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By Keith Archibald Forbes (see About Us) exclusively for Bermuda Online
Note: A Work in Progress, much more to be added. All have "Limited" after their names (with the "Limited" not shown below purely to avoid unnecessary duplication). This list excludes entities trading in Bermuda but not registered as incorporated (showing "Limited" after their name). Showing date incorporated in Bermuda with date shown the American way.
|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
2017. December 29. Telecommunications firm TeleBermuda International Ltd has been bought out by the East End Group in partnership with Celeritas Ltd. EEG owns the wireless internet service provider Bluewave and is a public safety and wireless communications provider. Celeritas is a Bermuda-based telecommunication investment firm and a subsidiary of the Mayfair Group. TBi provides voice and internet services, as well as managed information technology services. In a press release today, the EEG stated: “This acquisition ensures that TBi will continue to provide the highest level of service to their clients, and more importantly, remain a Bermudian-owned company. The purchase also offers the opportunity to leverage synergies between EET, TBi and Bluewave, Bermuda’s newest high-speed wireless internet service provider. The aim is to build on each company’s core competencies to solidify their positions as consistent providers of innovative products and services. To ensure a seamless transition for TBi clients, its current president Greg Swan will be retained during the transition period. TBi clients will be directly contacted regarding this acquisition. It is anticipated that the immediate impact on their accounts will be insignificant.”
2017. December 22. The East End Group Ltd and Omnuim Bermuda Limited are looking at buying internet service provider TeleBermuda International Ltd. The Regulatory Authority of Bermuda has conducted an assessment of the proposed transaction and has said it is satisfied that subject to compliance with a set of conditions, the transaction would “not create an entity with a dominant position, nor substantially lessen competition in any relevant market, nor harm the public interest”. According to a notice on the RAB website, East End Group and Omnuim Bermuda have said they do not intend to make any of TBI’s staff redundant. TBI has offices on Victoria Street. It provides voice, internet and managed IT services. It is a wholly owned subsidiary of Javelin Connections group of companies. Javelin is an end-to-end solutions provider of managed IT and data services for establishing and managing offshore jurisdictions. The proposed change of control would see all shares of TBI being purchased by East End Group and Omnium, from Javelin. The East End Group provides consolidated group functions in the areas of accounting, finance, human resources and information technology services. Walter Roban, Minister of Transport and Regulator Affairs, has given his consent to the proposed change of control of TBI.
|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|
|Eclipse Re||2017. April 5. Bermuda-based insurance-linked securities group Horseshoe has yesterday sponsored at $20 million insurance-linked security, listed on the Bermuda Stock Exchange. The listing is issued by Eclipse Re, a new company designed to bring turnkey reinsurance ILS market services to investors and sponsors. Eclipse Re, set up by Horseshoe with boutique insurance investment banking specialists Rewire Securities, will be used to provide collateralised reinsurance participation in a listed note format. Horseshoe subsidiary Horseshoe Corporate Services, which recently became a Bermuda Stock Exchange listing sponsor, acted as sponsor for a $20 million security issued by Eclipse on the BSX yesterday. Andre Perez, the CEO of Horseshoe Group, said at the launch of Eclipse in February: “As the leading full-service ILS service provider, Horseshoe continues its commitment to being responsive to clients’ needs and providing the highest level of innovative and efficient professional services. Eclipse Re will provide a vehicle for investors to participate in the collateralised reinsurance market with the benefit of liquidity not previously available through traditional platforms. We are excited to support the BSX as a listing sponsor and launching this product to expand our broad capabilities in the ILS marketplace.” Eclipse Re is expected to attract sponsors such as insurers, reinsurers, corporates and funds, working with investors on the other side of the deal, all of whom who will benefit from an ILS issuance structured by Rewire and administered by Horseshoe. ILS and reinsurance notes issued by Eclipse Re can be structured in as short a timeframe as two to three weeks, the pair said, offering provide sponsors am efficient and low-cost way to access the ILS and capital markets in reinsurance. The new platform will allow sponsors and investors to more easily transform and securitise reinsurance risks into an investable and transferable note form.|
|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.
