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.
By Keith Archibald Forbes (see About Us) exclusively for Bermuda Online
Note: A Work in Progress, much more to be added. Showing when incorporated in Bermuda. With incorporation dates shown the American way.
2016: Legislation, drawing upon Delaware law, has been approved by MPs in Bermuda to introduce limited liability companies (LLCs). Such vehicles would be broadly similar to Delaware LLCs.
|E-Cell Technologies International||3/2/2001|
|E-Com Systems (Bermuda)||12/15/1999|
|E-Image Technology Holdings||4/6/2000|
|E-S Pacific Development and Construction Company||8/13/1979|
|E-Smart Global Technologies||3/8/2006|
|E-Smart Technologies Europe||3/14/2008|
|ED & F Man Holdings Insurances||12/4/1992|
|ED & F Man Soft Commodities Fund No 1||12/16/2005|
|E Evolutions Expeditions||4/4/2000|
|E F Advisers||12/31/1993|
|E Hub (China) Information Technology||12/30/1999|
|E Island Holdings||7/19/2001|
|E M Enterprises||6/14/1983|
|E Z Insurance Company||1/2/1981|
|E&C Well Drilling Services||11/29/1995|
|E&C World Services||9/14/1984|
|E&M Construction/Bermuda Slaters||12/2/2002|
|EA Bermuda Partnership||2/13/2006|
|EA General Partner||12/1/2005|
|EA International (Studio and Publishing)||2/13/2006|
|EA Investments LP||11/1/1990|
|EAB Holdings I||2/4/2008|
|EAB Holdings 2||2/4/2008|
|EAB Holdings 3||2/4/2998|
|Eagle Air Freight||9/4/1987|
|Eagle Air VI||7/1/2011|
|Eagle Air VII||7/5/2012|
|Eagle Brazil Invest LP||6/17/1994|
|Eagle Capital Partners Fund||12/3/1993|
|Eagle Chartering Corp||5/11/1982|
|Eagle Class Emp||9/15/2003|
|Eagle Class Era||9/15/2003|
|Eagle Class Matrix||9/15/2003|
|Eagle Communications (Bermuda)||1/19/2000|
|Eagle Directional Macro Fund||12/1/2008|
|Eagle Directional Macro Master Fund||12/1/2008|
|Eagle Global Insurance Company||1/16/1998|
|Eagle International Airlines (Bermuda)||1/31/1964|
|Eagle International Underwriters||6/22/1978|
|Eagle Park LP||9/5/2007|
|Eagle Pines LP||9/5/2001|
|Eagle Quantitative Macro Fund||8/17/2011|
|Eagle Quantitative Macro Master Fund||8/17/2011|
|Eagle Systems Development||3/6/1998|
|Eagle World Assets||1/15/1999|
|Eagle Yield Enhancement Fund||12/12/2001|
|Eagle & Crown||11/29/1984|
|Eaglesky International Holdings||6/15/1994|
|Earl's Court Farm||3/30/1984|
|Early County Farms||9/9/1977|
|Early Morn Nurseries||1/16/1987|
|Earnest Investments Holdings Con't||1/4/2006|
|East 55th Street Holdings||7/3/1984|
|East Africa Investment Managers||10/7/1997|
|East African Holdings||9/26/1959|
|East and West Properties||3/18/1985|
|East Asia Company||11/19/2009|
|East Asia Crossing||4/19/2002|
|East Asia Global Management (Sec 61 M/C)||1/6/1998|
|East Atlantic Casualty Company||5/1/1986|
|East Broadway Properties||3/18/2009|
|East China Chemical Fiber Holding Company||8/7/1996|
|East End Aircraft Services||10/10/2007|
|East End Asphalt Company||2/28/1969|
|East End Group||9/18/2007|
|East End Insurance||10/16/2006|
|East Isles Reinsurance||6/20/2007|
|East London Bus Group International Holdings||8/24/2006|
|East of Chicago||8/22/1994|
|East River Group||6/26/1986|
|East River Insurance Company (Bermuda)||6/26/1986|
|East River (Bermuda)||5/3/1991|
|East Sun V Company||12/20/1976|
|East Transport Company "P"||6/26/1978|
|East West Holdings||1/1/2001|
|East Wind Capital International||6/30/2003|
|Eastbourne Properties||3/25/1992. Jersey, Channel Islands-based company.|
|Eastbridge Capital Partners LP||5/6/2003|
|Eastbrook Capital Management||7/2/1990|
|Eastbrook Yield Enhancement Fund||2/11/1991|
|Eastern C Shipping||3/7/1988|
|Eastern Dragon Holdings (Bermuda)||12/17/1992|
|Eastern Europe Money Market Fund||5/19/1997|
|Eastern European Cultural Charitable Fund||5/15/2012|
|Eastern European Investment Company||2/7/2006|
|Eastern European Realty||4/1/1999|
|Eastern Flatbush Extension Company||3/13/1973|
|Eastern Forestry Holdings||4/11/1996|
|Eastern Hemisphere Holdings||12/10/1973|
|Eastern Insurance Company||2/19/1971|
|Eastern International Trading||11/26/1976|
|Eastern Investment Company||12/2/1971|
|Eastern Maine Insurance Company||9/19/1989|
|Eastern Navigation Company||6/17/1988|
|Eastern Oil (NJ)||1/2/1991|
|Eastern Shipping & Trading||6/1/1977|
|Eastern Trade & Investments Ltd Contd||10/3/2006|
|Eastern & Oriental Express||8/8/1990|
|Eastern (Ship Management) Services||9/27/1976|
|Eastpoint Asset Management||
Since 2012. A new Bermuda ILS (Insurance Linked Securities) fund manager, It launched a new $40 million ILS fund aimed at Asian investors. The Asuka ILS Opportunities Fund is to be administered by ILS Fund Services, the joint venture between Bermuda’s Horseshoe and ISIS fund services. Eastpoint Asset Management is backed by Asuka Asset Management. This is the first ILS fund offered by Asuka Asset which began managing assets in 2002 and now oversees approximately $700 million in assets for institutional investors in Japan and Asia.
