. This is reflective of the teamwork and outstanding results we expect to see in the future.” Mr Mather’s organisation will retain the Ariel Re brand as a member of Argo Group, and he will report directly to Jose Hernandez, head of Argo’s international business. Ariel Re was jointly owned by Banco BTG Pactual SA and the Abu Dhabi Investment Council. The company underwrites a global portfolio of insurance and reinsurance business through Lloyd’s Syndicate 1910. Ariel Re employs around 100 people and has offices in Victoria Place, Hamilton. In November a spokesman for Argo told this newspaper that job cuts were not high on the agenda for the combined company. He said: “Cost savings were not a major driver in the rationale for the acquisition of Ariel Re, rather we are excited about bringing two significantly complementary businesses together. Both teams will have a significant role to play in bringing our platforms together for the benefit of our customers.” The reinsurance arm of Argo, whose headquarters is in Pitts Bay Road, will combine with Ariel Re. In November, Mr Watson said that the acquisition was part of Argo Group’s bid to build scale in its London and Bermudian platforms by adding complementary lines of special business. Argo said the combined company will have “a well-balanced portfolio mix” of about 88 per insurance and 12 per cent reinsurance.

2016. November 15. Argo International Holdings has struck a $235 million deal to buy Ariel Re in an all-Bermuda insurance combination. And it appears that job cuts on the island are not high on the agenda for the merged company. A spokesman for Argo said: “Cost savings were not a major driver in the rationale for the acquisition of Ariel Re, rather we are excited about bringing two significantly complementary businesses together. “Both teams will have a significant role to play in bringing our platforms together for the benefit of our customers.” Ariel Re employs around 100 people and has offices in Victoria Place, Hamilton. Argo, whose headquarters is on Pitts Bay Road, said the deal, which will see Argo’s reinsurance arm combine with Ariel Re, was expected to close in the first quarter of next year, subject to regulatory approvals. Mark Watson, CEO of Argo, said: “Ariel Re is a terrific fit for Argo Group — operationally and culturally. We remain focused on delivering enhanced shareholder value. This transaction enables us to build on the successes realized individually by Argo Group and Ariel Re, utilizing our combined strength to deploy capital in selected areas to produce maximum return and continued growth.” Mr Watson added: “Under the leadership of Jose Hernandez, head of Argo Group’s international business, the combination of Ariel Re and Argo Re will result in a market-leading business and will make a meaningful and immediate contribution to earnings and return on equity.” He said that the acquisition was part of Argo Group’s bid to build scale in its London and Bermuda-based platforms by adding complementary lines of special business. Mr Watson added that, after the deal goes through, Argo Group will have “a well-balanced portfolio mix” of about 88 per insurance and 12 per cent reinsurance. The transaction is claimed to provide Argo with added diversification, which will help to improve its ability to manage through changing market cycles. And the company said that other benefits, like Ariel Re’s “unique modelling and risk analysis tools”, would enhance Argo’s underwriting analytics. Mr Hernandez said: “Ariel Re is a group of proven insurance experts who rely on deep domain expertise, rigorous research and development and innovative thinking — values and capabilities that align with those of Argo Group.” Ryan Mather, CEO of Ariel Re, said: “Argo Group have long been supporters of Ariel Re and we are delighted to take this relationship forward by bringing Ariel Re under the Argo banner. There is great synergy between the teams from both companies and we are looking forward to working together to strengthen the offering for our clients.” Ariel Re is jointly owned by Banco BTG Pactual and the Abu Dhabi Investment Council and underwrites a global portfolio of insurance and reinsurance business through Lloyd’s Syndicate 1910. The company said it’s business is well-diversified by distribution, regional exposure and peril and that it had achieved “superior returns by sourcing low-frequency/higher severity high margin business”. Ratings agency Standard & Poors said that the US long-term ratings of Argo were unaffected by the move. The firm said: “SWE believe the acquisition’s size is relatively small on a net basis. While financial leverage, on a pro forma basis, will increase to around 26 per cent, we expect prospective capitalization to remain very strong, leverage to decline in part through accrued earnings and fixed charge coverage to remain above four times, which is consistent with our assessment of a strong financial risk profile.”

2016. November 2. Argo Group International Holdings has announced net income of $55.2 million for the third-quarter — up nearly $21 million on the same period in 2015. The figure is equivalent to $1.80 per common share, compared to $1.13 a year ago. Operating income for the quarter was $34.4 million, or $1.12 per diluted share. Mark Watson, CEO of the group, said: “Continued improvement in our underwriting results combined with strong alternative investment returns contributed to growth in book value per share, delivering real value to our shareholders. By almost all measures, our business continues to show year over year improvement.” Gross written premiums rose 10.2 per cent to $585.4 million, compared with $531.4 million in the third-quarter of 2015. The firm recorded $32.7 million in investment income, up from $18.4 million in the third-quarter of 2015. Argo estimated pre-tax catastrophe losses at $12.9 million for the quarter, compared to $13.1 million in the same period last year.

   
Arlington Tankers Deep sea petroleum transportation company, owned by London-based shipbroker Galbraith’s.
   
Armour Group Holdings

Armour Group

Since 2007. Bermuda Commercial Bank Building. In Bermuda, it employs a team of six people, but chief operating officer Pauline Richards said there were plans to hire two more. It also has offices in London and Philadelphia. Founded by former Imagine Group executives John Williams and Chairman and CEO Brad Huntingdon in 2007. Privately held, a group of insurance, reinsurance, investment management and service companies, 2014. December 12. Has now aquired Mexico's largest title insurer, Fidelity National Title de Mexico, SA de CV, since renamed Armour Secure Insurance SA de CV. Title insurance protects investors and lenders against risk in property acquisitions and mortgage finance. Armour did not disclose the terms of the deal. In its more than eight years of existence, Armour Secure Insurance has written more than $7 billion in policies. The Mexican outfit employs some 15 people and is based in Mexico City. It's a high-value, low-volume business. It provides title insurance for large commercial projects and so it is linked to the fast-growing Mexican economy. It was likely the company would expand into other types of insurance and its licence would permit it to do so. Armour came to the opportunity to acquire Fidelity National through another of its businesses, Secure Legal Title, which provides title insurance in Europe. It, like the Mexican operation, underwrites using Lloyd's capacity. "Mexico has been quite a closed market, but the government has made great strides in opening up the market to new operators and competitors," Mr Huntingdon said. Reforms introduced by President Nieto were indeed partly responsible for enabling the acquisition. Yves Hayaux-du-Tilly, partner of Nader, Hayaux & Goebel, the lawyers who represented Armour, and chairman of the Mexican Chamber of Commerce in Britain said: "This is the first time that the Mexican Government has authorized a foreign investor from a country that is not a party to a free-trade agreement with Mexico to acquire a Mexican insurance company. Bermuda is one of the largest and most highly regarded insurance business jurisdictions globally. We are delighted that it is a Bermuda-based group who are the first to be approved under this new legal framework approved under the reforms to the financial system by the current administration of President Nieto." Armour also has acquired Fidelity National Escrow Services, S de RL de CV, now renamed Armour Secure Escrow, S de RL de CV, the first in Mexico to introduce escrow services, which provide an essential element of security in real estate transactions. Armour Secure Insurance and Escrow will continue under the leadership of Juan Pablo Arroyuelo, director general. Armour Group. In all, the group employs around 80 people. Several of them are claims experts, heavily involved in the group's substantial run-off segment. Run-off refers to companies or books of business that have stopped writing new business, but still have reserves and obligations to be managed. Armour seeks value opportunities within distressed, discontinued and other specialty sectors in the insurance and reinsurance industry. Two years ago, Armour announced that an affiliate had acquired the US run-off business of OneBeacon, which came with some $2.2 billion of reserves. Only last month, Armour Group subsidiary ILS Investment Management, working with Credit Suisse Asset Management, said it had successfully raised $576 million for the first insurance-linked securities (ILS) fund focused on property and casualty run-off portfolios. Mr Huntingdon said run-off opportunities were widespread in mature insurance markets, in which run-off had become "a tool allowing groups to move their capital around between entities". He added that Bermuda was home to the world's three largest run-off specialists. "Bermuda had proved to be a good base from which to grow the business," Mr Williams said, as it had a "business-friendly environment and smart regulation."

   
Arsenal Group (Bermuda) Since 3/25/2011
Arsenal Hedge Fund Since 11/1/2002
Arsenal  Since 9/5/2001
   
Art 1 Trust Bermuda-based, owned by Christof Engelhorn, pharmaceutical billionaire and philanthropist
   
Artex Risk Solutions 2016. March 23. Acquired the insurance management operations of Kane. The move means Artex’s operations in Bermuda and Cayman will combine into Kane’s. David McManus, president and CEO of Artex, said: “Kane is rightly recognized in the industry for the quality of its people and its innovative products and platforms. “This merger strengthens us considerably in Cayman and Bermuda and brings us industry-leading expertise in insurance linked securities and structured transactions administration. Combining these resources with the power Artex’s distribution list network is expected to drive exponential growth in each of the domiciles represented.” Artex’s Bermuda and Cayman businesses will combine into Kane’s under the respective leadership of Rob Eastham and Linda Haddleton. Together with the Guernsey, Channel Islands, office, they will report to Nick Heys, the CEO of Artex International. Artex is a wholly owned subsidiary of US-based Arthur J Gallagher & Co, one of the world’s largest insurance brokerage and risk management services firms. Mr McManus said: “This truly is a transformational merger and I’m delighted to welcome Rob, Linda, Ann and their teams to Artex.” Simon Hinshelwood, group chief executive of Kane, said that the firm had been approached “by a number of parties” over the last six months who shared Kane’s views that the industry would benefit from consolidation. He added: “The board determined that the best way to explore the value of those approaches was to hold a tightly controlled but formal process. That process concluded with the board selecting Artex for multiple reasons but importantly to our staff and clients, its culture, its distribution reach, its strength in Europe and the USA and the opportunities we believe it affords the Kane team for growth.” Kane’s US operations in South Carolina and Vermont, will merge into Artex’s US business under the leadership of Jennifer Gallagher, president of Artex North America. The merger means that Artex will have 370 staff and more than 1,400 customers, served through more than 900 risk-bearing entities in 27 domiciles. Mr McManus said: “We believe we’re the fastest growing and most diverse insurance manager in the industry. This exciting combination of operations and capabilities allows Artex to consolidate its position among the top three insurance management services providers in the world.” He added the merger would provide “clients and business referral networks with substantially greater scale and resource breadth”. The merger is expected to close at the end of this month. Kane’s insurance management arm was founded in 1984 to specialize in the formation and management of insurance and alternative risk provision, particularly in the healthcare, insurance, financial services, transportation and construction industries. It also provides insurance-linked security and structured transaction administration.
   