March 28. Japanese giant Sompo has completed its takeover of
island-based insurance and reinsurance firm Endurance Specialty in a
$6.3 billion deal. Now Endurance will be integrated into Sompo
Holdings through the creation of Sompo International, which will be
based in Bermuda. Sompo International will have its own board, led by
Endurance’s John Charman, as chairman and chief executive, reporting
to the Sompo president and CEO Kengo Sakurada. Mr Sakurada said: “The
closing of our acquisition of Endurance marks the beginning of an
exciting new chapter in Sompo’s story. The integration of Endurance
within Sompo International will significantly enhance Sompo’s presence
in international markets and provides the group with greater
opportunities to deepen and expand its geographic footprint by offering
global diversification via its new and new and innovative structure
leading to global integration. Clients will benefit from our increased
scale, expanded product offering and a common underwriting platform. Our
employees will also be presented with new opportunities to use and
develop their skills within a much larger, stronger business. I would
like to welcome John Charman and the Endurance team to the Sompo family.
John will be heading Sompo International, creating our exciting new
global commercial insurance and reinsurance platform. I look forward to
working closely with him as we embark on the next phase of our exciting
growth.” Mr Charman added: “I am fully committed to our shared
vision of future growth for SOMPO’s international platform and I am
looking forward to developing it further alongside Endurance’s
executive leadership team and my new colleagues under the new Sompo
International brand. I would like to thank our highly valued partners
and colleagues for their loyalty, support and trust over the last few
years and I look forward to working closely with them in the future.”
The deal was announced late last year, but was subject to approval by
regulators. Sompo International will also encompass Sompo’s existing
international commercial insurance and reinsurance businesses. The
creation of a common underwriting platform and systems is designed to
“set a new global standard of conducting business, providing customers
with a wide array of products across insurance markets to help manage
their risks”. All Endurance business, with the exception of ARMtech,
will be conducted under the Sompo International brand. Sompo America and
SJNK Europe will also be rebranded Sompo International. Sompo Canopius
will remain as a separate brand, working in close collaboration with
Sompo International. AM Best yesterday removed Endurance’s “under
review with positive implications” rating and upgraded Endurance
Specialty Insurance’s financial strength rating from A (excellent) to
A+ (superior) following the acquisition announcement. AM Best said:
“The ratings actions reflect the operational benefits that Endurance
will derive from being a significant operation within a larger
organisation with deep financial resources.” The ratings agency also
moved Endurance’s long-term issuer credit ratings to aa- from a.
Parent Endurance Speciality Holdings saw its long term issuer credit
ratings and the long term issue credit ratings to a- from bbb with a
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.
2018. November 13. Shares of Bermuda-based reinsurer Maiden Holdings plummeted 31.8 per cent yesterday, after the company announced a hefty third-quarter loss when analysts had forecast a profit. The company also continued its ongoing restructuring by striking a loss portfolio transfer deal with fellow Bermuda-based company Enstar Group. Maiden’s shares fell $1.12 to $2.41 on New York’s Nasdaq Stock Exchange after it announced a net loss of $308.8 million. The operating loss was $235.1 million, or $2.83 per share, compared to analysts’ consensus expectation of an 18 cents per share operating profit. Maiden’s combined ratio was 150.7 per cent, meaning that it paid out about $1.50 in claims and expenses for every $1 of premium it took in. Under the deal with Enstar, which specializes in acquiring and managing businesses and portfolios in run-off, Enstar will assume loss reserves of approximately $2.675 billion associated with Maiden Re’s quota share reinsurance contracts with AmTrust Financial Services. The retrocession will apply to losses arising and claims made on or prior to June 30, 2018; loss reserves assumed will be subject to adjustment for paid losses since such date. The transaction is subject to regulatory approvals and other closing conditions. In August, Maiden agreed to sell subsidiary Maiden Reinsurance North America to Enstar for $307.5 million. This year, Maiden has also sold its US casualty facultative reinsurance team to Sompo International and struck a renewal rights agreement with Transatlantic Re for net proceeds of $7.5 million. Lawrence Metz, Maiden’s chief executive officer, said: “While there is still work to do, we believe that much has been accomplished, and we remain committed to completing our strategic review process and to taking the actions necessary to further enhance value to all our shareholders.” Patrick Haveron, Maiden’s chief financial officer, said: “During the third quarter, we also took the opportunity to materially strengthen our carried loss reserves and position Maiden for profitable future results. Our announcement today with Enstar brings additional certainty and finality to the steps we have taken. Upon completion of all of the strategic transactions announced since August, Maiden’s capital position will be dramatically stronger. He added: “We anticipate an improved outlook for Maiden as 2018 heads to its final quarter and into 2019.”
