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Bermuda-incorporated entities C listing

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

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By Keith Archibald Forbes (see About Us).

Bermuda flagBermuda coat of arms

American International, AIG Group, Bermuda

One of the many Bermuda-based leading multinational insurers


Bermuda-incorporated Companies beginning with C

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.

C-10 Development 8/11/1988
C-Cube Microsystems International 4/16/1996
C-Cube Technology 3/15/2000
C-Mart 3/22/1982
C-Quadrat Mondial Fund 1 8/14/2002
C-Quadrat Mondial Fund II 8/14/2002
C-Quadrat Mondial Master Fund  8/14/2002
C-Tech Atlantica 9/8/2011
C-Tech 3/26/2003
C-Two Trading 6/30/2003
C-View International Global Macro Hedge Fund 3/19/2003
C-View International Hedge Fund Advisors 3/17/2003
CD Carpentry 2/25/2002
CD Landscaping 11/25/1999
CDV 6/8/1990
CDY 6/8/1990
CD & T Associates 12/22/1989
C&J Energy Services Moved from Texas to Bermuda in 2015.
C Eighty Three C 3/31/1997
C Eighty Three C Bermuda) 2/26/2004
C Eighty Three D 3/31/1997
C Eighty Three D (Bermuda) 2/26/2004
CH 12/23/2005
CH Services 7/23/1992
CHT 2/21/1983
C Holdings 11/8/2000
CIS Short Term Insurance Fund 2/28/1994
CL International Insurance Company  3/30/1977
C Leather (Bermuda) 9/12/1988
CP (Bermuda) Finance 6/11/1993
CR Investments 10/27/1999
CRP 2/14/1996
C Seventy Two C 3/31/1997
C Solutions 3/26/2007
C Tanker 6/8/1992
C Transport Cape Size 9/26/2011
C Transport Holding 7/21/2004
C Transport Maritime 1/30/2014
CV Management 2/8/1994
CY Foundation Group 5/27/1994
C&M Holdings 11/16/2006
C&N Construction 12/18/2000
C&O Pharmaceutical Technology (Holdings) 7/28/2003
C&S West 7/1/1997
C&S West Medical Services 5/4/2005
C+C Ventures 4/8/1994
C11 Dealers 1/23/1981
C12 Bermuda Real Estate 12/1/2011
C12 Bermuda Services 12/6/2011
C12 Capital Management LP 2/3/2002
C12 Capital Management US Inc 3/12/2002
C12 Global Investments 11/8/2011
C12 Global Technologies 12/6/2011
C12 GP LLC 3/12/2012
C2 Interiors 11/25/2009
C2 10/8/2004
C2C Global Networks (Asia) 7/30/2002
C2C Global Networks (Pacific) 7/30/2002
C2C Holdings PTE 10/30/2001
C2Call 5/27/2014
C3/CustomerContactChannels Guatemala 5/23/2012
C3/CustomerContactChannels OS Holdings 7/7/2010
C3/CustomerContactChannels Plilippines 7/7/2010
C4 Services 12/12/2000
CA-BGK Funds Promotion 5/18/1987
CA "Del Sole 9/2/2011
CA Cable Investment Group 4/23/2007
CA Global Holdings 6/8/2007
CA Holdings CV 11/29/2006
CA International Holdings 4/20/2007
CA Managers (Bermuda) 5/15/1998
Cabaloo 10/2/1997
Cabassole Limited BVI 6/27/2005
Cabco 6/6/1979
Cabgoc Holdings 10/24/2000
Cabinda Gulf Oil Company 11/6/1986
Cable & Wireless Network Services 12/29/1986
Cable & Wireless Public Limited Company 4/8/1929
Cable & Wireless (Diego Garcia) 11/14/2006
Cable Co 11/15/2006
Cable Management 6/11/1998
Cable Technology (Bermuda) 6/2/1993
Cablecom 5/25/2000
Cablevision Holding 8/11/1999
Cabois 3/9/1989
Cabot Asia 10/2/2003
Cabot Finance. N.B. LP 2/23/2001
Cabot Insurance Co. 9/14/1977
Cabot (Bermuda) 8/29/2000
Cabot, Julie Ann Sylvester 12/1/1994
Cabral's General Contracting 1/14/2008
Cabriol 12/28/2011
Caceis Investor Services (Bermuda) 1/23/2003. In 2011 moved the majority of its staff out of Bermuda.
Caceis (Cayman) Ltd Cont 10/23/2007
Cachaca Trading 6/6/2001
Cache Capital 7/8/1997
Cachet 8/24/1993
Caci Atlantic 3/31/1981
Caci Enterprises 7/12/1974
Cad 8/7/1987
Cadam Overseas 8/30/1995
Cadence Design Systems 3/10/2006
Cadence Technology 6/30/2005
Cadential 7/17/2000
Cadet Holdings BVI 9/21/1993
Cadet Rouselle 9/26/1996
Cadfund International 9/30/2003
Cadfund LP 12/15/2005
Cadilly Consultants 8/13/1993
Cadilly Management Services 4/19/1999
Cadinum 4/8/2004
Cadipro Holdings 6/10/1994
Cadmus Asset Management 9/28/2000
Cadmus Energy Fund 5/28/2013
Cadmus Holding Company 5/15/1987
Cadmus Investments 7/14/2004
Cadmus Multi-Strategy Fund 9/29/2000
Cadogan Investment Holding Four 6/14/1994. Part of the multi-million Cadogan Group of the UK, owned by mullti-billionaire Earl Cadogan.
Cadogan Investments One 3/25/1975. See above. 
Cadogan Investments Three 3/25/1975. See above. 
Cadogan Investments Two 3/25/1975. See above. 
Cadogan MHF 3/27/2002. See above. 
Cadogan (Bermuda) 2/2/1994. See above. 
Caduceus Capital Master Fund 10/27/2004
Caduceus 11/27/1981
Caedmon Capital Management 7/8/2008
Caemi Finance (Amalg) 3/14/1997
Caemi Overseas 9/2/1986
CAF 9/6/2002
Cafe America 10/13/1989
Cafe Cairo 4/22/2004
Cafe D'or International 2/28/1989
Cafe de Coral Holdings 10/1/1990
Cafe Lombard International 10/13/1988
Cafe on the Terrace 11/21/2001
Cafemercado International 10/13/1988
Cafe Acoreano 3/1/2001
Caffe Laitte (Bermuda) 10/10/1977
CAFSATEL Roaster Services International 10/13/1988
CAG 3/31/1997
Cagson (Bermuda) 9/30/1975
Cahaba International 6/29/2000
Cahoot Bermuda 9/18/2014
Cahow Company 6/30/1967
Cahow Insurance 7/22/2002
Cahow 11/16/2000
Cahow Productions 6/21/1994
CAI Allocation Fund 11/16/2005
CAI Master Allocation Fund 11/16/2005
CAI (PTC) 8/31/2009
Caiman Oil (Bermuda) 12/16/1975
Cain, Ruby Dorothy Ann 12/9/1982
Cairfin 3/12/2004
Cairn 12/22/2005
Caissa Capital International 6/5/2003
Caissa Capital Management 6/3/2003
Caithness Investments 4/5/1972
Cajun 5/16/1988
CalciTech Owns technical centers in Switzerland, etc.
Calico Capital Bermuda office of Calico Capital LLC, HQ 280 Park Avenue, 5th Floor, New York 10017
Calico Bermuda office of Independent research and development biotech company established on September 18, 2013 by Google Inc and Arthur D. Levinson (CEO) with a goal of combating aging and associated diseases. HQ is 1170 Veterans Blvd, South San Francisco, CA. Since October 2, 2015 owned, like Google, by new holding company Alphabet Inc.
California Earthquake Authority 2015. September 16. The California Earthquake Authority, through this company, its Bermuda-based special purpose insurer, issued a $250 million cat bond to cover earthquake risk in California. The Series 2015-1 Class B notes will run for three years and become due on September 21, 2018. The cat bond has been admitted to the Bermuda Stock Exchange’s official list.

2017. May 17. A total of $925 million in securities on behalf of the California Earthquake Authority were yesterday listed with the Bermuda Stock Exchange. The two securities were issued by Ursa Re and placed by Swiss Re Capital Markets, which acted as structuring agent and bookrunner, with Aon Securities as joint bookrunner. The at-risk variable rate notes, one of $500 million and one of $425 million, will collateralize reinsurance agreements that will provide the California authority with a three-year source of reinsurance from capital markets to protect it against losses due to earthquakes.

Calson (Bermuda) C/o Conyers Dill and Pearman
Cambuslang Investments Victoria Hall, Hamilton HM AX. Swift Code CMILBMH1.
Canada Building Products Holding 7/21/2011
Canada Dry Management 7/8/1986
Canada Dry Transnational 7/8/1986
Canada Dry (Japan) 7/8/1986
Canada International Freezers (Bermuda) 10/26/1979
Canada Land Investment 6/3/2005
Canada Life Annuities 7/11/2002
Canada Life Capital Bermuda 4/4/2013
Canada Life International Holdings 11/21/2000
Canada Maritime 12/8/1983
Canada Maritime Ship Management 2/23/1986
Canada Trust (Bermuda) 5/3/1996. 31 Church Street, Hamilton HM 12.  Phone 292-1020. 
Canadian Corporate Services (International) 3/20/1964
Canadian Dollar Investments (Bermuda) 1/12/1983
Canadian Express (International) 10/11/1984
Canadian Foreign Minerals 6/23/1970
Canadian Fund Management 7/6/1987
Canadian Health Products 12/2/1971
Canadian Occidental International 11/30/1987
Canadian Opportunities Fund LP 2/10/2004
Canadian Overseas Ores 6/10/1976
Canadian Overseas Petroleum (Bermuda) 5/9/2011
Canadian Overseas Petroleum (Bermuda Holdings) 5/9/2011
Canadian Overseas Petroleum (Nigeria) 10/16/2013
Canadian Pacific (1992) 7/24/1992
Canadian Pacific (Bermuda) Holdings 12/14/1994
Canadian Pacific Hotels (Bermuda) 12/6/1988. World ranking is about 446. The largest hotel chain in Canada, it owns the Fairmont Southampton Princess hotel in Bermuda and has an office here.
Canadian Petroleum Ecuador 2/9/1994. And other Canadian Petroleum Companies. P. O. Box HM 1736, Hamilton HM GX. Phone 295-2949.
Canadian Petroleum New Ventures 7/21/1995
Canadian Reefer 12/11/1996
Canadian Transport Company 12/17/1999
Canadian Transport (Bda) 7/1/1974
Canadian Trinidadian Steel Co. 8/26/2997
Canadian Video Amusements 8/26/1994
Canadian Water Company (The) 4/28/1988
Canadian Wool Company (Bermuda) 1/7/1972
CanadianDiamond 1/22/1988
Canafrican Trading & Devel Co 10/9/1964
Canal Holdings 4/24/1967
Canal Terminals 10/2/1994
Canal Trading Associates 9/30/1997
Canopius Holdings 2015. August 21.  This holding company for two Bermuda firms is to discontinue in Bermuda and base itself in Switzerland. It announced it would make the move in a statutory notice in The Royal Gazette. But Stephen Hartwig, CEO of Canopius in Bermuda, said: “As a result of this, there won’t be any jobs leaving Bermuda.” Mr Hartwig added that the change was part of an “overall restructuring” taking place across the multinational Canopius Group in the wake of the buyout of the group by Japanese insurance giant Sompo Japan Nipponkoa Holdings Inc two years ago. Canopius owns two companies in Bermuda: Canopius Reinsurance Limited and Canopius Underwriting Bermuda Limited. The $594 million acquisition of Canopius in 2013 by Sompo, one of the largest insurance groups in Japan, was one of the biggest buys ever made by the company. Canopius, which is incorporated in Guernsey, also has offices in Britain, US, Holland, Switzerland and Singapore. It employs around 700 people worldwide.
Canopius Reinsurance See above.  A wholly-owned subsidiary of Canopius Holdings. A Class 3A reinsurance company with capital of more than $600 million. It writes structured reinsurance treaty business sourced via Canopius Ireland. The company also provides capital support to Canopius Group’s underwriting operations at Lloyd’s. 
Canopius Underwriting Bermuda See above. A wholly-owned subsidiary. Bermuda-based underwriting agency that operates as a Lloyd’s-approved coverholder for Syndicate 4444 and underwrites excess casualty business. 

2017. April 23. Bermuda's Hamilton Re has bought the renewal rights to Canopius Underwriting Bermuda’s excess casualty book of business. And Sompo Canopius underwriters Stephen Hartwig and Jeremy Wright are set to join Hamilton Re. Mr Hartwig will be chief underwriting officer for casualty insurance while Mr Wright will be senior vice-president casualty insurance. Kathleen Reardon, chief executive officer of Hamilton Re, said: “Bermuda has long been recognized as a strong excess casualty market, so we’re pleased to be able to establish an important presence with underwriters of Steve and Jeremy’s calibre and with the esteemed roster of clients they have developed.” She added: “It’s also been a real pleasure to work with the management team at Sompo Canopius as we’ve developed the terms of this transaction. The agreement includes ongoing collaboration designed to ensure a smooth transition of the business so that the needs of longstanding Sompo Canopius clients and brokers are met efficiently and effectively.” The transaction is expected to be closed by the middle of the year. Ms Reardon said: “From a strategic perspective, the acquisition of the these renewal rights continues the diversification of Hamilton Re’s portfolio. This new initiative will run in parallel with our joint venture with Iron-Starr, which was established shortly after our market launch in 2014, a partnership that remains strong.” Ms Reardon added that the property-related team added in 2016 had made “significant inroads” into the market. She added: “Taken together, this expanded offering gives Hamilton Re the ability to provide tailored solutions and exceptional service which are part of our core values.” Mike Duffy, Sompo Canopius group chief underwriting officer, said: “We are pleased to have reached this agreement with Hamilton Re, which provides a great long-term home for the business, especially taking on the knowledge, expertise and relationships of Stephen Hartwig and Jeremy Wright. “We remain committed to our property catastrophe business that is also written out of our Bermuda office and look forward to continuing to work with our partners in Bermuda, particularly Hamilton.” Mr Hartwig has nearly 25 years of insurance industry experience, which includes underwriting and management roles based in the US, Europe and Bermuda. Mr Wright, who has notched up 16 years in the industry, worked in senior roles at Ace, now Chubb, before joining Sompo Canopius. Hamilton Re is the island-based platform for Hamilton Insurance Group, the Bermuda-based holding company for insurance and reinsurance operations in Bermuda, the US and at Lloyd’s of London.

Capital Acquisitions 6/24/2002
Capital Advantage Investment Group 4/23/1999
Capital Appreciation 2/22/2002
Capital Asset Finance Services (Bermuda) 2/7/2000
Capital Asset Leasing Company 7/19/1994
Capital Aviation (Bermuda) 11/21/1994
Capital Broadcasting Company (The) 6/11/1962
Capital Brokerage Services 11/4/1992
Capital Consultants 8/26/1985
Capital Coordination 4/14/2008
Capital Corporation 10/5/1993
Capital Credit Reinsurance Company 12/5/1989
Capital Currency Fund Investors Corporation Since 10/5/1993
Capital Currency Fund LP Since 1/4/1994
Capital Dabhol Holdings Since 5/6/1997
Capital Development Corporation Since 11/6/1992
Capital Drilling Since 11/19/2003
Capital E Private Equity Group Since 6/10/2005
Capital E (Bermuda) Since 5/17/2002
Capital Enterprises 6/15/2005
Capital Generation Advisers 9/26/2007
Capital Generation Capital 9/28/2007
Capital Generation Capital LP 9/19/2007
Capital Generation Ltd Since 12/3/2007
Capital Generation Partners Bermuda Since 11/5/2010
Capital Generations Company Since 8/29/2003
Capital Growth Partners (Bermuda) LP Since 1/11/1988
Capital Growth (Bermuda) Management Company Since 12/15/1987
Capital Holdings Since 3/20/1996
Capital Increase Strategies Fund Since 12/9/1999
Capital Insight Fund 1 LP Since 9/10/2002
Capital Insight Management Company Since 8/30/2002
Capital Insurance Company Since 10/26/1994
Capital International Since 1/4/1983
Capital Introduction and Structuring Since 3/27/2007
Capital Investment Company (Bermuda) Since 5/29/1997
Capital Investment Corporation of Montreal (The) Cont. Since 2/27/2004
Capital Investment Group Since 6/27/1984
Capital Investment Since 7/18/1974
Capital Management of Bermuda (Holdings) Since 11/1/1995
Capital Management of Bermuda Since 12/7/1971
Capital Management Overseas Since 1/24/1992
Capital Management Services Since 7/19/1993
Capital Managers Since 8/16/1996
Capital Marine Insurance Company Since 9/5/1974
Capital Market Services International - BM Since 12/14/2004
Capital Markets Access Since 4/18/2000
Capital Markets Development Corporation Since 3/7/2006
Capital Markets Global Fund Since 2/19/2003
Capital Markets Guaranty Since 4/18/2000
Capital Markets Innovation Limited AMAL W22614 Since 1/30/2003
Capital Media Group Since 3/20/1996
Capital Motors International Since 1/4/1994
Capital Partners (Bermuda) Since 11/28/2008
Capital Performance Since 11/8/1994
Capital Preservation Partners Since 6/16/1998
Capital Preservation (Bermuda) Since 11/17/1988
Capital Properties Since 8/13/1981
Capital Recruitment Since 1/2/1991
Capital Reinsurance Company Since 4/19/1991
Capital Reserve Since 3/4/1994
Capital Reserve Management (Bermuda) Since 3/4/1994
Capital Resource Systems Since 3//1/2002
Capital Resources Holdings (BM) Company Since 2/7/2002
Capital Securities Assurance Since 2/27/1987

2018. April 25.  An American drag car racer has been forced to pay back $70,000 to this Bermuda-based insurance company for misrepresenting the top speed of his vehicle. Mark Woodruff told the insurer his car could not complete a 220-yard course in less than 4.2 seconds. Mr Woodruff received a payout after a crash, but the insurer discovered he had made multiple runs with times below 4.0 seconds and company policy prohibited insurance cover for vehicles that could travel that fast. The Supreme Court heard that Motor Insurance Group, which is operated by Bermuda-registered Capital Securities Ltd, based premiums on the “elapsed time” of a racing car — the time from start to finish over a track — and would not insure cars with an elapsed time of 4.2 seconds or faster. Acting Puisne Judge Shade Subair found that it was clear from the evidence that Mr Woodruff knew the vehicle exceeded the maximum allowed elapsed time. She wrote: “I was further persuaded on the evidence that the first $35,000 advancement by the insurer was made in good faith and prior to any discovery by the plaintiff that the defendant had misrepresented the true elapsed capacity of his vehicle. This amounted to a payment by mistake as the plaintiff was mistaken on the material facts which led to the payment.” The hearing was held in the Supreme Court on April 16, but Mr Woodruff was not present or represented by counsel. The Supreme Court heard that Mr Woodruff had applied for insurance from the company in 2015 and 2016, with the second policy ending in March 2017. On August 24, 2016, Mr Woodruff was involved in a crash. The next day he filed a claim seeking $85,365.51. Capital Securities said the claim technically fell short of compliance, but the company decided to process the claim in good faith. A payment of $35,000 was sent to Mr Woodruff by wire transfer, but it was discovered he had started to get the vehicle repaired without first getting an estimate, which was contrary to his policy. The insurer then discovered multiple videos and postings online of Mr Woodruff making 220-yard runs in less than 4.0 seconds. The company demanded the money be returned, but no payments were made. The court also heard that a power outage in Bermuda in September 2017 caused by Hurricane Irma accidentally led to a second payment of $35,000 to be paid to Mr Woodruff. A witness explained that staff made the error while trying to work through the adverse conditions. The court heard that the combined $70,000 sent to Mr Woodruff was more than he would have been entitled to even if the vehicle was eligible for coverage.

Capital Security Since 12/12/2007
Capital Services of Singapore Since 4/14/1994
Capital Specialized Reinsurance Since 3/23/2006
Capital Studios Holding Since 9/10/1996
Capital Tool Company Agency Services Since 1/7/2005
Capital Tool Company Since 1/7/2005
Capital Union IP 220 Plus Since 11/13/2002
Capital Union IP 220 Plus Trading Since 11/13/2002
Capital Z Ares SPV, LP Since 9/18/2002
Capital Z Asia Advisors Since 12/10/1998
Capital Z Asia Advisors (II) Since 12/24/1999
Capital Z Asia Advisors (II) LP Since 5/4/2000
Capital Z Asia Advisors (Management) Since 12/22/1998
Capital Z Asia Partners LP Since 12/11/1998
Capital Z Asia Partners II LP Since 5/4/2000
Capital Z Asia Partners II (A), LP Since 5/11/2000
Capital Z Catlin Investment Since 11/29/2001
Capital Z Catlin Private Investment Since 11/29/2001
Capital Z Catlin LP Since 6/24/2002
Capital Z Catlin Private LP Since 6/24/2002
Capital Z Employees II, LP Since 3/30/2001
Capital Z Financial Services Fund II, LP Since 5/29/1998
Capital Z Financial Services Private Fund II, LP Since 5/29/1998
Capri Re Special purpose insurer
Capsicum Re A specialist reinsurance broker with offices in Bermuda and London. In March 2015 it signed up Neville Ching as managing partner for the Island to lead its retro insurance division. Capsicum managing partner is Rupert Swallow.
 Cardinal Re 2015. September 15. The Kiskadee arm of Bermuda-based Hiscox launched this new reinsurer, based in Bermuda. It will operate as a special purpose insurer designed to turn collateralised insurance and reinsurance risk into a security aimed at capital market investors. The new venture takes Kiskadee Investment Managers’ total assets under management to more than $600 million. Hiscox Re CEO Jeremy Pinchin said: “The launch of Cardinal Re is the latest development in our Kiskadee offering and takes assets under management to $600 million in only its second year of operation. Cardinal Re with its nimble and flexible segregated cell structure, can respond quickly and is an effective way for completing transactional deals where speed to market is critical. It offers additional opportunities for both investors cedants alike to benefit from our growing Kiskadee family of insurance-linked products and reflects the growing confidence from investors to take both insurance and reinsurance risks.” Cardinal Re launched its first its first external investor cell in July, which changed a Hiscox Re portfolio of insurance risk into a transaction supported by $55 million of external capital. The new arm adds more flexibility to Hiscox’s use of alternative capacity for insurance or reinsurance risk, providing investors with unique market access to risk sourced from the Hiscox Group.
Carlyle Insurance Company Part of Carlyle Group LP, below
Carlyle Group LP 2019. November 29. American International Group has sold a majority stake in its Bermuda-registered legacy reinsurer Fortitude Re. The deal involves private-equity group Carlyle Group and Japanese insurer T&D Holdings partnering to pay $1.8 billion for a 76.6 per cent stake in Fortitude, whose headquarters is in the AIG building on Richmond Road. In a statement, Carlyle said it was looking forward to working with the existing management team at Fortitude, which was set up by AIG in 2017 under the name of DSA Re. Its initial role was to house AIG’s legacy portfolio comprising insurance reserves associated with discontinued lines of commercial property and casualty and life insurance business. The company has evolved to write third-party business, providing reinsurance and run-off management solutions. The company has about more than $40 billion of invested assets and over $35 billion in reserves. Brian Duperreault, AIG’s chief executive officer, said the deal represented “another important step in our strategy to efficiently manage our legacy liabilities by further preparing Fortitude Re for independence, while strengthening our balance sheet and maintaining our primary focus on upholding policyholder and regulatory commitments. Carlyle’s expertise in separating and standing up companies has been invaluable to date, and we look forward to working with their team and T&D, with whom we have a longstanding relationship in Japan, as we continue the separation process. I also want to thank the entire Fortitude Re team for all their hard work in building the organisation. We look forward to their future success.” Carlyle first purchased a 19.9 per cent stake in Fortitude Re a year ago and after the deal just announced closes, its stake will increase to 71.5 per cent, while T&D will own 25 per cent and AIG 3.5 per cent. AIG is also due to receive a $500 million distribution due to be paid by May 13 next year or when the transaction closes, whichever is later. The transaction will enhance Carlyle’s ability to support Fortitude Re’s growth plans, provide Fortitude Re access to Carlyle’s wide array of investment strategies and position it for long-term success. T&D brings additional industry and international expertise to develop Fortitude Re’s strategically differentiated capabilities. With the backing of Carlyle, T&D and AIG, Fortitude Re will pursue global opportunities to successfully acquire and manage legacy insurance portfolios. Kewsong Lee, Carlyle’s co-chief executive officer, said: “This transaction demonstrates Carlyle’s strategy of developing scalable platforms to drive shareholder value. Fortitude Re, led by CEO James Bracken, is strongly positioned as an industry leader in managing run-off insurance liabilities, and Carlyle looks forward to partnering with the management team to help Fortitude Re grow. “We are excited about the prospects of further developing our global investment management services for Fortitude Re as we work to deliver attractive returns across a variety of asset classes. We welcome T&D to our partnership with AIG, both of whom are highly experienced players in insurance, and look forward to creating an attractive investment opportunity for our fund investors.” Hirohisa Uehara, T&D’s representative director and president, said: “We are really honoured to invest in Fortitude Re, which has developed a sophisticated platform for managing life and P&C insurance liabilities. We have longstanding relationships with both AIG and Carlyle, and we believe Fortitude Re’s closed book business will contribute significant synergies to our domestic life insurance business as well as diversification of our business portfolio. Additionally, we look forward to supporting Fortitude Re’s growth by leveraging our years of experience as a Japanese life insurer.” The transaction is expected to close in mid-2020, subject to required regulatory approvals and other customary closing conditions.