ASA South African investments, in 2003, prompted by 2003 South African laws
   
Ascot Group 2017. June 28. Neill Currie has been appointed executive chairman of Bermuda-based Ascot Group Limited. He was previously CEO of RenaissanceRe Holdings Ltd, which he cofounded in 1993, and led from 2005 until his retirement in 2013. Ascot Group holds Ascot Underwriting Ltd, a leading global specialty insurance underwriter, which manages Syndicate 1414 at Lloyd’s, and Ascot Underwriting Bermuda Limited, a managing general agency. Canada Pension Plan Investment Board, which acquired these operations in 2016, will invest and build a global property and casualty insurance and reinsurance platform through AGL. “The opportunity to work with AGL’s management team and CPPIB to build a dynamic and global P&C company is uniquely compelling,” said Mr Currie. “I am looking forward to working with the many people associated with AGL to build a company that will provide its clients with an array of best-in-class insurance and reinsurance solutions.” In a statement, Ascot said Mr Currie had, during his time as CEO of RenRe, “successfully stewarded the company through its growth and evolution to become one of the pre-eminent providers of reinsurance and insurance globally”. It noted that under his leadership the company’s success was “driven by its creative and unique insurance products for clients, leading-edge underwriting expertise and support for ground-breaking catastrophe research and mitigation activities”. Andrew Brooks, chief executive officer of AGL, said: “We are thrilled to have an individual of Neill’s calibre join as the executive chairman. “His deep expertise, excellent reputation and proven track record as a visionary in the insurance and reinsurance industry will position AGL well as it looks to build a leading global P&C insurance platform.” In his new role Mr Currie will work with AGL’s management and board of directors to grow its operations and capabilities through a variety of strategic initiatives including organic growth programmes, joint ventures, strategic investments and acquisitions.
Ascot Underwriting Global specialty insurance underwriter that manages syndicate 1414 at Lloyds of London
Ascot Underwriting Bermuda A managing general agency, see above.
   
Asian Growth Properties 2016. October 18. This Chinese property development and investment company has proposed moving its registration to Bermuda from the British Virgin Islands. Among the reasons why it wants to migrate, it has cited the adverse publicity the BVI has faced following the publication of leaked documents, the so-called Panama Papers, from a law firm in Panama. And in a statement, the directors of Asian Growth Properties Ltd said they believe a BVI domicile “may no longer be suitable for publicly listed companies”. The company has noted Bermuda’s “highly regarded regulatory regime” and its belief that, when compared with the BVI, there is a greater general acceptance of Bermuda among the investment community in Hong Kong. Although it is registered in the BVI, where it incorporated in 2004, the company has its principal office in Hong Kong. It has a market capitalization of about £343 million ($417 million), and its shares trade on the AIM Market of the London Stock Exchange. Explaining the reasons for seeking to re-register in Bermuda, AGP stated: “Recently, the British Virgin Islands came under a considerable amount of adverse publicity following the publication in early 2016 of a major leak of documents from a Panamanian law firm. “A large number of people (including celebrities) have purportedly been suspected of using British Virgin Islands companies for tax avoidance and other illegitimate activities. Given this, the directors believe that a British Virgin Islands domicile may no longer be suitable for publicly listed companies. As a result, being domiciled in the British Virgin Islands may be a barrier to certain investors wishing to invest in the company.” There are more than 430,000 companies registered in the BVI, according to the jurisdiction’s Financial Services Commission. Having considered alternatives, AGP said: “The directors believe Bermuda has a highly regarded regulatory regime. It is also the domicile of choice of many listed companies, particularly those listed on The Stock Exchange of Hong Kong. “Bermudian-domiciled companies are also listed on a number of other stock exchanges ranging from the Singapore Stock Exchange to the Toronto Stock Exchange.” The company, in its statement, added: “Given Bermuda’s general acceptance by the investment community in Hong Kong, which the directors believe is greater than companies domiciled in the British Virgin Islands, the move to Bermuda will give the company potential added flexibility in the future.” AGP is an investor and developer of commercial office, retail and residential properties in Hong Kong and mainland China. Among its investment properties is the Plaza Central in Chengdu, China, it also owned the Dah Sing Financial Centre, in Hong Kong, until it was sold for about £930 million ($1.1 billion) in June. News of the company’s plan to register in Bermuda has been welcomed by Ross Webber, chief executive officer of the Bermuda Business Development Agency. He said: “It’s positive news for Bermuda, and it underscores the value of our jurisdiction’s top-tier regulation, compliance and transparency. It also validates our efforts to differentiate the Bermuda market from other offshore financial centres, and we continue to highlight the fact our jurisdiction operates on a regulatory level other centres should aspire to. The BDA has developed a specific China strategy — pitching Bermuda’s value to those businesses best able to participate in this modern, global economy. “The evolving corporate landscape will lead to more regulation, not less, and we recognise that companies which intend to grow and thrive long-term will choose to base themselves in jurisdictions that have a similarly sustainable future.” AGP will seek shareholder approval to deregister as a limited liability company in the BVI and re-register, by way of continuation, as a limited liability exempted company in Bermuda. The proposal will be put to shareholders at an extraordinary general meeting in Hong Kong on November 10. The company will also need regulatory approval from the Bermuda Monetary Authority to complete the migration.
   
A. S. E. Holding C/o Appleby Spurling & Hunter
   
Asia Broadcast Satellite (ABS) 2015. March. This Bermuda-based firm created space history with the blast off of the first all-electric satellites. A communications satellite it owned joined a twin satellite from French-based Eutelsat Communications in the launch from Cape Canaveral Air Force station. The satellites — the first fitted with lightweight electric engines rather than conventional chemical propulsion systems — were launched by a 22-storey booster rocket owned by private space firm SpaceX to take them into orbit. ABS — which currently operates six satellites — will position the new one to serve customers in Europe, Asia and the Middle East. The two companies will team up again to launch two more satellites later this year. ABS and Eutelsat joined forces to share development of the satellites, made by US aircraft giant Boeing, and launch costs, thought to be more than $60 million. Although electric engines are lighter, the satellites will take months rather than weeks to reach their operational orbit 22,300 miles above the earth. ABS also has offices around the world, including the US, Dubai, Germany, Singapore and Hong Kong. The firm is majority owned by the Permira funds, which are advised by European private equity firm Permira, which bought a controlling interest in 2010. ABS was set up to meet demand by broadcast and telecoms operators in Africa, Russia, Asia and the Middle East. The company in 2006 bought up the Lockheed Martin Intersputnik-1 satellite, which was renamed ABS-1.
   
ASX Settlement PTY

Formerly known as ASX Settlement and Transfer Corporation PTY

   
Ascot Underwriting (Bermuda) Managing agent for AIG-Ascot Re.
   
Asia Global Crossing An undersea cable company. Its parent was Global Crossing, shown below.
Asia Aluminum Holdings Codan Services Ltd
Asia Netcom Formed in 2003 to buy for Asia the distressed assets for a Chinese state-owned company, China Netcom, from Global Crossing.
Asia Satellite Telecommunications Holdings Butterfield Fund Services (Bermuda)
   
Aspen Re

Aspen Re

Reinsurance firm. 

2017. February 10. Aspen Insurance Holdings Ltd made an operating loss of $7.4 million, or 34 cents per share, in the fourth quarter, partly as a result of a repositioning of its insurance segment. For the year, the Bermuda-based re/insurer’s net income was $203.4 million, compared to $323.1 million in 2015. Losses from Hurricane Matthew, an earthquake in New Zealand and wildfires in Tennessee impacted the company’s bottom line. The final-quarter net loss of $71.5 million compared to a $117.9 million profit in the same period in 2015. The loss had been expected, but was worse than many analysts had forecast. One consensus view for MarketWatch.com had reckoned on a loss of 5 cents per share. The group’s combined ratio for the quarter jumped to 106.7 per cent, meaning the company made a loss of 6.7 cents on every premium dollar after paying claims and expenses. That compared with 91.8 per cent combined ratio in the same period the year before. Aspen’s full year combined ratio was 98.1 per cent. The insurance segment had a combined ratio of 99.6 per cent, up from 96.1 per cent. The reinsurance division managed 90 per cent, compared to 80.4 per cent in 2015. In a statement, Chris O’Kane, chief executive officer, said: “While the repositioning of our insurance segment had a significant negative impact on the fourth quarter’s results, we are confident that the actions taken are the right ones and that the underlying quality of our book of business is very strong. We remain intensely focused on driving growth and profitability by offering innovative solutions to meet our clients’ needs and risks, diversifying and expanding our global product offering, and enhancing capital efficiency. Our business is now firmly on course for the next stage of profitable growth.” Then, during an earnings conference call yesterday, he further explained that the company had identified elements of business that it had decided not to continue to write, and had decreased underwriting “a great deal of primary casualty business. In all, approximately $150 million of insurance business, or just under 5 per cent of our total underwriting portfolio, fell outside the refocused underwriting guidelines and was not renewed.” Aspen purchased $10 million of additional reinsurance coverage to protect itself from the run-off of some of the discontinued business. When asked about the potential for a sale of the company, Mr O’Kane said he was very confident about Aspen’s future. “We have a pretty strong franchise in reinsurance already. We have an improving franchise in insurance. Aspen is a successful operation relative to peers and is one that we want to carry on running”.

2016. December 16. A former economist with the Bank of England has been made group chief operating officer at insurer and reinsurer Aspen Insurance Holdings. Richard Thornton will add the newly-created role to the job of group head of strategy, but will give up his role as group chief risk officer. Chris O’Kane, group chief executive officer, said: “In this new role, Richard will be responsible for leading our operational strategy across our business segments, platforms and our corporate functions." Richard will bring strategic vision, new ideas and strong momentum to ensure that our operational activities are developed further and are even more effectively aligned to support our underwriting teams globally. I am delighted that we have someone of Richard’s considerable ability and experience to take on this important role.” Mr Thornton joined Aspen as group head of strategy early in 2014 and was appointed group chief risk officer six months later. Aspen plans to appoint a new group chief risk officer within the next few months. Mr Thornton, who worked in the Bank of England’s monetary analysis division, later joined Oliver Wyman in London as a partner, leading the firm’s development of its general insurance business in the UK and Europe. He worked on projects encompassing life and general insurance, ranging from retail to global corporate and from strategy to operations, risk and finance.

