Bermuda-incorporated entities C listing

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Chevron House, Bermuda

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

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

Chubb's Bermuda HQ on Woodbourne Avenue.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

• For more information about the Conceptium Group, go to conceptium.com. 

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

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

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

A Credit Suisse office building abroad

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

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