2018. August 1. American International Group and The Carlyle Group are in a strategic partnership to build newly established Bermuda-based DSA Re into a stand-alone provider of reinsurance, claims handling, and run-off management solutions for long-dated, complex risks to the global insurance industry. DSA Re, which was formed by AIG in February, currently reinsures $36 billion of AIG’s Legacy Life and Annuity and General Insurance liabilities. In a statement, AIG said that utilizing Carlyle’s expertise in separating and standing up companies, the two companies plan to build DSA Re into a platform that complements DSA Re’s “financial strength with its strategically differentiated capabilities”. As part of the transaction, Carlyle will acquire a 19.9 per cent stake in DSA Re and enter into a strategic asset management relationship whereby DSA Re and AIG will, in aggregate, allocate $6 billion of assets into various Carlyle managed strategies across corporate private equity, real assets, and private credit. Brian Duperreault, AIG’s president and chief executive officer, said: “AIG launched DSA Re to help us efficiently manage our legacy liabilities, honour our policy obligations and maximize financial flexibility. This partnership with Carlyle meets these objectives while allowing AIG to free up capital and participate in the buildout and growth of the business. We look forward to working closely with Carlyle to position DSA Re for long-term success.” Kewsong Lee, Carlyle’s co-CEO, said: “This strategic partnership extends Carlyle’s investment capabilities into the $15 trillion global insurance industry. Carlyle is excited to deliver our global investment platform across a variety of asset classes to DSA Re, and will work to generate attractive returns for the DSA Re portfolio for many years to come. We have a terrific partner in AIG, and will work closely together to help DSA Re become independent and positioned for growth over time.” The transaction is expected to close in approximately 60 days, subject to required regulatory approvals and other customary closing conditions.

2016. May 27. NEW YORK (Bloomberg) — Carlyle Group LP’s Olivier Sarkozy, the head of the private-equity firm’s financial services group, has resigned, people with knowledge of the move said. Mr Sarkozy, the half-brother of former French President Nicolas Sarkozy, is a director of Bermuda's Butterfield Bank. He led Carlyle’s initial $150 million investment in Butterfield in 2010. Last year, Carlyle bought 23.4 million more Butterfield shares. Mr Sarkozy joined Washington-based Carlyle in 2008 from UBS Group AG. Carlyle raised two financial services investment funds under his leadership. The first raised $1.1 billion and the second got $1 billion. Mr Sarkozy will continue as a senior adviser to the firm, one of the people said. The people asked not to be named because the departure hasn’t been announced. A spokesman for Carlyle declined to comment. Mr Sarkozy didn’t respond to e-mail and phone messages seeking comment. Mr Sarkozy, who turned 47 yesterday, led Carlyle’s investments in Butterfield, TCW Group, BankUnited, Boston Private Financial Holdings, Central Pacific Financial Corp and Duff & Phelps, among others. His first fund, which started investing in 2008, was generating a 13 per cent annualized return after fees as of March 31, according to Carlyle’s first-quarter earnings statement. The firm hasn’t yet disclosed a return for the second fund, which started investing in 2013. In March, Carlyle added David Zwiener as an operating executive in the financial institutions group. Mr Zwiener served as interim CEO of Bermudian reinsurer PartnerRe when the company was working on a merger plan with Axis Capital Holdings, a tie-up that was eventually derailed by Italian investment firm Exor. Mr Zweiner co-led Carlyle from 2007 to 2008 before working at Wachovia Corp, Dowling Capital Partners and PartnerRe. At UBS, Mr Sarkozy was global co-head of the Zurich-based bank’s financial institutions group, working on deals including Sallie Mae Bank’s attempted $25 billion take-private transaction, the $17 billion merger of Mellon Financial Corp and Bank of New York Co, and Wachovia Corp’s $14 billion acquisition of SouthTrust Corp. He previously spent 11 years at Credit Suisse First Boston. He married fashion designer and former actress Mary-Kate Olsen last year. Carlyle, which manages $178 billion in private-equity holdings, real estate, credit assets and hedge funds, started its financial services deals team in 2007. Other recent departures from the firm include Mitch Petrick, who oversaw its credit and hedge-fund business, and Jacques Chappuis, who led its funds-of-funds unit. The two executives are senior advisers to Carlyle.

Carib Shop ((The) Since 9/16/1988
Cariba  Since 5/28/1948
Caribbean Basin Investments Since 8/11/1997
Caribbean Catastrophe Risk Insurance Facility (CCRIF) CCRIF was developed under the technical leadership of the World Bank and with a grant from the Government of Japan. It was capitalized through contributions to a Multi-Donor Trust Fund by the Government of Canada, the European Union, the World Bank, the governments of the UK and France, the Caribbean Development Bank and the governments of Ireland and Bermuda, as well as through membership fees paid by participating governments.

2019. September 27. The Caribbean Catastrophe Risk Insurance Facility has made payouts totaling $12.8 million to the Bahamas Government after the devastation caused by Hurricane Dorian. Bermuda is a backer and member of the CCRIF, the world’s first regional fund utilizing parametric insurance, giving member governments the unique opportunity to purchase earthquake, hurricane and excess rainfall catastrophe coverage with lowest-possible pricing. The Bahamas has three tropical cyclone policies and three excess rainfall policies with CCRIF — each covering a section or zone of the archipelago — North West, South East and Central. The Government received $11,527,151 from the triggering of its tropical cyclone policy and $1,297,002 from its excess rainfall policy for the North West zone — which includes Abaco Islands and Grand Bahama. Dorian made landfall on September 1 and battered the Abaco Islands and Grand Bahama, in the north of the archipelago, for two days. CCRIF’s payouts are made within 14 days of an event, but in this case CCRIF made an advance payment of 50 per cent of the preliminary estimated payout for tropical cyclone within seven days to allow the Government to begin to address its most pressing needs — with the remaining 50 per cent paid within the 14-day window for all CCRIF payouts. In response to the payout, Peter Turnquest, Deputy Prime Minster of the Bahamas said: “The Caribbean Catastrophe Risk Insurance Facility is worth it. The hurricane insurance is going to give us roughly $10.9 million [the initial payout estimate] which is more or less in line with what we expected.” Since its inception in 2007, CCRIF has made 40 payouts totaling about $152 million to 13 of its 21 member governments. Isaac Anthony, the CCRIF chief executive officer, will visit the Bahamas within the next two weeks to work with the Government in its recovery efforts, including supporting the country to increase its long-term resilience to hydro meteorological hazards such as storms and hurricanes, the frequency and impacts of which are being exacerbated by climate change. Mr Anthony and his team also will engage in further discussions with the Government to determine how the facility may provide some additional support from its technical assistance programme, which supports specific projects after a natural disaster. For example, the Bahamas was the recipient in 2012 of a TA grant of $85,000 after Hurricane Sandy for a new seawall at Sandyport Beach. Jamaica received a $100,000 grant for the rehabilitation of the Muirton Boys Home after Sandy, Dominica $100,000 for new fencing at the Douglas-Charles Airport which was damaged by the Tropical Storm Erika in 2016; and Belize $100,000 for the purchase of 30 automated weather stations. 

Caribbean Citizenship Corporation Since 4/3/1990
Caribbean Communications Since 2/8/1974
Caribbean Electrical Products Since 9/18/1996
Caribbean Enterprises Since 10/4/1974
Caribbean Feeder Services Since 12/18/2003
Caribbean Financial Network Bermuda Since 3/7/2013
Caribbean Financial (Holding) Services Group Since 2/11/1997
Carillion A major UK construction company that among other things built Sovereign Harbour, Eastbourne. Prominent also in Canada and holds various defense contracts to maintain certain UK overseas military bases. Went into involuntary liquidation in UK in January 2018.
Carillon A leading ERP software solution for mid to large-sized companies across the world. Its professional accounting software has been installed in clients of all sizes, from Fortune 100 enterprises to single-user systems. Carillon ERP is easy to use and quick to learn thanks to a consistent interface throughout the entire system. Serves clients from around the world in a variety of different industries. There are Carillon ERP software installations throughout the USA, Canada, South Pacific, Hong Kong, Bermuda, and Cayman Islands.
Caritas Royalties Fund II Bermuda) The manager of the fund changed from Argent Financial Group (Bermuda) Ltd. to Centaur Performance Group (Bermuda)
Carnival (Bermuda) Since 12/8/2003. World's biggest cruise ship operator, owns cruise lines including Carnival, Costa, Cunard, P&O. 
Carnival Group International Holdings Since 12/7/1993. 

Investment holding company, engages in design, development, and operation of integrated large-scale tourist complex projects in the PRC (People’s Republic of China). The company operates through property development and investment, catering business, trading and investment business, and other segments. It develops residential and commercial properties for sales and leasing; operates restaurants; invests in securities and financial instruments; and provides retail-related consultancy and management services, as well as operates kid’s edutainment center and touring carnival. The company offers property management services. HQ is in Hong Kong.

Carnival Trading and Supplies Since 4/5/1989
Carnoustie Finance Since 2/28/1996
Carolina Re 2018. February 26. Bermuda-based insurer James River Group Holdings Ltd has altered its corporate structure in response to US tax reform. In its fourth-quarter earnings statement, James River said the reorganization meant its internal quota share would now be ceded to a newly formed Bermudian company called Carolina Re, described as “a related counterparty”. Carolina Re will formally elect to be a US corporate tax payer. The Tax Cuts and Jobs Act, which took effect at the start of this year, slashes the corporate tax rate for US companies to 21 per cent from 35 per cent. It also introduced the base erosion anti-abuse tax, which targets internal company transactions between US companies and their non-US affiliates. This impacts Bermudian insurance groups, which cede premiums from their US subsidiary insurers back to Bermuda by way of quota share reinsurance transactions. Only affiliated reinsurance business is liable to the tax, not third-party business. Robert Myron, James River’s chief executive officer, said: “In light of recent US tax law changes, we altered our corporate structure after year end. We will remain a Bermuda-based company and expect our tax rate will remain consistent with our tax rates over the past five years.” James River stated: “Effective January 1, 2018, the Company will restructure its internal quota share to be ceded to a newly formed related counterparty, Carolina Re Ltd, which will be licensed as a Bermuda Class 3A re/insurance company. Carolina Re Ltd will make a 953(d) election to become a US corporate tax payer. The company does not expect that its third-party casualty reinsurance operations will be affected by the TCJA.” Ratings agency AM Best said the financial strength rating of A (excellent) of JRG Reinsurance Co Ltd, a subsidiary of the firm, and its US-based affiliates remain unchanged after the restructuring announcement. Best stated: “AM Best’s comment takes into consideration that these steps are in response to the introduction of the Tax Cuts and Jobs Act of 2017. The comment also takes into consideration that while JRG Re will no longer act as the internal reinsurer, it will continue to write third-party casualty reinsurance.”
Carry Wealth Holdings C/o Codan Services Ltd
Cartesian Capital Group Founded in 2006 by Mr. Peter Yu and other former members of the senior management team of AIG Capital Partners Inc. It manages more than $1.1 billion in private equity investments worldwide with offices in New York, Eastern Europe, Sao Paolo and Shanghai.
Cash Financial Services Group Conyers Dill & Pearman
CastlePoint Bermuda Holding  
Castlewood P. O. Box HM 2267, Hamilton HM JX. With a subsidiary in Surrey, England.
Castalia 2015. October 2. Government notices published under the Public Access to Information Act listed more than $1.2 million in consultancy contracts. According to one of the notices, $544,905 was paid to Castalia Ltd by the Department of Energy for “policy and legislative consultation” for recent consultancy work. Castalia’s website states that the company assisted the Government create the new National Electricity Sector Policy, which was introduced in June. “To develop the policy, the Castalia team set up a high-level electricity sector generation model, and participated in several rounds of public consultations and workshops to gather feedback on policy proposals. The Castalia team also drafted the policy, in close co-ordination with the department and the ministry. Castalia’s advisory now transitions to helping draft the new electricity sector legislation that will give legal effect to the policies articulated in the policy. Castalia will also help the ministry and the electricity regulator develop a licensing regime for generation.”
Castile Holdings 2019. July 27. The owners of the former Riddell’s Bay golf course have clashed with a group opposing their plans to rezone the site. Castile Holdings has submitted plans to break the property into 22 lots, including 18 residential lots, a nature reserve, open space reserves and a recreationally zoned area. The project aims to create a 66-acre reserve, the largest in Bermuda, but the Riddell’s Bay Members Committee argued the plan would be “detrimental to the conservation of the visual amenities of the area”. A spokesman for the group said: “While the applicant has hired and paid an ‘environmental expert’ to write a long environmental impact study on what could be done in the new ‘nature preserve’, Riddell’s already is considered one of the largest environmentally protected areas in Bermuda with significant areas of woodland reserve, coastal reserve, nature reserve and recreation zoning. Those of us who have signed this petition recognize that the natural habitat in Riddell’s Bay is not found in other areas of Bermuda. We also recognize that changing 20.87 acres of this property to residential two zoning will permanently damage the sensitive ecosystem.” The spokesman said the property was purchased for commercial reasons, after the developer outbid buyers who wanted to maintain the golf course and recreational zoning. He said: “Since the applicant could make a substantial profit from the zoning change, this will set a dangerous precedent for other golf courses and athletic clubs.” The spokesman added that the western residential lots were in an environmentally sensitive area and the applicants would have no say in what is built on the properties and planning studies have shown additional residential land is not needed. He said: “As such the applicant’s master plan environmental impact study cannot assess what impact this overall proposal will have on the environment.” The group also said a petition against the plan had garnered more than 1,800 signatures. A Castile Holdings spokesman responded that the petition was sent out before details of the plan were released, and had signatories, including Fidel Castro and Joseph Stalin. The Castile Holdings spokesman said: “This petition doesn’t stop you from signing as many times you want and with whatever names you want.” Castile Holdings said the plan had received the support of independent environmental bodies. A spokesman said: “The conservation and redevelopment project is being undertaken in consultation with Bermuda’s leading environmentalists and highly-respected landscape architects, all highly accomplished Bermudians in their fields. The majority of independent organisations in Bermuda tasked with protecting the environment have been briefed in detail on the project and have publicly voiced their support for this redevelopment.” The spokesman continued: “Not a single environmental protection group has voiced opposition to the project. We urge any members of the public, who would like to obtain an independent view of our plans to contact any of the environmental protection groups who are familiar with the situation and who actively protect our shared environment.” The spokesman added that the Riddell’s Bay Members Committee had made an unsuccessful bid to purchase the property. He said: “We understand and accept that there will always be opposition to change. We also understand that you cannot please 100 per cent of the people 100 per cent of the time. We are fully transparent in our efforts and welcome feedback and discussion around our plans. Most importantly, we believe in our vision for Riddell’s Bay and are fully committed to making it a reality.” Riddell’s Bay, Bermuda’s oldest course, closed in 2016 after nearly a century because the club could not meet its operational costs. The subdivision application can be seen at the Department of Planning offices in the Dame Lois Browne-Evans Building.
Catalina General Insurance Wholly owned subsidiary of Catalina  Holdings, below
Catalina Holdings (Bermuda)

2017. October 17. Private-equity firm Apollo Global Management is to increase its interests in the Bermuda insurance market by buying a majority stake in run-off specialist Catalina Holdings (Bermuda) Ltd. Apollo made an initial investment in Catalina in December 2013 and, as a result of the deal announced today, the New York-based firm and affiliated investors will have a controlling interest in the business. Apollo is also a major shareholder of island-based Athene Holdings Ltd, a life reinsurer that went public with an initial public offering last December. Catalina has doubled in size over the past three years, since Apollo became involved with the company. The group has completed 23 deals, acquiring $4.7 billion of non-life insurance and reinsurance liabilities and, as at June 30 of this year, had total assets of $3.6 billion and shareholders’ equity of $700 million. Catalina’s headquarters are in Cumberland House, on Victoria Street, Hamilton and the firm also has offices in the US, Ireland and Switzerland. The company specializes in buying up companies or insurance portfolios that have ceased writing new business and managing their exiting assets and continuing liabilities. In a statement released today, Catalina said the existing management team, led by founders Chris Fagan and Dean Dwonczyk, will continue to run the business and maintain a significant shareholding. Mr Fagan, Catalina’s chairman and chief executive, said: “We’re delighted that Apollo, and the long-term institutional shareholders supporting it, are increasing their shareholding in Catalina. They are doing so at a time of significant change in the non-life insurance legacy sector which is developing faster now than at any point over the last 15 years. Catalina is one of the leading consolidators in the non-life run-off sector and together with our new shareholders, we believe the company is ideally positioned to continue our strong growth and development. I would like to thank our exiting investors Caisse de depot et placement du Quebec and Ontario Teachers’ Pension Plan for their consistent support over the last ten years and the role they have played in helping us to build Catalina.” Gernot Lohr, Senior Partner at Apollo Global Management added: “We fully support the outstanding management team at Catalina and are excited about the opportunity to deepen our relationship with the business. Whilst already significant, the market for non-life legacy acquisitions continues to grow, and we believe Catalina is well positioned to capitalize on these opportunities due to its deep industry expertise as evidenced by its successful track record. We look forward to working with Catalina during the next phase of its growth and development.” Catalina was advised by Barclays, JP Morgan and Allen & Overy. Apollo was advised by Sidley Austin.

2016. October 14. Catalina Holdings (Bermuda) Ltd, an acquirer of businesses in run-off, made after-tax net income of $57.2 million last year — an increase of 32 per cent from the previous year. The fast-growing company, which was launched on the island in 2005 by Chris Fagan, chairman and chief executive officer, and Dean Dwonczyk, his business partner, when they bought out Overseas Partners Re with the help of private-equity and bank funding, has made 20 acquisitions. Catalina is privately held, owned by its management, Caisse de Dépôt et Placement du Québec and funds managed by Apollo Global Management, and has publicly announced its financial results for the first time. Earlier this week, Catalina announced it had completed its acquisition of AGF Insurance Ltd, a UK-based subsidiary of Allianz, continuing a pattern of steady accumulation. The company sees many more opportunities ahead and has the means to pursue them. Mr Fagan said Catalina’s institutional investors had committed $300 million of additional equity capital to help fund future acquisitions. He added that Catalina employs 140 people in nine offices around the world and that he expects headcount to rise to 200 by the end of this year. “Catalina’s business model is to acquire non-life insurance and reinsurance companies and portfolios in run-off,” Mr Fagan explained. “Over the past 11 years we have bought publicly listed companies, private companies from financial sponsors and subsidiaries from large insurance corporates and banks who are restructuring. We do not write new premiums other than where the commitment was made prior to our acquisition. In some cases we may acquire a company which is writing live business but where more value exists for that business as a run-off with renewal rights being sold to another live writer, although this is uncommon.” Catalina Holdings’s first acquisition came in 2008, Quanta Capital Holdings Ltd, a Bermuda company listed on the Nasdaq Stock Exchange. In July this year, the company agreed to acquire Hartford Financial Products International Ltd from US insurance giant The Hartford. “At the time of writing we have made 20 acquisitions with total shareholders’ equity of acquired companies of $1.9 billion, total gross reserves, including from transferred portfolios, of $4.3 billion, and total assets of $6.3 billion,” Mr Fagan said. “Our flexible business model allows us to acquire all types of non-life insurance and reinsurance companies and portfolios. We have acquired and successfully run-off short tail catastrophe reinsurance writers, such as Glacier Reinsurance AG in Switzerland, as well as long tail casualty companies, such as KX Reinsurance Company Ltd in the UK, and portfolios. We are also active acquirers of direct insurance companies and portfolios.” Professional-services firms have estimated the global run-off market as having about $400 billion in liabilities, representing significant growth opportunities for companies like Catalina and Bermudian competitor Enstar Group. “This is not a static figure and it is growing as live insurance and reinsurance companies reassess their business models, place in the distribution chain and use of capital,” Mr Fagan said. “As well as the old legacy liabilities, this results in increasing opportunities for an innovative company like Catalina to grow its business in liability classes it understands and is experienced in, whilst providing a valued service to sellers. We continue to see opportunities in Bermuda, the US, across Europe and increasingly in the Far East and some less well-developed markets. We are also seeing a trend towards larger transactions with an increasing number of sellers being multinational insurers with substantial balance sheets. Catalina’s ability to transfer substantial portfolios in excess of $1 billion has opened up a broader range of opportunities. As well as acquisitions and portfolio transfers of legacy liabilities, we are also starting to find that some large potential sellers are interested in partnering with Catalina to benefit from our focused experience and track record in the run-off sector.” Mr Fagan added that Catalina’s mergers and acquisitions, actuarial, claims and diligence teams “remain as busy as they have ever been reviewing new opportunities”.

2015. December 18. Completed its acquisition of a Swiss reinsurance company. The deal was completed after approval by Swiss regulators for the takeover. Catalina has bought Allianz Suisse Ruckversicherungs-Gesellschaft AG — Allianz Suisse Re — from Allianz SE. Allianz Suisse Re will be renamed Catalina Reinsurance (Switzerland) Ltd. This is Catalina’s fourth transaction in Switzerland and 18th since the business was established in 2005.In February 2015 completed a deal to acquire a $77 million portfolio of residential construction liabilities from NationsBuilders Insurance Company. The run-off specialist announced it had received regulatory approvals from the Bermuda Monetary Authority and the District of Columbia Department of Insurance, Securities and Banking, allowing the deal first announced last June to go through. The portfolio was transferred via a novation to Catalina General Insurance Ltd.

Catalina Reinsurance (Switzerland) Ltd. See above
Catco Investment Management  Second floor, SE Pearman Building, Par-la-Ville Road, Hamilton. See below
Catco Reinsurance Opportunities Fund Second floor, SE Pearman Building, Par-la-Ville Road, Hamilton. A part of Catco above. In early January 2015 shareholders benefited from a handsome return thanks to a lack of reinsurance claims. The fund announced it will pay a 5.9 cent dividend and additionally proposed a return of value of 11.5 cents, amounting to a return of around 15 per cent. Shares of the fund, which trades on the London Stock Exchange as well as the Bermuda Stock Exchange, closed on January 7, 2015 at $1.163. The fund invests most of its assets in the Catco Diversified Fund, which invests in fully collateralized catastrophe reinsurance contracts written by the Bermuda reinsurer, Catco Re Ltd. Shareholders can opt to receive their return of value as either income or capital, in the form of B shares. The fund said its target returns are Labor (the London Interbank Overnight Rate) plus 12 to 15 per cent. The one-year Libor rate was yesterday at 0.63 per cent, according to the Bankrate.com website. The fund's net asset value has reached about $360 million, according to its website. Despite reports of plunging catastrophe reinsurance rates at the key January 1 renewals, Catco appears satisfied with the contracts it has managed to write. "As at January 1, 2015, the Master Fund has deployed collateralized retrocession reinsurance capacity at rates in excess of the company's target returns," Catco's statement reads. At the launch of the Company, the Board of Directors indicated the intention to pay an annual dividend in respect of any Fiscal Year of an amount equal to LIBOR plus 5 per cent of the Net Asset Value as at the end of the relevant Fiscal Year. The Board of Directors declared an annual dividend of $0.05929 in respect of the Ordinary Shares for the year to 31 December 2014. The record date for this dividend was 16 January 2015 and therefore the Ordinary Shares went ex-dividend on 15 January 2015. This final dividend was paid to shareholders on 30 January 2015.