|Eaton Industries Holdings||12/3/2012|
|Eaton Place Properties||1/10/2008|
|Eaton Services Ltd Con't||1/26/2006|
|Edelweiss Holdings||2015. November 13. This company which manages more than $300 million of assets has established its operational headquarters in Bermuda — and is now seeking to make a substantial investment in an Island firm. Edelweiss Holdings Ltd focuses on wealth preservation for its high net worth clientele and has a very long-term outlook. Its new Bermuda office will be in Victoria Place, Hamilton, and it will be headed by Michael Way, a Bermudian who has returned home after seven years working in London. Edelweiss was incorporated in Bermuda in 2002 as an open-ended fund, but last month restructured into a private investment holding company. The new structure effectively creates more permanence for the company’s assets under management, in sync with its long-term investment philosophy. As of the end of June this year, it had $314 million in net assets, comprising an investment portfolio of nearly $80 million, liquid positions — including nearly 3.5 metric tonnes of gold bullion — of $162.9 million, and core holdings of $71.7 million. Those core holdings feature many companies that have been around for more than 100 years, operating in agricultural, food and industrial sectors. Speaking with The Royal Gazette during a visit to Bermuda this week, Anthony Deden, founder of Edelweiss and chairman of its executive committee, said the Bermuda company in which Edelweiss invests will have to meet its specific criteria. These include that it must be profitable, with a track record of earnings, and it must be a simple business active in any sector except finance. “We are looking to take a meaningful participation in an entrepreneurial business, owning between 10 and 40 per cent,” Mr Deden said. The firm had no interest in managing businesses, but they were looking for a company with elements of permanence, which include doing something very well, being focused on looking after customers and avoiding the kind of errors that lead to business failure. One of Edelweiss’ core holdings is a company that has been owned by the same family for some 400 years. It has a culture that has been passed down from generation to generation. “The best thing you can pass on to your children is not money, it’s a way of doing things,” Mr Deden said. “All of the companies among our core holdings care about their employees and their customers. They’re not interested in profit and growth for the sake of it. Our investors are not interested in becoming rich — they’re already rich.” Mr Deden takes a dim view of the financial engineering prevalent in the world today as well as the splurge of money printing by central banks around the world. “Wealth is created on Main Street, not Wall Wall Street,” Mr Deden said. Edelweiss has achieved an annualized return since 2002 of 9.3 per cent in US dollar terms. In 2008, when the stock market crash led to the S&P 500 index falling 38.5 per cent, Edelweiss suffered a 15.5 per cent loss. Edelweiss has eight employees, an office in Zurich, Switzerland, and 105 shareholders from 36 countries. It relies on word of mouth to attract new investors. The company chose Bermuda as its headquarters, as it had the advantages of being regarded as a “neutral jurisdiction” in the eyes of international investors, as well as having a well respected legal system and a strong track record in the insurance and reinsurance business, Mr Deden said. Mr Way, who joined Edelweiss in June this year, spent the previous seven years in London running Bloomberg Tradebook’s equity trading desk for Europe, the Middle East and Africa. He is also familiar to many as a former Bermuda Davis Cup tennis player. Other Bermuda connections are that Rod Forrest, a lawyer with Wakefield Quin, is an executive director, while James Keyes is an independent director. Edelweiss plans to gradually expand its operation in Bermuda, adding to the staff over time.|
|Eden Re I||11/17/2014.
by Munich Re, World's largest insurer.
In December 2014 added another Bermuda sidecar to its roster after $75 million of participating notes from this special purpose insurer was listed. The move follows a similar $290 million Eden Re II Ltd vehicle listing on the Island just before Christmas. Industry experts said the listings confirmed Munich Re's intention to make more use of alternative capital and maximize relations with capital market investors. Munich Re launched its Eden Re Ltd sidecar, a $63 million collateralised vehicle that provided it with capacity to support its property catastrophe business, a year ago. The latest sidecar was listed on the Bermuda Stock Exchange late last month. Registered as a segregated accounts company, as well as a special purpose insurer, leading to the issuance of segregated account participating notes. This likely makes it more suitable for deals involving single large investors, where the Eden Re II vehicle looks more like a multi-investor vehicle as the notes it issued were not for a segregated account. According to financial website Artemis, the participating notes issued by Eden Re I are "exposed to a wide range of perils including earthquake, seismic and/or volcanic disturbance or eruption, hurricane, rainstorm, storm, tempest, tornado, tidal waves and tsunamis." Artemis said the type of deals set up by Munich allowed the firm to access third-party capital to support its underwriting and retrocede a share of business to the investors. They are similar to a catastrophe bond or private insurance linked security (ILS) deal, but allow for a full quota share of the reinsurers' portfolio to be offered to ILS insurers if it chooses.
|Eden Re II||11/5/2014.
