Bermuda-incorporated entities O to Z

6/28/2007. UK investment advisor. It's Oakley Capital Private Equity LP invests in mid-market UK and European businesses. In 2010 it announced the sale of web-hosting business Host Europe Corp. to Montagu Private Equity LLP for £222 million ($344 million). The transaction required approval from Germany's Federal Cartel Office. Host Europe operates in the UK and Germany.

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

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

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

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

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

2019. March 26. Bermuda-based holding company One Communications Ltd has reported net income for 2018 of $15.1 million, an increase of $100,000 over its 2017 results. In an earnings statement released today by the Bermuda Stock Exchange, the diversified telecommunications outfit reported that consolidated revenue for 2018 was $128.9 million, up from $127 million in 2017. That figure includes $105.4 million in Bermuda revenues and $28.4 million attributed to the company’s operations in the Cayman Islands. Total operating expenses for 2018 were $112.4 million, compared to $111.3 million the year before, the company said. The company’s total assets increased during 2018 to $205.6 million, up from $198.3 million a year earlier, including $14.9 million in cash holdings. Shareholders’ equity climbed to $150.2 million from $136.4 million a year earlier. During the year, the company repurchased 712,599 shares under an approved share buyback programme at an average price of $2.99 per share. The company said it declared and paid $1.7 million in dividends in 2018. No dividends were paid in 2017. Earnings per share for continuing operations for 2018 were 36 cents per share, the same figure as in 2017. One said it made $28.3 million in capital investments during 2018. During 2018, the company said, it made $3.75 million in principal repayments in relation to a long-term debt agreement. On May 22, 2017, the agreement was amended to increase the facility to $37.5 million and increase the limit of its overdraft from $5 million to $10 million. This facility, the company said, is scheduled to mature on May 22, 2022. The company had no overdraft at the close of 2018, it said. Of its Bermuda operations, the company said: “Management and the board of directors have spent the past year working hard on delivering our FibreWire internet and transformative FibreWire TV products, which have already and will continue to improve customer satisfaction. We continue to realize synergies from the consolidation of prior acquisitions, with an improvement in margin over prior year reflected in current year results. On the wireless side, our high speed 4G LTE network covers over 99 per cent of the country. We have been able to maintain network integrity and performance even as data usage continues to dramatically increase. We have now launched our single bill initiative, providing customers the optional convenience of receiving a single bill for all of their services. We have also implemented a new scheduling system for home service calls that will improve customer experience and drive added efficiency.” Speaking of its Cayman operations, the company said: “We continue to benefit from growth in the national economy. To further leverage our investments, we continue to expand our fibre footprint on the island, offering customers advanced internet, IPTV, and corporate data products. In 2018, our incremental investment of $6 million in the fibre network increased homes passed from 60 per cent to 67 per cent during the year, and the operating results demonstrated corresponding growth in both subscribers and revenue.”

Acquired in 2017 by Canadian insurer Intact Financial Corporation in a $1.7 billion deal. The transaction created a North American lender in speciality insurance with more than $1.5 billion of annual premiums. 

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

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

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

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

8/24/1993. Wellesley House South, Pitts Bay Road. 

2020. May 14. A deal to sell a Bermuda-based reinsurer to a French mutual insurance group has been called off. A $9 billion cash agreement to sell PartnerRe to Paris-based Covéa was reached in March, but the French firm said that due to the “significant uncertainties threatening the global economic outlook” it would not go ahead with the purchase of the firm from Exor. Exor, an Italian investment firm controlled by the Agnelli family of Fiat fame, bought PartnerRe in 2016. It said it would retain ownership of the business and that PartnerRe was not expected to be significantly affected by the Covid-19 pandemic. Covéa said: “In light of the current unprecedented conditions and significant uncertainties threatening the global economic outlook, Covéa has indicated to Exor that the context does not allow the contemplated acquisition of PartnerRe to be carried out on the terms initially envisaged.” Exor said its chairman John Elkann and board of directors had acknowledged Covéa’s notice that it would not honour its commitment to acquire PartnerRe in line with the memorandum of understanding announced on March 3. The Italian firm added that the board recognised “the positive outlook for PartnerRe, which enjoys one of the highest capital and liquidity ratios in the global reinsurance industry and is not expected to be significantly affected by the Covid-19 outbreak”. Exor said that the board had underlined its belief that a sale of PartnerRe on terms inferior to those established in the MOU failed to reflect the value of the company. A statement from Exor added: “In attempting to renegotiate the agreed deal terms, Covéa has never suggested the existence of a material adverse change, including pandemic risk, or any other issues at PartnerRe that would explain its refusal to honour its commitments under the MOU and Exor believes that no such basis exists.”

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.”

2020. February 9. Discussions about the possible sale of PartnerRe have been confirmed by the company that owns the Bermuda-based reinsurer. Exor, the Italian investment firm controlled by the Agnelli family that paid about $6.9 billion for PartnerRe in 2016, in a statement said: “Exor confirms that it has entered into exclusive discussions with Covéa regarding a possible all-cash acquisition of PartnerRe. These discussions are ongoing and there is no certainty that they will result in a transaction. Exor will refrain from further comment until the final outcome of the discussions is known.” Covéa is a French insurance company. Last week, The Insurance Insider cited an unnamed London banking source in its report of discussions about the possible sale of the reinsurer. On Friday, The Royal Gazette contacted PartnerRe, which has offices on Pitts Bay Road, and was told it does not comment on speculation in the press. We also contacted Exor to inquire about the matter. The discussions with Covéa were confirmed by Exor in its statement, which was released today. According to a Reuters report a source “familiar with the matter” said the deal could be worth about $9 billion.

2020. February 7. PartnerRe may be up for sale, according to a report that cites a London banking source. The Bermuda-based reinsurer was bought four years ago by Exor, the Italian investment firm controlled by the Agnelli family. Exor paid around $6.9 billion to buy the company, which has offices on Pitts Bay Road. In a report by The Insurance Insider, French company Covea is said to be a possible buyer of the business, according to an unnamed banking source. In response to an enquiry about the article, PartnerRe told The Royal Gazette it does not comment on speculation in the press. Exor has also been contacted about the report, and the Royal Gazette is awaiting a response.

Founded by and is owned as a joint-venture between NATIXIS Alternative Investment International, and Bermuda-based insurance group White Mountains Insurance Group, Ltd. In 2009 teamed up with Japanese giant Mitsubishi Corporation to create a new alternative investment fund to focus on insurance-linked securities.