2016. October 27. Aspen Insurance Holdings Ltd reported earnings in line with analysts’ estimates as it overcame $24.9 million in catastrophe losses. The Bermuda insurer and reinsurer posted operating income after tax of $69.3 million in the third quarter, or 97 cents per share. Net income was $95.6 million, or $1.40 per share. The company wrote more business, with gross written premiums increasing by 6 per cent to $763.5 million in the third quarter of 2016 compared with $720.5 million in the same period last year. Chris O’Kane, Aspen’s chief executive officer, said: “Aspen’s results this quarter reflect good underwriting profitability across our business. This was demonstrated by our 93.8 per cent combined ratio and the improved accident year ex-cat loss ratios achieved by both business segments. Premium growth in the quarter was driven by Aspen Re, where the AgriLogic business is being successfully integrated and is performing well. At Aspen Insurance, we continued our efforts to reduce volatility, while also delivering growth in targeted areas such as in our Financial and Professional lines portfolio. We remain very disciplined in our selection of risk and continue to enhance our range of products.” The combined ratio benefited 5.2 points from $35.4 million of net favorable development on prior year loss reserves. Annualized net income return on average equity was 11.2 per cent, while operating return on average equity was 8 per cent for the quarter. Aspen spent $6.5 million buying back its own shares in the third quarter, bringing stock repurchases up to $50 million for the first nine months of the year. The company had $366.3 million remaining under its current share repurchase authorization as of yesterday.

2016. August 1. Aspen Insurance Holdings Ltd reported second-quarter net income of $64.9 million. On a per-share basis, the Bermuda-based insurer and reinsurer said it had net income of 89 cents, up from 62 cents per share in corresponding quarter of 2015. Operating earnings, adjusted for investment gains, came to 40 cents per share. That fell well short of the 69 cents per share estimate of analysts tracked by Yahoo Finance. Chris O’Kane, Aspen’s chief executive officer, said: “Aspen achieved 7.7 per cent growth in diluted book value per share and annualized operating return on equity of 7 per cent in the first half of 2016. We delivered this in the face of an eventful second quarter impacted by higher losses from natural catastrophes and other events. “However, on an accident year ex-catastrophe basis, the performance of both our insurance and reinsurance segments improved considerably. Our new leadership teams at Aspen Re and Aspen Insurance remain focused on disciplined underwriting, identifying and capturing attractive opportunities for profitable growth in our diversified businesses around the globe which, we believe, will create long-term value for our shareholders.” Gross written premiums increased by 10.9 per cent to $801.7 million in the second quarter, compared to $722.8 million in the second quarter of 2015. Aspen’s combined ratio — the proportion of premium dollars spent on claims and expenses — was 100.7 per cent for the second quarter of 2016 compared with 93.6 per cent for the second quarter of 2015. Pre-tax catastrophe losses, net of reinsurance recoveries and $3.1 million of reinstatement premiums, totaled $65.1 million, or 10.1 combined ratio points, during the quarter, compared with $11.9 million in the corresponding period of 2015.

2016. April 22. Aspen Insurance Holdings’ first-quarter profit fell by more than 10 per cent as catastrophe losses increased. The Bermuda-based insurer and reinsurer reported net income of $114.4 million, down from $128 million in the same period of 2015. Operating earnings were $1.29 per share, down 10 cents from 2015, and just shy of the consensus forecast of $1.32 per share of analysts tracked by Yahoo Finance. The company wrote more business in the first three months of the year, with gross premiums written rising 6.1 per cent to $957.7 million. “Aspen has started the year well, with solid first-quarter underwriting results from our insurance and reinsurance businesses contributing to an annualized operating return on equity of 11.2 per cent and 4.8 per cent growth in diluted book value per share,” Chris O’Kane, Aspen’s chief executive officer, said. “Our insurance teams are successfully executing our global products line strategy and delivered growth in targeted lines of business. At the same time, we continued to pull back from areas where we do not feel returns are adequate or are historically more volatile. Within Aspen Re, our teams had successful January and April renewals, again demonstrating our ability to maintain relevance with clients while navigating a challenging and changing market. We also welcomed our colleagues from AgriLogic. In addition, we continue to move closer to our clients, recently announcing the opening of our Dubai office to serve as our hub for the Middle East and Africa.” Aspen’s combined ratio — the proportion of premium dollars allocated to claims and expenses — of 91.6 per cent for the first quarter compared with 88.9 per cent for the first quarter of 2015. The company said pre-tax catastrophe losses, net of reinsurance recoveries, totaled $18.7 million during the January through March period, compared to $13.5 million in 2015. Most of these losses were caused by weather-related events in the US and an earthquake in Taiwan. Net favorable development on prior-year loss reserves of $21.6 million for the first quarter of 2016 compared with $27.5 million a year earlier. Investment income increased by 4.4 per cent to $49.5 million. The total return on Aspen’s aggregate investment portfolio was 2.08 per cent for the quarter.

2015. November 3. Aspen Insurance Holdings yesterday said its insurance operation had recorded the strongest quarterly underwriting performance in company history — but net income plunged due to investment losses. The Bermuda-based firm recorded underwriting income in its insurance business of $41.8 million for the third quarter of the year. Aspen chief executive officer Chris O’Kane said: “Our US insurance platform is on track to exceed $600 million of net earned premiums in 2015, together with an expenses ratio of less than 16 per cent, while our international insurance platform demonstrated a significant improvement in underwriting performance.” He was speaking as Aspen unveiled its quarterly results, which showed profits of $28.2 million — equivalent to 30 cents per share — for the third quarter of the year, down from $37.4 million in the corresponding quarter last year. Net realized investment losses widened to $40.4 million from a loss of $16.6 million in the third quarter of 2014. The firm said gross written premiums were up 10.4 per cent to $720.5 million in the third quarter, compared to $652.5 million in the third quarter of last year. Aspen recorded pre-tax catastrophe losses, net of reinsurance recoveries, of $19.1 million in the third quarter — $2 million more than in the same quarter of 2014. The reinsurance segment of the business logged gross written premiums of $316.6 million, an increase of 28.2 per cent on the $256.9 million reported for the same period last year. Mr O’Kane said: “At Aspen Re, our teams continued to demonstrate their innovative solutions, deep client relationships and disciplined underwriting. This was reflected in significant gross written premium growth, both from new business opportunities and the large pro-rata deals that we noted last quarter. Across our insurance and reinsurance businesses, we remain focused on building value for clients in our chosen areas of expertise. We continue to expect to achieve an 11 per cent operating return on our equity for 2015.”

2014. December. Renewed its Silverton Re subsidiary for next year with $85 million in capital. Silverton Re, set up to help investors with access to diversified catastrophe risk, will be used to 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. Bermuda-based Silverton Re was 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.

Aspen Starr Property 2015. April 17. Insurance companies Aspen and Starr joined forces in this joint underwriting agreement concentrating on European industrial firms. A joint operation by the two firms, who both have offices in Bermuda. Aspen Insurance CEO Mario Vitale said: “This is an exciting new venture through which Aspen and Starr Companies will be able to use their extensive underwriting and engineering expertise to serve the insurance needs of European industrial companies with international operations. The initiative will draw on the considerable experience and technical expertise of two strong partners who have a good understanding of global risks.” Starr Companies chief executive Maurice Greenberg added: “Starr and Aspen together have substantial experience working with European insurance buyers and the market environment. The joint initiative will serve the partners well.”
   
Assured Guaranty 2017. July 3. Assured Guaranty is suing Puerto Rico’s federal oversight board over its decision to push the Caribbean island’s electric utility into bankruptcy. The Bermuda-based firm insures some of the bonds issued by Prepa, as the utility is known, and the bankruptcy comes after the rejection of a longstanding debt-restructuring agreement with creditors. It marks the end of nearly four years of negotiations between Prepa, hedge funds, mutual funds and bond-insurance companies including Assured to find an out-of-court solution to reduce the agency’s obligations and modernize its system. Dominic Frederico, chief executive officer of Assured, said the decision “makes clear that the oversight board is not seriously seeking the consensual resolutions with creditors that Promesa was intended to encourage. The rejection of this consensual agreement will force Prepa into years of litigation, costing millions of dollars and driving up costs for customers.". A statement from Assured Guaranty said the company would “vigorously exercise its rights and remedies as guarantor of Prepa Special Revenue bonds, which benefit from special protections under bankruptcy law. Payments to holders of Prepa bonds insured by Assured Guaranty will continue to be paid without interruption for the life of the bonds”. Last week, Standard and Poor’s Global Ratings affirmed Assured’s AA financial strength rating.

2017. June 27. Bond insurer Assured Guaranty Ltd’s operating units have had their AA rating affirmed by Standard & Poor’s — even though the credit ratings agency expects to see some losses from bonds issued by debt-saddled Puerto Rico. S&P Global Ratings cited the Bermuda-based firm’s very strong capital adequacy, market leadership in risk-based pricing, its diversified underwriting strategy and record of credit discipline. S&P stated: “Although much of Assured’s business has been in the US public finance market, it has the most diverse underwriting strategy of any bond insurer, also conducting business in the global structured finance and international public finance markets. “Although some segments of these other markets have been risky in the past, we believe management’s current approach to writing business in them is well thought-out and measured.” S&P cautioned that Assured’s “exposure to issuers in Puerto Rico may pressure its capital position as losses begin to materialize". Dominic Frederico, Assured’s chief executive officer, said: “Once again, S&P reaffirmed Assured Guaranty’s AA stable rating. The affirmation validates not only our financial strength but also our proven business model, profitable financial results and the success of our strategic choices. “Our size and experience allow us to lead the US municipal bond market by participating broadly, regularly insuring large municipal transactions, including public-private partnerships, as well as small and mid-size transactions, while achieving favorable average premium rates. “Additionally, our international infrastructure and structured finance businesses further diversify our insured portfolio while providing a competitive advantage through the flexibility to capitalize on growth trends and pricing opportunities when they are better in one sector than in others.“ While low interest rates limited new business opportunities over recent years, we were able to produce good economic results through effective loss mitigation, re-assumptions of ceded business, and acquisitions. “Our insured portfolio has amortized significantly in recent years while our claims-paying resources have remained substantially the same at approximately $12 billion, significantly reducing our leverage ratios. “As a result, based on our understanding of S&P’s capital adequacy model, we estimate that Assured Guaranty had $2.8 billion of capital in excess of S&P’s AAA requirement at year-end 2016.”