2018. August 31. Maiden Holdings has sold its US reinsurance unit to a subsidiary of fellow Bermuda-based company Enstar Group. Maiden will receive net proceeds of $307.5 million for its Missouri-based subsidiary Maiden Reinsurance North America. Enstar will operate the business in run-off. On Wednesday, Maiden announced it had sold the business’s reinsurance renewal rights to Transatlantic Re, which was also taking on the unit’s underwriting team. “Today’s announcement of the sale of MRNA represents another step in our continuing strategic review. This transaction will broaden our ability to manage and allocate capital as we move forward, and will create value for our shareholders,” Lawrence Metz, Maiden’s chief executive officer designate, said. The transaction is expected to close in the fourth quarter of this year. Enstar will assume approximately $1.3 billion of net loss and loss adjustment expense reserves and unearned premium reserves from Maiden’s US Diversified business upon closing. As part of the transaction, an Enstar subsidiary will novate and assume certain reinsurance agreements from Maiden’s Bermuda reinsurer, including certain reinsurance agreements with MRNA. Patrick Haveron, Maiden’s chief financial officer and chief operating officer designate, said: “Today’s announcement along with our previously announced renewal rights transaction will further enhance our capital position. We are moving immediately to improve profitability by implementing additional operational efficiencies and expense reductions through the end of 2018, and we expect to provide further updates as we move forward.” Maiden’s shares were trading down 1.3 per cent at $3.90 at 2.51pm Bermuda time today, while Enstar’s shares were down 0.7 per cent at $212.25.
2018. April 4. Enstar Group is mulling a sale of its StarStone and Atrium businesses, according to a report in British trade press. The Bermuda-based run-off specialist and its private-equity investor Stone Point have called in Evercore for advice after receiving takeover offers for the businesses, The Insurance Insider reported. Both StarStone and Atrium are “live” underwriting operations — that is they seek out and write new business — as opposed to Enstar’s predominant legacy book, which does not. StarStone was acquired in 2014 for $646 million. Last year, the specialty insurer with a business in the Lloyd’s of London market, wrote $895 million of gross premium. Atrium is a Lloyd’s managing agency
2018. March 3. Enstar Group Limited has reported consolidated net earnings of $311.5 million, or $15.95 per share, for 2017. That is up from $264.8 million, or $13.62 per share, for 2016. The Bermuda-based insurance group said its shareholders’ equity at December 31, was $3,136.7 million, which was up from $2,802.3 million year-on-year.
2017. May 8. Island-based insurer Enstar Group Ltd’s first-quarter earnings rose by more than 20 per cent. The company posted net income of $54.7 million, or $2.80 per share, compared to $45.5 million, or $2.35 per share in the January-to-March period last year. The company, whose head office is on Queen Street, specializes in acquiring companies or books of business in run-off, and managing their assets and obligations. Enstar now has 1,300 employees in 26 offices around the world, after a history of making more than 75 acquisitions. Its total assets have more than doubled over the past five years and now total $14.9 billion Revenue for the quarter fell to $280.3 million from $290.3 million in the first quarter of 2016. But the company trimmed expenses by nearly $17 million to $211.5 million. Enstar’s shareholders’ equity at March 31, 2017 totaled $2.86 billion, or $146.62 per diluted share, compared to $2.8 billion, or $143.68 per fully diluted share, at the end of last year. After the company reported its results this morning, Enstar’s shares traded 45 cents, or 0.2 per cent, higher at $191 in New York trading.
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.