2019. November 15. Polaris Holding Company Ltd reported a halving of its six-month profit to $493,000, or 40 cents per share, at the end of September. The company is the parent of Stevedoring Services Ltd, and also East End Asphalt, which it acquired in March. For the same six-month period last year, Polaris made a profit of $1.01 million, or 82 cents per share. In a statement, the company said: “On March 14, Polaris acquired a faltering East End Asphalt Company Ltd and over the past six months has rehabilitated the asphalt manufacturing and paving company, returning the business to its former glory as the island’s leading paving operator. “For East End Asphalt, the past two quarters have seen major capital investment and staffing realignment, driven by Polaris’ CEO Warren Jones, in a repeat of the skilful turnaround of Stevedoring Services’ fortunes when he was hired by the group in October 2013.” It said Travis Gilbert was appointed general manager of East End Asphalt last month, “with the asphalt company persuasively marketing to businesses and residential customers through a strategic pricing campaign and improved level of quality and care”. The company said its core business, Stevedoring Services, continues to benefit “from million-dollar heavy equipment purchases, telecommunication changes, training, and technological innovations introduced over the past few years, shifts which have transformed the business, as lauded by importers, the freight lines, customers, and its union and staff”. It added: “With 53 years of service under its belt, Stevedoring Services has never been in a better place. At the end of quarter two, Stevedoring Services was invited by the Corporation of Hamilton, through a request for proposal process, to tender for the continued facilitation of the Port of Hamilton’s Cargo Dock Area. A positive, progressive, Bermuda company, Polaris looks forward to March 2020 when the concessionaire will be announced. Stevedoring Services seeks to continue its planned evolution as it services the Bermuda public.” Polaris also wholly owns and operates Mill Reach Holding Company Ltd, which holds real estate located at Mill Reach Lane, Pembroke, and Equipment Sales and Rentals Ltd, which owns and leases heavy operating machinery and equipment to Stevedoring Services Ltd.

2019. August 27. Polaris Holding Company Ltd, parent of Stevedoring Services Ltd and recently-acquired East End Asphalt Company Ltd, has reported a net profit of $801,000 for the fiscal year ending March 31, 2019. Operating profit was $1.07 million, the company said, before taking into account acquisition costs of $210,000 and start-up losses of $56,000 in relation to Polaris’ acquisition of EEA in March. This marked the fourth consecutive year of operating profits in excess of $1 million, the company said. After accounting for the EEA acquisition and start-up costs, Polaris reported a gain of 90 cents per share, with a return on equity of seven per cent. At the current 32 cents per share annual dividend distribution and based on Polaris’ most recent BSX price of $5.10, the company said, its dividend yield was 6.3 per cent. A company spokesman said: “Polaris has demonstrated once again that it is a steady pair of hands — true to its motto — ‘quietly powering Bermuda’. Without interruption or disruption, Polaris through its subsidiaries has ensured that the goods and products that are required by and for its community are delivered safely in a timely and efficient manner. With the recent acquisition of EEA, Polaris is primed for growth in another service industry where its proven management experience, coupled with the expertise of the EEA staff will ensure that entity to be another successful performer in the Polaris portfolio.” In addition to Stevedoring Services and EEA, Polaris owns and operates Mill Reach Holding Company Ltd, which holds real estate located at Mill Reach Lane, Pembroke and Equipment Sales and Rentals Ltd, which owns and leases heavy operating machinery and equipment to Stevedoring Services.

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

Formed to acquire and operate high-power geostationary satellites optimized for satellite television in the Asia-Pacific region. In 2008 launched a satellite it hopes will expand its footprint in the Asian telecommunications business. Has subsidiary operations in San Francisco and Singapore.

In early 2011 Kiskadee, a fellow Bermuda Company, sued two officers of ProtoStar Ltd for $18.25 million in compensatory damages, in the US District Court for the Northern District of California. Kiskadee's complaint was lodged against California resident Philip Father and Maryland resident Eugene Cacciamani, who served as chairman and chief technology officer, respectively, of ProtoStar. Kiskadee had formed a joint venture with ProtoStar, aiming to utilise one of Bermuda's potentially lucrative satellite location slots, which were granted to Bermuda in 1983 by the United Nations and International Telecommunications Union. The complaint revealed Kiskadee was granted an exclusivity agreement on a satellite slot by the Bermuda Government. But after ProtoStar filed for bankruptcy and its joint venture with Kiskadee failed, Government terminated the exclusivity deal in June 2010. Kiskadee formed a joint venture with ProtoStar in October 2008 to implement Kiskadee's extremely valuable exclusive right to commercialize a satellite orbital location, positioned over the center of North America, that is controlled under international treaty and assignment by the Government of Bermuda. The joint venture entity, also incorporated in Bermuda and known as ProtoStar Kiskadee (Bermuda) Ltd., is 75 percent owned and controlled by ProtoStar. Mid-Ocean News revealed in 2005 that Kiskadee had started talks with Government over the Island's satellite slot in July 2001.

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2019. October 15. A Bermuda-based group of companies could play a pivotal role in the proposed settlement of opioid legislation in the United States involving OxyContin maker Purdue Pharma LP and its owners, the Sackler family. The outline of a proposed settlement that Purdue values at between $10 billion and $12 billion was filed in the US Bankruptcy Court in White Plains, NY last Tuesday. On Friday, US Bankruptcy Judge Robert Drain ordered a pause to all litigation involving Purdue until November 6, giving the bankrupt drug maker time to conclude a deal with plaintiffs. The proposed settlement aims to resolve more than 2,600 lawsuits by states, local governments and other plaintiffs against Purdue and its Sackler family owners. Under the agreement, the Sackler family would give up control of Purdue, turning the company over to an entity that would run the company and use its profits for the public good. The money for the proposed settlement is to come jointly from Purdue, and from the Sackler family. In Bermuda, the Mundipharma group of companies, owned by members of the Sackler family, have offices on Par-la-Ville Road in Hamilton. Top US insurance litigators Dick Geddes and Christopher Carroll, of international law firm Kennedys, appeared at the Hot Topics forum organised by the Bermuda office of Kennedys on Thursday. Mr Geddes is a partner in the firm’s Chicago office, while Mr Carroll, also a partner, is based in New York. Together, they gave a presentation entitled “Opioid Crisis: Beginning of the End or End of the Beginning”? Afterwards, the two visiting lawyers agreed that the Mundipharma companies may have a part to play in the proposed settlement. Mr Geddes said: “The proposed settlement involves numbers that Purdue is casting as $10 billion to $12 billion. Ten billion will theoretically come from the continued sale of Purdue’s products under the newly-structured public benefit corporation.” He added: “The other chunk, about $3 billion, theoretically will come from the family that owns 100 per cent of the assets of the Purdue companies, and that is the Sacklers. The question is where that money will come from.” In filings with the US Court, Mr Geddes said, a company is identified as a non-US pharmaceutical company owned by the Sacklers. Mr Geddes said: “That is Mundipharma. It’s very possible that Mundipharma could play a role in the settlement.”