2017. May 8. NEW YORK (Reuters) — Bermuda-based bond insurer Assured Guaranty, which has more than $5 billion at stake in Puerto Rico’s debt crisis, has sued the US territory and its financial oversight board, objecting to a fiscal turnaround plan approved by the board in March. MBIA, a US bond insurer also filed a similar suit on the day after Puerto Rico announced a historic restructuring of its public debt, touching off what may be the biggest bankruptcy ever in the $3.8 trillion US municipal bond market. It followed similar actions by another US bond insurer, Ambac Financial Group, and other major creditors earlier in the week. At immediate issue in the lawsuit is the legality of the turnaround plan adopted by the oversight board installed under last year’s US congressional rescue law, known as Promesa. The plan forecasts the island having only $800 million a year to service debt, auguring major haircuts for bondholders. It requires “illegal (fund) transfers by allowing the Commonwealth to simply misappropriate for its own general use special revenues that constitute property of its public corporations and their bondholders”, said the complaint filed in federal court in Puerto Rico. Assured could be on the hook for as much as $5.4 billion in bondholder losses on defaulted debt, while MBIA’s National Public Finance Guarantee Corp has about $3.6 billion of exposure. On Wednesday, Puerto Rico’s oversight board filed a petition to protect the commonwealth from its creditors in US District Court in Puerto Rico. The filing was made under Title III of Promesa, which allows for a court debt-restructuring process akin to US bankruptcy protection. Puerto Rico is barred from a traditional municipal bankruptcy under Chapter 9 of the US code. It was not immediately clear just how much of Puerto Rico’s roughly $70 billion of debt is included in the bankruptcy filing.

Assured Guaranty reported first-quarter profit of $317 million. The company said last Thursday night it had profit of $2.49 per share. Earnings, adjusted for non-recurring gains, were $2.14 per share. Assured posted revenue of $527 million in the period. Its adjusted revenue was $375 million. Assured Guaranty shares have fallen slightly since the beginning of the year. The stock has climbed 47 per cent in the last 12 months.

2017. March 31. NEW YORK (Bloomberg) — Bermuda-based Assured Guaranty is among bond insurers whose shares have been hit in recent days by speculation that its exposure to potential losses related to indebted Puerto Rico could turn out to be greater than previously expected. When Puerto Rico struck a deal more than a year ago to cut the government electric company’s $9 billion debt, one group was spared the hit: bond insurers, whose guarantees the island needed to win back the faith of investors. That agreement and the precedent it set are now at risk as Governor Ricardo Rossello threatens to use the bankruptcy-like powers the US has since given the territory to seek additional concessions from MBIA Inc. and Assured Guaranty Ltd. That’s triggered a decline in bond insurers’ shares over speculation about the scale of the losses they face as Puerto Rico moves towards the bigger effort to slash its entire $70 billion debt. “For an outsider coming in, like the governor, it probably doesn’t seem to him like the people of Puerto Rico got the best deal here,” said Chas Tyson, an analyst with Keefe, Bruyette & Woods. The push to reopen the Puerto Rico Electric Power Authority’s December 2015 agreement — the only one the island has reached — marks an opening salvo in Rossello’s effort to pull the government out of a crisis that’s promising to impose deep losses on bondholders, who snapped up the territory’s high-yielding debt for years even as the economy contracted. Puerto Rico has already defaulted on a major swath of its debt and the fiscal recovery plan approved this month by US financial overseers would cover less than a quarter of what it owes between 2018 and 2026, assuming the government can accomplish its goals of cutting spending and raising revenue. Analysts say bond insurers have enough cash to weather their exposure to Puerto Rico and that’s reflected in the price of guaranteed commonwealth bonds, some of which trade for more than 100 cents on the dollar. But insurers’ shares have slid amid speculation the resolution will be more costly than previously anticipated. Since the end of January, MBIA has fallen 19 per cent and Assured 6 per cent, while Ambac Financial Group, which also insures Puerto Rico debt, has declined 13 per cent. The S&P 500 Index has gained more than 3 per cent over the same time. The companies that insured the debt of the utility, known as Prepa, were set to avoid paying out claims under the deal. Owners of uninsured bonds, including Franklin Advisers and OppenheimerFunds, agreed to accept 85 cents on the dollar by exchanging their securities for new debt backed by a share of residents’ electricity bills. Instead of covering payments on the other debt they guaranteed, the insurers agreed to fund a $462 million surety bond that would backstop the securities — providing investors with protection against a default. Assured and MBIA also purchased bonds from Prepa to provide the utility with cash needed to cover debt payments. Prepa’s uninsured debt is trading around 60 cents, indicating creditors got a good deal relative to the market, said Tyson. “Every dollar that you don’t spend on debt service can be passed on to utility customers in the form of lower prices,” he said. Rossello’s push has riled insurers and bondholders, who said it cast doubt on his ability to negotiate with other creditors and jeopardizes the government’s ability to return to the capital markets. If his administration can’t strike an agreement, Puerto Rico and the federal oversight board may turn to the courts to reduce what is owed, thanks to a provision included in a US law passed last year to give the island tools to deal with its debt. Puerto Rico is facing a deadline to reach out-of-court settlements with creditors by May 1, when a legal stay that’s sheltered it from the consequences of most lawsuits is set to lapse. The Prepa deal could also expire on Friday if it’s not extended, as insurers and bondholders have previously agreed to do. The gulf between Rossello and Prepa’s creditors was on public display at a March 22 congressional hearing in Washington, where Adam Bergonzi, chief risk officer of MBIA’s National Public Finance Guarantee unit, said the governor has done little to reach out to creditors. An adviser to Franklin and Oppenheimer also questioned Rossello’s failure to close the deal. On Tuesday, US Representative Doug LaMalfa, who heads the House panel that held the hearing, urged Rossello to complete the Prepa agreement by Friday’s deadline. MBIA’s National insures $8.6 billion of principal and interest payments, including $1.8 billion of Prepa debt, and had $4.6 billion of claims-paying resources at the end of 2016, according to the company’s disclosures. Assured guarantees $8.1 billion of principal and interest payments, including $1.1 billion from the utility, and had $11.7 billion to meet claims as of December 31. Syncora Guarantee Inc., which is also a party to the Prepa deal, had only about $461 million of exposure to Puerto Rico as of September 30. Ambac insures $9.7 billion of principal and interest, $7.3 billion of which comes due from 2047 to 2054, according to a filing. The company reported $8.8 billion of claims-paying resources as of December 31. It doesn’t guarantee Prepa securities. MBIA spokesman Greg Diamond, Assured Guaranty spokeswoman Ashweeta Durani and Syncora spokeswoman R. Sharon Smith declined to comment. An e-mail and phone message seeking comment from Ambac weren’t returned. Puerto Rico’s move to extract concessions from the insurance companies may be short-sighted, said Mark Palmer, managing director at BTIG LLC. He said the island may need the companies to guarantee its bonds whenever it wants to resume borrowing for public works, given that investors may be worried that it would default again if the economy doesn’t turn around. “It makes sense to use insurance where the investors are really taking risks on the insurer and not the municipality,” he said. The conflict between Puerto Rico and the utility creditors is unlikely to be resolved outside a broad agreement to restructure all of the island’s debts, said Tyson, the analyst with Keefe, Bruyette. “There’s a pretty wide distance between the governor, the oversight board and the major creditors of Prepa,” he said.

2016. August 4. Profits at Bermuda-based Assured Guaranty plummeted by more than $150 million in the second quarter compared to the same period last year. The firm yesterday posted net income of $146 million, down $151 million year-on-year. The latest profit figure is equivalent to $1.09 per share, compared with $1.96 per share in the corresponding period of last year. Net earned premiums for the period totaled $214 million, down $5 million compared with the second quarter of 2015. Net investment income remained steady at $98 million, the same as a year ago, while operating income fell from $278 million to $139 million. Dominic Frederico, the company’s chief executive officer, said: “Assured Guaranty had a solid second quarter. We continued to build our financial strength and furthered our strategic objectives on July 1 when we completed our acquisition of CIFG. Standard & Poor’s global ratings took note of our positive risk-adjusted pricing trend in its July 27 report affirming our AA financial strength ratings. In the report, S&P said that none of the severe stress scenarios it applied to our Puerto Rico exposure reduced our ‘very strong’ capital adequacy score.” The Assured Guaranty report said that net income was higher in the same quarter last year, in comparison to this year, “due primarily to the gains recognized upon the acquisition of Radian Asset Assurance in the second quarter 2015. This was offset in part by lower loss and loss adjustment expenses in second quarter 2016 compared with second quarter 2015.” During the second quarter of this year, the company repurchased 2.3 million shares worth a total of $60 million.

2016. June 8. NEW YORK (Bloomberg) — Puerto Rico’s bond insurers — including Bermuda-based Assured Guaranty — are urging the commonwealth to negotiate with creditors as speculation increases that the island will default July 1 for the first time on general-obligation debt. While commonwealth officials, investors and bond-insurance companies have been negotiating for months on how to reduce Puerto Rico’s $70 billion of debt, specific talks over addressing next month’s general-obligation payment have yet to occur, Nader Tavakoli, president and chief executive officer at Ambac Financial Group, said during a Debtwire conference in Manhattan yesterday. Such talks could allow Puerto Rico to avoid lawsuits, put off some of the payment, or restructure debt before next month’s deadline. “There really have been no good-faith discussions,” Mr Tavakoli said. He said avoiding a default will be “an uphill climb”. The lack of communication with creditors, out-of-date financial information and a local debt-moratorium law that allows the governor to temporarily suspend principal and interest on commonwealth debt ignores the rights of investors, Dominic Frederico, chief executive officer at Assured Guaranty, said during the conference. “I’ve never seen behavior at this level with the treatment of creditor rights,” Mr Frederico told a packed room of about 150 participants. “The current behavior will really impact the ability to access the market for a hell of a lot longer than five years.” Governor Alejandro Garcia Padilla has said the island is unable to repay $805 million of principal and interest due July 1 on the securities, which have the highest legal priority, and also continue providing essential services for the island’s 3.5 million residents. Those payments are part of $2 billion owed by Puerto Rico and its agencies next month. The default could become the biggest yet for the Caribbean island, which began skipping payments in August on some bonds with the weakest legal protections. The anticipated lapse comes as Congress is advancing legislation aimed at resolving Puerto Rico’s fiscal crisis by giving a federal control board power to oversee the government’s budget and a potential restructuring of its debt. Melba Acosta, president of the Government Development Bank, which is overseeing the island’s debt restructuring, said during a separate panel discussion that the island is in constant talks with creditors. “We are in fact in conversation,” Mr Acosta said. “We are in fact negotiating.”