2017. January 9. Munich Re, through its Eden Re II Ltd collaterized sidecar, has had about $258 million of insurance-linked securities admitted for listing on the Bermuda Stock Exchange. The Series 2017-1 Class B participating notes, totaling $258,653,050, are due in March 2021.
|Eden Re||12/5/2013. See above|
|EFG Wealth Management (Bermuda)||Part of private banking group EFG International. EFG had $84.2 billion in assets under management at the end of 2014 and provides investment products and services to wealthy clients, professional advisers and institutional investors. In February 2015 it changed its name from EFG International which specialized in investment research to this one and moved into asset management with a strong focus on the captive insurance sector. The Swiss-based global private banking group operates from 30 locations worldwide, including the Bahamas and Cayman, and has around 2000 employees. The firm said the Bermuda operation would serve a range of sophisticated investors and institutions and will also have a strong focus on the captive insurance sector. "It will exploit synergies with EFG Internationals operations in two other important captive sectors, the Cayman Islands and Guernsey. The business will also provide investment advisory services to hedge funds and funds of funds. We see our global network, combined with the expertise and contacts developed in key international captive insurance locations, as a key differentiator. The intention is to broaden and deepen our services as the business grows much as we have done in the Cayman Islands, where EFG has grown from a small office to an established business offering a comprehensive range of banking, trust and wealth management services."|
|eForce Holdings Ltd||C/o Codan Services Ltd|
|Elan Acquisition Co||9/13/2001|
|Elan Capital Corp||9/24/2003|
|Elan Capital Management||9/13/2001|
|Elan Finance Corporation II||9/20/2000|
|Elan Finance Corporation||11/19/1998|
|Elan International Finance||6/24/1992|
|Elan International Holdings (Bermuda)||9/13/2001|
|Elan International Insurance||12/7/1992|
|Elan International Management||12/31/1990|
|Elan International Portfolios||3/8/1983|
|Elan International Services||5/11/1984. 1 North Shore Road, Hamilton Parish FL 04. Phone 292-9169. Fax 292-2224. One of the companies of the Irish pharmaceuticals company Elan. See all Elan entities above and below.|
|Elan Pharmaceutical Investments III||1/31/2001|
|Elan Pharmaceutical Investments II||4/26/2000|
|Elan Pharmaceutical Investments||3/25/1999. Backs securities sold by Elan.|
|Elegance International Holdings||C/o Codan Services Ltd|
|Elegant Derivative Partnership (Bermuda)||C/o Conyers Dill & Pearman. Owned by two Malaysian entities|
|E-Life International||C/o Codan Services Ltd|
|Eldorado Corporation||It owns gold mines in Sonora State, Mexico, and two in Arizona, USA. The Mexican property apparently has 1.2 million ounces of gold in the ground. The Arizona sites are capable of being brought into production. Eldorado is primarily an exploration company, trading on the Toronto and Vancouver stock exchanges. Its working office is in Vancouver.|
|Emergent Alternative Funds||It bought rights to $6 million of defaulted loans to Saddam Hussein's Iraq regime. Michael Lambert.|
|Encana||A leading Canadian energy company that redomiciled from Barbados to Bermuda.|
|Endo International||2016. December 9. This manufacturer of generic drugs has listed around $1.2 billion of debt on the Bermuda Stock Exchange. Endo International, whose corporate base is in Ireland, placed the 6 per cent notes, due in February 2025, through Endo Finance Issuers. Greg Wojciechowski, chief executive officer of the BSX, welcomed the listing which he said was one of largest such issuances the BSX had dealt with. “We at the BSX have worked hard to continue the maturation of the island’s capital markets,” Mr Wojciechowlski said. “We are the only offshore exchange to be a member of the World Federation of Exchanges.” That global recognition had helped the BSX become a viable alternative to Luxembourg and Dublin as a listing jurisdiction. And he expected to see more such business coming to the BSX. A listing on a regulated exchange provided transparency that gave investors comfort, he added. The BSX has seen few issuances of more than $1 billion. One bigger than the Endo listing was the $1.5 billion issuance by Bermudian special purpose insurer Everglades Re in May 2014 — at the time the biggest catastrophe bond deal in history. Endo, whose head office is in Dublin, had global sales of $3.7 billion last year and specializes in the production of generic pain medications.|
|Endurance Specialty Holdings||2017.
February 28. Losses from Hurricane Matthew and the Kaikoura earthquake
in New Zealand were mostly responsible for a $71 million dip in
fourth-quarter profits for Endurance Specialty Holdings. The company
reported net income of $20.1 million, or 30 cents per diluted common
share, for the quarter, which compared to $91.4 million, and $1.36 per
share, during the same period in 2015. However, for the full year,
Endurance reported net income of $333.2 million, or $4.93 per share,
compared to $311.3 million, or $5.73 per share in 2015. Catastrophe
losses for the quarter were $59.6 million, while the combined ratio
jumped to 93.7 per cent from 76.2 per cent during the same period in
2015. For the full year, the Bermudian-based insurer and reinsurer saw
gross premiums increase 26.5 per cent to $4.2 billion. Its net
investment income was $176.6 million, a rise of $62.8 million. The
combined ratio for 2016 was 88.1 per cent, up from 82.9 per cent the
previous year. Endurance’s book value per diluted share at the end of
2016 was $68.66, up 4.9 per cent for the year.