2018. Bermuda-based Nephila Capital, the world’s largest manager of insurance-linked securities, has agreed to be bought out by US insurer Markel Corporation. Nephila has about $12.2 billion of assets under management and Markel indicated today that the firm would continue to be run as a separate entity after the acquisition goes through. Markel, an insurer, reinsurer and investment company, already has a presence on the island. The US firm acquired Bermuda-based reinsurer Alterra in 2013 and CatCo Investment Management, a Bermuda-based collateralized reinsurance specialist, in 2015. The terms of the Nephila deal, which is expected to close during the fourth quarter of this year, were not disclosed. Nephila was founded in 1997 in London as part of reinsurance broker Willis Ltd and relocated to Bermuda in 1999 to build relationships in Bermuda’s world-leading catastrophe reinsurance industry. Over the past 20 years, the firm has grown in size and reputation, flourishing at the forefront of the ILS revolution. It has offices on the third floor of Victoria Place, as well as in London, San Francisco and Nashville, Tennessee. Founders Frank Majors and Greg Hagood are the firm’s co-chief executive officers. The deal will make Markel a world leader in the ILS fund management sector, with the combined assets under management of Nephila and Markel CatCo standing at about $19 billion, or about 20 per cent of the ILS sector, according to Markel. Richie Whitt, Markel’s co-CEO, said: “We are excited to welcome Nephila to the Markel team. Frank Majors and Greg Hagood have built the industry’s pre-eminent and longest-tenured insurance-linked securities manager. With a proven 20-year track record of success, they bring with them an incredibly experienced and talented management team and a culture of creativity, innovation and excellence that exemplifies the Markel style. The addition of Nephila to Markel’s insurance, reinsurance, insurtech, fronting, and existing insurance-linked securities capabilities will enhance and strengthen the breadth and depth of Markel’s offerings to policyholders, producers and investors.” Nephila will be run as a separate unit by its existing management team at its existing office locations. Mr Majors said: “We are delighted to be joining Markel, a company with a similar culture, strategic outlook and long-term focus. They have built a great company with a sterling reputation for both outstanding performance and a collaborative business approach, and have a proven track record of successful acquisitions. Markel shares our strategic vision for the future of the insurance markets; this transaction will allow us to accelerate our delivery of that strategy, creating additional value for our investors and our trading partners.” Mr Hagood added: “As the industry continues to evolve, we believe the resources and expertise from both platforms will provide meaningful benefits to our investor base, as it combines the investment independence of a 20-year, stand-alone insurance-linked securities manager with the additional resources of a well-respected and strongly rated insurer.”

2015. February 18. This company earned a net return of 14 per cent for its shareholders in 2014. That performance was lower than the 21.9 per cent achieved in 2013, a drop which the fund said partly reflects increasing capacity entering the retrocessional market. However, given the market conditions and the downward pressure on pricing due to a lack of natural catastrophe losses, Catco said in a statement that it had delivered a “strong performance” to achieve the 14.08 per cent return for shareholders. The fund is listed on the Bermuda and London stock exchanges and has total net assets of more than $350 million. It invests in reinsurance-related products. Catco makes investments linked to catastrophe reinsurance risks, primarily through collateralized reinsurance contracts. It also operates Catco Re, a Bermuda reinsurance company. In the fund’s annual report it stated: “This result was comfortably within the company’s stated target annual gross return of LIBOR plus 12 to 15 per cent per annum, outperforming other ILS indices in what is an increasingly challenging retrocessional market. Including the annual dividend it resulted in a share price total return of 9.2 per cent.” Catco said disciplined underwriting, innovative product design and prudent capital management, had all helped it to navigate the tighter ILS market caused by an influx of capacity and absence of catastrophe losses. It said in its statement: “If 2013 was the year of convergence then 2014 was the year when the non-traditional reinsurance and ILS market firmly established itself as an alternative to traditional reinsurance. There was record catastrophe bond issuance of in excess of $8 billion for the year, according to Aon Benfield Securities, with collateralized reinsurance capacity approaching the $40 billion mark. These alternatives are offering reinsurance buyers more choice and greater diversification of counterparties. What is now firmly a buyer’s market was evident at the midyear and 1 January renewals, with cedants locking in rates and favorable terms with multi-year structures, as well as buying more protection at the top end of their programmes. In the absence of major losses, these trends will continue into 2015. The most recent renewals at 1 January saw a further depression of reinsurance pricing. US and European property rates declined some 10 per cent to 15 per cent on loss free accounts, according to Willis Re. With differing risk and return profiles to their traditional counterparts, ILS funds are well-placed to compete in this environment. Should this year bring a sizeable loss or series of losses the ILS space could seize the opportunity to further grow its influence in the global catastrophe market.” The company has determined a “Return of Value” to shareholders of $35 million, down from the $74 million figure of January 2014. Unlike last year, shareholders have not been offered the opportunity to remain invested for their share of the Return of Value. The annual dividend on ordinary shares was $0.05, which is separate and in addition to the Return of Value.

Catco Re See above.
Caterpillar Asia Pacific LP Since 12/13/2002. Owned by Caterpillar Overseas Credit Corporation SA, Geneva. Caterpillar is a  giant machinery manufacturer, has 15 subsidiaries in Bermuda
Caterpillar (Bermuda) 6/1/2000
Caterpillar (Bermuda) Funding Company 8/30/2001
Caterpillar (Bermuda) Funding Parent Company 8/30/2001
Caterpillar (Bermuda) Holding Company 8/30/2001
Caterpillar (Bermuda) Investments Funding Company 12/29/2006
Caterpillar (Bermuda) Investments Parent Company 1/15/2003
Caterpillar Financial Insurance Services Since 1992. One of the companies recognized in June 2018 for having a captive in Bermuda for more than 25 years. The company is a subsidiary of Caterpillar Inc. Caterpillar is the world’s leading manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. 
Caterpillar Insurance Co. 12/30/1983
Caterpillar International 10/31/2005
Caterpillar Investments 8/12/1997
Caterpillar Holding 10/31/2005. 
Caterpillar New Zealand Funding Company Cont. 4/15/2005
Caterpillar NZ Funding Parent 10/14/1998
Caterpillar Power Ventures International 8/4/1997
Caterpillar UK Acquisition Partners LP 20/29/2006
Catex International Since 6/30/1998
Cathay Insurance (Bermuda) Since 11/10/1999
Cathay International Energy Investments Since 11/13/1991
Cathay International Energy Since 6/15/1993
Cathay International Enterprises Since 5/29/2000
Cathay International Holdings Since 1/19/2001
Cathay International Ltd Since 10/20/1999
Cathay International Water Since 11/13/1991
Cathay International Overseas Finance Since 11/13/1991
Cathay International Overseas Holdings Since 11/13/1991
Cathay (Overseas) Trading Since 11/13/1991
Cathay Overseas Co. Since 5/17/1991
Cathay Overseas Holding Co. Since 5/17/1991
Cathay Pacific Finance Since 8/29/1986
Cathay Tanker Corp Since 1/15/2013
Cathedral Capital Since 5/27/2002
Cathedral Insurance Company Since 12/7/1978
Cathedral Underwriting Part of the Lancashire Holdings group.
Catherine Holdings Since 1/6/1968
Catlin Euro Holdings Since 11/15/2008
Catlin Group Since 6/25/1999
Catlin ILS Fund Since 11/27/2013
Catlin Insurance Company Since 12/18/2000
Catlin Managers Since 6/6/2013
Catlin Property Treaty Fund Since 11/27/2013
Catlin Re Switzerland Since 12/9/2010
Catlin Sterling Holdings Since 11/25/2008
Catlin US$ Holdings Since 2/22/2013
Catlin (CHUKL) Holdings Since 5/7/2007
Catlin (WUPLC) Holdings Since 5/7/2007
CBS-CSI Distribution (Bermuda) Since 10/26/2007
CBS Broadcast Kingworld (Bermuda) Since 10/30/2006
CBS Finance (Bermuda) Since 7/5/2007
CBS Firewalker II Since 7/26/2011
CBS Holdings (Bermuda) 1 Since 10/23/2006
CBS Holdings (Bermuda) 2 Since 1/5/2007
CBS Leasing GP Since 11/27/2007
CBS Leasing (Bermuda) Since 11/6/2007
CBS Showtime (Bermuda) Since 7/20/2007
CBS Studios (Bermuda) Since 10/30/2006
CBS Worldvision (Bermuda) Since 10/30/2006
CBS Worldwide Since 12/22/2006
Celtic Pharma In May 2007 it received approval in the US to conduct a large, randomized study to track the effectiveness of a vaccine being developed to help smokers break their addiction to nicotine and was given clearance for a Investigational New Drug application (IND) for its vaccine TA-NIC.
Centaur Performance Group (Bermuda)  
Central European Media Enterprises Owns and operates national and regional private commercial TV stations in Europe and elsewhere. Owned by US cosmetics empire heir Ronald Lauder. 
CEC International Holdings  
CCRIF SPC 2016. April 18.  The European Commission and the World Bank have signed a $15.8 million agreement to fund a Caribbean catastrophe insurance fund. The two organisations said the agreement will help Central American countries and the Dominican Republic gain access to catastrophe risk insurance. The CCRIF SPC, formerly the Caribbean Catastrophe Risk Insurance Facility, is a multi-country programme with 17 members, including Bermuda. The coverage includes hurricanes, earthquakes and excess rainfall and the new agreement will be run by the Multi-Donor Trust Fund. Neven Mimica, the EU Commissioner for International Cooperation and Development, said: “The European Union’s contribution to this multi-donor trust fund for Central American countries and the Dominican Republic is a reflection of our shared concern for the need to support partner countries towards building resilience to disasters and climate change, a concern that has led to an increase in funding for climate change in the EU’s development priorities. The urgency of the situation calls for action now, which is why we are particularly pleased to be able to make this announcement.” Jorge Familiar, World Bank vice-president, added: “For small economies, tackling climate change and disaster risks effectively requires efforts at the regional level since effective solutions call for risk pooling. This is critical for Caribbean and Central American countries that are increasingly vulnerable to the effects of climate change. The facility is a good example of a regional public good where member countries will be able to benefit from insurance coverage at a more affordable rate.”
CCS Group 2015. November 30. Bermuda-based CCS Group has opened an office in Portugal as it looks to offer information and communication technology solutions and support services in Europe. The relatively low cost of setting up in Portugal, together with its “highly educated talent pool”, who have a strong command of the English language, are among the reasons CCS chose to set up a hub in Lisbon. As part of the international expansion, the company has rebranded with a new logo and website. It is intended that the European office will eventually be on a par with the Bermuda office, in terms of skills. However, the new office will initially focus on service provider infrastructure, enterprise networking and cloud technologies portfolios.“ Portugal has a relatively low cost of doing business with a highly educated talent pool most of whom have an exceptional command of the English language,” said Peter Aldrich, general manager of CCS Group. “This makes Lisbon an ideal hub for our operations in Europe. We are particularly proud of the experienced engineers who we have been able to recruit and their skills are already bearing fruit in some significant projects in Bermuda and overseas.” The company said the new office would “augment CCS’s core team of consultants so that CCS can offer multi regional solutions and support services to its customers in Bermuda and the Caribbean that have operations in Europe.” The Lisbon office will be headed by Portuguese national Pedro Morais, a consultant with extensive skills in networking and service provider infrastructure. He will be supported by David Franjoso, a senior solutions architect with more than 17 years of industry experience and Paulo Almeida, a senior architect with more than ten years of experience as a systems engineer for a systems integrator in Portugal. Commenting on the new office, Kory Logan, group director of sales and marketing, said: “CCS has been evangelizing innovative and disruptive technologies for years. These solutions have delivered a lot a value to our local customers. Many of the technologies CCS has had success with are not well represented in Europe. “CCS and its strategic technology partners are very excited to be moving into new markets and we have already begun to gain significant traction in some key verticals in Europe. “Additionally, we are happy that we can now offer seamless services and around the clock support across both regions to our Bermuda customers with a branch office in Europe.”
CCT Technology Holdings  Owned by Standard Chartered Bank of Hong Kong.
CDG Holdings For Carpe Diem Group. Formed in February 2006 by a team of City of London bankers and hedge fund executives, as a Bermuda-registered bank to lend to hedge funds.
Cedent 2017. November 1. Insurance investment firm Cedent Ltd teamed up with Nephila Capital to create a new Bermuda-based firm to advise corporations and countries on managing climate risk. Resilience Economics Ltd will be backed by $500 million from Nephila, which is also based in Bermuda and is the world’s largest insurance-linked securities manager. Resilience says it will use advanced data science to develop and structure climate risk capital solutions for global institutions and governments. Michael Coles, the insurtech expert and chief executive officer of Cedent, said Resilience was not a risk-bearing entity, but that it would work with companies to help them understand the impact climate risk has on their financials. “More than 1,000 CEOs and CFOs of public companies disclosed that adverse weather directly drove poor financial results on earnings calls with stakeholders so far this year,” Mr Coles said. “A few decades ago, businesses did not transfer the risk of fluctuations in currencies, interest rates, or commodity prices but eventually stakeholders deemed risk retention unacceptable once risk transfer markets developed. Climate risk retention may soon be deemed unacceptable and if so, climate capital solutions will be the new imperative.” The National Centre of Atmospheric Research estimates that the US economy can vary up or down by as much as $240 billion each year, as a result of day-to-day (non-catastrophic) weather fluctuations. However, Resilience Economics claims that total risk transferred to the insurance sector amounts to just $3 billion, underlining the potential for growth in this sub-sector of the risk transfer industry. Barney Schauble, managing partner at Resilience’s strategic partner Nephila, said: “We believe good advice around quantification and transfer of weather and climate risk is the critical key to unlocking the market potential and we are eager to support Resilience Economics and its clients in developing protection that responds to their specific exposures.” Resilience has named Lynda Clemmons, a senior executive at NRA Energy, to its advisory board. Alternative risk transfer expert Steve Evans’ website Artemis.bm said Resilience was targeting an area of risk that was underserved by traditional insurers and reinsurers. The website added that “the use of technology alongside ILS-backed capacity and capital market techniques will mean its solutions can be delivered efficiently and effectively. “This also means the opportunity is significant for Nephila Capital to put more of its risk capital to work in emerging areas, solving problems at the front end of the value-chain for corporates, institutions and sovereign entities, while adding another unique angle to its investor offering. Resilience Economics will look to take the climate risk discussion to the CFO level, where organisations and institutions will be receptive to solutions that can help to remove volatility caused by the weather out of their businesses.”
Celeritas 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.”
Centaur Fund Services (Bermuda) Registration no. 50967, licensed by the Bermuda Monetary Authority under the Investment Funds Act 2006. Registered Office: Ideation House, 94 Pitts Bay Road, 1st Floor, Pembroke HM 08, Bermuda. 

Part of the Centaur group that includes Centaur FS Limited, registered in the United Kingdom, registration no. 9106859. Registered Office: 69-85 Tabernacle Street, London, EC2A 4RR. Centaur Fund Services Limited is registered in Ireland, registration no. 466593 and is authorized and regulated by The Central Bank of Ireland (C54849) under the Investment Intermediaries Act 1995. Registered Office: 2 Custom House Plaza, Harbourmaster Place, FSC, Dublin, D01 V9V4, Ireland. Centaur Financial Limited is registered in Ireland, registration no. 534264. Registered Office: 2 Custom House Plaza, Harbourmaster Place, FSC, Dublin, D01 V9V4, Ireland. Centaur Fund Services (Cayman) Limited is registered in the Cayman Islands, registration no. 312745 and is licensed by the Cayman Islands Monetary Authority under The Companies Management Law (2003 Revision). Registered Office: 1st Floor, Landmark Square, 64 Earth Close, P.O. Box 7145, Grand Cayman KY1-1107, Cayman Islands. Centaur Fund Services US, Inc. is registered in Delaware, in the United States of America, registration no 5675147. Registered Office: 251 Little Falls Drive, Wilmington, Delaware, 19808, United States of America. Centaur Fund Services (Canada) Limited is registered in Canada, registration no. 1071619-7. Registered Office: 145 King Street West, Suite 2200, Toronto ON, M5H 4G2, Canada. Centaur Fund Services (Luxembourg) A.S. is registered in the Grand-Duchy of Luxembourg, registration no. B.147823 and is licensed by the Commission de Surveillance du Sector Financier as a Professional of the Financial Sector. Registered Office: 25A Boulevard Royal, L-2449 Luxembourg. 

2017. October 13.  Centaur Fund Services (Bermuda) Ltd has appointed IC Condat as its head of insurance-linked securities. Speaking about his appointment with the independent fund administrator, Mr Condat said: “The ever growing interest and appetite in the ILS asset class provides us with great business opportunities as clients really value Centaur’s professional and client first approach. “I am excited to be part of a great team, and I am focused on building and growing Centaur’s ILS service offering.” Mr Condat has previously held senior positions at SS&C Fund Services (Bermuda) Ltd and PwC Bermuda. He will be based at Centaur’s office in Bermuda. Marc Weaver, chief operating officer, Centaur Fund Services (Bermuda) Limited, said: “Centaur services a strong group of hedge funds, private equity and family office clients based in the US, Europe and Asia and we see tremendous opportunities for further growth, including growth in the ILS sector. We launched our Bermuda office in 2016 and it has quickly become an important servicing center for us.”

2016. July 14. Centaur Fund Services has opened an office in Bermuda, after being impressed by the island’s welcoming attitude and professional approach to attracting new business. Centaur is headquartered in Dublin, with offices in London and New York. The fund administrator provides services to client groups who manage in excess of $40 billion. Setting up in Bermuda was a logical choice for the company for a number of reasons, according to Eric Bertrand, one of the three founding partners. He worked on the island during the 1990s and 2000s, with Hemisphere Management, which was acquired by Bisys Group and which in turn was snapped up by Citi. Mr Bertrand and his business partners, who were based in Ireland, decided to branch out on their own. Battered by the global economic downturn, Ireland in 2009 was a relatively low-cost jurisdiction in which to start up a business, and it was also a country where Mr Bertrand and the other co-founders of Centaur had existing clients. “The jurisdiction was going through difficulties, so we were able to start off with low costs, which was important,” said Mr Bertrand. Centaur has since grown from a handful of staff to now employing 70 in Dublin, and with offices in London and New York. “We started selling in the US from day one, but we’ve become more aggressive in the last few years. We felt it was time to set-up operations in a similar time zone to New York as more clients and potential clients pushed us in that direction. When it came to deciding on a jurisdiction we had a look, but it was no contest as far as choosing Bermuda,” said Mr Bertrand. Not only had he previously worked in Bermuda, so had his business partners. We love Bermuda as a place to live and work. We have a history here and a lot of former contacts that we can go to.” The final decision to choose Bermuda as the location for a new office was cemented by the way Centaur was treated by the Bermuda Business Development Agency. As part of its mission, the BDA endeavors to attract new business to the island and provide a seamless and smooth experience as they go through the process of establishing a presence on the island, and conforming to the necessary rules, and regulations. Mr Bertrand praised the way the BDA achieved that, recalling that Sean Moran, BDA business development manager, met with him initially last November. “We were incredibly impressed by how welcoming everyone was, and that made us feel even more certain that we had made the right choice.” In the space of just eight months Centaur had been able to formally open an office in Bermuda at Ideation House on Pitts Bay Road. “The BDA cleared a path to help us start the licensing process, to understand the hiring process in Bermuda and to meet with government ministries and agencies as we put our plan together. They have been very good and have constantly followed up with us.” Mr Moran, of the BDA, said: “We’re very excited to see a new fund administrator company set up in Bermuda, and very happy to have assisted in making that happen.” He said the BDA’s concierge service and a collaborative approach with other organisations, including the Bermuda Monetary Authority and the Ministry of Economic Development, had played an important part in Centaur’s decision to come to Bermuda. “Everyone was co-operative and collaborative, and Centaur felt well treated and welcome.” Centaur is now looking to build a local team. Marc Weaver, who has previously worked with Mr Bertrand, is chief operating officer. Mr Bertrand said: “We will be adding to our team in Bermuda, and our global team,” said Mr Bertrand, although at this stage he could not say how many people may be hired in Bermuda. However, the company was working on converting new clients and is also interested in the strong ILS sector in Bermuda. Mr Bertrand is confident Centaur will also be a good addition for Bermuda. He said the company brings a level of quality service delivery that has proven successful elsewhere. Centaur has won a string of awards from The Hedge Fund Journal and at the HFM European Hedge Fund Services Awards. “We can be more flexible and provide that higher level of service. We have converted most of the business we service from other administrators and we continue to grow successfully by adding reputable clients and talented professionals,” said Mr Bertrand. “Bermuda is not only a jurisdiction for service providers, it has become a market in its own right with more asset managers in ILS and private equity.”

Cenutoriae Re 2015.
Cerulean Re SAC 2019. June 21. Hamilton Re has sponsored its first catastrophe bond to provide $60 million of collateralised reinsurance coverage. The issuance of the series 2019-1 principal at-risk variable rate notes issued by Cerulean Re SAC Ltd, acting in respect of the segregated account designated as “Easton 2019-1”, was conducted by the Hamilton Capital Partners business unit. The cat bond will provide reinsurance capacity against certain losses from US named storms and US earthquakes, across two classes of notes, on an industry loss trigger and per-occurrence basis. Kathleen Reardon, chief executive officer of Hamilton Re, said: “This cat bond will provide additional, diverse reinsurance protection for our portfolio, alongside our traditional reinsurance coverages, and serve to further enhance our positioning within the capital markets. Successfully navigating this solution among broader market uncertainties is evidence of Hamilton Re’s progress in this space and further strengthens our ability to serve our clients.” Cerulean is a licensed as a special purpose insurer and registered as a segregated accounts company. GC Securities acted as arranger, sole structuring agent and placement agent. Mayer Brown LLP acted as legal counsel.
Cha Chi Ming c/o Conyers Dill & Pearman. Established in Bermuda personally, with several other companies, by Dr. Cha Chi-Ming (1914 – 28 March 2007), GBM, JP, a Hong Kong industrialist, entrepreneur and philanthropist. He was the Chairman of CDW International Limited, Mingly Corporation Limited, and Hong Kong Resort International Limited and when Hong Kong reverted to China from Britain, a member of the Hong Kong Special Administrative Region Preparatory Committee, a member of the Hong Kong Basic Law Drafting Committee, and a Hong Kong Affairs Adviser.
Chevron Huge list shown below of Chevron Bermuda-incorporated companies. Chevron, with about 300, is easily the best individual corporate client of Bermuda.

Chevron House, Bermuda

Chevron House, Bermuda

Chevron Corporation (NYSE: CVX Euronext: CHTEX) is an American multinational energy corporation. Headquartered in San Ramon, California, and active in more than 180 countries, it is engaged in every aspect of the oil, gas, and geothermal energy industries, including exploration and production; refining, marketing and transport; chemicals manufacturing and sales; and power generation. One of the world's six "supermajor" oil companies; as of 2013 ranked eleventh in the Fortune Global 500 list of the world's largest companies. P. O. Box HM 2082, Hamilton HM HX. Responsible for the corporate secretarial requirements of all Bermuda-based companies. In 2013 Chevron is known to have about 400 Bermuda subsidiaries.

2015. July 16. Australia's newspaper the Sydney Morning Herald ran a major article on how financial documents in Australia and the North Atlantic have revealed deep links between Chevron, the operator of Australia's biggest resources project, and the tax haven of Bermuda. Direct connections between the multinational oil and gas company's Australian business and Bermuda emerged as Chevron and seven other companies face questions from the federal parliamentary inquiry into corporate tax avoidance. The  Australian Senate economics references committee has asked them to reveal their links to secrecy jurisdictions and detail international transfers between subsidiaries over the past five years, as revealed by Fairfax Media on Thursday. US-based Chevron along with Shell and ExxonMobil are months away from beginning production at the giant Gorgon liquefied natural gas project off the West Australian coast. The project will make Australia the world's biggest exporter of gas and provide a $40 billion royalties windfall for the government over three decades.  The companies have been criticized for their use of tax havens. Financial accounts show ExxonMobil and Chevron hold a combined $US87 billion in so-called "unrepatriated profits" in accounts in low-tax and no-tax jurisdictions. A review of Chevron's Australian business has found its largest LNG tanker which has transported Australian gas to Asia since 2006 is owned by Chevron Transport Corporation Ltd, a company that is entirely incorporated in Bermuda, meaning its profits are accounted for in the Caribbean tax haven. The 96,000-tonne Northwest Swan, which is registered in Bermuda and flies the flag of that tiny nation, is currently in the Timor Sea, having left Withnell Bay in the Pilbara carrying LNG to Japan. Chevron Transport Corporation is the parent company of Chevron Australia China LNG Transport Pty Ltd, a company registered in Australia. Its first director is Roy Krzywosinski​, managing director of Chevron in Australia. Mr Krzywosinski is also a director of Chevron Australia Transport, Australian Securities & Investment Commission documents show. Two of his fellow seven directors of that company are residents of Bermuda. Debra Flood of Warwick in Bermuda is also the company secretary. A company registered in Bermuda shares the identical name of Chevron Australia Transport. Chevron did not respond to detailed questions about its links to Bermuda.  Chevron's March 2014 quarterly accounts confirm Chevron Transport Corporation is part of its shipping operations. "CTC, incorporated in Bermuda, is an indirect, wholly owned subsidiary of Chevron Corporation. CTC is the principal operator of Chevron's international tanker fleet and is engaged in the marine transportation of crude oil and refined petroleum products. Most of CTC's shipping revenue is derived from providing transportation services to other Chevron companies," the company said. A search of a Bermuda database reveals 297 individual companies that include the name Chevron. The International Transport Workers Federation, which represents workers on the offshore LNG projects of WA, has been trying to unravel Chevron's corporate structure. Senior researcher Jason Ward said of the Australian operation's Bermuda links: "I can't see any other reason that this company [Chevron Transport Corporation] would be registered in Bermuda other than to minimise tax obligations in Australia and other countries. Paddy Crumlin, president of the ITF said the links should be investigated by the Senate committee. "A light needs to be shone into the corporate structure of these huge global companies so that Australians can be confident the public is getting a fair tax take from those making massive profits out of the nation's resources." The Australian Tax Office has been battling Chevron in court over $322 million in unpaid taxes between 2004 and 2008 – a time when Chevron had a near $5 billion stake in Caltex. 