|Envelop Risk||2018. April 30. This insurtech start-up is harnessing the power of artificial intelligence and quantum computing to provide cyber underwriting to insurers and reinsurers. Bermuda will play a role in the growth of Envelop Risk, see enveloprisk.com - which is believed to be the first insurtech company with a physical presence on the island. Envelop is looking to expand in the future as the multibillion dollar cyber insurance market grows. Ari Chatterjee, chief underwriting officer, is based in Bermuda and previously worked as lead cyber underwriter with Hannover Re (Bermuda) and before that was with Flagstone Re. While Jonathan Spry, chief executive officer of London-headquartered Envelop Risk, and John Kelly, cyber-risk architect, visited the island last week to increase awareness of what the company offers. Envelop Risk is a global specialty cyber insurance analytics and underwriting company. In the US it has offices in Boston and Washington. It partners with cybersecurity firms to provide custom insurance products. The company’s mission is to “develop, underwrite, and distribute innovative insurance and reinsurance products that provide genuine coverage, and superior risk transfer”. Mr Spry described the company as taking a partnership approach with insurers and reinsurers. He praised the Bermuda Business Development Agency for the assistance it has provided to the Envelop team as it makes connections on the island. He said that while the cyber insurance market is a global opportunity, the Bermuda market is crucial. He added: “We are very happy to be in Bermuda. We have entities here and we are hanging out the signs in Bermuda. Ari is here all the time, and we’re in discussions with some of the big players.” Mr Chatterjee explained that there are large gaps in cyber insurance. He said Envelop Risk seeks to assist insurers and reinsurers bridge the gaps, adding: “We are an enabler of cyber insurance business and we will support our insurance and reinsurance partners to build scalable capabilities on top of our platform.” Dr Kelly was formerly technical lead for corporate data analytics at Lockheed Martin. He said Envelop is using “machine learning and AI with human expertise to leverage the [cyber]data, which is from numerous sources but still sparse”. He said that with cyber the nature of threats and attacks is constantly changing, adding: “Augmented AI is crucial to predict the trends from the data.” The Envelop team also features Paul Guthrie, chief technology officer, who has consulting experience in analytics and technology strategy for Fortune 100 firms, Nasa and the US Department of Defence. Ray Johnson, a former chief technology officer at Lockheed Martin Corporation, is one of Envelop’s directors, and Adam Fox, a former managing director of Marsh & McLennan, is a senior adviser. When asked about the potential size of the cyber insurance market, Mr Spry said he would not disagree with predictions that it will become a $20 billion market in the next five years. He said Envelop Risk had received a good response in Bermuda. “The reception has been gratifying. [Cyber insurance] is something that is here to stay. It is an important piece of the puzzle. We will be growing our team and have a substantial presence in Bermuda.”|
|Equator Re||2017. August 25. Equator Re, QBE Insurance Group Ltd’s captive reinsurer, hosted 25 reinsurance interns at the Blu Bar and Grill in Warwick. This summer networking event was for interns to discuss careers in reinsurance and what to expect for the future. Equator Re, which was established in 1983, views the recruitment and development of young talent, and specifically of local Bermudian talent, as essential to sustaining the reinsurance ecosystem, to Bermuda’s growth and to the company’s future success. The event provided an opportunity for Bermudian interns in reinsurance to meet each other, as well as senior executives from their employing companies to discuss their experiences. Quintonio Lema, was a key speaker at the event. He is a previous local intern at Validus Re, now employed by Everest Re. He discussed valuable internship lessons and provided a career trajectory perspective for the interns. “I just made the transition from intern to a full-time employee and I must say it was a little bit of hard work and luck. Timing is everything. You could be the most qualified, but if there’s no space for you there’s just no space, but, networking within Validus helped get me in the door.” he said Another intern at Everest Re, Zoe Wright, said: “It has been a really good experience and to see what I want to do when it comes to my future. It is also interesting to see how my school work and things I learnt are relating back to my career. Once I complete my degree I want to continue my actuary exams and come back and work within the industry.” Ms Wright is planning to complete her exams while still coming Bermuda to do internships during summer breaks. Tyler Mallory, an intern at MS Amlin, said: “For me this is about experience and figuring out what I really want to do. I just graduated in May and I will be at Amlin until December. I am still trying to figure out what’s next for me, whether getting my Master’s or continuing to work.” Jim Fiore, president of Equator Re, said: “This year we had our first intern, we have been talking about doing it for a few years, and this year we interviewed a few people and got someone on board. I was reading in the newspaper about Hamilton Re having a couple of interns and I started thinking well, this is the reinsurance market of the future. It will be good to get everybody together and network — which is great because our business is really based on building relationships. I think this is a great event and I am going to try and keep doing this every year.”|
|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 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|
Goldman Sachs Group-backed mortgage guarantor.