2019. September 13. For months, the judge overseeing national litigation over the opioids crisis urged all sides to reach a settlement that could end thousands of lawsuits filed by state and local governments. But the chaotic developments this week in the case against Bermuda-registered OxyContin maker Purdue Pharma, which also has other Bermuda links, underscore how difficult that goal is. By yesterday, half of America’s state attorneys-general said they would reject a tentative deal crafted by the other half, and many criticized the terms as grossly insufficient. Purdue and the Sackler family that owns it “will never be able to undo all the damage they have done”, Virginia Attorney-General Mark Herring, a Democrat, said in a statement, “but at the very least, they must face real, significant, personal accountability for their lies and for the pain and heartbreak they have caused”. Herring and other attorneys-general opposed to the terms say the amount of money involved will be far less than the $10 billion to $12 billion promised by Purdue and the Sacklers. They want the family to pay more from their vast fortune, much of which has been shifted overseas, and say the current settlement terms allow the relatives to walk away without acknowledging their role in a crisis that has killed 400,000 Americans over the past two decades. “This epidemic has affected everybody in our state,” Delaware Attorney-General Kathy Jennings, another Democrat, said yesterday in a statement. “Irrespective of Purdue’s actions or evasions, we will continue to pursue justice on behalf of those harmed by the Sacklers’s greed, callousness and fraud.” The failure to reach a wide-ranging settlement so far, as the Sacklers had hoped, means the legal battle over what their company must pay will probably shift to bankruptcy court. Questions about the family’s responsibility could play out at the same time in dozens of state courts. More than 20 states have filed separate cases against members of the family, and it’s not clear whether federal bankruptcy proceedings would halt those state cases. The company is expected to file for bankruptcy protection within days. Attorneys-general who say they agree with the terms said the deal is better than what their states and communities would likely receive if Purdue files for bankruptcy without any settlement language to guild the proceedings. “Sadly, this agreement cannot bring back those who have lost their lives to opioid abuse, but it will help Florida gain access to more life-saving resources and bolster our efforts to end this deadly epidemic,” Florida Attorney-General Ashley Moody, a Republican, said. “I want to assure Floridians that we will continue to aggressively pursue our state case against all remaining defendants.” Some attorneys-general — the group that had been leading the settlement talks with Purdue — have described the negotiations as ongoing and unsettled. Katie Byrd, a spokeswoman for Georgia Attorney-General Chris Carr, declined to comment yesterday about the state’s stance, but described the situation as “fluid”. Minnesota Attorney-General Keith Ellison said “widespread uncertainty” remains about the details of the settlement terms, including the size of the payments, how long they would be made and how Purdue and other Sackler-owned entities would be operated going forward. Under the proposed deal, the family would give up ownership of Purdue and pay $3 billion to $4.5 billion, depending on how much Purdue brings in from selling a company known as Mundipharma, which is registered in Bermuda. Several attorneys-general said they are skeptical that Mundipharma is worth that much, and they want more money guaranteed from the Sacklers. OxyContin is probably the best-known prescription opioid and was a blockbuster drug in terms of sales after it was introduced in 1996. In their lawsuits, the state and local governments say Purdue aggressively marketed the drug while downplaying its addictiveness. The developments related to Purdue and the Sackler family come just five weeks before the scheduled start of the first federal trial over the toll of the opioids crisis in the US. That trial involves claims by Ohio’s Cuyahoga and Summit counties against multiple opioid makers, distributors and pharmacies. If the company files for bankruptcy, the trial will go on without Purdue. Families who have lost loved ones to the crisis or have otherwise been hurt by opioid addiction have pushed back against settlements with Purdue and other players in the opioid industry. They want a chance to face company executives in court and tell their stories. In a statement, members of the Sackler family urged governments to sign on to the settlement terms, saying it will fund solutions to the crisis rather than continue “endless litigation”.

2019. September 11. NEW YORK — OxyContin maker Purdue Pharma LP, linked to Bermuda, reached a tentative agreement with some plaintiffs to resolve widespread litigation over its alleged role in fuelling the US opioid crisis and plans to tussle with states opposing its settlement offer in bankruptcy proceedings starting as soon as next week, people familiar with the matter said. On Wednesday, lead lawyers representing more than 2,000 cities, counties and other plaintiffs suing Purdue, along with 23 states and three US territories, were on board with an offer from the company and its controlling Sackler family to settle lawsuits in a deal valued at up to $12 billion, the people said. The Sacklers are reported to have extensive interests in Bermuda, while a variety of companies related to Stamford, Connecticut-based Purdue have had a presence on-island for up to three decades. More than a dozen other states remain opposed or uncommitted to the deal, setting the stage for a legal battle over Purdue’s efforts to contain the litigation in bankruptcy court, they said. States yesterday updated a federal judge on the settlement offer’s support, which could evolve as the day progresses, the people said. Purdue’s board is scheduled to be briefed on settlement progress today, one of the people said. There remained a chance negotiations could fall apart and the company’s plans, including timing of a bankruptcy filing, could change, the person said. The Sacklers, well-known wealthy philanthropists, have declined to revise their proposed settlement contribution of $3 billion over seven years and another $1.5 billion or more through the eventual sale of another business they own called Mundipharma, several people familiar with the matter said. The offices of Mundipharma Medical Company, and other companies carrying the Mundipharma prefix are located on Par-la-Ville Road in Hamilton. The network of companies was reportedly set up to do business outside North America. New York, Massachusetts and Connecticut, where privately held Purdue is based, are among the states opposed to the current offer and have pushed the family to guarantee $4.5 billion, the people said. Last weekend, the Sacklers “refused to budge” after attorneys-general in North Carolina and Tennessee presented the family with counterproposals they said had widespread support from other states, according to correspondence reviewed by Reuters. The lawsuits, which in some cases targeted the Sacklers as well as Purdue, claim the family and company contributed to a public health crisis that claimed the lives of nearly 400,000 people between 1999 and 2017, according to the latest data from US Centres for Disease Control and Prevention. The suits allege Purdue aggressively marketed prescription painkillers while misleading doctors and patients about their addiction and overdose risks. Purdue and the Sacklers have denied the allegations. With negotiations over the family’s contribution to a settlement at loggerheads, Purdue is preparing to file for bankruptcy protection as soon as this weekend or next with the outlines of a settlement in hand, albeit one lacking support from many states, the people said. Purdue would then ask a US bankruptcy judge to halt litigation while settlement discussions continue, a move some states said they are likely to challenge. A bankruptcy judge could force holdouts to accept a settlement as part of Purdue’s re-organization plan if enough other plaintiffs agree. “Purdue Pharma continues to work with all plaintiffs on reaching a comprehensive resolution to its opioid litigation that will deliver billions of dollars and vital opioid overdose rescue medicines to communities across the country impacted by the opioid crisis,” the company said in a statement. Members of the Sackler family targeted in lawsuits said in a statement that they support “working towards a global resolution that directs resources to the patients, families and communities across the country who are suffering and need assistance” as opposed to engaging in what they described as “endless litigation.” With Purdue facing more than 2,000 opioid-related lawsuits, Reuters reported in March that the company and the Sacklers began exploring bankruptcy options to halt litigation and attempt to reach a far-reaching settlement. One reason Purdue is eyeing a bankruptcy filing soon is to avoid an October 21 trial, the people said. That trial, stemming from widespread lawsuits consolidated in an Ohio federal court, risks a verdict with outsize damages Purdue could not withstand, one of the people said. Purdue’s current proposal envisions it using bankruptcy proceedings to transform into a public trust with a board selected by court-appointed trustees, the people said. The trust would donate drugs the company developed to combat overdoses and addiction to US communities, which Purdue values at $4.45 billion over ten years. The Sacklers, who amassed a multi-billion-dollar fortune from OxyContin sales, would cede control of Purdue, they said. A Chapter 11 filing with a deal many states oppose risks triggering more litigation and longer, more expensive bankruptcy proceedings that could reduce payouts to plaintiffs unless a broader deal is reached. “I remain steadfast in my view that the Sacklers have to give back the money they took from selling opioids so that we can put it towards solving the problem they created,” Connecticut Attorney-General William Tong said in a statement. “The current proposal does not do that.” The Sacklers have rebuffed requests from some plaintiffs for more details on the family’s finances, some of the people said. North Carolina Attorney-General Josh Stein said he was preparing to follow other state officials and sue the Sacklers. “A large number of states are committed to the notion that the Sacklers need to guarantee more money,” he said, adding that different states “have different views, as is to be expected”.