Chevron Abu Dabi Since 3/25/2002
Chevron Africa Holdings Since 4/16/2004
Chevron Americas IV Since 6/8/1998
Chevron Americas V Since 1/8/2002
Chevron Angola Since 12/6/2005
Chevron Angola (2006) Since 12/5/2006
Chevron Argentina Since 3/23/1989
Chevron Asia Pacific Holdings Since 9/19/2006
Chevron Asia Since 12/20/2010
Chevron Atlantic Traders Since 4/23/2004
Chevron Australia Transport Pty Since 8/5/1994
Chevron Azerbaijan Since 12/23/1997
Chevron A. D. Holdings Since 3/25/2002
Chevron Bahamas Holdings Since 4/23/2004
Chevron Bahrain Since 2/24/1998
Chevron Bang Pakong Power Holding Since 5/23/1997
Chevron Bangladesh Block Seven Since 2/10/1998
Chevron Bangladesh Block Twelve Since 12/23/1993
Chevron Bangladesh Since 4/8/1993
Chevron Barreirinhas Exploration Since 10/28/1983
Chevron (Bermuda) Deepwater 3 Since 12/19/2000
Chevron (Bermuda) Deepwater 4 Since 12/19/2000
Chevron (Bermuda) Deepwater 6 Since 2/11/2005
Chevron (Bermuda) Deepwater 7 Since 2/11/2005
Chevron (Bermuda) Deepwater 8 Since 7/26/2005
Chevron (Bermuda) Deepwater 9 Since 4/8/2008
Chevron (Bermuda) Finance Since 9/26/2003
Chevron (Bermuda) Investments Since 10/10/1988
Chevron (Bermuda) PSC C Since 2/19/2000
Chevron (Bermuda) PSC D Since 12/19/2000
Chevron Block BS-4 Holdings Since 6/14/2001
Chevron Blocks 5 and 6 Since 8/16/2002
Chevron Brazileira Primeira Since 5/15/2001
Chevron Brazileira Segunda Since 5/15/2001
Chevron Brazileira Terceira Since 5/15/2001
Chevron Brazil Block BM-C-4 Holdings Since 6/14/2001
Chevron Brazil Block BM-C-5 Holdings Since 6/14/2001
Chevron Brazil Block BM-ES-2 Holdings Since 6/14/2001
Chevron Brazil Block BM-S-2 Holdings Since 6/14/2001
Chevron Brazil Block Campos BM-C-4 Holdings Since 6/14/2001
Chevron Brazil Bravo Since 5/15/2001
Chevron Brazil Campos Block BM-C-5 Holdings Since 6/14/2001
Chevron Brazil Charlie Since 5/15/2001
Chevron Brazil Espirito Santo Block BM-ES-2 Holdings Since 6/14/2001
Chevron Brazil Holding Company Since 12/20/1999
Chevron Brazil Resources BM-C-4 Since 6/14/2001
Chevron Brazil Resources BM-ES-2 Limited AMG 30646 Since 6/14/2001
Chevron Brazil Resources BM-S-2 Limited AMG 30646 Since 6/14/2001
Chevron Brazil Resources BS-4 Since 6/14/2001
Chevron Brazil Santos Block BM-S-2 Holdings Since 6/14/2001
Chevron Brazil Santos Block BS-4 Holdings Since 6/14/2001
Chevron BTC Pipeline Since 9/28/2000
Chevron Business Development South Africa Since 9/5/2006
Chevron Came IV Since 10/29/1998
Chevron Caribbean Exploration Since 10/19/2012
Chevron Caspian Investments Since 9/25/2003
Chevron Chemical Company (China Holdings) Since 6/20/1996
Chevron Chemical (Asia Partners) Since 10/29/1996
Chevron Chemical (China Partners) Since 10/29/1996
Chevron Chile Since 3/26/2004
Chevron Chirag Finance Since 2/13/1998
Chevron Congo Finance Since 10/16/1998
Chevron Congo HMB Since 12/16/2006
Chevron Congo Holdings Since 123/31/2002
Chevron Congo (DRC) Since 9/9/1999
Chevron Darajat Since 8/5/1994
Chevron Donggala Since 9/1/2000
Chevron E and C Holdings Since 12/7/2001
Chevron East Africa Since 2/13/2012
Chevron East Ambulat Since 1/10/2003
Chevron Eastern Mediterranean Exploration and Production Since 5/25/2011
Chevron Egypt Since 7/17/2008
Chevron Energy Iraq Since 7/13/2011
Chevron Exploracao E Producao Do Brazil Holding Since 5/15/2001
Chevron Exploration Eurasia Regional Pathfinding Since 8/4/2003
Chevron Exploration Guyana Since 12/13/2011
Chevron Exploration Sakhalin Inc Since 4/23/2004
Chevron Exploration (Iraq) Since 5/3/2011
Chevron Finance Holdings Since 4/19/2001
Chevron Frade Holdings Since 8/4/2004
Chevron Frade LLC Since 1/23/2006
Chevron Gabon Since 11/12/2004
Chevron Ganal Since 10/6/1995
Chevron Geothermal Indonesia Since 1/10/1984
Chevron Geothermal International Since 10/25/1983
Chevron Geothermal Salak Since 11/25/1981
Chevron Geothermal Ventures Since 12/17/1997
Chevron Germany Exploration Since 11/7/2006
Chevron Ghana Holdings Since 8/22/2011
Chevron Global Project Services Since 2/14/2013
Chevron Global Ventures  Since 3/19/1997
Chevron Global Ventures II Since 12/31/1996
Chevron GTL Since 1/16/2007
Chevron Honduras Exploration Since 10/19/2012
Chevron Indonesia Company Since 11/29/1994
Chevron Indonesia Holdings II cont Since 2/22/2005
Chevron Indonesia Ventures Since 11/29/1999
Chevron Indonesia Since 11/23/1979
Chevron Industries Ltd Cont. Since 12/23/2003
Chevron International Finance Since 5/19/1997
Chevron International Italy Since 1/17/1986
Chevron International Kalumpang Since 5/3/1991
Chevron International Since 6/4/1974
Chevron International Madagascar Inc Since 8/4/2003
Chevron International Manui Since 8/18/1988
Chevron International Nias Since 1/7/1991
Chevron International Nigeria (Usan) Since 3/18/2011
Chevron International Services Since 12/19/2000
Chevron International Soe Since 2/15/1990
Chevron International Somalia Since 1/17/1986
Chevron International Trustees Since 4/17/1985
Chevron International Yugoslavia Since 1/17/1986
Chevron International (Congo) Since 12/8/1997
Chevron International (Malaysia) Since 2/19/1986
Chevron International (Nigeria) Since 5/11/1993
Chevron International (Yemen) Since 8/22/1990
Chevron Iraq BD Holdings Since 4/14/2009
Chevron Iraq BD Since 4/14/2009
Chevron Iraq  Since 12/15/2004
Chevron Iraq Onshore A Since 4/14/2009
Chevron Iraq Onshore B Since 4/14/2009
Chevron Iraq Onshore C Since 5/14/2009
Chevron Iraq Onshore D Since 10/1/2009
Chevron Iraq (Piramagrun) Since 10/19/2012
Chevron Iraq (Qara Dagh) Since 6/13/2012
Chevron Iraq (Rovi) Since 3/27/2012
Chevron Iraq (Sarta) Since 6/13/2012
Chevron JPT Holdings Since 5/12/2011
Chevron Kalinga Since 8/13/2010
Chevron Khazar Holdings Since 12/15/1997
Chevron Khazar Since 9/14/1992
Chevron Kuwait Since 4/19/1996
Chevron Latin America Ventures Since 6/12/1995
Chevron Liberia Holdings B Since 3/5/2010
Chevron Liberia Holdings C Since 3/5/2010
Chevron Liberia Holdings D Since 3/5/2010
Chevron Liberia Holdings E Since 4/6/2010
Chevron Liberia  Since 2/5/2010
Chevron Liberia (Holdings) Since 2/5/2010
Chevron LNG Marketing & Trading Since 12/6/2006
Chevron LNG Shipping Company Since 9/29/1983
Chevron Lompa Since 10/2/1997
Chevron Madura Since 4/25/2006
Chevron Makassar Holdings Company Since 12/20/2005
Chevron Makassar Since 7/10/1996
Chevron Manning Services Since 4/22/1991
Chevron Manning Services (Nigeria) Since 2/24/1998
Chevron Morocco Exploration Since 7/11/2012
Chevron North Asean Ventures IV Since 4/12/1993
Chevron Northern Iraq II Since 10/19/2012
Chevron ODS Since 12/9/1999
Chevron Oil Bolivia 12/13/1999
Chevron Oil Colombia 12/13/1999
Chevron Oil Colombia Ltd New Jersey 12/13/1999
Chevron Oil Company of Colombia Ltd Delaware 7/18/1997
Chevron Oil Congo (DRC) 3/27/1998
Chevron Oil Petroleum (Sebawang) 5/5/1997
Chevron Oil (Bermuda) 11/15/1997
Chevron Oklng Holdings 12/6/2005
Chevron Overseas Exploration  6/29/1993
Chevron Overseas Finance 10/14/2002
Chevron Overseas Finance I 6/12/2013
Chevron Overseas Finance II (Exploration) 6/12/2003
Chevron Overseas Petroleum Azerbaijan 9/11/1997
Chevron Overseas Petroleum Ecuador 12/13/1999
Chevron Overseas Petroleum 9/13/1991
Chevron Overseas Petroleum Tanzania 9/20/2004
Chevron Overseas Petroleum (Cambodia) 8/31/2000
Chevron Overseas Petroleum (Cameroon) 2/8/2000
Chevron Overseas Petroleum (Chad) 2/8/2000
Chevron Overseas Petroleum (Congo) 10/18/1995
Chevron Overseas Petroleum (Peru) 9/5/1974
Chevron Overseas Petroleum (Quatar) 5/16/1995
Chevron Overseas Petroleum (Venezuela) 9/26/1995
Chevron Overseas Petroleum (Vietnam) 6/14/1995
Chevron Overseas Pipeline (Cameroon) 4/23/2004
Chevron Overseas Pipeline (Chad) 4/23/2004
Chevron Overseas Services 4/23/2004
Chevron Overseas Tankers 10/13/2004
Chevron Overseas (Albania) 4/22/1991
Chevron Overseas (Congo) 3/17/1993
Chevron Overseas (Namibia) 9/24/1991
Chevron Overseas (Nigeria) 5/11/1993
Chevron Overseas (Venezuela) 12/15/1992
Chevron Pacific Exploration Inc 10/14/1994
Chevron Pakistan  2/26/2010
Chevron Pattini 3/19/1997
Chevron Petroleum 2 11/9/2009
Chevron Petroleum Chad Company 2/8/2000
Chevron Petroleum Chad Holdings 2/14/2000
Chevron Petroleum Holdings 5/14/2002
Chevron Petroleum Ltd 11/30/1998
Chevron Petroleum (Thailand) 10/17/1990
Chevron Phase 1 Finance 11/4/2003
Chevron Philippines Holding Company 2/12/2003
Chevron Philippines 6/11/2002
Chevron Qatar Holdings 3/20/2008
Chevron Qatar 3/20/2008
Chevron Qatar Offshore A 12/9/2003
Chevron Rantau Dedap 12/23/1997
Chevron Rapak 3/24/1997
Chevron Rayong Power Holding 11/25/1999
Chevron Response Company 2/21/2002
Chevron Sasol EGTL 11/20/2008
Chevron SE Asia XI 1/13/2005
Chevron Shtokman LNG 9/21/2006
Chevron Sibolga 1/29/1996
Chevron Sichuan Holding 10/9/2007
Chevron South Asean 5/17/1996
Chevron South Natuna B Inc 4/23/2004
Chevron Southwest Africa 5/1/2012
Chevron Southwest Vietnam Pipeline Co. 1/6/2009
Chevron Starcirca Holdings Company 5/30/2003
Chevron Suriname Exploration Since 4/13/2012
Chevron Sustainable Development Company 12/31/2002
Chevron Tankers (Berrmuda) 12/18/1987
Chevron Thailand Energy Company 4/23/2004
Chevron Thailand Exploration and Production 9/3/1986
Chevron Thailand NGD Holding 11/25/1999
Chevron Thailand Power Company 10/21/2008
Chevron Transport Corporation (Amalgamated) 11/23/1990
Chevron Transport Corporation 3/8/2006. 2015, September. The Sydney Morning Herald of Australia reported that a “review of Chevron’s Australia business” had found that its largest liquefied natural gas (LNG) tanker, used to transport Australian gas to Asia, is owned by this Bermuda-based Chevron Transport Corporation. The 96,000 tonne Northwest Swan tanker has been flying the Bermuda flag since 2006, This company is one of 297 Bermuda-registered companies with Chevron in its name.
Chevron Tripoli Holdings 3/8/2006
Chevron Tripoli  Libya 3/8/2006
Chevron Ukraine Holdings 12/2/2011
Chevron Venezuela Finance 7/19/2012
Chevron Venezuela Resources Inc. 4/23/2004
Chevron Vietnam Phu Kanh (Block 122 4/11/2001
Chevron Vietnam (Block 52) 2/10/1998
Chevron Vietnam (Block B) 8/6/1993
Chevron Vietnam 5/26/1994
Chevron (India) 10/21/2008
Chevron (SL) Holdings 2/24/2006
ChevronTexaco China Energy 12/11/2003
ChevronTexaco China 12/11/2003
ChevronTexaco North Buzachi 3/22/2002
ChevronTexaco Overseas Bahrain Holding Since 10/22/2001
ChevronTexaco Overseas Petroleum Bahrain Since 10/22/2001
Chevy Chase Financial Since 11/6/1972
Chevy Chase Property Company Investors Since 9/30/1987
Chevy Chase Property Co Since 11/6/1972
Chew, Frank David Since 7/27/1998
Cheyenne Holdings Since 6/11/1990
Cheyenne Insurance Company Since 9/26/1991
Cheyne Capital International Since 5/10/2000
Cheyne Capital International LP Since 12/10/2012
Cheyne Global Services Since 9/19/2002
Cheyne Property Holdings Since 7/17/2002
China-America Capital Group Since 6/10/1994
China "A" Share Fund (The) Since 6/24/2004
China 3D Digital Entertainment Since 10/17/2000
China Agri-Industries Since 8/24/2006
China Agri-Products Exchange Since 1/25/1995
China Alliance Textile Holdings Since 1/19/2007
China and Canton Clutch Holdings Company Since 10/6/2004
China Animal Healthcare Since 8/10/2000
China Asean Resources Since 8/25/2001
China Asset Solution Holdings Since 1/28/2004
China Auto Electronics Group Since 10/26/2003
China Auto Group Since 9/10/2005
China Automobile Parts Holdings Since 4/4/2012
China Automotive Company Since 3/17/1993
China Bamboo Holdings Since 4/21.2010
China Bearing Holdings Since 1/10/1994
China Bermuda Management Since 5/13/2003
China Best Group Holding Since 1/23/1996
China Biotech Pharmaceutical Company Since 10/3/2000
China Brewery Holdings Since 10/12/1993
China Bridge Since 8/30/2002
China Brilliance Automotive Components Group Since 9/2/1997
China Brilliance Group Since 4/2/1993
China Brilliance Industrial Holdings Since 3/5/1993
China Brilliance Infrastructure Since 8/11/1992
China Brilliance Medical and Pharmaceutical Holdings Since 8/15/1997
China Broadcasting Telcom Since 3/24/2005
China Capital Partners Since 9/21/2005
China Cathay Tire Since 8/20/1993
China Cement Corporation Sine 7/20/1993
China Century Cement International Since 10/4/1995
China Century Cement Since 6/15/1994
China CM Group Since 3/3/2005
China Coke and Chemicals Since 8/12/2004
China Coking Company Since 4/15/2005
China Consolidated Foods Since 4/28/1995
China Construction Holdings Since 3/22/1995
China Consultants International Since 6/1/1972
China Container Construction Since 5/6/1980
China Convergent Corporation Since 8/2/1994
China Cool Air Holdings Since 8/16/1994
China Copper (Holdings) Since 7/1/1994
China Daye Non-Ferrous Metals Mining Since 7/19/1990
China Development Capital GP Since 3/22/2006
China Development Capital Partnership Feeder Fund LP Since 5/25/2006
China Development Capital Partnership Master Fund LP Since 4/13/2006
China Development Co Since 4/21/1994
China Digicontent Company Since 1/8/1997
China Digital Licensing (Group) Since 12/19/2002
China Distance Education Holdings Since 8/9/2004
China Distri-Park Since 4/22/1997
China E-Net.com Since 1/25/2000
China Eco-Farming Since 10/29/2007
China Education Development Since 3/6/2008
China Education Since 5/31/1990
China Electronics Corporation Holdings Company Since 12/4/2002
China Enterprises Since 1/28/1993
China Entertainment and Land Investment Holdings Since 6/5/1989
China Environmental Energy Investment Since 11/3/1993
China Expert Network Group Since 9/16/2002
China Fibretech Since 7/12/2007
China Financial Information Services Since 9/24/1999
China Financial International Investments Continued Since 5/9/2006
China Flexible Packaging Holdings Since 7/1/2003
China Float Glass Holding Since 6/23/1994
China Food and Beverage Holdings Since 10/26/1993
China Foods Since 5/14/1990
China Forest Carriers Since 5/16/1997
China Fortune Holdings Since 10/22/1999
China Friends Financial Holdings Since 7/6/2012
China Gamma Group Since 12/19/1989
China Gaofu Property Holdings Since 2/20/2008
China Gas Holdings Since 8/22/1995
China Glass Holdings Since 10/27/2004
China Golf Foundation Since 3/24/1997
China Grand Pharmaceutical and Healthcare Holdings Since 10/18/1995
China Green Technology Since 11/20/2009
China Green (Holdings) Since 7/26/2002. Leading Chinese food company, based in Hong Kong, Bermuda incorporated by Conyers Dill and Pearman
China Healthcare GP Since 5/20/2008
China Healthcare Holdings Since 11/16/2000
China Healthcare Partnership Feeder Fund LP Since 5/30/2008
China Healthcare Partnership Master Fund Since 5/30/2008
China Heartland Fund Since 7/3/1997
China Homes Since 10/6/1997. A subsidiary of Prudential Financial Inc.
China Hongcheng Holdings Since 1/25/2007
China Hongxing Sports Since 4/21/2005
China Household Holdings Since 7/8/1999
China Infra-Structure Investment (Bermuda) Since 12/24/1997
China Innovationpay Group Since 8/17/1999
China International Electric Company Since 11/23/1992
China International Holdings Since 5/16/1997
China International Strategies Since 10/19/2007
China Internet Corporation Since 7/11/1996
China Interocean Enterprise Since 2/13/1985
China Investment Development Since 3/2/2011
China Investments Holdings Since 2/12/1992
China Kangda Food Company Since 4/28/2006
China Leather Holdings Since 5/8/2007
China Lotsynergy Holdings Since 3/16/2009
China Media and Films Holdings Cont. Since 3/16/2009
China Media Fund Since 2/9/2004
China Media Investment Management Since 2/9/2004
China Merchants Holdings (Bermuda) Since 11/25/1987
China Merchants (Bermuda) Company Since 4/26/1990
China Mining Group Since 11/9/2004
China Mining Resources Group Since 6/11/1996
China Mobilesoft Since 10/12/2000
China Motion Telecom International Since 1/11/1994
China Mternet (Bermuda) Corporation Since 4/26/2000
China National Aviation Cyberworks Since 6/28/2000
China Netcom Corporation International Since 10/15/2002
China New Energy Power Group 6/1/1994
China Newmedia 3/17/2000
China Nonferrous Metals Company 4/14/2004
China North Industries Investment 5/10/1994
China Nuclear Industry 23 International Corporation  6/16/1992
China Nutri-Oil Holdings 3/16/2010
China Ocean Shipbuilding Industry Group 5/22/1998
China Oil and Gas Group  2/1/1993
China Oman Energy 6/13/2007
China Oriental Group 11/3/2003
China Pacific Merchants 6/4/1985
China Paper Holdings 3/5/2004
China Partners Capital Management 9/19/2007
China Partners Property Management 9/19/2007
China PDA 6/27/2000
China Peking Union Medical & Pharmaceutical 8/11/1992
China Pharma 7/17/2009
China Pipe Group 9/25/2000
China Point 5/6/1991
China Power Dynamics 5/21/1997
China Power New Energy Development Company 7/27/1999
China Prime Investments Holdings 2/7/2014
China Print Power Group 10/12/2006
China Properties Investment Holdings 7/22/1992
China Resources Gas Group 9/20/1994. China headquartered.
China Sandi Holdings 9/24/1998
China Singyes Solar Technologies Holdings 10/24/2003
China Solar Energy Holdings 7/27/1989
China Sourcing 5/18/2000
China Specialised Fibre Holdings 6/28/2000
China Sports International 3/27/2007
China Star Entertainment 8/10/1992
China Stationary 8/14/2007
China Steel and Cement Holdings 6/15/1994
China Systems Corporation 9/28/1999
China Telecom 1/31/1996
China Telpo Communications Investment Company 8/11/1994
China Terminal Services Holding Company 9/22/2006
China Tontine Wines Group 8/21/2008
China Torch (Bermuda) 12/6/1994
China Travel E-Business 3/9/2000
China Travel Online (Holdings) 7/20/2005
China Tycoon Beverage Holdings 8/22/2001
China Unitek Group 11/9/2005
China US Strategy Capital Group 12/9/2004
China US Power Partners 2/8/1995
China Vogue Casualwear 5/16/2008
China W-Metals 5/30/2000
China Water Affairs Group 7/9/2003
China Wealth Group (Holdings) 11/30/1998
China Windpower Group 6/27/1997
China Xinfei Appliances 6/27/2005
China Yuanbang Property Holdings 11/22/2006
China Yuchai International 4/29/1993
China Yurun Food Group 3/21/2005
China Zhengda Sports 5/29/2008
Chinacast Communication Holdings 11/20/2003
Chinachem Holdings 7/8/1988
Chinaco Healthcare Holding Corporation 2/5/2008
Chinaco Healthcare Investment Corporation 2/5/2008
Chinaco Hospital Corporation IP 8/12/2011
Chinareit 11/19/2003
Chinasing Investment Holdings 6/9/2000
Chinavest IV-B, LP 9/1/1993
Chinavest 11/7/2003
Chinavest Management 4/15/1986
Chinavision Media Group 1/6/1994
Chinaweb 4/30/1999
Chinawinwin 5/29/2000
Chine Investments 12/5/1980
Chinese Businessmen of America 2/27/1984
Chinese Dream 9/11/2013
Chinese Estates Development Holdings 11/29/1997
Chinese Estates Holdings 6/5/1989
Chinese Healing Arts 6/20/2007
Chinese People Holdings Company 11/13/1996
Chinese Percept 11/20/2013
Chinese Strategic Holdings 2/25/2000
Chipmos Technologies (Bermuda) 8/1/2000
Chipping 5/27/1975
Chips 8/29/1980
Chipworth Investments 9/25/1981
Chiquita International 8/22/1989. 7 Reid Street, Hamilton HM 12. Phone 292-7387. Fax 292-0982.
Chiquita Management Services 11/25/1993
Chuang's China Investments 9/27/1989
Chuang's China Realty 3/18/1991
Chuang's Consortium International 3/19/1991
Chubb Group of Companies in Bermuda

Chubb's Bermuda HQ on Woodbourne Avenue.

2020. April 24. The Covid-19 crisis will be historic for the insurance industry, said Evan Greenberg, chief executive officer of insurer Chubb. The virus and its ripple effects will impact both the asset side and the liability side of the balance sheet, he said. “This event will be the largest event in insurance history,” Mr Greenberg said in an earnings call discussing first-quarter results for Chubb, the Swiss-based insurer with substantial operations in Bermuda. Chubb booked $13 million of losses tied to Covid-19 in the first quarter and warned that the virus will have a “meaningful impact” on revenue and profit in the second quarter. “We’re in an unprecedented moment of historic proportions,” Mr Greenberg said on the call. “None of us living today has experienced an event of this nature or magnitude. It is at once surreal and catastrophic.” Chubb’s net income was $252 million for the first three months of the year, down from $1.04 billion in the first quarter of 2019. The main driver of the fall in profit was financial market volatility. Property and casualty net premiums written were $7.3 billion, up 8.9 per cent year over year. The combined ratio — the proportion of premium dollars spent on claims and expanses — for P&C business was 89.1 per cent, in line with 89.2 per cent recorded in the prior year. Insurers are facing a looming threat as legislators in some US states, including New Jersey and Massachusetts, consider law changes that would require insurers to pay out business-interruption losses for small firms, sometimes even if the policy explicitly excluded losses caused by a virus. Mr Greenberg has called the retroactive measures “unconstitutional” as they would force insures to pay out for losses they did not contemplate when pricing the policies. Mr Greenberg added: “I feel more stability outside the United States on the regulatory and legal front than I do in the United States. The irony.”