2016. April 1. NEW YORK (Bloomberg) — Assured Guaranty Ltd is seeking financial information from Puerto Rico, and is looking to Washington for help. The Bermudian-based bond insurer, which guarantees repayment on about $3.8 billion of commonwealth securities, sent a letter on Wednesday addressed to Cleary Gottlieb Steen & Hamilton LLP, which is representing Puerto Rico in its attempt to restructure $70 billion of debt, detailing multiple requests for information. The letter signed by Bruce Stern, Assured’s executive officer, was also sent to US Treasury Secretary Jacob Lew, House Speaker Paul Ryan and other federal lawmakers working on legislation to address the island’s fiscal crisis. Assured says that it has failed to receive complete financial information that it is entitled to as insurer of commonwealth securities after repeated appeals during the last 18 months, beginning with a request for Puerto Rico Highways & Transportation Authority maintenance agreements in September 2014. Assured is also seeking current balances for accounts that repay Highways debt and Puerto Rico Convention Centre District Authority bonds after the two agencies began using reserve funds to make their January 1 debt-service payments. Assured needs the data to plan for possible draws on its insurance policies, Stern wrote in the letter. “The financial situation of the commonwealth and its public agencies remains opaque,” Stern said. “In the absence of a legitimate reason for this opacity, Assured is left to speculate what ulterior purpose the continued refusal to provide basic and readily-available financial information serves.” Barbara Morgan, a spokeswoman at SKDKnickerbocker in New York, which represents Puerto Rico’s Government Development Bank, didn’t have an immediate comment. Betsy Nazario, a spokeswoman at the GDB in San Juan, and Shannon Lynch, a spokeswoman at Cleary Gottlieb, didn’t immediately return phone calls and e-mails. Stern sent the letter as the House Natural Resources Committee plans to introduce on April 11 its bill that would establish a federal oversight board to manage any Puerto Rico debt restructuring and weigh in on annual budgets. The goal is to end the commonwealth’s practice of borrowing to fill budget deficits. US territories, including Puerto Rico, don’t have access to municipal bankruptcy. Governor Alejandro Garcia Padilla in June said the island was unable to repay its obligations on time and in full. Two agencies have missed bond payments since then and the government has redirected revenue from the Highways and Convention Centre authorities to instead pay general-obligation bonds, which have the highest priority under its constitution. Creditors, including mutual funds, bond-insurance companies, and hedge funds are working together on a unified counterproposal that would reduce Puerto Rico’s debt after island officials last week offered their latest debt-restructuring plan to the different parties. Puerto Rico has said it wants to reach an agreement with its creditors, an assertion that Stern questions. The responses of Cleary Gottlieb, Puerto Rico and the island agencies, “suggests the commonwealth and its public corporations are not serious about working towards a meaningful consensual restructuring”, Stern wrote. Assured guaranteed about $3.8 billion of Puerto Rico securities, as of December 31, as measured by gross par outstanding, according to financial documents on the company’s website.

2015. December 28. This Bermuda-based bond insurer struck a deal with Puerto Rico’s indebted electric company and its bondholders that will enable the utility to restructure about $8.2 billion of debt. The Caribbean island, a US territory, faces a mounting fiscal crisis and the deal marks a first step to reduce its financial obligations. The deal has been described as the largest restructuring in the history of the $3.7 trillion municipal bond market. The agreement brings together the Puerto Rico Electric Power Authority, the largest US public-power provider, insurers and others such as hedge funds that hold 70 per cent of its debt, the agency, known as Prepa, said in a statement. Prepa’s obligations would be cut by more than $600 million, with investors taking losses of about 15 per cent in a debt exchange. The transaction aims to free up cash so the utility can modernize plants. The pact requires that lawmakers approve the deal by January 22. The deal includes bridge financing to enable Prepa to avoid defaulting on its $196 million January 1 interest payment. Assured Guaranty said its share of the bridge financing was about $15 million. Assured Guaranty’s chief executive officer Dominic Frederico said: “We believe the restructuring transaction outlined in the restructuring support agreement can be the foundation for a consensual settlement that fosters modernization, long-term sustainable rates for ratepayers and continued access to efficient capital markets financing for Prepa. “We are committed to continue working cooperatively with Prepa and other stakeholders to implement the terms of Prepa’s recovery plan.” Among US states, only California and New York have more debt that the $70 billion owed by Puerto Rico, which has a population of 3.5 million. Governor Alejandro Garcia Padilla is seeking to reduce that debt load by asking investors to take losses. Lisa Donahue, Prepa’s chief restructuring officer, said of the restructuring deal: “It gives us liquidity, it gives us breathing room. “It gives us cash to invest in infrastructure and to provide, ultimately, sustainable clean power for Puerto Rico,” she told Bloomberg News. In a statement, Assured Guaranty added: “To facilitate the Securitization transaction, which enables Prepa to achieve debt relief and more efficient capital markets financing, Assured Guaranty will issue surety insurance policies in an aggregate amount not expected to exceed $113 million in exchange for a market premium to support a portion of the reserve fund for the Securitization bonds.” Assured’s shares rose 3 per cent in New York trading on Christmas Eve after the deal was announced.

2015. November 6.  Bermuda-based bond insurer Assured Guaranty yesterday posted profits of $129 million for the third quarter — $206 million down on the same period last year. The 2015 third quarter figure — equivalent to 88 cents per share — compares to third quarter 2014 profits of $355 million or $2.09 per share. Company president and CEO Dominic Frederico said: “Assured Guaranty had a successful third quarter in 2015. “We continued to lead the US municipal market in terms of both par and number of new issues insured. We also repurchased 5.4 million shares and with finished the quarter with a record adjusted book value per share just shy of $60.” The decrease in net income was largely attributed to lower fair value gains on credit derivatives and financial guaranty variable interest entities, as well as higher loss and loss adjustment expenses, offset in part by higher net earned premiums. Loss and loss adjustment expenses were attributed largely to increased loss reserves on exposures in Puerto Rico, which is in the throes of a debt crisis. The company spent $135 million on share repurchases in the third quarter. Net earned premiums totaled $213 million in the third quarter — up $69 million on the same quarter of last year. The firm said the increase was mostly down to higher accelerations and the acquisition of Radian Asset Assurance. Assured Guaranty is the holding company for operating subsidiaries which provide credit enhancement products to the US and international public finance, infrastructure and structured finance markets.

2015. May 8. Bermuda-based municipal bond insurer Assured Guaranty posted net income of $201 million for the first quarter and topped Wall Street estimates. The company’s board also authorized a new $400 million share repurchase programme, as its adjusted book value reached a record high. “Our first quarter provided an excellent start for 2015,” Assured’s chief executive officer Dominic Frederico said. “Adjusted book value per share, our key measure of the company’s intrinsic value, reached an all-time high. In US public finance, where we saw the highest municipal bond insurance penetration in years, Assured Guaranty led the industry in terms of par and the number of transactions insured, and we outpaced our competitors by an even wider margin in PVP. We also saw the benefit of our diversified business strategy, with solid PVP production in structured finance.” During the quarter, the company completed the acquisition of Radian Asset and spent $152 million buying back its own shares. “Additionally, as of May 4, 2015, we completed substantially all of the $400 million of share repurchases authorized in August 2014,” Mr Frederico added. “This week our board authorized an additional $400 million of share repurchases.” Operating income was $140 million, or 89 cents per share, for first quarter, trouncing the 60 cents per share consensus forecast of analysts tracked by Yahoo Finance. The earnings statement briefly mentioned a loss relating to the company’s insuring of Puerto Rico debt. “Economic loss development in first quarter 2015 was a benefit of $3 million, which was driven primarily by improvements in student loan and trust preferred securities transactions, offset in part by loss development in certain Puerto Rico exposures,” the statement read. Assured ended the quarter with shareholders’ equity of $5.79 billion.

2015. April 6. This Bermuda-domiciled bond insurer announced it had completed the acquisition of Radian Asset Assurance Inc for more than $800 million. The planned merger of the two firms, whose primary business is insuring municipal bonds, was first announced in December last year. Assured Guaranty Corp (AGC), a Maryland-based subsidiary of Assured, will merge with Radian Asset, with AGC the surviving company. Assured Guaranty has added a solid book of business that is consistent with our core strategic objectives. Assured Guaranty chief executive officer Dominic Frederico said. "We are pleased to have acquired Radian Asset and to extend AGC's protection to Radian Asset's insured bondholders. The acquisition increases AGC's capital base and policyholders surplus, and the transaction is accretive to Assured Guaranty's earnings, operating shareholders equity and adjusted book value." AGC paid $804.5 million in cash, after certain adjustments, to acquire Radian Asset. As of December 31, 2014, Radian Asset's statutory capital was approximately $1.3 billion. As of February 28, 2015, Radian Asset's statutory net par outstanding was approximately $13.9 billion.

2014. December 24. The insurer agreed to pay $810 million to buy the financial guaranty business of Philadelphia-based Radian Group. Assured's chief executive officer Dominic Frederico said the deal would boost earnings per share and would significantly increase the company's book of business. Assured is a major player in the US municipal bond insurance market and provides credit protection products to structured finance markets. The Bermuda company's subsidiary Assured Guaranty Corp (AGC) - see below - has entered into the agreement to buy Radian Asset Assurance Inc. The US company is working to streamline its business and focus on insuring home loans. US regulators are planning to tighten oversight of the mortgage insurance business and the capital from the sale of the financial guaranty unit will help Radian to meet the enhanced requirements. "The acquisition will strengthen Assured Guaranty's franchise by adding a solid book of business that is consistent with our strategic objectives and will also increase AGC's capital base and policyholders' surplus," Mr Frederico said. "We expect the transaction to be accretive to Assured Guaranty's earnings per share, operating shareholders' equity and adjusted book value. Additionally, the acquisition should enhance the value and market liquidity of the bonds insured by Radian Asset." Radian Asset had an insured portfolio of $19.4 billion at risk as of September 30. That would bring AGC's total net par outstanding to $68.3 billion. Radian Asset has approximately $1.3 billion of statutory capital, and Assured Guaranty estimates the transaction will increase AGC's statutory capital by $425 million to $475 million. "We are committed to streamlining our business and aligning our strategy toward the mortgage and real estate markets," Radian Group CEO SA Ibrahim said in Radian's statement on the proposed deal. This agreement marks an important milestone as we prepare for finalization of the proposed PMIERs in 2015. While we expect to fully comply, the sale of Radian Asset will help to accelerate our ability to do so." Assured Guaranty shares rose 2.3 per cent in New York trading yesterday, to close at $26.05. Radian Group shares gained two per cent to close on $16.60. Goldman Sachs Group Inc advised Radian on the sale. Assured Guaranty used Bank of America Corp's Merrill Lynch and Mayer Brown LLP.