2017. January 27. Shareholders of Endurance Specialty Holdings Ltd today backed the company’s $6.3 billion takeover by Japanese insurance giant Sompo Holdings. In a short statement, the Bermuda-based insurer and reinsurer said common and preferred shareholders had voted to accept Sompo’s offer of $93 per share. The merger is subject to regulatory approvals, but the companies expect the deal to close before the end of March. The special meeting took place in Hamilton this morning, when a majority in favour was required from holders of ordinary shares and preferred shares, voting as one class. John Charman, one of the best known leaders in the Bermuda insurance industry, has agreed to stay on as chief executive officer of the Endurance team for the next five years, along with other members of the senior management team. Mr Charman will also become chairman of the board of Sompo’s international business. When the deal was announced last October, Mr Charman confirmed to this newspaper that Endurance’s head office would remain in Bermuda. The firm is based in Waterloo House on Pitts Bay Road.
2016. October 5. Bermudian insurer and reinsurer Endurance Specialty Holdings Ltd is to be taken over by a Japanese company. Tokyo-based insurance giant Sompo has agreed to pay $6.34 billion for Endurance and the deal is expected to close by the end of March next year. John Charman, one of the best known leaders in the Bermuda insurance industry, has agreed to stay on as chief executive officer of the Endurance team for the next five years, along with other members of the senior management team. Mr Charman will also become chairman of the board of Sompo’s international business. The all-cash deal represents a purchase price of $93 a share, a more than 40 per cent premium over Endurance’s closing share price on Monday. Endurance shareholders will be asked for their approval before the deal can go ahead. The announcement marks the latest chapter in the wave of consolidation that has transformed the Bermuda insurance market in recent years. Endurance itself acquired fellow Bermudian reinsurer Montpelier Re last year, when around 40 Montpelier staff were let go, according to a source at the time. There was no mention in the companies’ joint statement of any impact on jobs at Endurance, whose Bermuda headquarters are in Waterloo House on Pitts Bay Road. But the statement does express admiration for the work of the Endurance management and underwriting teams. Mr Charman, who was in Tokyo for the announcement, was able to confirm by e-mail that Endurance’s head office would remain in Bermuda. Sompo said its special purpose company in Bermuda, Volcano International Ltd, would merge into Endurance, with Endurance as the surviving company. Through this process, Sompo Japan NI, a wholly owned subsidiary of Sompo Holdings, will purchase all of Endurance’s outstanding ordinary shares. Sompo already has a presence in Bermuda in the form of Sompo Canopius, which has an office on Par-la-Ville Road. Sompo bought Canopius in 2013 for around $600 million. Kengo Sakurada, CEO of Sompo Holdings, said: “Today’s agreement marks the beginning of Sompo’s overseas transformation which undoubtedly enhances the quality and reach of our insurance services. Endurance brings strength in the primary insurance business in developed markets. Endurance also brings a highly experienced executive team led by one of the world’s leading property and casualty CEOs in John Charman. Mr Charman, and certain shareholders associated with Mr Charman, representing in the aggregate approximately 4.9 per cent of Endurance ordinary shares, have agreed to vote in favour of the proposed transaction. This acquisition will be integral in helping Sompo realize its goal of providing insurance and related services of the highest quality which contribute to the security, health and well-being of its customers.” Sompo says it wants to diversify its business and gain more exposure to market’s outside Japan. Now, its overseas business provides 12 per cent of income — after the Endurance takeover this would rise to 27 per cent. The Japanese company is also aiming to improve profits and it says return on equity would improve from 6.9 per cent to 8.2 per cent after the merger with Endurance, based on the two companies’ 2015 results. Mr Charman said: “Today, we have strategically aligned ourselves with Sompo, a large, well-capitalized and highly respected global insurance and reinsurance company, headquartered in Japan. This signals the beginning of an exciting new chapter for Endurance, our wonderful and incredibly talented people and our much valued clients. When I joined Endurance just over three years ago. I stated quite publicly that cost efficient scale, globally diversified insurance and reinsurance products as well as market relevance were absolutely essential to our future success. I also signaled that I would seek out a high-quality, strong Asian partner to further complement our global business capabilities for the future. Our alignment today with Sompo achieves all those goals and promises so much more. Critically, both our companies share and practice important values daily — a commitment to the highest levels of loyalty, integrity and client service. These stated values are clearly reflected in our disciplined, focused underwriting approach which has deeply embedded, strong risk management practices. It is with great honour and with much joy that we all look forward to being welcomed as important family members of Sompo. Finally, to our Endurance shareholders, we thank you for your loyalty and trust over the years and are happy that you have been rewarded with an attractive premium for your investment.” Other major deals impacting the Bermuda insurance market over the past two years have involved Ace buying Chubb, XL Group buying Catlin, Chinese investment firm Fosun Group buying Ironshore, and RenRe acquiring Platinum.