2020. February 7. Global re/insurer Chubb saw its strongest premium revenue growth in five years in the fourth quarter of last year and its Bermuda underwriting operation saw strongly higher pricing. In a conference call with analysts, Evan Greenberg, chairman and chief executive officer of Chubb, said: “Rates in our Chubb Bermuda business were up 33 per cent.” The Hamilton-based operation is based on Woodlands Road and its insurance products include excess liability, professional liability, excess property and political risk. It also writes a broad range of reinsurance business. Mr Greenberg said of the market: “The pricing environment continued to improve quarter on quarter with the rate of increase accelerating and spreading to more classes of business and risk types. Fundamentals suggested that the strengthening in prices would continue.  The environment we see is the environment I imagine will continue for some time. It’s rational. And there are many reasons for it, and there’s nothing that I see that tells me the momentum will slow. If anything, it’s picked up and it is spreading more broadly. Industry needs rate and needs it in quite a number of classes and across the globe. And then you’re in a low-interest rate environment, and you can hardly rely on investment income to bail you out, and the industry needs rate because rate has just not kept pace with loss cost trend for quite a number of years. The math is so simple. People seem to over-intellectualize this.” New business was up 10 per cent in the fourth quarter for the Zug, Switzerland-based group. Mr Greenberg said: “We continue to benefit from the flight to quality. More business continues to meet our underwriting standards and new and existing customers choose Chubb.” Chubb’s full-year net income for 2019 totaled $4.5 billion, up 12.3 per cent on 2018, while the group’s combined ratio — the proportion of premium dollars spent on claims and expenses — was 90.6 per cent, matching 2018’s figure. For the fourth quarter, net income rose to $1.17 billion compared to $355 million in the same period of 2018, helped by a fall in after-tax catastrophe losses to $353 million from $506 million a year earlier. In the call, Mr Greenberg said: “Half of our total cat losses in the quarter were from one event, a tornado that destroyed a mile-by-1.5-mile affluent neighborhood in the suburbs of Dallas, where Chubb had significant market share. What are the odds? But that’s our business.” Asked by Paul Newsome, an analyst with Piper Sandler, about Chubb’s potential for Asian losses related to the impact of the coronavirus outbreak, Mr Greenberg said: “We imagine modest impact from everything we can tell, from economic slowdown or economic activity, but time will tell in that regard.” Chubb has a “very small, almost nonexistent accident and health business in China”, Mr Greenberg added.

2020. January 16. Civil unrest in Hong Kong and Chile, together with tornadoes and wildfires in the US, and a typhoon in Japan, contributed to estimated net pre-tax catastrophe losses of $430 million for Chubb Ltd in the fourth quarter. After tax, the estimated catastrophe losses total $353 million. The company said the losses were primarily attributable to severe weather-related events around the world. The estimates are net of reinsurance, include reinstatement premiums and comprise losses generated from the company’s commercial and personal property and casualty insurance businesses as well as its reinsurance operations globally. In addition, for North America agricultural insurance, the company estimates for the fourth quarter an underwriting loss of $23 million pre-tax, or $18 million after tax, primarily attributable to crop yield shortfalls resulting from poor growing conditions. In the third quarter of 2019, the insurer and reinsurer recognised a charge related to preventive planting claims due to the impact of wet weather conditions. For agriculture, the combined ratios for the fourth quarter and full-year 2019 are expected to be 105.4 per cent and 95.1 per cent, respectively. Chubb expects to issue its fourth quarter earnings release after the markets close on February 4.

2019. December 20. By reducing its energy consumption by 117,700 kilowatt hours, replacing ageing equipment, banning single-use plastics, and collecting rainwater from it roof, the Chubb Building has become a shiny example for others. The building on Woodbourne Avenue is the first in Bermuda to be awarded Leed Platinum status, the highest level of recognition in the green building certification programme that recognizes best-in-class building strategies and practices. Chubb’s building has twice been reclassified at the gold level, most recently in January when it scored 72 points in the Leadership in Energy and Environmental Design, programme. It has now gone to the top of the class locally after earning 81 points on the 100-point certification scale. Platinum certification is awarded for buildings that score 80 points or higher. The programme is operated by the more on the US Green Building Council. The Chubb Building’s improved performance has been helped by a five per cent decrease in its energy consumption, which represents the same amount of electricity that would power 336 homes in Bermuda for a month. Colin Brown, vice-president of facilities and Leed project manager for Chubb in Bermuda, said achieving the platinum certification had been an aspirational goal for the company. “We are gratified and honoured that Chubb’s efforts to continually enhance the environmental performance of this building have been recognised. We are proud to lead the way as the first and only building in Bermuda to earn Leed Platinum certification.” Chubb has a Leed dynamic plaque on display in the building’s main lobby, to calculate the building’s performance data on the 100-point scale across the five Leed categories that are impactful to human health and the environment, which include energy, water, waste, transportation and human experience. “The plaque serves as a constant reminder to employees to be environmentally conscious, which helps to maintain our high standards of green-building operations,” Mr Brown said. A key objective of Chubb’s environmental programme is to measure, record and reduce greenhouse gas emissions in its own operations. In May, Chubb announced a company-wide initiative to reduce its global greenhouse gas emissions 20 per cent on an absolute basis by 2025, and by 40 per cent by 2035.

2019. November 26. Chubb Ltd has increased its ownership in China’s Huatai Insurance Group Company Ltd. It is expected to own 46.2 per cent of Huatai’s shares upon completion of an agreed purchase of an additional 15.3 per cent of the group. This comes in the wake of regulatory approval last week for unrelated share purchases that increased Chubb’s stake to 30.9 per cent. Huatai Insurance Group’s insurance operations have more than 600 branches and 11 million customers. It is the holding company of Huatai P&C Insurance Company, Huatai Life Insurance Company and Huatai Asset Management Company, among other subsidiaries. Chubb, a Swiss-based insurer with underwriting operations in Bermuda, will purchase the shares from the Inner Mongolia Junzheng Energy and Chemical Group Co Ltd, and one of its wholly owned subsidiaries. The parties have also agreed to the intended terms of a subsequent purchase of an additional 7.1 per cent of the company, contingent upon the completion of the first purchase. The transactions are subject to regulatory approvals and other conditions. Evan Greenberg, chairman and chief executive officer of Chubb, said: “The agreement we are announcing today is another important milestone towards our goal of majority and beyond ownership in Huatai. We are committed to supporting Huatai as a long-term strategic shareholder and we have great confidence in the long-term potential of the Chinese insurance market. We are builders at Chubb, and our increasing stake in Huatai is an opportunity to build a great Chinese insurance company that will meet the growing protection needs of Chinese consumers and businesses.”

2019. November 21. Insurer Chubb has announced a share repurchase programme of up to $1.5 billion. The company, which has underwriting operations in Bermuda, said the new authorization would be effective through December 31, 2020. The company has a market capitalization of about $68 billion. Chubb’s board of directors also declared a quarterly dividend of 75 cents per share, payable on January 10, 2020 to shareholders of record at the close of business on December 20, 2019.

2019. July 24. Chubb beat analysts’ forecasts with a $1.2 billion profit in the second quarter of this year, as chairman Evan Greenberg flagged up a hardening pricing environment. The Swiss-based insurer with substantial underwriting operations in Bermuda said net income broke down to $2.50 per share, down from $2.76 in the second quarter of 2018. Core operating income, which strips out one-off items, was $2.60 per share, exceeding the $2.56 per share consensus of analysts tracked by Yahoo Finance. “We benefited from an improved pricing and underwriting environment, flight to quality from commercial insurance buyers, and our various global growth initiatives,” Mr Greenberg said in Chubb’s earnings statement. “Pricing continued to tighten in the quarter while spreading to more classes and segments of business, particularly in the US and London wholesale market. We’re also seeing early signs that market-firming conditions are spreading to more territories around the world. In sum, this quarter was about growth and pricing, and we have good momentum. Our organisation is executing at a high level and we are confident in our ability to outperform.” Property and casualty combined ratio was 90.1 per cent, compared to 88.4 per cent in the prior-year period, as pre-tax catastrophe losses rose to $275 million from $211 million. Book and tangible book value per share increased 3.2 per cent and 4.7 per cent, respectively, during the quarter and now stand at $117.97 per share and $73.74, respectively. Chubb recorded net realised and unrealized gains of $1.1 billion after tax in the company’s investment portfolio, principally driven by a decline in interest rates. P&C net premiums written were up 6 per cent in constant dollars, with growth of 6 per cent in Chubb’s North America commercial insurance operations and 9 per cent in its Overseas General division.

2019. July 11. Bermuda-incorporated Chubb, the USA's largest commercial insurance company, has joined a trend among insurers and reinsurers to pull away from the coal industry, a move hailed as a “game-changer”. It is the first major US-market insurance company to adopt a restrictive policy towards coal-related underwriting and investment. A United Nation’s report has found that one pathway to limiting global warming to 1.5C by reducing carbon emissions requires phasing out coal power worldwide by 2050. Chubb’s move follows similar action by insurers and reinsurers in Europe and Australia, including Axa, the parent of Bermuda’s Axa XL. Chubb is headquartered in Zurich and has offices in Bermuda on Woodbourne Avenue. It will no longer underwrite the construction and operation of new coal-fired plants or new risks for companies generating more than 30 per cent of revenues from coal mining or energy production from coal. Existing insurance coverage for coal-plant risks that exceed the 30 per cent threshold will be phased out by 2022. In addition, it will not make debt or equity investments in companies that generate more that 30 per cent of revenues from thermal coal mining or energy production from coal. Evan Greenberg, Chubb’s chief executive officer, said: “Chubb recognizes the reality of climate change and the substantial impact of human activity on our planet. Making the transition to a low-carbon economy involves planning and action by policymakers, investors, businesses and citizens alike. The policy we are implementing today reflects Chubb’s commitment to do our part as a steward of the Earth.” Mary Anne Hitt, director of Sierra Club’s Beyond Coal campaign, said: “Chubb is the largest commercial insurance company in the US, and this move sends a signal that insuring coal isn’t just the wrong thing to do for our climate but also bad for business. We applaud Chubb for making this commitment, and we’ll pressure other US insurance companies to follow their example.” Ross Hammond, senior strategist for Insure our Future, the US-branch of the Unfriend Coal campaign, said: “A major US insurer like Chubb restricting insurance for coal projects and companies is a game-changer. Now the company needs to strengthen its policy to exclude new coal mines, fully phase out coal across all underwriting and investment activities in line with the Paris Agreement, and stop insuring the destructive tar sands sector.” Lindsey Allen, executive director of Rainforest Action Network, said: “We are encouraged to see Chubb taking real action to address climate change and insure a healthier future.” The Beyond Coal campaign goals include closing all coal plants in the US and replacing the majority with clean energy solutions, such as wind and solar power. Chubb’s move is likely to improve its standing in the insurance industry scorecard compiled annually by the Unfriend Coal campaign. The survey assesses 24 major insurers and scores their policies on coal insurance and divestment, and other aspects of climate leadership. 

2019. March 9. Chubb Ltd has received approval from the China Banking and Insurance Regulatory Commission to increase the company’s ownership in Huatai Insurance Group Company Ltd to 26.2 per cent. That is up from its current 20 per cent and, as a result of the increased Chubb stake, Huatai Group becomes the first domestic Chinese financial services holding company to convert to a Sino-foreign equity joint venture. Huatai Insurance Group is the holding company of Huatai P&C Insurance Company, Huatai Life Insurance Company, Huatai Asset Management Company, Huatai Baoxing Fund Management Company, among other subsidiaries. Huatai Group’s insurance operations have more than 600 branches and 11 million customers. Evan Greenberg, chairman and chief executive officer of Chubb, said: “We made our first investment in Huatai in 2002 and became the company’s largest shareholder. This increased ownership is an important milestone towards our goal of majority and beyond ownership. “Chubb’s continuous investment in China over the past 17 years, including our wholly owned Chubb China subsidiary, demonstrates our long-term commitment to the development of a strong Chinese financial services industry and the important role it plays in serving Chinese society and the welfare of its people.”

2019. February 6. Chubb Limited has reported fourth quarter profit of $355 million, or 76 cents per share, a fall of about 76.8 per cent year-on-year. Core operating income was $935 million, or $2.02 per share, down from $3.17 per share, however that beat Wall Street expectations, with eight analysts surveyed by Zacks Investment Research expecting the earnings to come in at $1.93 per share. The Zurich-based company’s property and casualty combined ratio was 93.1 per cent. Its after-tax catastrophe losses for the quarter were $506 million. For the full year, Chubb achieved a $4 billion profit, or $8.49 per share, up 2.6 per cent, with core operating income of $4.4 billion, up 16.5 per cent. Evan Greenberg, chairman and chief executive officer, said: “Chubb performed well in a quarter marked by elevated natural catastrophe losses, on the one hand, and stronger premium revenue growth, improved commercial P&C pricing globally and record net investment income, on the other. Core operating income was $935 million compared with $1.5 billion prior year, which included a one-time tax benefit and lighter CAT activity. Our P&C combined ratio of 93.1 per cent included 8.5 points of pre-tax CAT losses.” Mr Greenberg said the full year results provided “a more meaningful perspective given the natural quarter-to-quarter volatility of the risk business. Net premiums written grew 4.5 per cent. The full-year P&C combined ratio was 90.6 per cent, compared to 94.7 per cent [in the] prior year, and that’s with $1.6 billion of CAT losses — about $700 million more than we expected.” Mr Greenberg added: “We have good momentum as we execute on our business initiatives across the globe and take advantage of an improving price and underwriting environment that the industry needs. Our organisation is optimistic about the year ahead and we are off to a good start.”

2019. January 23. The Chubb Building on Woodbourne Avenue is the first in Bermuda to be twice re-certified as Leed Gold by the US Green Building Council. Leed, or Leadership in Energy and Environmental Design, is a green building certification programme that recognizes best-in-class building strategies and practices. The Chubb building first received Leed Gold certification under the Existing Buildings: Operations and Maintenance rating system in 2011. In 2017, the building was re-certified when Chubb became one of the first companies in North America to use the Leed Dynamic Plaque to manage the building’s environmental performance. With its latest re-certification, the Chubb Building received a Leed Gold score of 72, up from 70 two years ago. The Leed Dynamic Plaque, which is on display in the building’s main lobby, calculates and displays the building’s performance data on a 100-point scale across five categories: energy, water, waste, transportation and human experience. Other green initiatives that contributed to the re-certification include: installing energy-efficient LED lights, creating an electric car charging station, conducting an annual trash audit, implementing programs to further reduce waste and encourage recycling, and initiating a weekly farmers market. Since 2011, Chubb has reduced energy consumption in the building by 1.024 million kilowatt hours, a 28 per cent decrease. Additionally, Chubb’s annual water purchases for the building have been reduced to 80,000 gallons from an average of 145,000 gallons. Colin Brown, vice-president of facilities and Leed project manager for Chubb in Bermuda, said: “We were proud in 2011 when our building became the first on the island to earn Leed Gold certification, and we’re proud that our continued initiatives to further reduce energy use, enhance efficiency and make the building a more comfortable place to work have earned two re-certification. Our progress in Bermuda reflects Chubb’s commitment to reduce the environmental footprint of our operations around the world.” An important objective of Chubb’s environmental programme is to measure, record and reduce greenhouse gas (GHG) emissions in the company’s own operations. From 2015 to 2017, Chubb reduced absolute global GHG emissions by 11 per cent. The company will continue to deploy successful approaches for GHG emissions reduction, including installing energy-efficient lighting and equipment and increasing utilization efficiency for office space. In addition to earning and maintaining Leed Gold certification, the Chubb Building received the Bermuda National Trust’s Environmental Award in 2015, as well as for Honorable Mention in the 2015 Greenrock Green Workplace Awards.

2018. December 4. Chubb Limited announced preliminary net loss estimates in the fourth quarter of 2018 attributable to the California wildfires of approximately $225 million pre-tax, or $195 million after tax. These estimates do not include losses from Hurricane Michael or other weather events occurring globally in the quarter. The company believes its estimated losses from Hurricane Michael are currently at the upper end of the range of $150 million to $250 million pre-tax that was previously disclosed. These estimates are net of reinsurance, include reinstatement premiums and comprise losses generated from the company’s commercial and personal property and casualty insurance businesses as well as its reinsurance operations.

2018. October 25. Chubb Limited made a profit of $1.23 billion, or $2.64 per share, in the third quarter, compared to a loss of $70 million for the same three months in 2017. The global insurer, which has offices in Bermuda, reported core operating income of $1.12 billion, or $2.41 per share, beating analysts’ estimates by five cents. Book value per share was $110.46, while tangible book value was $66.83, up 0.4 per cent and 1.3 per cent, respectively, from the end of June. Chubb’s property and casualty combined ratio was 90.9 per cent, while it had P&C net premiums written of $7.5 billion. Evan Greenberg, chairman and chief executive officer of Chubb Limited, said: “The quality and balance of our earnings this quarter were evident, with P&C underwriting income of $669 million and net investment income of $883 million.”

2018. April 25. Catastrophe losses from mudslides in California impacted first quarter income for Chubb Ltd. The company has reported a profit of $1.08 billion, or $2.30 per share, for the first three months of the year. That is $11 million lower than the net income achieved during the corresponding period last year. Core operating income was $1.09 billion, which was also slightly down on the $1.17 billion reported for the first quarter of 2017. A series of major mudslides in Santa Barbara County, north of Los Angeles, in January, caused catastrophe losses for Chubb. Evan Greenberg, chairman and chief executive officer of Chubb, said: “We had a very good quarter though it was impacted by a higher level of catastrophe losses. We produced world-class ex-Cat underwriting results, strong net investment income and good premium revenue growth while achieving better commercial P&C pricing in many of our businesses globally, which improved as the quarter went along, particularly in the US core operating income per share excluding Cats was up over 5 per cent. Concentrated in two areas where we have meaningful presence — Montecito, California with the mudslides and the Northeast US — the catastrophe losses this quarter were up $175 million pre-tax over the prior year and contributed 5.8 points to our published P&C combined ratio of 90.1 per cent. The current accident year combined ratio excluding Cats was 87.6 per cent compared to 88 per cent the prior year. Adjusted net investment income was up 5 per cent, and we expect the positive trend to continue due to our strong growth in invested assets and the rising yield environment.” Mr Greenberg added: “P&C net premium growth for the company was 5.8 per cent. P&C premiums were up over 5 per cent in our North America insurance business while internationally premium revenue was up 8.5 per cent and benefited from a weaker dollar. I expect our growth to accelerate as the year goes along, particularly outside the US. Commercial P&C pricing for the business we wrote in the quarter continued to improve in the US and a number of territories outside the US. We achieved some of the best pricing in quite some time, and it improved as we moved through the quarter. In some classes, customer segments and territories we are observing a clear direction in price firming; in others it’s more chaotic.” Book value and tangible book value per share decreased 0.2 per cent and 0.3 per cent, respectively, from December 31, 2017 and now stand at $110.10 and $65.65, respectively. Chubb said book value and tangible book value per share growth was negatively impacted by realised and unrealized losses of $938 million, after-tax, in the company’s investment portfolio, driven by rising interest rates.

2017. December 27. Chubb Limited, which has offices in Bermuda, expects to record a one-time benefit from the new US tax law in excess of $250 million in the fourth quarter of this year. Chubb’s preliminary estimate reflects the one-time impact of the reduced US corporate income tax rate and the deemed repatriation of foreign subsidiary earnings on the company’s net deferred tax liability position.

2017. November 28. Chubb Ltd has entered into a ten-year strategic co-operation agreement with China’s largest property and casualty insurance company. In a statement, Chubb said the agreement would allow the leveraging of Chubb’s global capabilities in support of PICC Property & Casualty Company’s customers and other Chinese-affiliated companies around the world. It added that this would be in line with the Chinese Government’s drive to promote the country’s “Going Out” and “One Belt One Road” initiatives. Evan Greenberg, chairman and CEO of Chubb, said: “For Chubb, this strategic co-operation agreement is a substantial opportunity to bring the full breadth of our capabilities and global network to bear in meeting the complex insurance needs of China’s largest and most successful companies. “With this agreement, PICC now has the ability to offer its clients access to our industry-leading capabilities in countries beyond China. We greatly look forward to working with our new partners.” PICC P&C had total assets of approximately $72.2 billion and gross written premiums of approximately $47.3 billion reported in 2016. PICC’s commercial customers include some of China’s largest enterprises, many of which have complex operations in multiple foreign jurisdictions.

2017. July 25. Bermuda-incorporated Chubb Limited has posted a second quarter profit of more than $1.3 billion — up more than 79 per cent on the same period last year. The figure is equivalent to $2.77 per share, compared to the $1.54 per share on profit of $726 million in the second quarter of 2016. Investment income, excluding a purchase accounting adjustment of $85 million, was a record $855 million. Chubb Limited was created after Ace Limited acquired Chubb Corp. in January 2016, The insurer and reinsurer’s operating income totaled $1.18 billion, an increase of 11.4 per cent and equal to $2.50 per share. That compared to operating income of $1.05 billion and $2.25 per share in the same period in 2016. The firm also reported net premiums written of $7.58 billion and $7.05 billion for consolidated and property and casualty business respectively. Evan Greenberg, CEO of Chubb, formed from a takeover of Chubb by Ace last year, said: “Chubb’s strong earnings this quarter were driven by world-class underwriting results and record investment income. “After tax operating income per share increased 11 per cent with operating earnings up 13 per cent year to date. We had book and tangible book value per share growth in the quarter of 2.7 per cent and 4.3 per cent respectively and produced an operating return on equity of around 10 per cent.” Mr Greenberg added that the firm’s 88 per cent property and casualty combined ratio — more than two points up on the prior year — was “truly distinguishing” given continued soft market conditions. "We benefited from a substantial improvement in both our expense ratio and our loss ratio as a result of merger-related efficiencies and underwriting actions as well as lower catastrophe costs. Total property and casualty underwriting income was up 20 per cent. Although the commercial property and casualty market is soft around the globe, the trend for pricing improved for the business we wrote with rates flat or the rate of decline substantially slowing in most classes, while in some particularly stressed areas we achieved rate. Our premium revenue growth continued to trend better as we projected and was our best since the merger. We wrote less new business in line with our underwriting discipline while renewal retentions were steady. Overall, we are in excellent shape with our integration-related efficiency efforts and are now increasing the total annualized run-rate savings we will achieve by the end of 2018 to $875 million, up from $800 million.”

2017. April 26. Insurance company Chubb yesterday reported profits of more than $1 billion for the first quarter of the year — a 149.2 per cent increase on the same period last year. The $1.09 billion figure compared to the $439 million recorded in the same period of 2016. The first quarter figure breaks down to $2.31 per share, compared with 97 cents a share in quarter one 2016. The firm, formed from a takeover of Chubb by Ace last January, also reported net premiums written of $6.7 billion and $6.2 billion for consolidated and property and casualty business respectively. Evan G Greenberg, chairman and chief executive officer of Chubb, said: “Chubb had a very good quarter. After-tax operating income increased 10 per cent driven by both strong property and casualty underwriting income, up 28 per cent, and adjusted net investment income, which was up 9 per cent. Comparing our results as if we were one company for the full quarter last year, operating income per share was up 8 per cent while underwriting and investment income were up 9 per cent and 3 per cent respectively. Our strong earnings led to very good book value and tangible book value growth.” Mr Greenberg added that underwriting income growth was driven by “simply excellent” combined ratios for the quarter, on both a calendar and accident-year basis, in spite of higher natural catastrophe losses and a one-time reserve charge related to changes in the Ogden discount rate in the UK. He said: “Our underwriting margins are benefiting in particular from expense efficiencies generated from the merger.” Operating income totaled $1.17 billion, or $2.48 per share, compared to $1.01 billion or $2.26 per share for the same quarter last year. Mr Greenberg added that the market was still soft, with companies chasing volume even in a tough underwriting environment. And he said: “Our premium revenue growth was in line with our expectations and benefited from strong business retentions and growth in new business over prior year, which was constrained nonetheless due to competitive property and casualty conditions globally.”