Assured Guaranty Corp See above.
   
AstraZeneca 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.
   
Athene Holding

Athene Holding

2015. Chesney House, 96 Pitts Bay Road, Pembroke HM 08. Phone (441) 279-8400. 

2017. April 7. Bermuda-based life reinsurer Athene Holding Ltd is on the lookout to expand in Europe, according to a report out of New York. Private-equity firm Apollo Global Management, a major investor in Athene and the manager of about a fifth of its $70 billion-plus investment portfolio, is seeking to raise 2 billion euros ($2.1 billion) to help fund acquisitions for the life reinsurer, Bloomberg reported. Athene, whose shares debuted on the New York Stock Exchange in a successful initial public offering last December, has expanded rapidly to become one of the biggest sellers of fixed annuities in the US market. It also has operations in Europe, through acquiring German firm Delta Lloyd Deutschland in January 2015. Athene’s investment strategy is distinctive. It seeks to make higher returns than competitors by investing more in credit funds and middle-market lending, and less in lower-yielding bonds. Fitch Ratings has described the strategy as “somewhat aggressive” and other analysts have noted the different way Athene is run from others in the same industry. Investors have so far given the company the thumbs-up. Yesterday lunchtime, shares of Athene were trading at $51.59 — up almost 29 per cent from its IPO target price of four months ago. In a regulatory filing last month, Athene flagged up its European expansion intentions. In Europe, “we have come to realize that the opportunity over the next several years is larger than we initially anticipated,” Athene said. “In order to fully capitalize on this opportunity, we would need to commit capital to the European market at a level in excess of our targeted investment size, creating the need for third-party capital to support growth.” Bloomberg, citing a source with knowledge of the plans, said Apollo may complete the fundraising as early as this year. With leverage and co-investments by Apollo clients, the insurer could have flexibility to pursue deals larger than 2 billion euros.

2016. December 9. Shares of Bermuda-based insurer Athene Holding Ltd this morning began trading on the New York Stock Exchange in an initial public offering that raised around $1.1 billion. Existing shareholders of Athene were looking to sell 27 million shares for a price set last night at $40 per share, at the midpoint of the previously announced $38 to $42 target price range. Athene sells fixed annuity products as well as annuity reinsurance. The company was founded in 2009 by James Belardi, the chief executive officer, formerly president of SunAmerica Life Insurance Company. The firm is based in offices in Chesney House on Pitts Bay Road. Athene, trading under the ticker symbol “ATH”, got off to a strong start and the shares closed at $44.05 in New York — 10.1 per cent over the IPO price — on the trading of more than 14.1 million shares. The offering is the third largest IPO in the US this year, according to Bloomberg News. In the space of less than a decade, Athene has expanded into the seventh-largest provider of annuities in the US, through acquisitions as well as organic growth. It has a $72 billion investment portfolio, about a fifth of which is managed by Apollo Global Management LLC, a major alternative investment manager headed by Leon Black. Athene generated $3.8 billion in sales during the first nine months of the year and the offering’s prospectus shows that the company earned operating income net of tax of $476 million during the January through September period. Athene will not receive proceeds from the sale, the filing shows. Selling shareholders include Apollo, a unit of Ontario Teachers’ Pension Plan Board and Teacher Retirement System of Texas. The offering follows another Bermuda IPO in September, when Butterfield Bank shares debuted on the NYSE, Michael Dunkley, the Premier, accompanied the bank’s executives in ringing the opening bell and the Gombeys caused a stir by invaded the trading floor. Goldman Sachs, Barclays, Citigroup and Wells Fargo Securities are acting as joint book runners of the offering.

2015. October 2. Bermuda-based insurance holding company Athene Holding has completed the acquisition of a German life insurance firm. Athene bought Delta Lloyd Deutschland AG (DLD) and its subsidiaries from Dutch-based Delta Lloyd. Athene Holding CEO James Belardi said: “We are pleased that DLD is now a part of the Athene family. “We look forward to DLD contributing to Athene’s profitability and growth objectives while continuing to focus on policy protection and risk management.” DLD, based in Wiesbaden in the German state of Hesse, provides life insurance products in the German market to around 350,000 customers. The firm will begin to rebrand to the Athene name this year. DLD CEO Christof Goldi said: “We will benefit greatly from Athene’s asset and risk management expertise as well as from its strong capital position. “Together, we will focus on further developing our profitable and growing business.” Athene Holding, through its subsidiaries, is a leading provider in the retirement savings market with assets of $80.6 billion at the end of last year and also owns Bermuda-based reinsurer Athene Re, while DLD has assets of around $6 billion.

2015. January 16. The company announced it intended to branch out into the German life insurance market by acquiring Delta Lloyd Deutschland AG (DLD), a German subsidiary of Delta Lloyd NV, an Amsterdam-based financial services provider. Terms of the transaction were not disclosed. Athene's business is focused on the retirement market and on issuing or reinsuring fixed and equity-indexed annuities. James Belardi, CEO. The purchase of DLD provides Athene with an entry point into the German marketplace." DLD is based in Wiesbaden, Germany, and provides retirement savings products to the German market. DLD had assets of approximately 4.3 billion euros ($5.1 billion) as of September 30, 2014. The transaction is expected to close by the third quarter of 2015, subject to regulatory approvals. Athene will retain DLD's employee base and management team and utilize its existing location in Wiesbaden as the headquarters of Athene's German operations. The company also plans to add positions there to support its German business strategy. Athene will operate DLD within DLD's current business model, which has not been selling new business since 2010, and will continue to service its existing customers. DLD will operate under the Athene name after closing, subject to regulatory approvals. Athene was represented on this transaction by Linklaters LLP in Munich and Ernst & Young in Munich.

Athene Life Re Subsidiary of above, same address, long-term reinsurer working in the US life and annuity (re)insurance markets. 
   
Atlantic Corporate Management  Warner Building, 85 Reid Street, Hamilton HM 12. P. O. Box HM 1008, Hamilton HM DX. Phone 296-4297. Fax 296-4306.
Atlantic Central Enterprises   
Atlantic Investment & Development Co (Bermuda) Front Street, Hamilton. Phone 292-2246. Fax 295-5129
   
Atlantic Lionshare 2017. March 27. A new conservation project to cull lionfish using remotely operated underwater vehicles is being launched. Atlantic Lionshare Ltd, a Bermuda-based company, will start the initial testing of its Reef Sweeper prototype in the seas off Bermuda this week. The firm has been working with the Bermuda Government to get the project off the ground and help preserve the island’s marine environment. “It saddens me to see the devastation that these lionfish inflict,” Darius Martin the founder of Atlantic Lionshare said. “We have worked hard to develop a commercially viable model so that the harvesting of lionfish can be a perpetual process and allow our reefs to slowly recover. The reefs are an important habitat for so many species whose survival is threatened unless we begin to combat this plague”. Lionfish originate in the Pacific but have invaded the reefs in Bermuda and throughout the western Atlantic and Caribbean regions adversely affecting fish populations and their coral reef habitat. Atlantic Lionshare hopes to expand its operations south to help other countries whose reefs have been devastated by lionfish. A spokesperson from the Department of Environment and Natural Resources said: “Invasive lionfish threaten both fisheries and tourism across the region. “We are proud to know that a Bermudian company is now leading the charge in combating the lionfish invasion, and we are excited to support the development of this important initiative.” To find out more about the project, visit atlanticlionshare.com  or contact Gavin Hunter on 747-4449.
   
Atlantic Medical International 7 Pitts Bay Road, Pembroke HM 07. Phone 298-8023. Fax 296-6021
Atlantic Philanthropies (Bermuda) A group of Bermuda-based international philanthropic and charitable foundations. The Bermuda office provides group financial control, management reporting, middle office support for a complex investment portfolio, treasury, administration and corporate secretarial duties. 

2017. January 11. A billionaire’s pledge to give away his fortune, vital for several Bermudian charities, has come at last to its end. Five years ago American tycoon Charles Feeney declared that he would donate the last of his riches by 2017. He founded Atlantic Philanthropies in 1982, making Bermuda its official home to maximize its endowment, and investing millions in local charities. One offshoot was the Bermuda Community Foundation. Managing director Myra Virgil said the foundation owed much of its existence to Mr Feeney’s anonymous largesse. Atlantic Philanthropies helped many local organisations, among them the seniors group Age Concern. “Groups like Chewstick, Two Words and a Comma and the Centre for Justice all received their first grants from a formal foundation, to boost their early stage initiatives, which meant being able to hire staff and develop programmes in a substantive way,” Dr Virgil said. Atlantic funded studies of the educational challenges of Bermuda’s black males, and financed a comprehensive study of the island’s race relations through the Aspen Institute. As of last month, Mr Feeney had given away $8 billion. Atlantic Philanthropies was not the only contributor to implement BCF: Rennaissance Re, Bloomberg Philanthropies, XL Foundation and individual donors also contributed. “We looked at the island’s social issues, the non-profit’s approaches to tackling them and philanthropy’s support for helping address enduring social problems,” said Dr Virgil who channeled her experience from Atlantic into cementing BCF — a charity aimed at developing a permanent fund base. The community foundation is clearly a long-term proposition to build an endowment, which will ultimately yield returns that will become a source of funding for the non- profit sectors, on the basis of the critical needs being presented at a given time — changing times. While we build that endowment, we are growing the other elements of planned philanthropy: producing reliable social issue data, putting in place a shared grant application structure and online giving platforms, publishing better information about which non-profit are doing what types of work — in one central place. This is work in progress but it is really critical to get done in this era of information-driven decision-making and limited resources.”