2015. November 3. Bermuda-based Endurance Specialty Holdings yesterday posted third-quarter profits of $43.6 million, as acquisition expenses hit earnings. The company said last night it recorded $64 million in one-time transaction and integration expenses associated with the buyout of Montpelier in the third quarter. Net income — equivalent to 73 cents per share — was down $24.4 million on the $698 million reported for the same quarter of 2014. John Charman, chairman and chief executive officer of the insurance and reinsurance firm, said: “Against a backdrop of relentless global competition coupled with extremely challenging investment market conditions, I am very pleased with our ability to generate an attractive third quarter annualizes operation return on equity, excluding one time acquisition costs of 12.3 per cent. “Our strong results ably reflect the high quality of our underwriting and risk management, our ongoing expense discipline, as well as the benefits arising from a globally-diversified specialty insurance and reinsurance platform.” Endurance completed its acquisition of Montpelier at the end of the second quarter. Mr Charman said: “In the third quarter, we also completely integrated Montpelier’s global staff and operations into our Endurance and we are highly confident in our ability to materially exceed our originally planned expense savings. With the powerful combination of our two companies, we are very well positioned within the global marketplace to better serve our valued clients and distribution partners with both increased capacity and a larger, more diversified product offering across our wide distribution network. The absolute transformation of Endurance over the last three years uniquely positions us to generate continuous superior value for our shareholders despite the challenging market conditions.” Endurance reported gross premiums written of $642.6 million for the quarter, up 2.6 per cent on the same period last year. Net investment income totaled $16.5 million, a decrease of $8.8 million on the corresponding quarter of 2014.
2015. August 4. Endurance will keep on nearly half of the worldwide staff of its new acquisition Montpelier Reinsurance. The deal closed on Endurance’s takeover of its fellow Bermuda-based insurer and reinsurer last Friday. Montpelier had 185 full-time employees as of the end of last year, according to a regulatory filing. About a third of those are based in Bermuda. Talks are going on this week between Endurance bosses and their newly acquired workforce at Montpelier. Endurance chairman and chief executive officer John Charman sent out a letter to employees last Friday, the day the acquisition deal closed. “While it has taken a lot of effort to get to this point, there is still much to be done,” Mr Charman wrote. “As you are aware, we have been working diligently to plan the integration of our two organisations for several months, and we will now begin the immediate process of integrating staff, underwriting operations, infrastructure and processes so that we can execute the transition as quickly and seamlessly as possible for all parties. Over the next few days, we will be meeting with each Montpelier employee to discuss their employment status. While we have identified a number of areas of overlap and opportunities to streamline the organization, we have identified areas in both our underwriting segments and corporate functions where the skills and capabilities of Montpelier staff will be of great value to our company.” While sources have revealed Endurance will retain nearly half the Montpelier staff overall, this newspaper was unable to obtain more specific information on the Bermuda-based employees. Montpelier had three underwriting segments — Montpelier Bermuda, Montpelier at Lloyd’s and Collateralised Reinsurance — and it would seem that most of the overlap with existing Endurance operations will be in Bermuda, where the company focuses on writing on writing short-tail US and international catastrophe treaty reinsurance under the Montpelier Re name. Having a presence in the Lloyd’s of London market is something new for Endurance. Syndicate 5151 will do business as Endurance at Lloyd’s. The collateralised reinsurance segment is marketed under the name of Blue Capital, which manages third-party capital and which has its own listing on the Nasdaq Stock Exchange as Blue Capital Reinsurance Holdings Ltd. Montpelier also had some subsidiaries in the US, including MTR, which provides a range of back-office operations to much of the rest of the group from its New Hampshire offices, and Cladium, a managing general agency based in Florida.
|Energy XXI Acquisition Corp (Bermuda)|
Street, Hamilton. Specializes in acquiring and managing insurers that
have stopped writing new business.
2017. March 4. Five positions have been cut at Enstar Group. All those affected are either Bermudians or spouses of Bermudians. Globally, PartnerRe has announced 16 redundancies as it reorganizes its financial operations. Enstar is restructuring and moving its investment unit to the US. In a statement, it said: “Enstar has experienced significant growth through acquisition activity. Following a strategic review of our operations and careful consideration, we made the decision to restructure our investment function. The revised function will be based in the US, to position ourselves closer to the US capital markets and optimize our relationships with our US-based investment managers and partners. The restructure is considered necessary to facilitate the continued growth of our company and its investment portfolio which will, in turn, result in greater opportunities for the company and its valued employees. Bermuda employees impacted by this decision were given an opportunity to apply for investment positions in the US.” The company has a core focus on acquiring and managing insurance and reinsurance companies in run-off. It employs more than 60 staff, said it continues to be committed to the island. In its statement, Enstar said: “Enstar’s focus on growing its business continues, as evident by the over 75 acquisitions and transactions it has completed since inception.”
2017. February 28. Enstar Group Ltd has reported consolidated net earnings of $264.8 million, or $13.62 per fully diluted share, for 2016. That was up on the $220.3 million, or $11.35 per fully diluted share, for 2015. Bermuda-based Enstar is a multifaceted insurance group with a core focus on acquiring and managing insurance and reinsurance companies in run-off. Enstar’s shareholders’ equity at the end of 2016 amounted to $2.8 billion, or $143.68 per fully diluted share, which was up from $2.5 billion, or $129.65 per share, the previous year. Its Atrium segment recorded net earnings of $6.4 million for the year, down from $16.5 million in 2015, while StarStone’s net earning rose from $13.6 million to $25.2 million. Enstar launched KaylaRe Ltd, a Bermuda-based Class 4 reinsurer, in December 2016.