2019. April 30. The parent company of Bermuda-based Qatar Re has reported $75 million net profit for the first quarter, an increase of $10 million, year-on-year. Qatar Insurance Group’s earning per share were 21 cents, compared with 18 cents for the same period last year, while its gross written premiums remained stable at $969 million, down $7 million. The Qatar-based group’s non-life combined ratio improved to 100.2 per cent, from 101.6 per cent. Khalifa Abdulla Turki Al Subaey, group president and chief executive officer of QIC Group, said the first quarter was a period of stability and consolidation. He added: “As part of our de-risking effort, we have adopted a more selective approach to writing new business, rewarded by an improving technical performance. QIC remains firmly committed to shifting to lines of business with lower volatility where we see a more attractive risk-return potential. In addition to underwriting, QIC’s investment prowess and commitment to operating efficiency continue to bear fruit and are essential to sustaining the Group’s overall profitability. Based on the strength and diversity of our performance engines, I remain confident in QIC’s future growth and profitability prospects, which should further benefit from what appears to be a slightly firming global re/insurance trading environment.” QIC’s international carriers, which include Qatar Re, Antares, QIC Europe Limited and Gibraltar-based carriers, now account for 76 per cent of the group’s gross written premiums, an increase from 73 per cent a year ago. In a statement, the group said its first quarter profit was driven by improving underwriting results and resilient investment income. Last week, Qatar Re confirmed Michael van der Straaten as its new CEO. He succeeded Gunther Saacke, who announced in January that he was leaving the company

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

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

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

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

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

2020. March 31. An insurer specialising in emerging business categories has been granted a license by the Bermuda Monetary Authority, the Premier has announced. Relm Insurance Ltd, led by chief executive officer Joe Ziolkowski and operations vice-president Keyla Roman, is owned by Deltec International Group, a Bahamas-headquartered independent financial services group, which is supplying Relm’s underwriting capacity. The company will service the insurance needs of business sectors that are new to the economy but are likely to become significant economic drivers over time, David Burt said. Mr Burt added: “I am pleased that Relm has chosen Bermuda for its digital asset insurance business. Insurance is one of the most sought-after services for digital assets and the choice of Bermuda as their domicile reaffirms our continued strong position in insurance and our developing position in Fintech.” The statement said that Relm will initially focus on digital asset enterprises and cannabis and hemp-related businesses. Their future plan is to offer insurance solutions to new sectors such as digital banking, the sharing and gig economy, autonomous vehicles and artificial intelligence. The first five product areas that Relm will offer are:

• Tailored Digital Asset Custody insurance programme for digital asset custodians and/or service providers that provide short-term digital asset custody.
• Directors and officers’ liability for cannabis/hemp businesses and digital asset businesses, including a private company product with coverage for token issuances and alternative Side A solutions.
• A miscellaneous professional liability cover that can be tailored to accommodate service providers and advisers in various capacities within both the digital asset and cannabis/hemp spaces.
• Cyber cover for emerging business sectors.
• Commercial crime for emerging business sectors.

Currently in development for the cannabis and hemp space are insurance products for living plant coverage and bailees’ exposure, the statement said. Mr Ziolkowski said: “Our focus is on providing insurance coverage to solid companies in emerging business sectors. We truly understand how challenging it can be to get affordable cover and great business support, which is why Relm’s proposition to the marketplace is so critical. Locally, we have enjoyed a productive relationship with the BMA over the previous 18 months and have worked closely with Marsh’s Bermuda office and Appleby Bermuda to ensure a solid foundation on which to build the business. We’re thrilled to be a disrupter in the insurance industry through our bespoke insurance solutions that support innovators in digital assets and the cannabis and hemp industries. The Bermuda Monetary Authority provides significant oversight for DABA licensees. These companies are required to go through a rigorous process to obtain their DABA license, and therefore the BMA indirectly becomes a part of our underwriting process.” Ty Sagalow, founding member of Lemonade Inc and independent non-executive director of Relm, said: “I am proud to be on the board of Relm as it steps up to offer relevant insurance products to emerging business sectors.” He added: “My experience with Lemonade has demonstrated just how ready the market is for new approaches to insurance, and I am confident that Relm’s focus on today’s emerging risks will ensure success for its brokers and insureds.”