2018. May 7. Executives of mortgage insurer and reinsurer Essent Group Ltd said that the company’s Bermuda structure still gives it a tax advantage — even after US tax reform reduced the benefit. Essent reported first-quarter profits of $111.1 million last Friday, or $1.13 per share, up from 72 cents per share a year earlier and beating the $1.10 consensus forecast of analysts tracked by Zacks. The company is based in Bermuda and has a Bermudian-based reinsurer, Essent Re. The US tax reform, passed late last year, had a punitive impact on reinsurance transactions between US-based insurers and affiliated reinsurers based outside the US through its base erosion abuse tax. In a conference call given by Essent executives after the results were released, Sean Dargan, an analyst with Wells Fargo Securities, asked: “Would it be fair to say that pre-tax reform, that your targeted returns were a point or two higher than your onshore competitors because of the tax advantage?” Mark Casale, Essent’s chief executive officer, replied: “I wouldn’t say targeted returns. I would say, we generated stronger returns because of the tax advantage, yes. But I think we still target mid-teen returns. We never used our lower tax rate as a tool from a pricing perspective. We price competitively, and we always will continue to price competitively. The lower tax rate allowed us to achieve higher returns.” Lawrence McAlee, Essent’s chief financial officer, added some detail. “The corporate statutory rate [in the US] is 21 per cent, and you still see that we do receive a benefit from our Bermuda structure,” Mr McAlee said. "Our estimated rate for this year is about 16.5 per cent. So there still is an incremental benefit that we generate from the Bermuda structure and having Essent Re in place.” Essent posted revenue of $167.5 million during the first three months of the year, up from $127.6 million in the same period a year earlier. Essent said it generated a 23 per cent annualized return on equity. On Friday, the company released its results before US markets opened, after which its shares rose $1.22, or 3.6 per cent. Essent’s shares have fallen about 18.7 per cent on the New York Stock Exchange in the year to date.
2018. February 9. Bermuda-domiciled mortgage insurer Essent Group Ltd’s profits for the fourth quarter of last year received an $85.1 million boost from US tax reform. Essent said today it made net income of $162.6 million, or $1.65 per share, during the last three months of last year. The one-time impact of the reduced US corporate income tax rate on the company’s net deferred tax liability position contributed 86 cents per share to the results. Essent said net income for the full year 2017 was $379.7 million, or $3.99 per share. The company reported that two of last year’s hurricanes had contributed to an increase in defaults among the mortgages it insures. Mark Casale, chairman and chief executive officer, said Essent had continued to a high credit quality and profitable mortgage insurance portfolio during 2017. “During the year, we continued growing our earnings and generating strong returns,” Mr Casale said. “As we head into our ninth year of writing mortgage insurance, our outlook for 2018 on our business and housing remains positive.” Loans in default at December 31, 2017 were 4,783 compared to 2,153 as of September 30, 2017 and 1,757 as of December 31, 2016. Total loans in default increased by 2,630 in the quarter, including 2,288 defaults that we have identified as related to hurricanes Harvey and Irma. The percentage of loans in default as of December 31, 2017 was 0.96 per cent, compared to 0.46 per cent as of September 30, 2017 and 0.47 per cent as of December 31, 2016. Essent said its insurance in force as of December 31, 2017 was $110.5 billion, up from $103.9 billion three months earlier and $83.3 billion from a year earlier. New insurance written for the fourth quarter was $11.2 billion and $43.9 billion for the full year. Net premiums earned for the fourth quarter were $148 million, compared to $116.8 million in 2016. For the full year 2017, net premiums earned were $530.1 million, compared to $422.7 million for 2016. The expense ratio for the fourth quarter was 24.7 per cent, compared to 29.8 per cent a year earlier. For the full year 2017, the expense ratio was 27.5 per cent, down from 30.9 per cent in 2016. Essent’s combined ratio for the fourth quarter, reflecting the proportion of premium dollars paid out on claims and expenses, was 36.4 per cent, compared to 33.1 per cent in the fourth quarter of 2016.
|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 Asset Management||9/5/2001|
|Essex County||P. O. Box HM 1179, Hamilton HM EX. Arranges leases and sales of US manufactured property to be used predominantly outside USA.|
|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|
October 18. Employees of administration services company Estera have
raised more than $10,000 to donate to colleagues in its British Virgin
Islands (BVI) office following the devastation of hurricanes Maria
and Irma. Staff from Estera’s in offices in different countries,
including Bermuda, came together with events such as raffles, dress down
days and bake sales to raise the money to help their storm-stricken
colleagues rebuild their lives. In addition to these funds, Estera has
provided close to $40,000 for tarpaulin, electrical generators,
evacuation costs, daily supplies, showers and washing machines in the
office, as well as cash in hand for daily living requirements. Farah
Ballands, chief executive officer of Estera, said “This is a fantastic
result and I am very proud of the generous spirit of the Estera global
team. Our team in the BVI, and the jurisdiction as a whole, has shown
incredible resilience throughout this difficult time.” Estera’s BVI
office resumed normal operating hours for clients on October 5.