2016. March 2. Enstar Group Ltd’s full-year earnings climbed to $220.3 million last year as it continued to acquire businesses in run-off. The company reported that revenue grew to $1.03 billion on a large increase in net premiums earned, which rose to $839 million from $646.4 million in 2014. Net income was up by $6.5 million from 2014, while net earnings per diluted share were $11.35. Enstar’s core business is acquiring insurance portfolios no longer writing new business from other insurance companies and managing the ongoing obligations and reserves that go with them. In recent years, Enstar has diversified its business with underwriting through its Atrium and StarStone segments. The company’s preferred metric to gauge its progress is fully diluted book value per share, which rose to $129.65 by the end of last year from $119.22 a year earlier — and from $31.85 in 2006. Enstar’s shareholders’ equity at December 31, 2015 totaled $2.52 billion, up from $2.3 billion a year earlier. The group has continued acquiring targets this year. Last month Enstar reached a deal to reinsure portfolios of Allianz’s run-off business, including 50 per cent of certain portfolios of workers’ compensation, construction defect, and asbestos, pollution, and toxic tort business that were originally held by Fireman’s Fund Insurance Company. In the process Enstar assumed net reinsurance reserves of around $1.1 billion. The financial results were announced on Monday night. Enstar shares rose by $3.16, or 2 per cent, in trading on the Nasdaq Stock Exchange to close at $161.21 yesterday.
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.
2015. August 10. Net income plunged by more than two thirds on investment losses. The Bermuda-based insurer, which specializes in buying companies or units that have stopped writing new business and managing their assets and ongoing obligations, made $14.5 million in net income for the April-through-July quarter. The earnings broke down to 75 cents per share and compared to $51.8 million, or $2.68 per share, in the corresponding quarter of last year. For the first six months of this year, Enstar made net earnings of $59.4 million, compared to $81.4 million in 2014. Net premiums earned were flat during the second quarter at $212 million, compared to $217 million in 2014. The net realized and unrealized investment loss of $11.25 million, compared to a gain of $38.4 million in the prior-year period was the principal reason Enstar’s earnings fell. Many Bermuda insurers have suffered mark-to-market losses on fixed-income investment holdings as interest rates rose in the second quarter. Enstar’s shareholders’ equity has climbed by nearly $100 million this year, from $2.305 billion at the end of 2014 to $2.399 billion at June 30. During the second quarter, Enstar completed the acquisition of two Delaware-based subsidiaries of Bermuda-based life reinsurer Wilton Re for $173.1 million. Enstar said the first instalment of $89.1 million was paid on closing and was financed in part by borrowings. The second instalment of $83.9 million, due on the first anniversary of closing — May 5 next year — is expected to be funded from cash on hand.
2015. January 2015. Completed the acquisition of Companion Property and Casualty Insurance Company from Blue Cross and Blue Shield of South Carolina. Enstar said the deal was worth $218 million. The deal was financed 50 per cent through borrowings under a bank loan facility provided by National Australia Bank Ltd and Barclays Bank plc and 50 per cent from cash on hand. The company stated: “Enstar will operate the business largely as part of its property and casualty legacy business, while working to ensure that Companion’s policyholders continue to receive excellent service. Certain business of Companion will be renewed into Enstar’s subsidiary, Torus National Insurance Company.” Companion’s statutory financial statements as of September 30, 2014 reported its total assets as $1.12 billion and total liabilities of $877.2 million. Companion is a South Carolina-based insurance group writing property, casualty, specialty and workers’ compensation business, and has also provided fronting and third party administrative services.
|Equilibria Capital Management||
7/7/2010. A Bermuda-based investment and asset-management company, recently awarded two prestigious awards at the Investor’s Choice Global Hedge Fund Awards gala. Its Flagship fund won both the Emerging Discretionary Global Macro Fund of 2012 award in addition to the overall Emerging Fund of the Year 2012 Award. Equilibria was founded by Daniel Tafur and Fabio Lopez Ceron, two veterans of Morgan Stanley’s London Investment Banking Division. Equilibria Capital is the largest shareholder of Sellas Life Sciences, now Bermuda-based.
|Equinox Fund International||9/25/2002|
|Equinox Indemnity Co (The)||1/16/1990|
|Equinoxe Alternative Investment Services Holdings||
2/20/2007. Bermudiana Road, Pembroke. Bermuda-based fund administrator formed in Bermuda in 2007 by experienced hedge fund administration professionals including founder and CEO Stephen Castree.Headquartered in Bermuda, with offices on Bermudiana Road in Hamilton, as well as Dublin and Sligo in Ireland, Atlanta, Malta, Mauritius, and Singapore since 2013. .A full-service alternative investment fund administration company. In 2014 it announced a strategic relationship with Asia-focused HFO Pty Ltd. HFO, a hedge fund services provider with offices in Hong Kong and Australia, decided after a strategic review to offer its clients the opportunity to transition to Equinoxe’s global business platform, offering middle and back office outsourcing, full administration services and customized reporting. In March 2015 the company won a top European hedge fund administration award
|Equinoxe Corporate Services||2/11/2003|
|Equus Asset Management||11/22/1999|
|Equus Asset Management Partners LP||4/3/2003. Bermuda exempted partnership specializing in private wealth asset management. 85 Reid Street Hamilton HM12 Bermuda. Phone 441 296.4527. Fax 441 296.4520.|
|Equus International Management||6/29/1981.Office as above|
|Ernst & Young (EY)||3/19/2007. Financial services firm. With a practicing Bermuda office. Founded in the UK, now world-wide. Earned nearly $27.5 billion globally in revenues in its 2013-2014 financial year, with the Americas area, which includes the Bermuda arm, posting around $11.5 billion in revenue.|
|Ernst & Young - Menaros||1/28/1976|
|Ernst & Young Business Services Ltd Amal 17136||6/26/1979|
|Ernst & Young Services Ltd Amal 17136||4/6/1981|
|Essent Group||7/1/2008. Goldman Sachs Group-backed mortgage guarantor.|
|Essent Reinsurance||7/1/2008.Goldman Sachs Group-backed reinsurer.|
|Essential Insurance Company||12/21/1981|
|Essential Re Holdings||9/25/2006|
|Essential Reinsurance Bermuda||10/24/2006|
|Essex-Pillar Global Life Sciences Fund (Offshore)||10/31/2000|
|Essex-Pillar Technology Fund||4/5/1999|
|Essex-Pillar US Opportunity Fund||11/22/2000|
|Essex Asset Management||9/5/2001|
April 19. Appleby Fiduciary Business is to change its name to
Estera following a management buyout. The new name for the company,
which separated from its parent law firm last December, was inspired by
a staff competition. Rory Gorman, group managing director of Estera,
said: “For nearly 60 years, we have provided corporate administration
and private client services to successful companies and individuals
around the world. “Our rebrand presents a significant opportunity to
build on the reputation we have established through our breadth of
knowledge and deep experience in the industries in which our clients
operate.” The global corporate, trust, funds and accounting services
company, which employs around 350 staff across ten jurisdictions, is led
by chief executive officer Farah Ballands. Ms Ballands said: “We’re
delighted and proud to launch Estera and have the opportunity to build
on the strong heritage and culture we have developed. Our new brand and
independence provides a solid platform for growth, including strategic
investment to align our systems and procedures to deliver a consistently
quality service to our clients.”