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

6/7/1993.

2020. January 7. RenaissanceRe Holdings Ltd has announced an underwritten public secondary offering of more than 1.7 million of its common shares by Tokio Marine & Nichido Fire Insurance Co. The selling shareholder will receive all of the net proceeds from this offering. No shares are being sold by RenRe. The shares would be valued at about $333.9 million, based on the Bermudian reinsurer’s closing share price of $192.01 on Monday. RenRe acquired Tokio Millennium Re in a $1.5 billion cash-and-shares deal from the Japanese-based Tokio Marine Group in March last year. Morgan Stanley & Co LLC is acting as the sole underwriter for the offering. The underwriter may offer the shares from time to time in one or more transactions on the New York Stock Exchange, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices relating to prevailing market prices or at negotiated prices. The shares are being offered pursuant to an effective shelf registration statement that has been filed with the Securities and Exchange Commission.

2019. July 24. Bermuda-based reinsurer RenaissanceRe Holdings Ltd reported net income of $367.9 million and trounced the estimates of Wall Street analysts. Profits soared more than 90 per cent from the $191.8 million the company made in the corresponding quarter last year. Operating income was $212.6 million, or $4.78 per diluted common share, up by $8 million from the same period and comfortably surpassing the $3.71 per share consensus forecast of analysts tracked by Yahoo Finance. Kevin O’Donnell, chief executive officer of RenRe, said: “I am pleased with our performance in the second quarter, where we achieved annualized operating return on average common equity of 16.7 per cent and growth in tangible book value per common share plus accumulated dividends of 8.2 per cent. This strong performance was due to the diligent execution of our differentiated strategy, resulting in solid profits, material growth and improved operational efficiency. The portfolio of risks we have constructed is larger, more diverse and increasingly efficient, and poised to drive superior long-term returns for our shareholders.” The company reported an annualized return on average common equity of 28.9 per cent and an annualized operating return on average common equity of 16.7 per cent in the second quarter. Book value per common share increased $8.12, or 7.3 per cent, to $119.17 in the second quarter of 2019. Gross premiums written increased by $499.6 million, or 51.1 per cent, to $1.5 billion, in the second quarter of 2019, compared to the second quarter of 2018, driven by an increase of $286.6 million in the Property segment and an increase of $213.0 million in the Casualty and Specialty segment. Underwriting income of $170.8 million and a combined ratio of 81.3 per cent in the second quarter of 2019, compared to $226.6 million and 47.2 per cent, respectively, in the second quarter of 2018. Total investment result was a gain of $309.8 million in the second quarter of 2019, generating an annualized total investment return of 8 per cent, driven by net realised and unrealized gains on investments of $194 million, comprised of $143.3 million from fixed maturity investments and $50.7 million from equity investments and investments-related derivatives. RenRe said more than $700 million of capital was raised through the company’s third-party vehicles, including DaVinciRe Holdings Ltd, Upsilon RFO Re Ltd, Vermeer Reinsurance Ltd and RenaissanceRe Medici Fund Ltd. On March 22, 2019, the Company completed its acquisition of Tokio Millennium Re AG, now known as RenaissanceRe Europe AG, Tokio Millennium Re (UK) Ltd, now known as RenaissanceRe (UK) Ltd and their subsidiaries. The second quarter of 2019 was the first full quarter that reflected the results of the TMR acquisition on the company’s results of operations.

2019. January 31. RenaissanceRe Holdings Ltd. recorded a net loss of $83.9 million, or $2.10 per diluted common share, in the fourth quarter of 2018. That compared to a net loss a of $3.5 million, or nine cents, in the same quarter in 2017. Operating income available to RenaissanceRe common shareholders was $1.2 million, or two cents per diluted common share. Kevin O’Donnell, president and chief executive officer, said: “In the quarter, we reported positive operating income, while rapidly paying claims to customers facing significant losses from Category 4 Hurricane Michael and a second consecutive year of record-breaking wildfires in California. “For the year, we outperformed on multiple metrics, posting a strong operating ROE, delivering robust top-line growth, and executing effectively on a number of key initiatives, including the formation of our latest innovative joint venture, Vermeer and our pending acquisition of Tokio Millennium Re. Looking ahead, at the recent January 1 renewal we laid the foundation for a successful 2019 and ongoing shareholder value creation.” The company reported an annualized return on average common equity of negative 7.8 per cent and an annualized operating return on average common equity of positive 0.1 per cent in the fourth quarter. Book value per common share decreased $1.08, or 1 per cent, to $104.13. Tangible book value per common share plus accumulated dividends decreased 40 cents, or 0.4 per cent, to $117.17.

2/17/2011. With subsidiaries RPost US and RPost UK. Parent company is RPost International. In 2009 upgraded its email encryption service in a bid to address some key issues raised by a poll of companies subject to heightened HIPAA data encryption rules. Launched the Registered Email service in Bermuda in October 2009, which ensures immediate delivery, authenticated receipt, and proof the e-mail was sent, its time and content.

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

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

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

In July 2018 the firm emerged from chapter 11 bankruptcy after completing its plan of reorganization. Through his investment companies, Mr Fredriksen also owns stakes in other Bermuda-registered companies, including oil tanker giant Frontline, dry-bulk shipper Golden Ocean Group and liquefied natural gas shipper Golar LNG. The Seadrill plan equitised some $2.4 billion in unsecured bond obligations, more than $1 billion in contingent new-build obligations, substantial unliquidated guaranty obligations, and approximately $250 million in unsecured interest rate and currency swap claims, while extending near-term debt maturities. This provided Seadrill with more than $1 billion in fresh capital, leaving employee, customer, and ordinary trade claims largely unimpaired. With re-profiled debt and substantial liquidity, the company has announced that it is in a strong position to execute its business plan.

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

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

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

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

2018. May 16. Blockchain technology company Shyft pledged to invest up to $10 million in Bermuda over a three-year period, creating new jobs, helping to re-skill workers and investing in local businesses, education and infrastructure. Those are some of the highlights of a Memorandum of Understanding signed by the company and the Bermuda Government in New York City. The company has also signed a separate MOU with Bermuda-headquartered Trunomi, which aims to leverage Shyft’s blockchain technology with its expertise in consumer consent frameworks to support Bermuda in the implementation of an electronic ID framework. The memorandum with the Government was signed by David Burt and Joseph Weinberg, chairman of Shyft. Mr Weinberg said: Shyft states that it is building the world’s first modern, secure, multi-stakeholder blockchain-based digital identity solution that enables KYC/AML attested data transfers.