2017. June 7. The former fiduciary arm of law firm Appleby has bought up a European financial services group. Estera, once part of Appleby, but now an independent business, has taken over Heritage Financial Services Group, which operates from offices in Guernsey, the UK and Malta. Farah Ballands, CEO of Estera, said: “We are delighted to welcome HFSG to the Estera family, a team with an excellent reputation in client service, a value which is core to Estera.” HFSG provides third party fund administration, depositary, trust and corporate services. It employs around 100 people across three jurisdictions and the company is expected to be rebranded as Estera once the deal is finalized. Ms Ballands said: “This transaction, together with our acquisition of Guernsey-based Morgan Sharpe earlier this year, is central to the expansion of our funds service line, while also expanding jurisdictional choice for our trust and corporate clients.” Ethan Levner, Estera head of corporate development, said the funds market was a strategic priority for Estera and the buy-up of two fund administration businesses underlined the company’s commitment to establishing an international presence in the sector. Mark Huntley, CEO of HFSG, said: “This transaction marks a significant development for Heritage, our clients and employees. “While we will continue to deliver the highest standard of professional and personalized service, our business, our people and our clients will all benefit from the global resources and growth ambition offered by Estera in respect of our fund and fiduciary service offering.” He added: “We appreciate that for our clients continuity of people and service is important. To this end, they can take reassurance in the fact that all Heritage employees will transfer to Estera and that our senior management will take a meaningful stake in the enlarged business.” HFSG’s insurance business is not included in the transaction and will continue to operate as an independent company.
2017. March 2. Financial services firm Estera has bought up an administration company based in Jersey. Estera — formerly part of law firm Appleby — finalized the deal to take over Morgan Sharpe Administration earlier this week. The new acquisition, which is subject to approval by regulators, will take the Estera name. Farah Ballands, chief executive officer of Estera, said: “This is a great start to the new year following the success of our rebrand in 2016. “The team at Morgan Sharpe is a perfect fit with the Estera group — they are committed to the high standards of service that our clients are accustomed to and we are pleased to welcome them. Under our ownership, Morgan Sharpe’s clients will benefit from additional resources and access to Estera’s expertise on a global basis. Estera is committed to enhancing its position as a leading player in existing and new jurisdictions. With this announcement, we are able to offer clients greater breadth of capabilities in private equity fund administration whilst strengthening Estera’s position in an important market — we are thrilled to boost our presence in Guernsey.” Ethan Levner, Estera group head of corporate development, added: “This acquisition represents our intention to be an active acquirer globally. Morgan Sharpe is an outstanding firm, and we are delighted that the transaction will bring greater depth to Estera’s service offering.” Serena Tremlett and Mel Torode, founders of Morgan Sharpe, said: “Partnering with a leading global player in fund administration and fiduciary services in an increasingly complex and international market was the next logical step for Morgan Sharpe. We have received many approaches from potential buyers in recent years, a great validation of our business model. Estera is the ideal partner for us given its global reach, excellent reputation, professionalism and commitment to both employees and clients. We are excited about the new opportunities for our clients and our team that will arise from this partnership.” Estera, formed last year after a management buyout of Appleby Fiduciary Services, now has more than 370 staff across ten jurisdictions.
2016. 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.