In 2004, it employed Fordham University to undertake a survey of Bermuda's senior citizens and their needs. It also takes a stand in Human Rights.

Atlantic Marine Limited Partnership P. O. Box HM 2089, Hamilton HM HX. Fax 292-2541. Long established, provides ship management, accounting and shipping. A member of the Schulte Group. 
Atrax Medical Group  33 Reid Street, Hamilton HM 12. Phone 296-4120 or 296-0845 or fax 296-4130
   
   
Aurum entities below: see under Aurum House, 35 Richmond Road, Hamilton HM 08. Phone 1 441 292 6952. Fax: 1 441 295-4164. 
Aurum Aggressive Dollar Fund 12/10/2003
Aurum Aggressive Euro Fund 12/10/2003
Aurum Aggressive Fund 6/4/2007
Aurum Aggressive Sterling Fund 6/4/2007
Aurum Asia Pacific Dollar Fund Ltd Con't 12/1/2003
Aurum Atlas Dollar Fund 11/16/2009
Aurum Atlas Euro Fund 11/16/2009
Aurum Atlas Fund 1/16/2009
Aurum Atlas Sterling Fund 11/16/2009
Aurum Eagle Fund Con't 12/1/2003
Aurum Europa Dollar Fund 6/4/2007
Aurum Euro Euro Fund 12/1/2003
Aurum Europa Fund 6/4/2007
Aurum Fortress Fund Con't 12/1/2003
Aurum Foundation Fund Con't 12/1/2003
Aurum Fund Management 8/11/1994. 2017. January 31. A satellite study of the island’s Exclusive Economic Zone has revealed little evidence of illegal fishing, according to the Ministry of the Environment. A statement by the ministry said that they had recently received a preliminary analysis of three years worth of Automatic Identification System (AIS) data, which showed the probability of illegal fishing was low. The study was carried out by Satellite Applications Catapult, a UK based company, who reviewed data collected between 2013 and 2016. The data was collected inside Bermuda’s 200 nautical mile exclusive economic zone and a surrounding 100 nautical mile buffer zone, which constituted the Bermuda Area of Interest. The study was funded by Aurum Fund Management Limited — a Bermuda based investment manager. A ministry spokeswoman said: “Catapult analyzed AIS signals broadcast from commercial vessel over 300 gross tons as well as fishing and pleasure vessels. Vessel identification, distribution and speed were examined to determine likely fishing activities in an area. “Preliminary results show that there are no strong seasonal or spatial trends in AIS activity that could potentially be associated with illegal fishing. A total of 12,700 unique vessels were identified during the three-year review period.” The spokeswoman noted that any foreign vessel that was convicted of fishing illegally in Bermuda waters faces a fine of up to $1 million and confiscation of both the vessel and the fish. Cole Simons, Minister of the Environment, described the report as welcome news, thanking Aurum Fund Management for funding the study. “This analysis gives us a much deeper understanding of what is happening in our Exclusive Economic Zone,” Mr Simons said. “The Department of the Environment and Natural Resources, guided by the Marine Resources Board, will now review the report and propose recommendations for the appropriate level of monitoring needed to confirm suspicious fishing activity within our EEZ going forward. “Ultimately, we want to conserve Bermuda’s resources for Bermuda’s sustainable use.” Meanwhile, Dudley Cottingham, president of Aurum, said that the company had made marine stewardship a high priority and supported several conservation projects since being founded in 1994. “We believe that Bermuda is uniquely placed to play a leading role in marine conservation,” he said. “Preliminary results show that this is good news for Bermuda and the study provides an important benchmark that can be used when analyzing future activity.”
Aurum Holdings Ltd Amalgamated with Argentum Holdings 7/20/1988
Aurum India Fund 6/1/2004
Aurum Investor Dollar Fund Ltd Con't 12/1/2003
   
Australia-Japan Cable Management) P. O. Box HM 2936, Hamilton HM MX. Phone 296-1007. Fax 296-3519
   
Axalta Coating Systems Moved to Bermuda from USA in 2014
   
Axis Capital Holdings

Axis, Bermuda

Axis House, Waterfront complex, Pitts Bay Road. 

2017. July 3. A $350 million catastrophe bond that will boost underwriting capacity for Bermudian insurer and reinsurer Axis Capital Holdings has been admitted to listing on the Bermuda Stock Exchange. The BSX also announced on Friday that a €40 million cat bond, issued through Windmill I Re Ltd to cover European perils, was also listed. Growth in the booming $29 billion insurance-linked securities market is showing no signs of slowing and 2017 is on target to be a year of record issuance. Bermuda is at the epicentre of the global business and more than three-quarters of global issuance was listed on the BSX as of the end of the first quarter, according to a Bermuda Monetary Authority report. According to the Artemis.bm website, a keen ILS market observer, Axis was originally looking to sell $250 million of cat bonds through its Bermuda special purpose insurer Northshore Re II Ltd. But strong demand from investors led to the offering being upsized to $350 million. The Northshore Re bonds will pay investors a 7.5 per cent coupon, Artemis reported. The cat bonds will provide cover for Axis and its subsidiaries against industry losses from US named storms, US earthquakes and Canadian earthquakes, on a per-occurrence basis and across a three-year term. The Windmill I Re Ltd name first appeared in the cat bond market in January 2014. Sponsored by Dutch reinsurer Achmea Reinsurance, it was an indemnity catastrophe bond for European windstorm coverage, particularly related to the Netherlands.

2016. October 27. Axis Capital’s three businesses all achieved improved results in the third quarter as the Bermuda insurer and reinsurer recorded a double-digit operating return on equity. Operating earnings soared to $161 million compared to $51 million in the same quarter of 2015. And earnings per share of $1.78 trounced the $1.05 consensus forecast of analyst tracked by Yahoo Finance. The operating return on average common equity was 12 per cent. Net income for the July-through-September period was $177 million, down from $248 million in the same period of 2015, when the results were boosted by $280 million of termination fees from the derailed merger agreement with PartnerRe, offset by $46 million in re-organization expenses. “We are pleased to report continued improvements in our operations and results, culminating in quarterly operating earnings of $1.78 per diluted share and book value per diluted share of $59.77,” Albert Benchimol, Axis chief executive officer, said. “This represents growth in diluted book value per share, adjusted for dividends, of 4 per cent in the quarter and 14 per cent over the last 12 months. Our results speak to optimizations we’ve made across our businesses to build a more resilient portfolio. All three of our businesses — Axis Insurance, Axis Re and Axis Accident & Health — delivered improved year-over-year results, and ongoing positive performance indicators reaffirm we are on a strong path forward and focused on delivering consistent, attractive returns to our shareholders. We continue to take tangible actions to position Axis for accelerated growth in a transformed insurance marketplace, and are seeing attractive opportunities, notwithstanding a challenging environment. Our efforts to further strengthen Axis’s position as a leading specialty insurer and reinsurer were highlighted by the successful launch of Harrington Re with The Blackstone Group this past July, our continued expansion in international markets, and the investments we are making in our marketing and client services.” Estimated catastrophe and weather-related pre-tax net losses totaled $22 million, compared to $43 million in 2015. The combined ratio improved to 92.6 per cent from 96.6 per cent last year, aided by $76 million of net favorable reserve development benefiting the ratio by 8.1 points. At September 30, diluted book value was $59.77 per share, up 4 per cent for the quarter. The company spent $126 million on buying back its own shares.

2016. September 14. Reinsurance pricing is not sustainable, Axis president and CEO Albert Benchimol warned yesterday. Mr Benchimol said, however, that the subject was not being discussed as much as he would like at Monte Carlo industry conference Rendez-Vous. He added: “If I had one point to make, I wish there was more discussion about how the current pricing environment is really not sustainable and we really need, as an industry, both the primary and reinsurance industry, to look to ways to improve the profitability of our industry. I think people are being very polite — they are not addressing the subject.” Mr Benchimol was speaking to AM Best TV at the Monte Carlo conference. He said that the industry, without reserve releases, was “probably a mid-single digit return on equity proposition. That is not acceptable. We need to do better and I think that, at the end of the day, it within ourselves to be able to make sure that we focus on the right risks and charge the appropriate pricing for the risk.  I wish we were talking more about that. Major changes had affected the industry since last year’s conference. If I were to focus on three things, I would say number one is increasing use and interest in data analysis by industry. Investment in financial technology — fintech — was $800 million two years ago, but $2.8 billion last year and that it would continue to affect all parts of the industry, particularly distribution. Third, I would say efforts by many parts of the industry at disintermediation, trying to short-circuit previous distribution channels to try and get closer to the business. Axis had been an early investor in data and analytics in the specialty commercial sector. Certainly, data and analytics have been very large, very big, in personal lines and life insurance — less so in specialty commercial, but that is really picking up steam.” Axis, had upped investment in the area over the last three years and worked on improving the way we look at our books of business." On fintech, Mr Benchimol said: “It’s still very early. There will be opportunities to partner with different start-ups in that area to make sure we’re abreast of developments in that area.”

2016. February 3. Insurance and reinsurance company Axis Capital Holdings yesterday posted profits of $135 million for the final quarter of last year. The figure was down $29 million on the same time period in 2014. For the full year, the firm made a profit of $602 million — $6.04 per share — down $169 million on the $771 million, or $7.29 per common share, reported for 2014. The latest quarterly figures are equal to income per common share of $1.39 compared with $1.60 per share for the last quarter of 2014. Operating income for the fourth quarter of last year totaled $120 million — $1.23 per common share — compared with the same figure, but $1.18 per share for the last quarter of the previous year. Axis beat the $1.13 per share forecast of analysts tracked by Yahoo Finance. Albert Benchimol, president and CEO of Axis Capital, said the firm was pleased to report growth in diluted book value per share of 9 per cent, after adjustment for dividends. He added: “While 2015 was a challenging year on many fronts, it was also a year of powerful maturation across our organization, resulting in a stronger more focused Axis. Over the year we steered the company towards a future of enhanced profitability and stability. Importantly, we are executing on the right actions for the current challenging market conditions — improving the quality of our book of business, growing the scale and profitability of recent initiatives and tightening expense control and capital efficiency. Normalizing for the unusual frequency of mid-sized energy losses this year, our results for the quarter and for the year demonstrated progress on all these fronts.” Gross premiums written for the final quarter of last year were up 5 per cent, 6 per cent on a constant currency basis, to $800 million. Estimated catastrophe and weather-related pre-tax net losses of $10 million were recorded for the last quarter — mostly related to US weather events — compared to $21 million for the same period last year.