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

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

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

2018. June 26. Passengers and visitors at LF Wade International Airport should have plenty of food and drink options to choose from when the new terminal opens in 2020. Plans have been drawn up for almost 11,000 sq ft of food and beverage concession space, split between the airside and landside of the building. The largest of the five new concessions will cover 3,601 sq ft and be located in the non-US international departure area. At present, there is no food and beverage concession airside for passengers heading for Canada or the UK. The first stage of the process to find food and beverage concession operators for the new terminal has begun. Bermuda Skyport Corporation Ltd is inviting expressions of interest from qualified food and beverage concessionaires to finance, market, operate and maintain one or more of the concessions locations. Skyport is responsible for the LF Wade International Airport operations, maintenance and commercial functions. It is also overseeing the construction of the new terminal. A comprehensive plan for food and beverage outlets in the new terminal has been drawn up by London-based Pragma Consulting, which has worked on numerous airport projects, including London Heathrow and La Guardia in New York. Ken Hassard, Skyport’s commercial director, said there would not be a central food hall area for passengers — a concept found at larger airports. He explained that with less than one million passengers passing through the airport each year, and departing passengers being segregated between the US pre-clearance portion of the terminal and those on non-US flights, the airport does not achieve the critical mass of passengers needed to make a food hall a feasible option. However, the new terminal will have two food and beverage concessions on the ground floor landside, that is the public areas open to all. One unit is in the check-in area, while the other is in the “meet-and-greet” arrivals location. The other three units will be airside on the first floor of the new terminal. These are for passengers who have passed through the security screening area. There will be two concessions in the US departures side, totaling 3,824 sq ft, and one large concession in the international departure area. This month, Skyport also invited expressions of interest from qualified retailers to market, operate and maintain retail concessions in the new terminal. There will be ten retail units, split between the airside and landside of the building. The total retail space will be more than 9,500 sq ft. The call for expressions of interest for the retail units closed last Friday. Carrie Thatcher, Skyport’s commercial manager, said there had been quite a number of expressions of interest. Qualified food and drink concessionaires interested in operating one or more of the units at the new terminal should submit a summary of qualifications and experience to Skyport by Friday. Skyport has requested that those expressing an interest “should demonstrate capability to finance, design, implement, market, manage and operate a high-quality food and beverage concession”. Request for proposals will be issued to qualified parties in August.

Bermuda corporation, based in Boston, Massachusetts, an affiliate of a company that owns and operates three restaurant brands operating in Canada and the US generating approximately $75 million in annual revenues. In December 2010 it bought 4.2 million shares worth $2.1 million from Good Times Restaurants Inc. following shareholder approval of the transaction. Good Times Restaurants reported it simultaneously entered into an amended credit agreement with Wells Fargo Bank on its existing term loan that modifies certain financial loan covenants and collateral commitments. 

In January 2011 it struck a $5 million deal to buy securities from Bionovo Inc, a pharmaceutical company focused on the discovery and development of treatments for women’s health and cancer.

2017. February 1. Seniors can get a fuel discount for eight weeks under a promotion from Sol Petroleum Bermuda, its family of Esso service stations and Age Concern. Anyone aged 50 or older can get 10 per cent off fuel purchases at Esso every Tuesday until March 21 when they sign up as a member of Age Concern. According to a press release, the promotion is intended to help Bermuda’s seniors and raise awareness about Age Concern. Jonathan Brewin, general manager of Sol Petroleum Bermuda Ltd, stated: “We are happy to launch the Esso Age Concern promotion for a second year in a row. “It not only benefits our seniors, but sheds light on the many benefits that Age Concern presents to its membership. We hope this promotion creates more awareness for the charity in general as well as helping our seniors save money at the pump.” Claudette Fleming, executive director of Age Concern, said: “I wish to extend sincere thanks to Sol Petroleum Bermuda Ltd, Esso Gas Stations and their staff for their continued commitment to Age Concern. “In the face of retirement many older adults are looking for ways to minimise their living expenses as prices continue to rise year on year. 10 per cent on fuel is a big deal for seniors and will be greatly appreciated.” Participating Esso gas stations are in St David’s, St George’s, Crawl, Collector’s Hill, BIU, Esso City, Warwick, Port Royal and Sandys. To sign up for membership, visit ageconcern.bm.

Somers Ltd remains hopeful that it can complete the agreed sale of Bermuda Commercial Bank after the deal was stalled by the Covid-19 crisis. The financial-services holding company agreed last year to sell BCB to Permanent Capital Holdings Ltd and in February this year the deal received necessary approvals from regulators. In March, Somers announced the deal had been delayed amid extreme volatility on financial markets. In its first-quarter earnings statement today, filed with the Bermuda Stock Exchange, Somers said: “Disappointingly, during the quarter, we were not able to complete the sale of BCB due to the uncertainty caused by Covid-19 and the impact this uncertainty had on investor confidence. “We remain in discussions with the proposed buyer and are hopeful that we will be able to complete the sale later in 2020.” Somers values its investment in BCB at $70 million. The company which has interests in the UK and Australia, as well as Bermuda, reported a net loss of $22 million for the six months ended March 31, the first half of its financial year. Somers said its net asset value dipped with the markets in the first three months of the year, but has since rebounded. “During the quarter the company’s investments experienced significant stock market and currency volatility as a result of the impact of the Covid-19 pandemic and the actions taken by governments worldwide,” Warren McLeland, chairman of Somers, said. “The impact of sharply reduced valuations combined with the decrease of sterling and the Australian dollar against the US dollar caused the company’s NAV to decrease to $15.73 as at March 31, 2020. It is positive to note that since the quarter end the company’s NAV has moved higher and is now back above the company’s NAV at the start of the financial year.” The NAV was $17.10 per share at the end of September last year. During the first three months of this year, Somers recorded a $78.3 million unrealized loss on its investment portfolio, mainly due to decreased valuations of its holdings in PCF, Waverton, BCB and Thorn Group.

“While we anticipate valuations to be impacted by Covid-19 in the short term, particularly in those businesses, such as PCF, which is focused on asset financing and whose customers will be impacted by the pandemic, we do expect that over the longer term these investments will generate significant value to Somers shareholders,” Somers stated. Shareholders’ equity was $331.3 million as at March 31, 2020 down from $353.6 million six months earlier. Somers’ board of directors declared an interim dividend of 21 cents per share. Of the companies Somers invests in, Australian firm Resimac Ltd reported normalized profit after tax of A$26.9 million for the six months ended December 31, 2019, up 85 per cent from the same period a year earlier, and assets under management of over A$14 billion. UK-based Waverton Investment Management’s assets under management at March 31 were £5.6 billion, down from £6.2 billion at the end of 2019. PCF Group increased its lending portfolio by 45 per cent to £400 million as of the end of March. Total assets were $403.2 million at the end of March, down from $423.1 million six months earlier.