2016. October 26. Insurance giant Chubb Ltd reported record operating income for the third quarter of $1.356 billion. The figure is equivalent to $2.88 per share and is up by more than 51 per cent from the $897 million, or $2.74 per share, for the same period last year. Chubb Ltd, which was formed after Ace acquired US insurer The Chubb Corporation in January this year and took the Chubb name, posted net income for the quarter to the end of September of $1.36 billion, or $2.88 per share, up more than 157 per cent on the same quarter in 2015. The figure for the same quarter in 2015 was $528 million or $1.62 per share. Evan Greenberg, chairman and CEO of Chubb, said: “Chubb had an excellent quarter with record operating earnings per share and exceptionally strong underwriting results. “Our after-tax operating income of $2.88 per share, up 5 per cent over the prior year, indicates the accretive nature of our merger, which is going well and is on track.” Consolidated and property and casualty net premiums totaled $7.6 billion and $7 billion respectively for the quarter — up by 60.8 per cent and 67 per cent. On an “as if” basis, net premiums written were down 3.4 per cent in constant dollars and unfavorable foreign currency movements “negatively impacted” premium growth by 1.1 per cent. Mr Greenberg said: “The P&C combined ratio of 86 per cent was simply world class. For the quarter, our annualized operating return on equity was 12 per cent, while book value and tangible book value per share grew 2.4 per cent and 5.5 per cent respectively.” He added: “Previously contemplated merger-related underwriting actions that we took select portfolios of business, particularly a greater use of reinsurance, reduced P&C net premium growth in the quarter by about 4.5 points while improving our risk-reward profile.” Mr Greenberg said a competitive market and “relatively weak” global economic conditions had hit premium revenue in the quarter as new business which met the firm’s standards was difficult to find. But he added: “We will trade revenue for underwriting discipline all day long. We believe growth will improve as the impact from the underwriting actions dissipates and the power and capabilities of the new Chubb gain more steam. We are already seeing evidence of the effect our enhanced capabilities is having on revenue generation.”

2016. September 9. The flag that became a symbol for America after the World Trade Centre 9/11 terrorist attack was yesterday returned to the site by insurance firm Chubb. Evan Greenberg, Chubb’s chief executive officer, said: “The raising of this American flag was a powerful symbol of hope, strength and resilience at one of the most trying moments in our nation’s history. “As we prepare again to pay tribute to those who were lost, this flag is a timely reminder of the spirit of our heroes and the resolve of a great city and a great nation. “Chubb is honored to donate the flag to its new, permanent and proper home in the 9/11 Memorial Museum.” Firefighters raised the flag taken from a yacht berthed at the nearby World Financial Centre over the ruins of the twin towers on September 11, 2001, after both were hit by hijacked jets, killing thousands of people in the towers, in the jets and on the ground. The photograph of the event was used worldwide, but the flag disappeared only hours after it was hoisted. Chubb insured the yacht and the owners later made a claim based on the “significant” value of the now-historic flag. What was thought to be the original flag toured the world, but later investigations found it to be larger than the one in the iconic photograph. The whereabouts of the original was unknown until two years ago, when a mystery man handed it into a fire station in Everett, Washington State — nearly 3,000 miles away from New York. He told firefighters that a widow of a 9/11 victim gave the flag to a worker at the National Oceanic and Atmospheric Administration, who later gave it to him. The flag was subjected to a battery of tests and analysis of dust in the fabric, which matched the site, and photographs proved it was the 9/11 flag. As Chubb had paid the claim, it was the legal owner of the flag and the company, with the help of the original owner, donated it to the museum set up to honour the victims of the attack. Bermudians Boyd Gatton and Rhondelle Tankard died in the New York attacks, as did former Saltus Grammar School pupil Robert Higley, a US citizen who grew up in Bermuda. A hijacked jet hit the US defence complex in Washington, the Pentagon, while another plane crashed in a field in Pennsylvania after passengers attempted to overpower its hijackers. Ace Ltd took over Chubb last year in a deal worth more than $28 billion and the combined company, which has offices in Bermuda, took the Chubb name.

2016. August 1. NEW YORK (Bloomberg) — Evan Greenberg, the chief executive officer of Chubb Ltd, mocked “wannabes” at smaller insurers who are seeking to expand by guarding commercial clients against trade disruption or political instability in international markets. “They’re scratching for business, they don’t want to shrink,” Greenberg said of rivals in a conference call, without naming individual companies. “They think growth and just the top line equal strength.” Greenberg formed one of the world’s largest insurers by combining his Ace Ltd this year with Chubb Corp. He joins Warren Buffett, the CEO of Berkshire Hathaway, in warning that upstarts eager for business may be taking on unsustainable risks. Both executives have been willing to lose market share rather than sell insurance for what they consider to be too low a price. Coverage for trade credit and political risk can be particularly dangerous, given that the global economy faces growing protectionism “and geopolitical risk everywhere”, Greenberg said. The policies can protect against confiscation of property and include so-called contract-frustration insurance. “Sounds like a brilliant time to get into that business,” he said sarcastically of rivals. “I wish them a lot of luck because that’s all they got going for them.” Second-quarter policy sales were $7.64 billion, or 5.8 per cent less than the combined figure for Ace and the old Chubb in the year-earlier period, the Zurich-based company said in a statement after markets closed on Tuesday, citing competitive market conditions and currency fluctuations. Greenberg also warned that protectionism will limit economic growth. UK voters supported a plan last month to exit the European Union. In the US, Republican presidential nominee Donald Trump and Democrat Hillary Clinton have criticised the Trans-Pacific Partnership, the trade deal favored by her political ally, President Barack Obama. The characterization that global commerce has “been evil and has damaged our country and has damaged the world is just so misguided”, Greenberg said. Also, the idea that immigration “is somehow our enemy is again misguided populism and feeding on the suffering of those who may vote”, he said. Trump has vowed to build a wall along the US border with Mexico, a plan opposed by Clinton.

2016. July 26. Chubb Ltd’s second-quarter net income was $726 million, down from $942 million in the same period last year. Earnings per diluted common share were $1.54. Earnings adjusted for investment costs were $2.25 per share. The consensus forecast of analysts tracked by Yahoo Finance was $2.22. Gross written premiums were $9.27 billion, up from $6.5 billion year-on-year. Ace Ltd acquired The Chubb Corporation in January, creating Chubb Ltd. The company is headquartered in Switzerland. Chubb’s property and casualty combined ratio — the proportion of premium dollars spent on claims and expenses — was 91.2 per cent for the quarter compared to 87.7 per cent in the second quarter of 2015, when calculated as if Ace and Chubb were one company in 2015. Evan Greenberg, chief executive officer of Chubb said: “Chubb produced very good operating results in the quarter despite a greater level of industry natural catastrophe losses globally than has occurred in recent years, though industry insured losses appear in line with longer-term historical averages. After-tax operating income of $2.25 per share was down 6.3 per cent over prior year and included $0.66 of after-tax catastrophe losses. For illustrative purposes, excluding the catastrophe losses, operating EPS for the quarter was up 7 per cent from prior year and up 11 per cent for six months, demonstrating the underlying health and earnings power of the new Chubb and depicting the accretive nature of our merger. Our earnings were driven in particular by strong underwriting margins as reflected in the published P&C combined ratio of 91.2 per cent, or 90.2 per cent excluding purchase accounting and other temporary merger-related items. The P&C current accident year combined ratio excluding catastrophe losses was 88.9 per cent versus 88 per cent when comparing results as if we were one company last year. Our six-month results include an annualized operating ROE of circa 10 per cent and book value per share growth of over 13 per cent. Premium revenue in the quarter was impacted by foreign exchange, more competitive market conditions and underwriting actions that we took on select portfolios of business. These underwriting actions, including greater use of reinsurance, impacted net premium growth in the quarter by about 1.5 points while improving our risk-reward profile.” Concerning the merger, Mr Greenberg said: “Our integration efforts, both growth and expense-related, are on track and going well. In fact, the strength of the new Chubb, including cross-selling and the introduction of our total product portfolio to an expanded distribution base, is receiving greater attention and, while early days, the efforts are beginning to contribute to revenue growth.” Shareholders’ equity ended the quarter at $47.2 billion, up from $29.1 billion at the end of 2015. Book value per share increased 2.7 per cent since March 31 to $101.56. Chubb’s shares today rose 28 cents to close at $128.22 before the company announced its results.

2016. May 6. NEW YORK (Bloomberg) — Evan Greenberg, who built one of the world’s largest insurers by combining Ace Ltd and Chubb this year, sought to portray the merged company as a more stable alternative than hobbled rivals who are seeking to rebound. “When there’s a wounded animal loose, be careful, stay out of the way,” Greenberg said yesterday on a conference call discussing first-quarter results, when asked by Barclays Plc analyst Jay Gelb about the competition for market share among commercial insurers. Zurich Insurance Group and New York-based American International Group are among insurers that have reshaped underwriting leadership in recent quarters after being burnt by higher-than-expected claims costs. Shares of Zurich and AIG have each dropped about 12 per cent since December 31, compared with the 4.3 per cent year-to-date gain at Greenberg’s Chubb in New York. Greenberg, a former executive at AIG, didn’t name the rivals he was thinking about. He has said he’s prepared to sacrifice premium revenue to competitors who are willing to settle for lower margins to win business. Still, disruption in the market could favour his Zurich-based company in the long run, he said. “It’s a double-edged sword, and you’ve got to be careful,” Greenberg said. “We’re in a market where it’s competitive, and some things are being sold at prices that are below costs we think are reasonable. On the other hand, there is this pull and desire for stability and certainty, and familiarity, and that is drawing more towards us.” Chubb on Wednesday posted first-quarter net income of $439 million. That compares with a $183 million loss at AIG, which was hurt by the poor performance of hedge fund investments. Zurich is scheduled to report results next week. “We represent a very attractive market, and alternative, for large accounts seeking a deep balance sheet, great underwriting expertise,” Greenberg said. Greenberg expects to cut $750 million in annual expenses by 2018 due to the takeover, which is $100 million more than the original plan, according to a statement on Wednesday. Chubb also expects to boost investment income by as much as $120 million annually.

2016. May 5. The new Chubb Ltd, Bermuda-based, got off to a strong start by exceeding the expectations of both Wall Street and Evan Greenberg, the company’s chairman and chief executive officer, in the first three months of this year. Formerly known as Ace Ltd until its $29.5 billion combination with US insurer Chubb Corp was completed in January, Chubb Ltd last night announced its first quarterly earnings as the new combined company. The company’s operating income, a measure that strips out the impact of one-off items and acquisition-related costs, was $1.02 billion, or $2.26 per share in the January-through-March period, surpassing the $2.16 per share expected by industry analysts tracked by Yahoo Finance. Mr Greenberg said the integration efforts were “on track and going well” and added that “the value creation that will come from the new Chubb is exceeding our initial expectations. Our people are highly focused on serving their clients and writing business, and as they do so, we are knitting ourselves together at every level of the organisation. Reception to the new Chubb in the market from customers, agents and brokers around the globe has been terrific. We also now project that we will surpass our original run-rate target for integration-related expense savings and, separately, we expect to increase our investment income run rate from what we would otherwise earn as a result of investment portfolio management improvements.” The Swiss-based company with underwriting operations in Bermuda reported net income of $439 million. “We’re off to a good start as the new Chubb with strong earnings for the first quarter, driven by excellent operating and underwriting results exclusive of the impact of one-time acquisition-related costs,” Mr Greenberg said. “Comparing our results in 2016 to 2015 as if we were one company in both periods, our earnings per share in 2016 was $2.29 and our underwriting income of $720 million was up 23 per cent over prior year with an excellent combined ratio of 88.9 per cent. Book value per share was up over 10 per cent, or 2.3 per cent when excluding the merger impact, while our annualized operating return on equity for the quarter was over 10 per cent.” The merger has made Chubb the largest publicly traded property-and-casualty insurer in the world. It ended the first quarter with shareholders’ equity of nearly $46 billion. Gross premiums totaled $7.39 billion and net investment income was $674 million. “Total premium revenue in the quarter was impacted by market conditions as we maintained underwriting discipline, as well as continued foreign exchange headwinds and integration-related activities,” Mr Greenberg said. “Our client renewal retention rates were very strong in the quarter, so the impact to growth came predominantly from new business, where greater momentum has begun to build. The impact of merger-related focus is diminishing and foreign exchange should have a reduced effect in the second quarter. In fact, we are already beginning to see evidence of both.” Chubb shares closed regular trading in New York down 44 cents at $117.82.

2016. March 18. New Bermuda name Chubb has announced its management team on the island. Chubb, the new name for the combined Ace and Chubb insurance companies, will be headed by Joseph Clabby as division president, Bermuda and global accounts. A spokesman for Chubb said: “In his Bermuda role, Mr Clabby has executive operating responsibility for the Bermuda-based commercial property and casualty insurance business that writes high-excess liability, property, political risk and directors and officers coverages worldwide.” New appointments by Chubb are April Andruczyk, who is senior vice-president, head of excess liability. Philippe Bacon has been named as senior vice-president, head of financial lines, while Richard Porter has been appointed senior vice-president, general counsel. Mr Porter has taken over as general counsel from Joshua Schwartz, who has left Bermuda to join Chubb’s legal operations in the US. Price Lowenstein will continue in his role as division president, Sovereign Risk Insurance Ltd, a wholly-owned subsidiary set up to underwrite political risk insurance. Judy Gonsalves will continue as executive vice-president and chief underwriting officer, with leadership responsibility for liability, property and financial lines. Robert Rebellato will continue as senior vice-president, head of excess property and Allison Towlson will remain as senior vice-president with responsibility for distribution and operations for all lines of business. The senior vice-president, chief financial officer role will continue to be occupied by George Ohsiek, while Jeff Trimarchi will keep his senior vice-president, claims and claims counsel post. John Lupica, vice-chairman of Chubb and president of North America major accounts and speciality insurance said: “Our Bermuda insurance operation, with 30 years of experience in the excess marketplace, is a significant contributor to Chubb North America’s operating results. “Our leadership team has deep knowledge of the market, solid broker relationships and a solutions-focused approach to our clients’ priorities. We expect that this strong leadership team in Bermuda will continue to drive superior results for the new Chubb organization.” Ace completed its takeover of Chubb in January and the firm is expected to become Chubb Bermuda in the second quarter of this year, although Chubb branding has already appeared on the company’s Hamilton headquarters. Chubb is the world’s largest publicly-traded property and casualty insurance company, with operations in 54 countries. The company has executive offices in Zurich, New York, London and other locations and employs around 30,000 worldwide.

2016. January 15. Insurance giant Ace has completed a $29.5 billion takeover of Chubb to create the world’s largest publicly-traded property and casualty insurance company. Ace was an early flag-bearer for Bermuda’s insurance sector after placing its operating headquarters on the Island in 1985. It still has a strong presence here, although it is now headquartered in Switzerland. The Ace name and logo will go, to be replaced by the Chubb brand for the new firm, which has a market capitalization of $51.2 billion. The new firm will also adopt a new Chubb logo in a variety of colours. Former Ace chief executive officer Evan Greenberg, now chairman and CEO of Chubb, said: “ACE and Chubb are now one and we could not be more excited about moving forward together with our new colleagues and our new brand. We are a global leader in commercial and personal property and casualty insurance with an exceptionally balanced product portfolio, a broad and deep global presence, extensive distribution channel capabilities and the ability to serve a diverse array of commercial and personal customers. Because we are creating a new path, we needed a visual expression to bring our new vision to life. It starts and ends with the Chubb name. Our identity — who we are — comes from our name, which is a symbol of quality and strength. So we have chosen a new logo that is a simple expression of our name, with no extra symbols or visual distractions. To balance the simplicity of the new Chubb logo, we have chosen an out-of-the-box approach with colours. There will be many colours to represent the new Chubb brand — nine to be exact. These colours reflect the diversity and energy of our culture, our thinking, global presence, the many different customers we serve and the many products we offer.” Although Ace’s operating headquarters came to Bermuda in 1985, the company was officially domiciled in the Caymans. It moved the seat of its operations to Switzerland in 2008, but maintains a significant presence in Bermuda through its landmark headquarters in Hamilton. Mr Greenberg said: “We are creating a new identity from our shared DNA. Our new identity is vibrant and full of life, anchoring us to our future, not to our past. We look forward to focusing on our craft of insurance to create significant value over time for our shareholders and to deliver unmatched quality and service to our customers and distribution partners.”

Chubb Atlantic Indemnity 4/12/1993
Chubb Financial Products (Bermuda) 12/4/2000
Chubb Financial Solutions (Bermuda) 12/4/2000
Chubb FS (Bermuda) 9/8/1997
Chubb Investment Company of Bermuda 11/25/2005
Chubb Life Solutions (Bermuda) 12/4/2000
Chubb Re (Bermuda) 3/24/1998
Churchill Capital 10 Cavendish Road, Pembroke. Phone 1 441 296 4806. Patrick Churchill a founding partner. Hedge fund advisor and brokerage. Licensed by the Bermuda Monetary Authority to conduct investment business. A Bermuda-incorporated company with offices and staff also in London, USA, Melbourne, Monaco and Singapore. 
CICA Life  
Citadel Solutions Bermuda Hedge fund service group owned by Citadel Solutions LLC a subsidiary of hedge fund giant Citadel Investment Group launched in 2007. It was the first company licensed by the BMA to provide administration services to hedge funds. It operates as the headquarters for the firm's offshore administration platform, servicing the needs of clients domiciled across Europe, Asia and other non US locations.
Chow Sang Sang Holdings International Codan Services Ltd
Cigarette Exporting Company of America  9 Church Street, Hamilton. Phone 292-2887.
CIL Holdings Bank of Bermuda Ltd, registrar & transfer agent.
Circle 2019. August 16. The Bermuda office of international fintech firm Circle has begun to advertise for staff. Circle CEO Jeremy Allaire said last month that 30 people would be hired for the operation on-island in the next two years. Now, the first job advertisement has appeared on website, greenhouse.io, with solicitation of resumes for the position of director, finance operations. Circle was founded in 2013 by internet entrepreneurs Mr Allaire and Sean Neville. It is a crypto-finance company built on blockchain technology. In its job advertisement, the company said it is seeking someone with more than 12 years of experience in financial operations and financial reporting, including five-plus years of experience leading a team. The candidate who is hired will act as general manager for the “Bermudan office”, the ad said, working with Circle’s treasury team to ensure that liquidity and net capital requirements are met. The company stated in the job advertisement: “This will be a key initial hire for Circle’s recently announced Bermuda office. You will be the senior representative and point of contact for the Bermuda Monetary Authority, manage local financial operations in Bermuda, and work with Circle’s accounting team in Boston to report on financial performance.” When the opening of a Bermuda office was announced Mr Allaire said the entity will service non-US customers, with the company planning to roll out new crypto-asset listings, advanced trading products and other innovations in the coming months. Roles the company will offer in Bermuda will be in areas including general management, risk, compliance, trading and customer operations.

2019. July 31. The founder and chief executive officer of a fintech firm that is to set up on the island has told a US Senate Banking Committee that the regulatory approach taken by the Bermuda Government “can and should be emulated by other countries”. Jeremy Allaire’s fintech company, Circle, will create more than 30 new jobs in Bermuda over the next two years, he said last week. Yesterday, Mr Allaire was the only crypto industry executive to testify before the Senate committee. He said an uncertain and restrictive regulatory environment has led many digital asset projects and companies to domicile outside of the United States and to block US persons and businesses from accessing products and technologies. In Circle’s case, he told the Senate committee, the firm has begun the process of moving its international-facing products and services into a licensed Bermuda entity. “Bermuda’s forward-looking Digital Asset Business Act provides a comprehensive regulatory framework for companies offering this new type of financial service,” he testified. “We believe that the approach the Bermuda Government has taken can and should be emulated by other countries.” He told the Senate committee that there were several positive aspects to Bermuda’s regulatory framework. They have established a comprehensive national policy for digital assets businesses,” he testified. “Rather than try and fit digital assets into banking and payments or securities and investments laws, they established a new set of laws specific to digital assets, including a new set of definitions of what constitutes digital assets, reflecting the dynamic and multifaceted nature of this new asset class. The licensing and supervisory framework is broad, spanning digital asset activities including storage and custody, payments, dealing and trading, and operating exchanges. Compared to a patchwork of regulators here in the United States, across the federal government and the states, there is a single regulator to supervise firms. There is an acknowledgement from both policymakers and regulators that this is a dynamic and fast moving field with constant technology and business model innovation, and they have committed to proactively working with industry to evolve the laws and supervisory requirements as the market grows and matures. The core of the risks they are focused on regulating are in our view the most important risks — enterprise risk, financial crimes risk, cybersecurity risk, and custody risk.” Mr Allaire’s crypto-finance firm was the first to get a full licence under DABA, which came into force last September.

Citic Securities International A Bermuda-incorporated Hong Kong-based subsidiary of China’s largest listed brokerage.
Citigroup The USA's Government Accountability Office (GAO) said in 2009 it had 19 subsidiary companies in Bermuda.
Citco Fund Services With 5,000 employees in offices around the world including one in Bermuda.
Citicorp Finance International 8/6/1990
Citycorp Financial Services Corporation 9/29/2003
Citycorp FSC 1 3/15/1995
Citycorp FSC 2 6/7/1995
Citycorp Insurance Bermuda  6/18/1984
Cities Service Overseas Management 11/25/1980
Citgo Fund Services Wessex House, 45 Reid Street, P. O. Box HM 2487, Hamilton HM GX. In October 2011 cut 15 to 20 jobs in its Bermuda office. See below.
Citygroup Fund Services (Bermuda) Since 7/22/1997. Address as above. The Bermuda division of the USA Citco Group of Companies with offices also in Amsterdam, Australia. Bahamas, British Virgin Islands, Cayman Islands, Curacao, Dublin, Geneva, Hong Kong,  Luxembourg, New York, San Francisco, Toronto. Bermuda unit of giant US bank. Until November 2008 when it had a major financial crisis, it employed over 240 staff in Bermuda. Citigroup, the recipient of some $45 billion in US Government aid during the market turmoil of 2008-2009, tops the list of US corporations with Bermuda subsidiaries, with 19, according to the USA's General Accountability Office (GAO).
Citygroup Holdings (Bermuda) 7/22/1997
Citygroup Risk Brokers, Bermuda  6/6/2003
Citygroup Securities Services (Bermuda) 3/4/1998
Citi Hedge Fund Services Address as above. In September 2011 relocated 105 jobs from Bermuda to North America in the biggest publicly revealed jobs blow of 2011. Like Citygroup above, and Citco Fund Services (Bermuda), part of Citycroup's Global Transaction Services Group. Was administrator for the Kingate funds, which put all their money in Madoff’s Ponzi scheme. Citi Hedge was bought by Citigroup in 2007. Kingate Global paid the firm or its predecessor $4.2 million from 2000 to 2007, and Kingate Euro Fund Ltd paid a smaller amount.
Citigroup Forum FD Services Bermuda  Address as above.
Clarien Bank 1/17/1975. 19 Reid Street. Hamilton. Change of name from April 22, 2014. Formerly Capital G Bank.

2018. June 25. Clarien Bank Limited has donated $5,000 to The Flora Fund to help aspiring and talented local athletes reach their goals. The fund was established by Flora Duffy, the two-times ITU world champion triathlete and Commonwealth Games gold medallist. The donation was presented to Flora’s father Charlie Duffy during the awards ceremony at Saturday’s 30th annual Clarien Iron Kids triathlon — the event where Flora first began her competitive career more than 20 years ago. Ms Duffy, who was off island training for the World Triathlon Series Hamburg event on July 14, in a statement said: “The Iron Kids triathlon is where I did my very first triathlon. I think I was seven years old. It is wonderful that the race has continued to be held every year, and the fact that this year’s event had a record 300 kids entered, is simply amazing. I wish I could have been there to witness it in person.” She added: “I’d like to thank Clarien Bank for sharing my passion for triathlon, and the positive impact sport has on the youth of Bermuda. I’m humbled by the donation to The Flora Fund and pledge to direct the funds to deserving talent later this year.” Ms Duffy has also won the ITU Cross Triathlon world championships, and is a multiyear winner of the Xterra world championships. She was awarded the OBE this month for her services to sport in Bermuda. Michael DeCouto, Clarien’s chief digital and marketing office, presented the donation. He said: “Clarien is honored to make this donation to The Flora Fund. Flora has been an inspiration to everyone in Bermuda, not just for her spectacular world-class athletic achievements but for her humility and humanity off the race course. Those qualities are epitomized by The Flora Fund and her willingness to give back to the community. We can’t think of a better way to celebrate the 30th anniversary of Clarien Iron Kids and its continued success as one of the island’s leading youth sports events. Flora has shown what can be achieved with determination and hard work and we look forward to more of our Iron Kids following in her illustrious footsteps.”