2018. October 29. Everest Re Group posted third-quarter profit of $205.6 million, despite incurring catastrophe losses of $240 million. The major loss events during the quarter for the Bermuda-based reinsurer were Hurricane Florence, Typhoon Jebi, Typhoon Trami, California wildfires and floods in Japan. After-tax operating income of $167.5 million, or $4.09 per share, surpassed the $3.23 consensus forecast of analysts tracked by Yahoo Finance. In the third quarter of last year, Everest suffered a net of $639.4 million. Dominic Addesso, Everest’s chief executive officer, said: “Everest generated an annualized net income return on equity for the quarter of 10 per cent, despite the previously announced catastrophe losses. The underlying results were quite strong with an attritional combined ratio of 85.8 per cent year to date as a result of our diversified portfolio.” Everest’s gross written premiums for the quarter were up 8 per cent over the third quarter of 2017 to $2.2 billion. Worldwide reinsurance premiums were up 7 per cent to $1.7 billion, with growth across each segment primarily driven by increased casualty and property pro-rata premium, rate improvement, increased shares on existing business and profitable new opportunities. Direct insurance premiums were up 8 per cent to $517.3 million. The combined ratio was 100 per cent for the quarter compared to 163.6 per cent in the third quarter of 2017. Excluding catastrophe losses, reinstatement premiums and the favourable prior period loss development, the current quarter attritional combined ratio was 86.8 per cent compared to 85.5 per cent in the same period last year. Net investment income increased 18 per cent for the quarter to $161.4 million. Net after-tax realised gains amounted to $43.6 million and net after-tax unrealized capital losses were $20.9 million, for the quarter. During the third quarter, Everest bought 229,432 of its own shares at a total cost of $50 million. Under the company’s share repurchase authorization, another 1.4 million shares are available. Shareholders’ equity ended the quarter at $8.3 billion compared to $8.4 billion at year end 2017. Book value per share was down from $204.95 at December 31, 2017 to $204.91 at September 30, 2018.
2018. June 26. Bermuda-based Everest Re Group Ltd has launched a new transportation and logistics business segment within Everest Insurance, led by Jeff Engelbrecht. It will offer customers multiple lines of coverage, including workers’ compensation, employers’ liability, and up to $5 million in capacity for automobile liability and general liability. Mr Engelbrecht said: “We are excited to establish and develop a sustainable, high-quality casualty operation built to meet the needs of our clients in the transportation and logistics industry. We believe this is an opportunity for us to add distinct value to this marketplace by combining underwriting excellence with a unique mix of loss control services, a deep set of complementary products, customized claims handling, and the Everest commitment of stability, leading financial strength and long-established credibility.”
2017. October 30. Catastrophe losses from hurricanes Harvey, Irma and Maria, and the Mexico City earthquake, weighed on Everest Re Group’s third-quarter earnings. The company reported a pretax loss of $904 million. While the net loss after tax was $639.4 million, or $15.73 per common share for the third quarter, a consensus of Wall Street analysts had expected losses of $15.99 per share. For the same period in 2016, Everest Re made a profit of $295.4 million, or $7.06 per share. After-tax operating loss in the third quarter, excluding realized capital gains and losses, was $667.6 million compared to after-tax operating income of $273.2 million, a year ago. Everest Re had previously announced that its third-quarter results included net catastrophe losses of $1.2 billion for Harvey, Irma, Maria and the Mexico City earthquake. The net after-tax impact on earnings from these events was $897.7 million or $22.09 per common share for the quarter. Dominic Addesso, president and CEO, said: “This series of natural catastrophes highlights the nature of our business model. We have consistently generated strong margins which gives us the financial ability to respond to these events, without impairment. We are proud to be part of an industry that provides financial security to its customers in times of need. “Looking forward, market conditions are expected to be more favorable allowing the industry to continue on a sound footing. We should benefit to a greater degree given the strong underwriting fundamentals of our portfolio.” Everest’s gross written premiums for the quarter were $2 billion, up 15 per cent year-on-year. Net investment income was $137 million, up 12 per cent for the quarter. The company’s combined ratio — the portion of premium dollars spent on claims and expenses — was 163.6 per cent compared to 85.6 per cent a year ago. For the nine months ended September 30, the net loss was $102.1 million, or $2.51 per share. The after-tax operating loss, excluding realized capital gains and losses was $180.6 million, or $4.45 per common share.
2017. April 25. Island-based insurer and reinsurer Everest Re Group yesterday reported profits of $291.6 million for the first quarter of the year — up $119.9 million on the same period last year. The profit for the first three months of 2017 breaks down to $7.07 per common share, compared to $4 for the same period in 2016. Dominic Addesso, Everest’s chief executive officer, said: “We are starting out 2017 with a very strong quarter — providing a 13 per cent operating return on equity and a 77 per cent increase in net income earnings per share. We continue to see strong momentum across our underwriting operations, with opportunities in both reinsurance and insurance. This growth is not coming at the expense of margin as we hold fast to our underwriting principles, which are focused on sustained profitability regardless of the market cycle. This strategy, coupled with the returns we are achieving on our growing investment portfolio are providing for the strong results we saw in the quarter.” Gross written premiums for the period amounted to $1.6 billion, an increase of 18 per cent year on year. Worldwide reinsurance premiums rose 19 per cent to $1.2 billion, while direct insurance premiums went up 15 per cent to $434 million. Net investment income for the period went up by 19 per cent for the quarter to $122.3 million.