2020. March. The completion of the deal to buy out Bermuda Commercial Bank will be delayed, probably into the summer. Somers Ltd agreed last year to sell BCB to Permanent Capital Holdings Ltd and last month the deal received necessary approvals from regulators. Somers said in a filing with the Bermuda Stock Exchange today: “With the recent extreme market volatility in global markets caused by the Covid-19 virus, Somers and Permanent have agreed that anticipated completion of the sale of BCB should be delayed until as soon as practicable, which could extend into the summer, when it is hoped that the global outlook will have improved and markets are more stable. Permanent has confirmed to Somers that they remain committed to completing the acquisition of BCB. Somers will update shareholders once there is further clarity on an anticipated date of completion of the transaction.

2020. February 28. Increases in valuation and a stronger British pound and Australian dollar helped Somers Limited to a $74.6 million profit in its first quarter, which ended on December 31. The financial services investment holding company has reported its results, only days after it was announced that regulatory and government approvals have been received for the sale of Bermuda Commercial Bank Ltd, which it owns. Alisdair Younie, director of ICM Ltd, Somers’ investment advisor, said: “Post the quarter end we were delighted to announce that all material regulatory and government approvals had been received for the sale of BCB. We expect the sale to complete shortly and will advise shareholders of the anticipated use of the proceeds upon completion.” Somers’ net income of $74.6 million, or $3.61 per share, compares to a loss of $16.8 million for the same period in 2018. The company said the improvement was primarily due to valuation increases at Resimac and PCF, and the strengthening of sterling and the Australian dollar against the US dollar. About 80 per cent of Somers’ investment portfolio is exposed to foreign currencies, mostly British and Australian. Warren McLeland, chairman of Somers, said: “The first quarter of the year included buoyant global stock markets, clarity on Brexit and an agreement on phase one of the US/China trade war. This had a positive impact on Somers’ two main foreign currency exposures, sterling and the Australian Dollar. On top of this, Resimac announced strong financial results during the quarter providing a significant increase to the valuation. This gain at Resimac, the positive move in the global markets and stronger foreign currencies enabled Somers to announce a record profit for the quarter of $74.6 million and an increase in the company’s net asset value to $20.41. Importantly, our underlying investments continue to perform strongly with their core fundamentals continuing to provide excellent growth.” Resimac Group Holdings is Somers’ largest investment with a value of $227.8 million and assets under management of A$14.2 billion ($9.3 million) at the end of December. Other investment highlights for Somers during its first quarter was Waverton Investment Management Ltd completing the acquisition of Timothy James & Partners, and MJ Hudson Group plc completing its initial public offering on the London Alternative Investment Market, raising $30 million and valuing Somers; investment at $10.4 million. Somers’ total borrowings at December 31 were $73.6 million, up from $67.9 million three months earlier due to increased shareholder loans to fund investments

2019. December 27. Weaknesses in the British pound and Australian dollar contributed to Somers Limited recording a $9.7 million loss for the year 2019. It has a concentrated portfolio of investments in companies principally in Australia, Bermuda and the UK, and it wholly owns Bermuda Commercial Bank Limited. The company entered into an agreement in February to sell BCB to Permanent Capital Holdings Ltd. Somers is awaiting the necessary approvals from the Bermuda Monetary Authority and the Bermuda Government in order to proceed with the sale. Warren McLeland, chairman of Somers, said: “Whilst the delay is frustrating, we remain positive that the transaction will complete and thereby release significant capital to enable Somers to reduce its debt and to male investments in new and existing businesses.” He made the comment as part of Somers’ annual report. The company’s financial year ended on September 30. While it is waiting for clearance to sell BCB, it has had a busy year, and one which produced strong earnings in some of the companies it is invested, according to Mr McLeland. Somers increased its level of borrowing during the year. It entered into a new loan facility to fund its investment in PCF Group Plc, a bank listed on the London Stock Exchange, in February. Somers invested £5.3 million ($6.9 million) as part of a PCF fundraising. It has a majority shareholdings in the bank. Regarding the increased borrowing, Mr McLeland said: “Given the quality, diverse nature and size of Somers’ asset base, an external gearing level of 12 per cent remains relatively low and within the company’s risk tolerance. Whilst the company’s focus remains on delivering strong returns for our shareholders, we recognise that the global economy is facing numerous challenges and as such we will look to repay the company’s related party debt and reduce bank debt as a result of the sale of BCB.” Macro-economic factors, including Brexit, resulted in a negative impact on foreign exchange movements from Somers’ investment perspective. Mr McLeland said that while the financial performance of many of its investments was strong, foreign currency movements in Sterling and the Australian dollar “which reduced in value due to the weakening global economy” impacted the valuation of several of Somers’ larger investments. Sterling and the Australian dollar weakened against the US dollar by 5.7 per cent and 6.6 per cent, respectively, during the year. Somers has about 41 per cent of its investments in Australia, 28 per cent in the UK, and almost 27 per cent in Bermuda. It has controlling stakes in Resimac Group Ltd, an Australian and New Zealand mortgage securitisation business; Waverton Investment Management Ltd, a UK private wealth management business; and West Hamilton Holdings Ltd, a Bermuda property holding and management company. It also has stakes in UK brokerage organisation AK Jensen; Australian financial services organisation Thorn Group Ltd; and UK law firm MJ Hudson. Somers’ net asset value per share decreased from $18.15 to $17.10. Its shares trade on The Royal Gazette/BSX Index, currently at $15 per share. Its total assets increased during the year from $407.3 million to $423.1 million. At the end of September it had $17.3 billion of assets under management. Looking ahead to the new year, Mr McLeland noted the historically low levels of interest rates around the world, and the weakening of global growth in the face of geopolitical events such as the US-China trade war, Brexit, and protests in Hong Kong. He said: “We remain cautious going into 2020. Whilst we may be entering the end stages of the current economic cycle, we believe our investments are well placed and expect to be able to take advantage of opportunities that might arise.”