  • Contributions to The Flora Fund can be made online through the Bermuda Community Foundation’s donation page or offline by completing a Gift Intention Form. For more details contact the Bermuda Community Foundation at 294-4959

2017. December 2. A company owned by Jamaican billionaire Michael Lee-Chin’s Portland Holdings is set to take a majority stake in the parent company of Clarien Bank. If the transaction is approved, it will be the third time in four years that the majority shareholding of the bank has changed hands. Clarien said it intended to retain its branding after the deal and that it will remain committed to Bermuda, its employees and its clients. Jamaica’s largest financial institution, NCB Financial Group Ltd, has reached an agreement with Clarien Group Ltd to become its majority shareholder and plans to take a 50.1 per cent stake in the company. The transaction has received the approval of the Bank of Jamaica and there has been no objection from the Bermuda Monetary Authority. The deal is awaiting final approval from David Burt, as Minister of Finance, under the 1981 Companies Act. Financial details of the agreement have not been disclosed. Edmund Gibbons Ltd, once the sole shareholder of Clarien, will retain a 31.98 per cent stake after the transaction. The remaining 17.2 per cent stake will be held by funds managed by Portland Private Equity, which is also part of the Portland group. James Gibbons, director of EGL, CGL and the bank, said the partnership with NCB would strengthen commercial ties with two highly respected institutions and bring wider opportunities for Clarien. He added: “We are very excited by our partnership with NCB, which is one of the most successful financial services groups in the Caribbean, and the broader Portland group which includes operations in Canada and other international markets. It will enable us to expand our offerings locally, regionally and globally.” Mr Gibbons said: “NCB shares our client-focused philosophy and a dedication to providing high-quality services and a superior customer experience. Our partnership with NCB and PPE reinforces Clarien’s position as one of the largest privately held financial institutions in Bermuda. It will enable us to offer a wider range of products to our customers and facilitate the growth that will ultimately provide job security and career opportunities for Bermudians.” Edmund Gibbons Ltd and Ontario-based Portland Private Equity last year injected $12.6 million into Clarien, which enabled it to exceed the capital regulatory requirements of the Basel III standard. Mr Lee-Chin is president and chairman of the Canadian-headquartered Portland Holdings group of companies, which includes NCB and PPE. He visited Bermuda last month as the keynote speaker at the Progressive Labour Party’s gala celebration at the Fairmont Southampton. NCB is the financial holding company for the National Commercial Bank Jamaica Ltd. Patrick Hylton, NCB president and group chief executive officer, said: “Bermuda is one of the world’s premier financial jurisdictions and our alliance with Clarien is consistent with the strategic investments and joint ventures NCB Group identifies as key to growing our regional interests and driving continued growth and shareholder value. Our investment in Clarien reflects not only our confidence in the quality and value of the bank’s expertise, experience and services but also those of Bermuda itself. “In addition to its unquestioned natural beauty, the island has a natural affinity for business. As home to many of the world’s leading financial companies, Bermuda is respected as a stable, sophisticated legal and regulatory jurisdiction well equipped to meet the needs of international high-net-worth and institutional clients and one that is committed to meeting global standards of compliance, regulation, and transparency. We are committed to contributing to the growth of Bermuda’s reputation to attract more business to the island and thereby create conditions that will benefit the economy as a whole.” Clarien Bank, previously known as Capital G Bank, was controlled by Edmund Gibbons Ltd until January 2014 when it sold a four-fifths stake to a group of investors behind the Bermuda exempted company CWH Ltd. The bank rebranded as Clarien after the amalgamation. But in February 2015, EGL acquired a 50 per cent stake in CWH and two months later reacquired the remaining shares it had sold in Clarien and resumed total ownership of the bank.

2017. April 3. Clarien Bank Ltd’s net profit more than doubled last year to $1.2 million as new lending grew strongly and operating expenses fell. However, non-performing and impaired loans made up 15 per cent of the bank’s loan portfolio — up from 14 per cent in 2015 — evidence that some borrowers are still struggling to keep up with repayments. Revenues fell 3 per cent to $55.1 million, year over year, while Clarien cut operating expenses by $2.4 million, or 5 per cent, to $44.7 million. The bank is owned by the Gibbons family through Edmund Gibbons Ltd. EGL and Portland Private Equity invested $12.6 million in the Clarien Group a year ago, a capital injection which enabled the bank to strengthen its total capital ratio — a key measure of financial strength — to 17.5 per cent as of the end of 2016. The $1.2 million profit was up 133 per cent from the $0.5 million earned in 2015. Clarien’s loan portfolio fell by $53.3 million to close the year at $809.7 million. The bank said this was due to a continuing trend of “clients using cash to pay down mortgages in order to avoid continued debt”. The shrinkage in the loan book led to a 4 per cent decrease in interest income from loans, mortgages and credit cards, to a total of $52 million. However, the accelerated payments trend was offset by strong growth in new lending, which more than doubled from 2015, climbing to $52.6 million — up by $30 million. Around 9 per cent of the loan portfolio — around $79 million — is made up of “impaired loans”, the bank said, while a further 6 per cent of loans were “non-performing”, or past due by 90 days or more. Ian Truran, Clarien Bank’s chief executive officer, said: “Although the continued general increase in Bermuda property prices is encouraging, the continued high level of non-performing loans is an indication that the island’s economy still faces challenges. “Clarien’s approach is to continue to work with borrowers facing challenges and therefore the improvement in non-performing levels will take time while we conservatively increase our reserves against troubled assets.” Clarien increased its provisions against bad loans to $26.1 million in 2016, up from $20.7 million a year earlier. More than a third of the cut in expenses was achieved through a $0.9 million reduction in salaries and benefits, while the remainder came from savings on IT expenses through completion of debit and credit card initiatives, improved office efficiencies and disciplined budgeting, the bank said. In the second quarter of last year, the bank launched a new electronic banking system called Clarien iBank, as well as Visa credit cards. Clarien Merchant Services was launched in the fourth quarter aimed at improving services for commercial clients. “The successful launch of these projects resulted in a substantial reduction in technology costs that contributed to a $2.4 million reduction in our operating expenses,” Mr Truran said. “It should be noted that the reduction was achieved at the same time as incurring $0.7 million in costs associated with the introduction of the Bermuda Deposit Insurance Scheme.” Mr Truran added that last year’s capital injection had left the bank “well-positioned for strategic growth and we look forward to the coming 12 months with increased confidence and energy”.

2015. April 8. The Gibbons family bought back control of Clarien Bank Ltd, just 15 months after it sold a controlling interest in the institution. The news was announced in an earnings announcement published yesterday. The statement did not specify why Edmund Gibbons Ltd (EGL) had repurchased the 80 per cent stake in the bank that it sold to CWH Ltd in January 2014. Asked the reasons for the Gibbon's’ resumption of full ownership, a Clarien spokesman said: “As a result of robust discussion within the bank’s strategic planning process it was agreed between shareholders that EGL once again take a sole ownership stake in Clarien Group Ltd (CGL). CGL will continue to explore arrangements with partners to allow for growth, expansion into new product areas, and in planning for Basel III compliance.” The terms of the deal were not disclosed. In January 2014, EGL sold a four-fifths stake in the former Capital G Bank Ltd to Bermuda exempted company CWH Ltd. Two of the founders of CWH, Ian Truran and Zoran Fotak, became co-CEOs, but Mr Fotak left the role in October last year. Two months later he took a new post as CEO of CWH — the holding company of the bank’s majority shareholder at that time. The Clarien spokesman said the CWH founders who would continue to be involved with the bank were Mr Truran as CEO, Keith Stock as chairman and David Carrick as chief financial officer. There was no mention of any role for Mr Fotak. In the bank’s statement yesterday, EGL director James Gibbons said: “On behalf of Edmund Gibbons Ltd and the Gibbons family, we are pleased to report that we have become sole shareholders of Clarien Group Ltd. We remain committed to expanding Clarien Bank Ltd’s financial services business by working with strategic partners that will support our overall investment strategy to deliver world-class products and services for residents of Bermuda and international clients from around the world. We will continue to work towards Basel III compliance as it is phased in given the extra responsibility that brings to us as a designated domestically, systemically important institution.” Clarien also revealed that net profit in 2014 slumped to $500,000, down from $3.6 million in 2013, representing an 86 per cent drop. The bank said that core earnings, which exclude one-time charges, rose 44 per cent. Net operating income was flat at $51.7 million. Borrowers’ struggles were also reflected in the bank’s results, as non-performing loans — 90 days or more past due — and impaired loans represented 13 per cent of Clarien’s total loans. Loans categorized by the bank as “impaired” totaled $62.4 million and represented 7 per cent of the loan book, up from 5 per cent in 2013. Specific provisions on the balance sheet against impaired loans increased to $18 million last year, up from $11.6 million in 2013. The value of total loans fell by 7 per cent to $876.4 million from $942.6 million in 2013. “Bermuda continues to be challenged by its current economic position as evidenced by some of our clients’ inability to service their debt payments,” Mr Truran said. As a result, net provisions on loan losses rose by 27.3 per cent from $7.7 million in 2013 to $9.8 million in 2014. We continue to work empathetically with our clients to facilitate their long-term financial successes and early indicators for the year show some improvement in the relevant sectors of the economy.” He added that the bank would be “strengthened by the increased support of EGL and the Gibbons family” with their return to full ownership. Mr Truran said the bank’s consolidated capital ratio improved to 15.52 per cent from 14.84 per cent. The bank’s statement added: “During the year, Clarien Bank undertook a strategic review of its property portfolio and determined that certain premises would no longer be required in the ongoing operations of the company. Therefore the Bank distributed a property to its parent company, CGL, at its carrying value as a common control transaction.” On the balance sheet, Clarien’s total assets fell by more than 11 per cent to $1.18 billion at the end of last year from $1.33 billion 12 months earlier. Deposits and interest owed to depositors totaled $1.08 billion at the end of 2014, down by more than $140 million or 11 per cent, compared to a year earlier. Summing up last year, Mr Truran added: “In 2014, Clarien Bank achieved its goal of becoming a more operationally efficient bank focused on service excellence, with a greater proportion of non-interest income, resulting in fewer risk-weighted assets on the balance sheet. Clarien Bank saw an increase in total revenues, and the decline in our profit was predominantly due to large, one-off expenses that will not have any continuing effect on earnings going forward.”

Clarien Brokerage Change of name from April 22, 2014. Formerly Capital G Brokerage
Clarien BSX Services Change of name from April 22, 2014. Formerly Capital G BSX Services.
Clarien Investments 5/27/1997. Change of name from April 22, 2014. Formerly Capital G Investments.
Clarien Nominees Change of name from April 22, 2014. Formerly Capital G Nominees.
Clarien Trust (CTL) 2/27/1998. Change of name from April 22, 2014. Formerly Capital G Trust. Provides trustee administrative services for Bermuda-domiciled trusts, including family and estate planning using trust and corporate structures
Cofiam Codan Services Ltd
Colonial Group International 2019. June 7. Bermuda-based holding company Colonial Group International has received regulatory approval for the acquisition of a minority interest in The Beacon Insurance Company Ltd of Trinidad and Tobago. The approval was issued by the Central Bank of Trinidad and Tobago after it secured approvals from each of the jurisdictions in which Beacon operates. The deal provides Colonial with access to Eastern Caribbean markets where Beacon is licensed to do business, including Grenada, St Vincent, St Lucia, Dominica, St Kitts and Nevis, Barbados and Trinidad and Tobago. Colonial’s presence expands to 12 jurisdictions across the Caribbean region, the company said, enabling Beacon to leverage Colonial support to strengthen product offerings in health insurance and to introduce new and innovative products related to life insurance and pension services. The Colonial-Beacon partnership is expected to generate significant growth opportunities for both insurers, Colonial said. Naz Farrow, chief executive officer of Colonial, said: “This partnership significantly extends our market reach while allowing us to combine Colonial-Beacon attributes to strengthen our products for the benefit of existing and new customers. Integral to this partnership is a mutual people-first approach to service. Beacon has a strong and experienced management group that has enabled it to build a successful business by putting people first. That is precisely the approach we take here at Colonial and this business synergy bodes well for meeting customer needs.” Gerald Hadeed, chief executive officer of Beacon, said the partnership “enables us to expand and deepen the range and quality of our products. This development is a significant positive for both our companies and the people we serve”. Colonial Group has commercial operations in Bermuda, the Cayman Islands, The Bahamas, the British Virgin Islands, Barbados and the Turks and Caicos Islands. The group offers property and casualty insurance, employee benefits for pensions and health, life assurance and personal investment products. Beacon was founded as the Caribbean Insurance Company in 1972. It has branch offices in Barbados, Grenada and St Lucia and agency operations in St Vincent and the Grenadines, St Kitts and Nevis and Dominica. Beacon provides general insurance for both individual and institutional clients including motor, property, marine cargo and hull, employee benefits and all commercial lines.

2018. July 24. Colonial Group International Ltd has been awarded a top cybersecurity business protection certification. The Bermuda-based holding company received Cyber Essentials Plus certification from the National Cyber Security Centre (NCSC), a UK Government organisation that helps public and private-sector organisations protect themselves from cyber attacks. Cyber Essentials Plus is the highest accreditation offered by the NCSC, requiring the implementation of key controls to defend against cyber attacks. These include:

  • Secure configuration of mobile devices and system endpoints.
  • System-wide firewalls.
  • Access control.
  • Patch management.
  • Malware protection.

Colonial’s defences against cyber attack were tested in all its operating jurisdictions including Bermuda, Cayman, The Bahamas, British Virgin Islands, Barbados and the Turks and Caicos Islands. “Cybersecurity is a big and growing challenge for virtually all businesses today,” Ben Mobley, Colonial’s technology security officer, said. “It requires vigilant, proactive management, and the Cyber Essential Plus certification — a first for Bermuda — reflects our approach to the challenge.”

Colony Investments Paget. Fax 236-0800. Cell 235-6093
Columbia Laboratories (Bermuda)  A subsidiary of US-based pharmaceutical company Columbia Laboratories Inc. which researches hormonal treatments and has patented bio-adhesive technology.
Comerica Assurance, Since 1993.
Commex Management Swan Building, 26 Victoria Street, Hamilton HM 12. Phone 295-1785. Fax 295-6270. 
Commodities Fund Administrator Washington Mall, Hamilton HM 11. Phone 295-5517.
Compagnie D'Escomptes Financiers  5 Park Road, Hamilton. Phone 292-7979.
Compass  53 Par-la-Ville Road, Hamilton HM 11. Phone 295-6349. Fax 292-4862.
Conceptium (Bermuda) 2018. February 26. An international firm that specializes in complex security and public safety management has chosen Bermuda to play a key role in its high-tech operations. The Conceptium Group, which is based in Washington, DC, is an international consortium of innovators, technologists and operational experts and describes itself as “an action organisation”. The group offers services ranging from protection of facilities such as ports and airports and managing complex emergencies in combat zones, to data forensics and insurance investigations and retrievals. Conceptium is partnering with QuoVadis, a Bermudian-based technology firm that specializes in digital security, in a high-tech port security initiative. During a visit to the island, Stefan Templeton, Conceptium’s chief executive officer, said the group’s technology-based activities on the island could grow. Ramadhin “Rammy” Smith, chief inspiration officer of Conceptium, is a well-known Bermudian businessman who worked in the construction industry. He and Mr Templeton made a presentation to the Senate of Nigeria, referring to Bermuda as a base for various operations, as they look to work with the Government of the West African nation on security initiatives. “We are currently in talks to set up command and control centres, because now with the internet you can work remotely,” Mr Templeton said. “We are also working closely with Bermudian companies such as QuoVadis, where we set up monitoring in ports, so our specific project is called the PortSingleWindow where we have developed systems to support harbour and port authorities in their operations using special data and artificial intelligence.” The company has operated in 21 countries in Africa and has developed systems that use satellites to track unusual behaviors over water or inland by tracking containers, vessels, people and movement in ports. Gavin Dent, CEO of QuoVadis Services Ltd, said: “QuoVadis is excited to partner with Conceptium to provide infrastructure as a service for their PortSingleWindow initiative. For start-ups and technology companies needing to rapidly deploy IT platforms in Bermuda, QuoVadis offers the right combination of cloud technologies and advanced professional services. Conceptium selected QuoVadis as its preferred partner in Bermuda because of our high level of technical expertise and the quality of our Bermuda-based hosting platform and data centre. Our solution enables Conceptium to focus on their core business needs without the delays, distraction or high capital cost of building their own infrastructure.” Conceptium (Bermuda) Ltd, which lists Mr Smith is a director, was incorporated on the island last year. Mr Templeton, who is of American and Norwegian descent and is the grandson of Baltimore-based civil rights campaigner Furman Templeton, described why he viewed Bermuda as an attractive jurisdiction for Conceptium. “We are looking to promote Bermuda as a base for operations to provide a regulatory KYC [know your customer] and anti-money-laundering framework and bolster what we have as an active portfolio within the security world,” Mr Templeton said. He described the Bermuda Government as “forward-thinking” and added: “We could go anywhere but Bermuda is a good jurisdiction in which to launch these initiatives under the full compliance and regulatory framework of the Bermuda Government.” Mr Smith met Mr Templeton in France at 19 years of age and developed a friendship. After a downturn in the construction industry, he started to look for other opportunities. “We were two young boys when I met him in Paris,” said Mr Smith, who lives in France. “We reconnected and started to explore the possibility of forming a business partnership. “We have a Bermuda company we are working with and one of the main objectives is to bring employment in Bermuda focusing on security and the technology industry.” Mr Templeton has worked most of his life in the peace and security operations. He holds the rank of Commander in Elisa (Light Airborne Medical Rescue Squadron) based in Cruas, France and has led and co-ordinated several civil-military operations, in places including Honduras, Cambodia, Bosnia, Kashmir, Morocco, Indonesia and Cambodia. He specializes in rapid-response deployment and assessment with the aim of paving the way for the relief efforts of military and civil humanitarian groups. A martial-arts specialist, he has multiple black belts and teaches safety and self-defence seminars to police forces, civic groups, humanitarian workers and non-governmental organisations on location. “I have been an adviser and security adviser in a number of security operations such as the Sudanese civil war, where we did evacuations of about 60,000 Sudanese under fire.  I also worked in Mali, Beirut, and in 15 high-conflict zones including Iraq and Nigeria.” Mr Templeton has also performed investigations for insurance companies to locate stolen ships. “We have repatriated aviation and maritime assets after they have been seized illegally by pirates,” he said.
  • For more information about the Conceptium Group, go to conceptium.com. 


Concordia Advisors (Bermuda) 10 Cavendish Road, Pembroke, HM 19. Phone 292-1962. Resume to alex@concordiafunds.com
Concorde Bermuda c/o Appleby Bermuda. The USA's SEC says it “purports to be a hedge fund established in Bermuda with its principal place of business in Kiev, Ukraine."
Concordia Distressed Debt Offshore Management Represented by Mello Jones and Martin
Concordia Distressed Debt Fund Represented by Mello Jones and Martin
Concordia Maritime (Bermuda) 69 Pitts Bay Road, Pembroke HM 08. Phone 295-0040. Fax 296-2686.

2019. September 3. A boat designer has won a $4,000 scholarship from an international tanker shipping firm to help fund his studies in Britain. Hereward Dill, who is enrolled in the yacht and powercraft design course at Solent University, Southampton, was awarded the 2019 Concordia Maritime scholarship. Mr Dill graduated from the Landing School in Maine with an associate’s degree in marine systems in May. A spokeswoman for Concordia Maritime said it also continued to support previous winners of the scholarship. Lamar Samuels, last year’s winner, will given more funds to continue his studies at South Shields Marine School in the UK, where he will start the phase three part of the course in September. In addition, Alexander Cook, the 2017 recipient, will receive support as he continues an archaeology degree at Cardiff University in Wales. Angelique Burgess, general manager of Concordia Maritime, said: “We are very proud of our scholarship recipients who are very focused on pursuing their educational goals. Concordia Maritime (Bermuda) Limited have been providing scholarship awards up to $10,000 since 2011 to deserving students. Many of the past recipients have graduated and are employed either locally or overseas in the maritime industry which is a testament to the benefits of the scholarship programme.”

2018. August 21. Concordia Maritime (Bermuda) Ltd has awarded two students with scholarships to assist them with maritime studies overseas. The company allocates a total of $10,000 in scholarship funds each year. This year’s recipients are Lamar Samuels and Andre Durham. Angelique Burgess, general manager for Concordia Maritime (Bermuda), said the scholarship committee wished the two awardees “much success in their academic endeavors”. Mr Samuels will study a foundation degree in marine engineering at South Tyneside College, in England. He has been awarded a three-year scholarship and his first award will be $2,750. During the past three years he has been employed as a watch leader on the Spirit of Bermuda, where he gained work experience and completed several international voyages and local charters. He stated that his time working on the Spirit has helped him to develop professionally and he had an opportunity to receive excellent seaman’s training that he believes will assist him in his studies. Andre Durham will be pursuing higher education and looking to gain a qualification that will assist his career goal of starting his own charter business. He will commence the associate in applied science in the nautical science programme at Northeastern Maritime Institute, Massachusetts, next month. For the past three years he has been employed on board the charter fishing vessel Hakuna Matata as a first mate and overseas on the fishing vessel Vitamin Sea. He will receive a one-time award of $2,000. Previous students Joshua Santucci-Smith was awarded a three-year scholarship in 2016 and is attending the University of Tampa and Alexander Cook was awarded a three-year scholarship last year and is studying at Cardiff University. Other than supplying funds to students, the scholarship committee provides mentorship to the recipients throughout the duration of their scholarship. The committee consists of Ms Burgess, Catharine Lymbery, Taran Card and Mario Thompson.

Concordia Maritime Shipping Group 69 Pitts Bay Road, Pembroke HM 08. Phone 295-0040. Fax 296-2686.
Concordia Municipal Opportunities Master Fund LP Represented by Mello Jones and Martin
ConnecTech 41 Cedar Avenue, 2nd Floor, Hamilton. Owned by Ms Wells. A company that provides technology training for young people and businesses, she sees job creation potential in the technology field. 
ConocoPhillips In 2009 the USA's Government Accountability Office (GAO) stated there were 17 subsidiaries in Bermuda. 
Consensus Investments Ltd. c/o Lines Overseas Management
Contel Corporation Since 2005. Major US corporation
Consolidated American Rental Insurance 3/17/1997
Consolidated Commodities 9/16/1994
Consolidated Custodians International 4/16/1990
Consolidated Electric Power Asia 1/8/2008
Consolidated Fund Services 3/23/1993
Consolidated Holdings 5/22/1986
Consolidated Hotel Co. 8/13/1924
Consolidated Industries 4/11/2000
Consolidated Insurance Management 10/13/1988
Consolidated International Insurance Company Ltd Ctnd/Caym 1/25/1993
Consolidated Investments 9/2/1977
Consolidated Management 5/29/1981. 14 Par-la-Ville Road, Hamilton HM 08. Phone 295-8313. Fax 292-1373.
Consolidated Maritime Ins Co 5/23/1975
Consolidated Services  
Consortium Capital Formerly Human Therapeutics Ltd. C/o Christopher Frances Forrest.
Convex Group 2019. July 3. Convex Group Ltd, the new Bermuda-based insurer launched by industry veterans Stephen Catlin and Paul Brand, has signed a contract with an outsourcing company to deal with its back-office needs. The agreement entails India-based WNS (Holdings) Ltd becoming a long-term strategic partner of Convex, the companies said in press release today. WNS will build what the company describes as a “Platform + BPM [business process management] as-a-service”, including support services relating to operations for insurance, reinsurance, claims, finance and human resources. In an interview with The Royal Gazette in April, Mr Catlin said the new specialty insurer and reinsurer would employ “upwards of 50 people” at its Bermuda headquarters, once up to full staff by November. He said then that the company would “do an enormous amount of outsourcing on a horizontal basis”, meaning there would be one outsourcer for everything. “Lots of people outsource bits and pieces, but nobody in insurance does a horizontal outsource, as far as we’re aware,” Mr Catlin said in the interview. “It saves us about 3 per cent on expenses.” WNS has nearly 40,000 employees, 11,000 of whom work in insurance, working for 350 clients around the world and state-of-the-art technology. The upshot of the outsourcing is an absence of back-office jobs in Bermuda, although the island gains many higher value roles. “Employment costs here are as high as they are anywhere,” Mr Catlin said. “Any people you employ here, or in London, have got to be adding value to the balance sheet. Those servicing the balance sheet can do it from elsewhere.” Convex, which has an A- rating from AM Best, will also have an underwriting operation in London. In today’s press release, Adrian Spieler, group chief operating officer of Convex, said: “Our team at Convex is excited to be building the ‘insurance company of the future’ free from legacy systems and processes. We believe WNS has the operational excellence needed to support the execution of our business strategy. We are building a platform which is flexible, scalable and efficient and WNS will be a great partner to support us on our journey.” Keshav Murugesh, group CEO of WNS, said: “This is indeed a proud moment for our combined teams and a culmination of the focused efforts and collaboration, towards co-creating a unique end-to-end ‘Insurance in a Box’ product solution and unique value proposition for the Convex Group. We are delighted to have been chosen as the strategic partner by the Convex Group and I am confident that we are going to set new industry benchmarks together.” The new insurer’s invested capital comes from the Convex management team and Onex Partners V, a fund of Toronto-based private-equity firm Onex Corporation, as well as Canadian-based pension investment manager PSP Investments, in addition to a consortium of co-investors.