2016. January 5. The management buyout of Appleby Fiduciary Business, the fiduciary arm of legal firm Appleby, backed by London-based private-equity firm Bridgepoint, has been completed. The deal means the fiduciary and administration segment of the offshore law firm, which has 350 employees, part of which is based in Bermuda, will be spun off. Farah Ballands, a former Appleby partner based in the firm’s Jersey office, will lead the new independent business. She said: “Appleby Fiduciary Business has grown significantly over the years with over 350 staff located across nine offshore jurisdictions. “With Bridgepoint’s expertise and support, we look forward to building on this success and investing in new infrastructure to give our clients an unrivalled standard of service. The Appleby group has provided us with a solid foundation from which to build our new fiduciary brand, which we expect to launch in the first quarter of 2016. The team is also busy working on a number of strategic initiatives that we look forward to communicating over the next few weeks, including the appointment of our new chairman.” Bridgepoint partner and head of its financial services team William Paul said: “The buyout brings significant opportunity for Appleby Fiduciary Business as a stand-alone business to accelerate its growth organically and via acquisition in what remains a strongly growing market.” Appleby Fiduciary Business provided offshore management and administration services to wealthy clients, private companies, funds and global corporations for more than 25 years. The business unit is also a significant player in the Island’s booming insurance-linked securities market. Although neither side was prepared to discuss the cost of the buyout, is estimated to be worth around $370 million.
|ETS||4/13/2000. PO Box HM 1574, Hamilton HM GX, Bermuda. James Paul Sabo, CPA, president. He is a regular US tax columnist for Bermuda's Royal Gazette newspaper. Expatriate Tax Services for US citizens living abroad.|
|Euram Trading Corporation||2/20/1985|
|Eurasia International Limited Partnership||12/30/1994|
|Eurasia Travel Network||11/7/1994|
|Eurasia Travel Network Limited Partnership||4/11/1996|
|Everbest Century Holdings||C/o Codan Services Ltd|
|Everest Capital||It voted against a merger involving Norwegian marine geophysical company Wavefield Inseis ASA and TGS-NOPEC because the current proposed deal does not bring maximum value for shareholders.|
from New Jersey to Bermuda in 2000.
2016. July 27. Bermuda-based reinsurer Everest Re has struck a deal to sell its Heartland Crop Insurance subsidiary. CGB Enterprises, a provider of transportation and storage services, agreed to buy Heartland to expand its offerings to the agriculture industry. The terms of the deal were not disclosed, but Everest said it would continue to have exposure to the crop insurance business through a reinsurance arrangement with CGB. The coverage protects farmers against weather-related setbacks or lower-than-expected revenue and is backed by the US government. Everest bought Heartland for $55 million in 2011. Ownership has been shifting in the crop insurance industry as volatile commodity prices and pressure on government subsidies boosted risk for insurers. Wells Fargo & Co, Monsanto Co and Deere & Co are among the giant publicly traded firms that have retreated from the market in recent years. The buyer sells crop insurance and services to farmers in 38 states and will expand its reach and diversify its risks with the deal. “We look forward to collectively accomplishing many of the goals we share together,” Ron Miller, president of insurer CGB Diversified Services, said in the statement. “Our combined strength will make us a significant force in our industry in the years ahead.” Everest Re also posted second-quarter earnings late Monday that topped analysts’ estimates for operating profit and revenue.