2019. December 13. Somers Ltd has reported a net loss for the year of $9.7 million while it awaits government and regulatory approvals for the sale of Bermuda Commercial Bank, which it expects to receive “shortly”. Year-end results for the financial services investment holding company were filed with the Bermuda Stock Exchange, which released them today. Permanent Capital Holdings Ltd, a private New York-based investor in financial services companies, announced on February 5 that it was buying BCB from parent Somers, subject to regulatory approvals, including from the Bermuda Monetary Authority. Somers’ year-end financials valued BCB at $82.9 million, compared with $94.9 million at the end of fiscal 2018. The net loss for the financial year ending September 30 was despite Somers recording a net profit of $4.9 million in the fourth quarter. The loss compares to a profit of $4.2 million at year-end in 2018. Somers said the net loss was primarily due to net foreign exchange losses of $15.6 million for the year. At year-end, Somers said, 72.1 per cent of its net assets were exposed to foreign currencies, primarily sterling and the Australian dollar, and over the course of the year these currencies decreased in value versus the US dollar by 5.7 per cent and 6.6 per cent, respectively. The exchange losses were primarily unrealized, the company said. Warren McLeland, chairman of Somers said: “2019 was a busy year for Somers with a number of corporate transactions and positive financial performances at several of the company’s investee companies, particularly Resimac and PCF. Unfortunately, this did not flow through to the company’s net asset value primarily due to weaknesses in Sterling and the Australian dollar which meant that the company recorded a loss for the year. Since the year end the rebound in the value of sterling, the continued strong financial performance at Resimac and an increase in the share price at PCF have had a material positive impact on the company’s net asset value. We are still waiting regulatory and Government approvals for the sale of BCB but remain confident that the transaction will complete shortly. 2019 has been a year of geopolitical events which have impacted global markets and global economic growth which in turn has led to lower interest rates, often negative rates, and the reintroduction of central bank liquidity. The extreme volatility that the markets experienced in the last quarter of 2018 may not have been repeated in 2019 but until some of these events are removed global growth will continue to be anemic and the threat of further volatility remains. However, our investments are well placed with strong financials, and with increased liquidity when the sale of BCB completes Somers will be able to take advantage of the opportunities that are likely to be present over the next 12 months.” Somers’ total assets increased during the year to $423.1 million, up from $407.3 million a year previous. The company had a net asset value per share of $17.10, and shareholders’ equity of $353.6 million as at September 30, the company reported. Shareholders’ equity a year ago was $364.1 million. Somers’ share price ended the period at $15, down from $16 at September 30, 2018. Investment highlights for the year included completion of the sale of Somers’ holdings in Merrion Capital, Stockdale Securities and Street Capital Group, the company said. Resimac Group Ltd remains Somers’ largest investment with a value of $157.9 million and reported assets under management in excess of $13 billion Australian and recently announced a significant increase in forecast profits for the first half of the current financial year, Somers said. Somers recorded a $4.3 million gain on its investment portfolio for 2019. Total borrowings increased to $67.9 million from $41.5 million a year earlier. The directors of Somers have resolved to pay a final dividend of 30 cents per share bringing the total dividend for the year to 51 cents.

2020. January 9. David Carter has been appointed chief underwriting officer and executive vice-president of the Sompo Global Risk Solutions strategic business unit, reporting to Michael Chang. The unit is part of Bermuda-based Sompo International Holdings, a specialty provider of property and casualty insurance and reinsurance. Mr Carter will assume a strategic management role at GRS and will have oversight of underwriting strategies, new product innovation, and underwriting guidelines along with expense and profitability management. In this role, David will leverage his experience to help Sompo GRS grow, introducing new and innovative products, and through the expansion of its network of retail brokers and agents across the US and Mexico. Mr Carter brings with him more than 30 years of experience in the industry, specialising in middle market, specialty and financial products. He began his career at Aetna before spending 17 years at Travelers Insurance where he held various underwriting and leadership positions in National Property, First Party as well as their Middle Market group. David then moved to The Hartford for seven years where he was executive vice-president and head of its middle market division. Most recently, David served as the chief insurance officer of DriveOn, an insurtech start-up. In his new role, Mr Carter will report to Michael Chang, CEO of Sompo GRS. Mr Chang said: “David’s track record of leading teams that deliver superior client service and excellent results make him an ideal fit for the Sompo GRS executive team. We are very pleased to have him join our organisation.” Sompo GRS offers comprehensive multi-line capabilities targeted to accounts in select industry verticals including real estate, hospitality, financial institutions, life sciences and professional services, in addition to Asian companies with operations in the US and Mexico, as well as global weather products.

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

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

2019. April 10. Ed Noonan, the former chairman and chief executive officer of Bermuda-based reinsurer Validus Holdings, has taken a new role as chairman of global specialty insurer StarStone. StarStone is predominantly owned by Bermuda-based Enstar Group, which has a 59 per cent stake in the company, along with the Trident Funds, managed by Stone Point Capital, which own a 39.3 per cent stake. The company simultaneously announced that Dick Sandford, the former chairman of PartnerRe US, will take the role of president of StarStone. Chris Rash has also been promoted to CEO of StarStone International and deputy group CEO. One of StarStone’s underwriting platforms is StarStone Insurance Bermuda Ltd, a Class 4 insurer, based at offices in Windsor Place on Queen Street, Hamilton. The company also manages Syndicate 1301 in the Lloyd’s of London market and also has a presence in the US and Liechtenstein. Validus was acquired by American International Group last year in a deal worth more than $5.5 billion. Mr Noonan had been chairman and CEO of Validus since its founding in 2005. Mr Noonan has more than 30 years of industry experience. Before he joined Validus, he was CEO of American Re from 1997 to 2002, after joining the firm in 1983. Before that, he worked at Swiss Re from 1979 to 1983. Mr Sanford will oversee StarStone’s global underwriting and reinsurance strategy. He has 35 years of insurance-market experience and began his career as a casualty underwriter at AIG in 1984. He has since held a succession of senior roles including, executive vice-president, TIG Re/Odyssey America Reinsurance and vice-president, Cologne Reinsurance Company of America, before he joined PartnerRe in 2000. Mr Rash, who joined StarStone in August 2018, will lead StarStone’s international business, and operational strategy at group level. He has more than 20 years of industry experience, having held numerous financial and operational leadership positions, including 15 years at RSA, and as group CFO at MS Amlin. In a joint statement, Enstar and Stone Point, said: “The experience that Ed and Dick bring to StarStone is considerable. Their appointments demonstrate our collective investment and commitment in realizing StarStone’s ambitions, and we are very pleased to welcome them to the Group.” John Hendrickson, group CEO, StarStone, said: “This is a pivotal moment for StarStone. As we reposition StarStone to deliver profitable growth, Ed and Dick bring a wealth of knowledge. Their respective contribution, together with Chris’s financial and operational expertise, will prove invaluable as we continue to provide highly professional, bespoke specialty solutions to our clients, locally and globally.”