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
|Extraordinary Re||2018. September 21. A new company that will allow investors to buy and sell insurance risks much as they do stocks is planning to launch in Bermuda in the next few months. Extraordinary Re has developed a platform run by Nasdaq for the trading of insurance liabilities, with the intention of giving investors access to a broad range of different risks. The trading platform will be embedded within a Bermudian reinsurance company, which will underwrite the risks that attract capital market investors. Will Dove, Extraordinary Re’s chairman and chief executive officer, said in an interview: “We have established the company in Bermuda and we’re in the process of recruiting a team. We’re in discussions with the Bermuda Monetary Authority on licensing the reinsurer.” Pending approval from the regulator, he said he hoped Extraordinary Re would be up and running in time for January 1 next year. Mr Dove said the company was building “a new type of reinsurance company” that had an enormous potential market. “We think it could be huge over time,” Mr Dove said. “You look at the ILS market that’s already worth about $100 billion and there’s a lot of room to grow. We may be looking at more than $200 billion over the next five years. Extraordinary Re can help to facilitate this growth by giving the capital market access to different types of risk and by bringing more transparency and liquidity to the marketplace.” Mr Dove said he expected the business to add to its staff over the coming years as it expands. The CEO has some 30 years’ experience of the property and casualty insurance and reinsurance industry, some of it in the Bermuda market with companies including Centre Re and Ace Ltd, now known as Chubb. While at Ace, Mr Dove was involved with the team that created the company’s first ILS issue in 2007. Among the company’s advisers is a well-known figure on the island, Bob Deutsch, the founding CEO of Ironshore. The expertise behind the company has encouraged Silicon Valley financing from venture capital firms including Plug and Play and Golden Angels Investors. Extraordinary Re took a huge step forward in March this year when it announced the signing of an agreement to work with exchange operator Nasdaq, a deal that will enable the start-up to deploy its patented liquid insurance contract risk allocation platform. Insurance liabilities will effectively be chopped up into components that are sold by the reinsurer to institutional and other sophisticated investors — much like a company sells shares to the public in an initial public offering, Mr Dove said. Investors will be able to pick and choose pieces of varying types of risk and build a portfolio. The idea has many similarities to insurance-linked securities like catastrophe bonds, a market that has flourished with Bermuda at its epicentre. One key difference is liquidity. The Extraordinary Re platform will enable investors to buy and sell insurance liabilities tied to various types of risk on a day-to-day basis. They might, for example, trim their California earthquake exposure and add to their aviation risk, just as an asset manager might rotate stock holdings between sectors. Mr Dove believes that this ease of putting capital in and pulling it out will unlock the great potential for more convergence between the capital and reinsurance markets, gaining access to many more investors than the limited group prepared to tie up their capital on a longer-term basis in today’s range of ILS products. The company will offer a marketplace in which prospective investors can examine submissions to determine their interest in matching their capital to them. ILS have been most successful in providing property-catastrophe risks and Mr Dove believes that Extraordinary Re’s early investors will also be inclined to seek exposure to shorter-tail lines, such as aviation, flood and energy. However, over time investors will have the opportunity to diversify their risk portfolios with other lines, including longer-tail risks, and Extraordinary Re will be equipped to enable that, he said. Insurtech is being taken increasingly seriously by traditional players facing a squeeze on profit margins from soft pricing, stubbornly low interest rates and the growing competition from alternative capital. With many of the tech-based solutions for the industry focused on areas like data analytics and distribution, Mr Dove argues that Extraordinary Re stands out among the start-ups. “We are unique in that we are focused on the heart of the insurance process itself, how insurance risk gets allocated to capital,” Mr Dove said. “We have designed our platform to be able to handle any type of risk and we’ll have to focus on the risks that our investors want to match their capital with.” Extraordinary Re will expose the insurance marketplace to a larger pool of capital and the trading will create a more dynamic risk pricing mechanism, Mr Dove added. In addition, he said the data generated by the platform’s transactions would be of great value to carriers, brokers and investors.|
|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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November 14, 2018
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