2016. July 25. Bermuda-based reinsurer Everest Re Group Ltd’s second-quarter net income was $155.7 million, down from $209.1 million in the same period last year. However, earnings per diluted common share were $3.67, easily beating the $2.85 consensus forecast of analysts tracked by Yahoo Finance. Gross written premiums were $1.4 billion, up 8 per cent year-on-year, and would have been 10 per cent had it not been for “unfavourable foreign currency fluctuations”. Reinsurance premiums were up 1 per cent, on a constant dollar basis, and insurance premiums were up 32 per cent. Everest’s combined ratio — the proportion of premium dollars spent on claims and expenses — was 95.1 per cent for the quarter compared to 88 per cent in the second quarter of 2015. The company was hit by catastrophe losses from the Fort McMurray wildfires in Alberta, the Ecuador earthquake, and Texas hailstorms, which totaled $149.1 million, offset by reserve releases on several 2011 events. The net impact of these losses, after reinstatement premiums and taxes was $105.4 million. Net investment income rose almost $8 million to $132.7 million. “Everest’s six month annualized operating return on equity of 9.4 per cent is an excellent result given the number of catastrophe loss events, the impact of foreign currency movements around the world, and the continued low interest rate environment,” said Dominic Addesso, Everest’s chief executive officer. “It remains a challenging environment but the strategic actions we have taken to position Everest for continued success are borne out by these results.” During the quarter Everest repurchased 544,728 of its common shares at an average price of $184.37 and a total cost of $100.4 million. The company can buy back up to 3.1 million of its own shares under its existing share repurchase allocation. Shareholders’ equity ended the quarter at $8 billion, up 5 per cent since the end of 2015. Book value per share increased 7 per cent since the end of 2015 to $190.66 at June 30. Everest Re shares yesterday rose 18 cents to close at $181.44 before the company announced its results.
2015. November 17. Bermuda-based Everest Re Group Ltd has entered into a strategic alliance between its US primary specialty insurer, Everest National Insurance Company, and Associated Electric & Gas Insurance Services (Aegis). This new partnership will provide primary admitted coverages to Aegis members, and non-member energy companies, in the utility and related energy industry, including those involved with exploration and production. In a statement, Everest said Everest National would provide a full admitted product set to these clients, including offerings for primary and excess workers’ compensation coverage, general liability, and automobile coverage, written on either a guaranteed cost or loss sensitive basis, subject to underwriting guidelines. The new Aegis-Everest alliance is effective for business from January 1 next year. Jonathan Zaffino, president of Everest National Insurance Company, said: “We are excited to begin this new venture and support its success with our vast reach of admitted product capability and risk transfer solutions, leading claims services and the strength of our balance sheet. We look forward to a long-term and beneficial relationship with Aegis and their member and non-member clients alike.”
2015. October 27. An earthquake in Chile and the Tianjin explosion in China resulted in $100 million of insured losses for Everest Re Group in the third quarter. The company made a profit of $88.6 million, down from the $274.9 million achieved during the same three months in 2014. Everest’s after-tax operating income available to share holders was $200.2 million, or $4.53 per common share, down from $280.5 million year-on-year. Dominic Addesso, president and chief executive officer, said: “We are pleased with the results that Everest has achieved thus far this year considering the challenging market dynamics — both on the underwriting and investment fronts. After-tax operating income totaled $755 million through the first nine months of the year, despite a number of industry events, leading to a 14 per cent annualized operating return on equity and a 4 per cent growth in book value per share. Premium, on a constant dollar basis, was up 4 per cent for the year, as we continue to seek out opportunities for profitable growth.” Everest’s gross written premiums for the quarter were $1.7 billion, up 3 per cent. Insurance premiums were up 34 per cent, quarter over quarter. The Tianjin explosion in August resulted in $60 million of insured losses incurred by Everest, while last month’s Illapel earthquake in Chile resulted in a further $40 million of losses. Net investment income was down $115.5 million, however shareholders’ equity stood at $7.5 billion at the end of the quarter, with book value per share up 4 per cent since the start of the year at $173.76. Everest repurchased 1.1 million of its common shares during the quarter, at a total cost of $200 million. Since the start the company has repurchased 1.8 million of its shares, at a total cost of $325 million.
|Everglades Re||The largest catastrophe bond transaction in history completed in February 2014. The $1.5 billion issuance through this Bermuda special purpose insurer provides reinsurance coverage for Florida's state-created property insurer Citizens Property Insurance Corporation, listed on the Bermuda Stock Exchange.|
|Everglades Re II||2015. May 8. A new $300 million catastrophe bond was admitted for listing on the Bermuda Stock Exchange by this Bermuda-based special purpose insurer. It issued the Series 2015-1 notes, which have a due date of May 3, 2018. The issuance will provide reinsurance for Florida’s state-created property insurer Florida Citizens.|
|Exodus Platinum Genesis Fund||
Hedge fund owned by Exodus Equities, which has a multi-million dollar portfolio
|Essex County||P. O. Box HM 1179, Hamilton HM EX. Arranges leases and sales of US manufactured property to be used predominantly outside USA.|
|Exxon||Known as ESSO outside the USA. In the top 5 of the largest corporations in the world, with operations in more than 110 countries. It is a world provider of oils, gas and chemicals. It sells these in Bermuda also, but gasoline in Bermuda is nearly US$6 a gallon, one of the highest prices in the world. Exxon has about 70 employees in Bermuda in a variety of local and international companies - several under the Exxon name - at Ferry Reach, St. George's Parish. Only Exxon and its rival Shell are allowed to retail gasoline (petrol) in Bermuda. Exxon does not own any of Bermuda's Esso gas stations. They must by law be owned and operated by Bermudians.|
Bermuda-registered companies E
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Bermuda's Insurance Companies A-L
Bermuda's Insurance Companies M to Z.
Bermuda's International Business, including Insurance and Re-insurance Companies
Bermuda Online's Business and Economy Index for applicable Bermuda Business Laws
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March 16, 2017.
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