2016. January 26. Bermuda-based Axis Capital Holdings Ltd has launched a new insurance policy to cover hospitals against deadly pandemics. The coverage — a first for the industry — will cover hospitals in US and Canada against major outbreaks of contagious diseases, including known illnesses and those yet to surface and also diseases which could mutate into a pandemic in the future. Kimber Lantry, head of Axis’ healthcare, said the new coverage was sparked by cases like the Texas hospital which saw a massive drop in income in 2014 as potential patients were scared away following the admission of an individual suffering from the killer Ebola virus. The Texas Presbyterian Hospital lost $20.3 million in revenue over a two-month period, with a fall of 22 per cent in inpatient days and a near-50 per cent drop in emergency room visits. Mr Lantry said: “Our new medical catastrophe business interruption and extra expense coverage serves a critical need in the healthcare marketplace that has thus far gone unaddressed by the insurance industry. Pandemics represent an especially serious risk for healthcare providers.” During the severe acute respiratory syndrome (SARS) outbreak in 2003, hospitals were identified as a major source of the spread of infection, which resulted in the partial or complete shutdown of three hospitals in Canada. Mr Lantry said, however, that using data the frequency of pandemics could be estimated, with bubonic plague, the Black Death of the Middle Ages, breaking out every 10 to 30 years since it first surfaced around 1350 until modern medicine found a cure. Similarly, serious outbreaks of influenza have occurred 31 times over the last 300 years. He explained: “Pandemics have a surprising parallel with earthquakes when it comes to predictability. We built a model that looked at frequency, how long they lasted and the severity — the impact on revenue for hospitals.” Mr Lantry, however, said there were unknowns, including the impact of worldwide air travel on how fast diseases traveled and the development of super bugs, which are resistant to antibiotics. He added: “The real issue, the ultimate fear, is a disease, a pandemic, which is transmitted airborne and has a high level of mortality.” Mr Lantry said that the coverage would be triggered by four eventualities — a government quarantine of a hospital, if 25 per cent of staff do not turn up for work, if there is a 25 per cent or more reduction in inpatient stays or a 25 per cent or more fall in emergency room visits. Coverage, however, will be limited to a total of $50 million in any major metropolitan area and to a maximum of $750 million across the country. Hospitals which want coverage will also have to undergo an Axis assessment of their pandemic preparedness, carried out by an Axis expert in the field. Mr Lantry said: “We have to protect ourselves and our reinsurers against risk aggregation. Other insurers had offered more limited products in the past, but that the Axis coverage was the most comprehensive. We’ve gotten a lot of interest as we’ve been putting this out in the marketplace. Hospitals have recognized, when they saw the hits to this hospital in Dallas, they have to take patients in — they can’t turn them away. Talking to doctors and healthcare professionals, there is a view that pandemics will become more prevalent.” Peter Wilson, president of Axis Insurance operations in the US, said: “The healthcare industry is an important market for Axis Insurance and we are committed to applying our specialty underwriting expertise, service capabilities and capital strength to provide innovative and competitive solutions like this one.”

2015. October 28. Axis Capital Holdings yesterday reported net income of $248 million for the third quarter — down $31 million on the same quarter last year. The figure represents net income available to shareholders of $2.50 a share, compared to the $279 million and $2.68 a share recorded for the same period in 2014. Operating income for the third quarter amounted to $51 million (51 cents per share) compared to $103 million ($1.27 per share) recorded in the third quarter last year. That missed expectations, with three analysts surveyed by Zacks Investment Research having earlier estimated earning of 93 cents per share. Axis CEO Albert Benchimol said that the firm had been hit by volatility in its investment portfolio and “unusually high” offshore energy losses. Mr Benchimol added: “We are confident that our actions to accelerate attractive new initiatives. optimize our portfolio, prune business challenged over the long term and enhance the efficiency of our platform, position us to continue to deliver shareholder value against the backdrop of an increasingly competitive market. Our results in the quarter include the benefits of targeted portfolio enhancements, particularly in the insurance property and professional lines which were commenced prior to this year. The firm’s investment performance and losses in the offshore sector were well understood and not unexpected given the performance of the equity markets and the high level of marine market losses this year.” Gross premiums written by Axis increased by four per cent, equivalent to six per cent on a constant currency basis, to $937 million. The insurance segment saw growth of nine per cent — 11 per cent on a constant currency basis — but was partially offset by a decrease of three per cent, two per cent in constant currency terms, in Axis’ reinsurance segment. Estimated catastrophe and weather-related pre-tax net losses of $43 million included the Tianjin port explosion in China in August, which cost the firm $30 million, and losses related to US weather claims. That compares to losses of $22 million for the same quarter last year. During the quarter, Axis received a total fee of $315 million following the termination of the merger agreement with Bermuda-based PartnerRe.

2015. October 8. Bermuda-based Axis is to cut “a small number” of jobs at its Bermuda office as part of a global streamlining. But Albert Benchimol, the company’s chief executive officer, stressed yesterday that the insurer and reinsurer remains committed to the Island and has renewed the lease on its Hamilton waterfront headquarters for another ten years. The company plans to reduce its global headcount of 1,254 staff by about 100 — with the brunt of the cuts being borne by the Australia retail insurance operation, which is to be wound down. In an interview with The Royal Gazette, Mr Benchimol declined to reveal how many employees would be let go in Bermuda, but he said it was a small number. Those affected work in business and support functions. “This is a very competitive market,” Mr Benchimol said. “We are aligning our resources with the best growth opportunities we have and we must make sure we are delivering our products in the most efficient way possible. Unfortunately, sometimes that will lead to a reduction of personnel. It was a very difficult decision to make. I’m saddened that good and dedicated employees will be losing their jobs through no fault of their own. We have 68 employees in Bermuda and the vast majority are Bermudians, spouses of Bermudians and PRCs. We are committed to Bermuda, it’s where our head office is. It’s where we have our board and executive meetings. We bring a lot of people here.” The company had donated more than $5 million to charitable causes in Bermuda over the last five years alone, he added. And the decade-long lease renewal for Axis House, which is in the Waterfront complex on Pitts Bay Road, was testimony to the company’s belief that Bermuda remains the best place from which to run an international insurance and reinsurance company. In a memo sent to staff yesterday, Mr Benchimol wrote: “All affected employees will be provided with severance packages commensurate with their time with the company, along with outplacement services. It is extremely important to me personally that each and every departing Axis employee be treated with fairness and sensitivity.” Worldwide, Axis said it expected “a workforce reduction of approximately 100 positions, primarily in its corporate and select insurance operations”. It is understood that around half of the positions to go will be in Australia. As well as Bermuda, Axis has offices in Bermuda, the US, Europe, Singapore, Canada, Australia and Latin America. The company is aiming to achieve cost cuts of $30 million a year, from next year. Axis said it would first take a one-off charge of around $51 million, related to staff severance costs, the write-off of some information technology assets and lease cancellation costs. Axis stated: “These reductions are consistent with the company’s previously announced effort to reduce its expense level and position itself to more effectively deliver greater value for its customers, brokers, and shareholders.” Last month, Axis announced an accelerated share repurchase plan, aimed at buying back $300 million of the company’s equity by the end of this year. Earlier this year, Axis’ agreement to merge with Bermuda rival PartnerRe was derailed by Italian investment firm Exor, which eventually struck a $6.9 billion deal to buy the reinsurer. Mr Benchimol said PartnerRe had come to Axis with a merger offer that was initially attractive. But as the terms changed, it had become “less interesting to us”, he added. The focus since then had been on seizing growth opportunities while maximizing efficiency. “We continue to be absolutely convinced of our ability to generate profitable growth on a stand-alone basis,” Mr Benchimol said. “Most of that growth will be organic, but if there is an interesting inorganic growth opportunity, we will certainly consider it.”

2015. August 4. Axis Capital failed in its bid to merge with rival PartnerRe after Italian investment firm Exor won a bidding war — but the firm is $315 million better off as a result of a massive break fee. The firm accepted defeat after PartnerRe’s board yesterday announced a U-turn and backed the $6.9 billion cash offer from Exor, controlled by the billionaire Agnelli family, over the $11 billion merger deal with Axis. Axis CEO and president Albert Benchimol said: “Our proposed transaction with PartnerRe stood to create a powerful mix of two financially strong and independent companies with compelling insurance/reinsurance franchises. While I am disappointed that the merger will not proceed, I have no doubt that the best days for Axis Capital our employees, clients, brokers and shareholders lie ahead. We have built a powerful global platform on which to continue to advance our hybrid insurance model with three diversified businesses in specialty insurance, reinsurance and accident and health.” Shares of Axis yesterday closed up 3.8 per cent at $59.77. Axis also announced that, in the wake of the failed merger, it will restart its share repurchase programme, which has nearly $750 million authorized by the board and which runs to the end of 2016. A $300 million accelerated share repurchase is expected to start in the near future and continue through to the end of this year. Mr Benchimol said: “We are prepared to move ahead with our fiscally disciplined growth strategy and a commitment to return excess capital to shareholders in the form of dividends and stock repurchases. Since becoming a public company, we have repurchased approximately 92.8 million shares of Axis Capital stock for a total of $3.3 billion. As we go forward independently, I would like to thank our employees for their diligent efforts over the past several months and for their ongoing focus on the ‘business-of-the-business.’ We have learned a great deal from this process and we intend to apply what we have learned to make Axis Capital a better company in the months and years ahead.” Axis chairman Michael Butt said: “Prior to PartnerRe reaching out to us last December to discuss a combination of our companies, we were confident in continuing with our strategy as a stand-alone company, building our three strong businesses incrementally. We will now proceed with that strategy, with strengthened resolve. We have been very conscious of our responsibilities to our shareholders throughout these negotiations and believe we have demonstrated prudence and financial discipline in our approach.” Axis was previously linked to a buyout by rival insurer Arch and reports said the firm was prepared to offer at least $65 a share. Axis yesterday declined to add any further comment on its future.

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.

Axovant Science Spin-off of biopharmceutical firm Roivant Sciences. Raised $315 million from its initial public offering in June 2015.
   
Axum Local company, owner of Paradise Games betting shop. Axum Ltd is owned by Opposition leader Marc Bean, MP.
   

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