2019. April 30. Insurance industry veteran Stephen Catlin is to lead a new Bermuda-based re/insurer with $1.8 billion of committed capital. Convex Group Ltd will have underwriting operations in Bermuda and London, and the holding company will be based on the island. In dollar value of capital it is the largest re/insurance start-up in the Bermuda market’s history. Mr Catlin, Convex’s chairman and chief executive officer, will be teaming up with some of his former colleagues from Catlin Group, including Paul Brand, deputy CEO, Benjamin Meuli, chief financial officer and Adrian Spieler, chief operating officer. In an interview with The Royal Gazette, Mr Catlin said the underwriting operation in Bermuda would be substantial, with “upwards of 50 people” once up to full staff by November. The diversified insurance and reinsurance company will write diversified specialty business with a focus on complex risks. It has regulatory approvals in Bermuda and London and an A- rating from AM Best. Convex will draw down on $1.6 billion to start out its business and will have access to further capital as the business expands. The invested capital comes from the Convex management team and Onex Partners V, a fund of Toronto-based private-equity firm Onex Corporation, as well as Canadian-based pension investment manager PSP Investments, in addition to a consortium of co-investors. Other members of the management team are Robina Malik, general counsel, Doug Howat, chief underwriting officer — insurance Matt Paskin, chief underwriting officer — reinsurance, and Mark van Zanden, head of portfolio optimization. Mr Catlin, a part-time Bermuda resident, launched Catlin in London in 1984. In 1999, the company re-domiciled to London and in 2015, it was sold to XL Catlin for $4.1 billion. He retired as executive deputy chairman of XL Catlin in April 2017. One of the factors that lured him back into the business is the state of the market. He sees parallels between today’s market and that seen after the September 11, 2001 terrorist attacks, which caused a dislocation in the market and sparked a slew of start-ups. “It helps if you’re starting with tailwinds,” Mr Catlin said. “In March last year, there were headwinds everywhere. I think the tailwinds will increase over time, because I don’t think the market is even close to recognizing the under pricing of casualty business. That tail is beginning to wag the dog and with casualty business, once that tail starts to wag, then it keeps going for at least five years.” While competitors would be struggling with the consequences of under priced casualty business, Convex, unencumbered by legacy, would be able to focus on the future. For Paul and I, this is the second time in our lives that the stars have aligned and we can hardly believe it. It happened after 9/11 and we [Catlin] were the only London business to raise significant capital. We raised $500 million in 2002 and while others were trying to sort out their back year, we were able to push the thing forward.” The company will focus on complex specialty risks and write a mix of about 40 per cent reinsurance and 60 per cent insurance, Mr Catlin said. The Bermudian underwriting platform, Convex Re, will write mainly reinsurance. Convex UK is the London-based underwriting entity. The start-up is structured to keep down expenses in a way Mr Catlin believes may be unique in the industry. “We will have an enormous amount of outsourcing on a horizontal basis, which means that we have one outsourcer for everything,” he said. That business is WNS, a massive outsourcer based in India that has nearly 40,000 employees, 11,000 of whom work in insurance, and state-of-the-art technology. “Lots of people outsource bits and pieces, but nobody in insurance does a horizontal outsource, as far as we’re aware,” Mr Catlin said. “It saves us about 3 per cent on expenses.” The risk of relying so heavily on WNS has been considered. Mr Catlin said Convex has a very detailed “Plan B”, which regulators demanded to see. The upshot of the outsourcing is an absence of back-office jobs in Bermuda, although the island gains many higher value roles. “Employment costs here are as high as they are anywhere,” Mr Catlin said. “Any people you employ here, or in London, have got to be adding value to the balance sheet. Those servicing the balance sheet can do it from elsewhere.” Mr Catlin made clear that Convex would be in no rush to deploy its capital or sacrifice underwriting discipline in the pursuit of market share. The investors were in it for the long term, which gave the company time to grow carefully over time. We have ten-year money. That means the earnings in the first two years are almost irrelevant. We need to get there in a five-year timeframe, obviously. But we don’t have to do it yesterday. This year we will write some business, but our primary objective is to fill the toolbox, so we have the right resources. One of the reasons we wanted to start by May 1 was that some of the people we are hiring have to give six months’ notice, as is the industry standard. People are resigning as we speak. Those people will then get on the payroll by November 1, so we will be fully kitted out for 2020, which is a far more important underwriting year for us than 2019.” Mr Catlin said he had no second thoughts about basing the company in Bermuda after the island was put on the European Union’s list of non-cooperative jurisdictions on tax matters last month. Confident that the island will be removed from the list in May, he said: “The truth is that Bermuda is a much stronger offshore financial-services centre than any other. There are very few brass plates here and quite correctly, they are making that more difficult to do, whereas in the Cayman Islands there are thousands. It isn’t true to say that Bermuda is a tax haven. The tax take in Bermuda is something like 17 or 18 per cent of GDP — in the US it’s about 18 to 19 per cent. It’s just a question of how you’re taxed. I think Bermuda could do better at explaining at what it is and how transparent it is. The challenges here are more to do with social issues and the inefficiency of the Civil Service.” Mr Catlin said he was urged to start a new company by Mr Brand, who first suggested it over a beer two years ago, and then by investment banker Stuart Britton, of Evercore, at a dinner. Mr Catlin was initially unconvinced, but a phone call he received in March last year caused him to start thinking differently. “One Sunday morning, Mike McGavick [the former CEO of XL Catlin] rang me to tell me about the Axa transaction,” he recalled. “It took me a few hours to realize that I’d just been freed. Whatever my contract said, I could not have brought myself to compete with XL Catlin. My name was on the door, it was a business I’d grown over 32 years, I just couldn’t do it. For moral reasons and emotional reasons, it wasn’t on the table. The Axa deal changed all that.” In the week after Axa announced its $15 billion XL takeover offer, Lloyd’s posted huge losses. After that, Mr Catlin called Mr Brand to meet up and they decided the time was right. “I called up Stuart Britton and said, you’re right, I’m wrong. He said, ‘what do you want?’ I said, ‘I want ten-year money and I want a lot of it’.” The real work started in October last year, when a detailed business plan was drawn up. Mr Catlin decided to put in some calls to get his “ducks in a row”. Among those to hear of his plans were David Burt, the Premier, and Jeremy Cox, the CEO of the Bermuda Monetary Authority, who were both delighted. He also called Mark Carney, Governor of the Bank of England. “It’s very difficult to do something like this if you haven’t got support from on high, realistically,” Mr Catlin said. “The truth is that for UK Ltd and Bermuda Ltd, there needs to be some good news. This was a breath of fresh air for them.” The first meeting with UK regulator, the Prudential Regulation Authority, took place in early December. The rigorous preparation of Mr Catlin’s team — which included about 10,000 pages of compliance-related material — helped the process move along smoothly. Convex also got the green light from another UK regulator, the Financial Conduct Authority. “We got the whole thing done in 4½ months,” Mr Catlin said. “In think it’s the first time in ten years that they managed to get through it in less than a year.” Convex also received its BMA approval in principle before Christmas, he said. Some of Convex’s clients are likely to be some of Catlin’s former customers, Mr Catlin believes. “We led a lot of business in London — at Lloyd’s we led over half the business we wrote,” he said. “A lot of those people liked dealing with us over the years. They weren’t desperately happy about the transaction with XL and they were even less happy about Axa, because Axa’s not a London company. So we’ve kind of got a captive distribution and client base just by performance historically.” In an annual Lloyd’s survey, Catlin was top on claims paid for ten years, Mr Catlin said. “Part of our pitch was we may not have the cheapest price in the world, but if you’ve got a fair claim, we pay it and pay it quickly. It took us about 20 years to build that reputation.” In a statement, Mr Brand said: “Convex is designed for the evolving insurance industry, and combines years of experience, knowledge and history in this market. Stephen and I see a great opportunity; there is demand for an insurer to bring a refreshed and enhanced offering to market, one that puts fairness and honesty at the centre of its singularly client focused proposition. Convex will challenge the status quo to create value across the chain and provide a differentiated service in a personal way.”

Cooper Industries A global manufacturer of electrical products, tools and  hardware, with current-year revenue of more than US$4.2 billion. Formerly based in Houston, Texas. Bermuda headquartered for tax reasons on May 21, 2002, for huge tax savings. It has $ multi-million US Defense and Homeland Security contracts. 
Comdominio Since 9/27/2000
Continental Asset Management Bermuda 19 Queen Street, Hamilton. Phone 296-0000. Fax 295-8802
Continental Bulk Carriers SA Happy Valley Road, Pembroke. Phone 292-8727
Conyers Dill & Pearman 2017. October 18. Conyers Dill & Pearman has maintained its Tier 1 position in corporate and finance, in the updated IFLR1000 guide to the world’s leading financial and corporate law firms. The firm has also experienced a 60 per cent increase in the number of ranked lawyers, which puts it ahead of other Island firms in terms of the number of ranked corporate lawyers. IFLR1000 cited Conyer’s work on a number of capital markets transactions, including Myovant Sciences’ $218 million IPO, as well as its strengths in M&A, aircraft securitisations, insurance and shipping. Narinder Hargun, director & co-chairman, Bermuda office, said: “We are delighted to receive these accolades. Our results in Bermuda and around the globe demonstrate the depth of talent we have at the firm and are testament to the client-first experience our teams provide every day”. Globally, Conyers has maintained top-tier rankings across several practice categories. Researchers for the IFLR1000 guide commented on the firm’s strengths in investment funds and M&A, noting its involvement in the $4.4 billion privatization of Dalian Wanda Commercial Properties, which was the largest privatization for a Hong Kong group. David Lamb, Partner & co-chairman, Hong Kong office, said: “This year’s rankings further define our position as a leading international law firm. We congratulate all of our practice groups and lawyers on their recognition.”
Coral Petroleum Parent company of Esso Bermuda
Corange International Washington Mall, Phase 2, 22 Church Street, Hamilton HM 11. Phone 295-3812. Curt Engelhorn, from Germany, one of Bermuda's wealthiest residents, a billionaire several times over, used to own it. Since 1997 it belongs to Swiss drug manufacturer Roche Holdings
Cosan SA Brazilian-owned and based, controls the world's second-largest sugar-cane processor, a holding company that controls Priacicaba. It is the world's largest producer of ethanol from sugar cane.
Coutts (Bermuda) Swan Building, 26 Victoria Street, Hamilton. P. O. Box HM 1436, Hamilton HM FX. Phone 295-4700. Fax 295-4706.
Covea 2020. March 5. PartnerRe is to be sold to French insurer Covéa for about $9 billion in cash. The Bermudian reinsurer’s parent company Exor signed a memorandum of understanding to sell its 100 per cent stake in PartnerRe to Covéa. The agreement will become binding after it receives approval from workers’ councils, according to a statement. PartnerRe will also pay a $50 million cash dividend before the closing of the deal. John Elkann, the chairman of Exor, said: “We have now been presented with an outstanding chance for PartnerRe to further strengthen its competitive advantage while providing important new opportunities for its people under Covéa’s ownership.” The acquisition requires approval by regulators and is expected to be completed by the end of this year. It would be the biggest deal in the industry since Axa bought XL Group, another Bermudian-based company, for $15.3 billion two years ago. Exor said its aggregate cash return on its PartnerRe investment had been about $3 billion. Since 2016, PartnerRe has paid a total of $661 million in dividends to Exor and has grown its book value by $510 million to $6.57 billion. Exor said: “This was achieved notwithstanding 2017 and 2018 being among the most challenging years for the reinsurance industry.” The reinsurance industry has evolved in recent years, Exor said, adding: “Specifically, scale is becoming increasingly important for reinsurers as their primary insurance clients consolidate and then seek counterparties with greater capital strength when reinsuring their risks. Following the acquisition by Covéa, PartnerRe will enter the top tier of reinsurers worldwide also by balance sheet size.” Exor, the investment vehicle of the billionaire Agnelli family, bought PartnerRe in 2016 for $6.72 billion. The deal was done after Exor won a hostile takeover battle for PartnerRe in 2015, breaking up a merger agreement between the reinsurer and Bermudian re/insurer Axis Capital Holdings Ltd. Emmanuel Clarke, CEO of PartnerRe said: “Over the past four years, under Exor’s ownership, we have strengthened PartnerRe’s position as a global, diversified reinsurer, thanks to a continuous focus on enhancing our client and broker franchise, our underwriting and investments portfolios and our operational efficiency. And I’m confident we are in a very good position to further evolve under our new ownership.”
Covidien Second Floor, 90 Pitts Bay Road, Pembroke HM 08. Telephone: (441) 292-8674. Spun off from Tyco International. Global healthcare products giant Bermuda-domiciled. Formed June 2007. 7,000-square-foot offices. In January 2008 had four full-time staff at its Bermuda base, out of a global workforce of 43,000 in 57 countries. Its products, which range from medical devices and supplies, to imaging products and pharmaceuticals, generate sales of more than $10 billion. A public company listed on both the New York and Bermuda stock exchanges.
Crabel Re Since November 2014, set up by Los Angeles-based global alternative investment firm Crabel Capital Holdings, which will use the Multi-Strat Re platform for its underwriting and reinsurance operations. The move allows Crabel Capital, which manages a total of $1.7 billion for its clients, to enter the reinsurance market more easily and also to focus on the investment management side of the business. Toby Crabel, founder and CEO of Crabel Capital, said: "Reinsurance offers a unique opportunity to raise capital and manage assets for the firm. Our goal is always to provide the best possible products and services to our clients and reinsurance will provide one more option moving forward." The firm aims to use Crabel Re to to underwrite reinsurance business and invest the premium float in its short-term systematic trading strategy, Crabel Multi-Product. Mr Crabel, who had three years as a professional tennis player, made his name as a commodities trader. In 2005, the Financial Times described him as the most well-known trader on the counter-trend side. Multi-Strat Re is designed to help asset managers get into reinsurance, with the option to break away and become independent reinsurers in the future. Crabel Capital focuses on futures and foreign currency trading and was a pioneer in short-term trading, The firm offers diversified systematic products with low correlation to traditional asset classes.
Cranberry Re Special Purpose insurer
Credit Suisse Emerging Markets Structured Loans Associates LP Since 8/13/2007. Major Swiss bank with offices in many world centers.

Credit Suisse building

A Credit Suisse office building abroad

Credit Suisse First Boston BCP Team Partners 1999 LP Since 4/20/1999. 
Credit Suisse First Boston BGN Team Partners LP Since 9/19/2000
Credit Suisse First Boston Co-Investor (Fish) LP Since 10/15/1998
Credit Suisse First Boston Co-Investors (Bermuda) LP Since 4/19/2000
Credit Suisse First Boston EASP Since 6/15/2000
Credit Suisse First Boston Equity Partners (Bermuda) LP Since 7/1/1998
Credit Suisse First Boston Finance Company Since 6/29/1995
Credit Suisse First Boston Finders and Screeners (Bermuda) LP Since 6/13/2000
Credit Suisse First Boston Fund Investments VI-B (Bermuda) LP Since 10/26/1999
Credit Suisse First Boston Fund Investments VI-Side Partnership (Ber) Since 9/1/1999
Credit Suisse First Boston Helvetia Equity Partners LP Since 8/2/1999
Credit Suisse First Boston Helvetia Private Equity Partners LP Since 8/2/1999
Credit Suisse First Boston International Equity Partners (Teletrim) LP Since 10/27/1997
Credit Suisse First Boston International Executive Advisors LP Since 6/8/1999
Credit Suisse First Boston International Team Partners LP Since 12/29/1997
Credit Suisse First Boston Invemed Fund (Bermuda) LP Since 6/1/1998
Credit Suisse First Boston Investment Partnership VI (Bermuda) LP Since 9/1/1999
Credit Suisse First Boston Investment Partnership VII-B (Bermuda) LP Since 10/27/2000
Credit Suisse First Boston Investment Partnership VII-Side Partnership Since 10/27/2000
Credit Suisse First Boston Investment Partnership VII (Bermuda) LP Since 10/27/2000
Credit Suisse First Boston OXG Since 7/26/2000
Credit Suisse First Boston POC Team Partners 1999 LP Since 10/27/1999
Credit Suisse First Boston Private Equity Russia and Ukraine Team Part Since 3/10/1998
Credit Suisse First Boston Private Equity (BCI) Since 8/27/1998
Credit Suisse First Boston Russia and Ukraine Equity Partners LP Since 12/30/1997
Credit Suisse First Boston Russia and Ukraine Private Equity Partners Since 12/30/1997
Credit Suisse First Boston (EASP I) LP Since 6/20/2000
Credit Suisse First Boston (EASP II) LP Since 6/20/2000
Credit Suisse First Boston (OXG I) LP Since 7/28/2000
Credit Suisse First Boston (OXG II) LP Since 7/28/2000
Credit Suisse Life and Pensions Insurance Brokerage (Bermuda) Since 4/14/2004
Credit Suisse Life (Bermuda) Since 11/19/2004

2020. February 21. Narinder Hargun, the Chief Justice, has granted a plaintiffs’ application for specific discovery, ordering that a Bermuda-based life insurer provide documents as part of a civil case involving hundreds of millions of dollars. Mr Hargun ruled that a current officer of Credit Suisse Life (Bermuda) Ltd must, by February 25, file and serve an affidavit verifying the discovery of documents by the defendant. The affidavit must confirm that a range of documents in the possession custody and power of CS Life have been searched for and discovered, as well as confirm that the defendant has requested documents from the bank, Credit Suisse AG, which the defendants assert managed the assets at issue in the proceedings. The court heard expert evidence regarding whether the defendant is entitled to obtain documents under Article 400 of the Swiss Code of Obligations. It found that, subject only to the issue of relevance, that the defendant has the power to call the bank to provide, and the bank has an obligation to provide, all documents within the categories set out in the court order. The plaintiffs’ claim against CS Life is for losses suffered by two unit-linked life insurance policies. The plaintiffs are a mix of policyholders and ultimate beneficiaries of the proceeds of the policies. The plaintiffs allege that they entrusted $755 million to CS Life by way of lump-sum insurance premiums. The policy assets were invested in accounts with bank Credit Suisse AG, but in 2015 the plaintiffs discovered losses to the policy assets that they allege are in the region of $400 million. The ruling follows a two-day hearing held on January 21 and 22.Patrice Lescaudron, formerly a credit adviser at the bank, was sentenced to five years imprisonment by a Geneva court in February 2018. The court found that he was guilty of serious fraud and forgery in his handling of former clients, including former Georgia Prime Minister Bidzina Ivanishvili and Russian oligarch Vitaly Malkin. The Swiss court said that Mr Lescaudron, 54 at the time of sentencing, had made a personal gain of some $30 million.

Credit Suisse (Bermuda) Since 3/13/1998
Creditanstalt Asset Management Since 5/18/1987
Cremorne County P. O. Box HM 1179, Hamilton HM EX. Arranges leases and sales of US manufactured property to be used predominantly outside USA.
CRM Holdings (CRMH)
Crown Development Corporation 2004. Property development. Bermuda-based subsidiary of Shun Tak Holdings Ltd.
CTC Insurance Management (Bermuda) P. O. Box HM 2904, Hamilton HM LX. A Charles Taylor company with an active Bermuda office
Crosos Shipping 
CryptoScan Bermuda 2019. January 17. Hackers are upping their game and many organisations are not even aware of serious holes in their own network defences. That is the warning from Hari Acharya, chief operating officer of Canadian firm PomeGran, which is partnering with start-up CryptoScan Bermuda to offer a new cybersecurity service in Bermuda and across the Caribbean. Mr Acharya said hackers were using artificial intelligence to ramp up their abilities to access data to use for identity fraud, blackmail, theft of money or to break into systems to cause disruption. Cryptography is the foundation of digital security and any weaknesses in a network’s cryptographic architecture present opportunities for hackers. Mr Acharya said in an interview when visiting the island for the launch of CryptoScan last week: “Everyone has some sort of encryption in their infrastructure, but people don’t take a look at it on a regular basis. It might be software, PKI [public key infrastructure] certificates that have been there for many years, certificates that may have expired or that may not be valid — that’s the prime way hackers can get through to the network and your data.” Breaches like that involving international hotel chain Marriott — in which more than 500 million records were released — grab the headlines. But many more cyber attacks impact small businesses. Almost half of US small businesses suffered a cyber-attack within the past 12 months, a report last year by Bermudian insurer Hiscox found. Coral Wells, director of CryptoScan, said cybersecurity was even more critical for Bermuda at this time, given the Government’s efforts to establish the island as a fintech and digital asset business centre. That was one of the reasons she decided to join forces with PomeGran to launch the company. “I know where Bermuda’s going with fintech, blockchain and the digital age. Going down this technology path, we need to make sure we’re all protected. It’s imperative that the companies here are protecting themselves.” Mr Acharya said that identity theft was at the root of much of the fraud being perpetrated these days. “Using details from social media, people can mimic others to get loans, for example. Once someone’s personal information has been exposed, you don’t know where it’s going to end up. I know people whose identities were stolen and there were mortgages taken out for hundreds of thousands of dollars, based on their credit histories. They only found out when they tried to get a loan from a bank.” With hackers constantly improving their abilities to break in, cyber defences will need to keep evolving. Quantum computers would be able to crack all forms of cryptography known today — something that would become a significant security issue during the next five to seven years, Mr Acharya said. Despite the financial and reputational risks of data breaches, enterprises generally are not doing enough to ensure their security, Mr Acharya said. “We’re in 28 customer engagements across North America right now — and we find that cryptography is something people don’t really think about. Many companies do assessments based on policies and procedures, which are very important, but not enough. The challenge is they are subjective tests of where your infrastructure is today, not objective. People are filling in questionnaires under pressure from their managers, without the expertise to do it accurately. That’s where we come in.” CryptoScan’s service will analyze organisations’ cryptographic assets objectively, report vulnerabilities and flag up expiring certificates. The company says its service will reduce the risk of data and network breaches and cut costs by automating complex cryptographic assessment processes and replacing lengthy manual reviews. The service will also help organisations to comply with rapidly increasing data protection obligations, including the EU’s General Data Protection Regulation, Payment Services Directive and Bermuda’s Personal Information Protection Act. Kalai Kalaichelvan, PomeGran’s chief architect, said the island’s digital ambitions made it the obvious place to base the new company, while aiming to service the Caribbean region. “Our vision for CryptoScan is to make Bermuda a centre of excellence for cryptography scanning,” Dr Kalaichelvan said. “Bermuda is moving towards advanced technology industries, so if we make CryptoScan Bermuda the centre of it, it can benefit the region. We’re extremely impressed with what Premier Burt is doing, with regards to digitizing everything and putting Bermuda on the map. It’s a great leap forward for the region and we’re very supportive of that vision for the country.” Ms Wells expects the company to expand in the coming years and build up a workforce. “It would be great to hire some local staff,” Ms Wells said. “How many depend on how well the business takes off.” As the owner of ConnecTech, based in Cedar Avenue, Hamilton, a company that provides technology training for young people and businesses, she sees job creation potential in the technology field. “We see the need for more people in the cybersecurity industry,” Ms Wells said. “I’m really big on making sure that we get young Bermudians trained in the different areas of technology and the biggest thing we see coming down the path from a career standpoint is cyber-security.”
Cumulus Eastern European Property Fund 2017. August 11. A Bermuda-registered investment fund has been ordered by the Supreme Court to wind up because the island’s financial regulator found it had breached several regulations. The Bermuda Monetary Authority petitioned the Supreme Court to wind up Cumulus Eastern European Property Fund Ltd, pursuant to section 36(1)(b) of the Investment Funds Act 2006 (the IFA) and the provisions of the Companies Act 1981. The BMA said it no longer had confidence in Cumulus’s ability to manage its own affairs to the benefit of its investors. Keiran Hutchison and Roy Bailey of EY Bermuda Ltd were appointed as joint provisional liquidators of Cumulus, after the court made the winding-up order last month. The BMA said Cumulus was in breach of the IFA and the Fund Rules 2007. In particular, said the regulator, there was a failure to prepare annual audited financial statements for the past five years. “The company has provided audited financial statements for the year ended December 31, 2013, which statements are highly qualified and have not yet been signed off by the company or the auditors,” the BMA stated. The regulator added that Cumulus had failed to meet the requirement to have an investment manager with day-to-day control over the management of the property of the company. “The Authority viewed the above breaches as serious because of their extent and duration, and no longer had confidence in Cumulus’s ability to manage its affairs to the benefit of its investors,” the BMA stated. “The Authority’s actions highlight the importance of its role in protecting the reputation of the jurisdiction and protecting the interests of investors.” Anyone with immediate questions related to Cumulus or the liquidation, should contact Liam Carroll at Liam.Carroll@bm.ey.com or Shannon Dyer at sdyer@bma.bm
Cunard-American International Cruises Since 3/20/1992. Once independent, for some years now part of Carnival
Cunard Line Since 8/20/1999. See above and Cunard ships below:

Cunard ships Queen Mary 1, Queen Elizabeth,  Queen Victoria

All also flying the Bermuda flag on their sterns and showing Hamilton, Bermuda as their port of ship's registry.

Cunard Line Limited (Amalgamated) Since 4/30/1998
CWH Owns Clarien Group and since January 7, 2014 a controlling interest in Bermuda's former Capital G Bank, now Clarien Bank since April 22, 2014.


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