Bernews

International General Insurance Holdings Ltd. [IGI] announced the launch of Bermuda-based Cipher Underwriting Ltd, a specialty treaty reinsurance managing general agent [MGA] established to provide dedicated cyber treaty underwriting expertise and solutions on a global basis. A spokesperson said, “The commencement of Cipher’s operations remains subject to applicable regulatory approvals, including the registration and licensing …

Aircare Ltd. is recognising apprentice Miguel Falcao as he begins his third year with the Company after graduating from Bermuda College with a Diploma in HVAC Technology. A spokesperson said, “Miguel joined Aircare in July 2024 while studying Heating, Ventilation and Air Conditioning [HVAC] Technology at Bermuda College, combining his studies with hands-on industry experience. …

A composite of AM Best-rated U.S. and Bermuda reinsurers generated a fifth-straight year of underwriting profitability, even as premium growth fell sharply, according to a new AM Best report. A spokesperson said, “The Best’s Market Segment Report, “US and Bermuda Reinsurers Maintain Strong Performance Despite Softening Market,” is part of AM Best’s look at the …

Chelsea Football Club announced a partnership with Circle Internet Group, with the technology company — that has a subsidiary that operates a digital asset business in Bermuda – to be the official front-of-shirt partner for the Premier League football team for the 2026/27 season. A spokesperson said, “Chelsea Football Club today announces a landmark partnership with Circle Internet …

August 31 saw 0 shares trade on the Bermuda Stock Exchange. The BSX finished at 3,750.77, even on the day. There were 0 advances, 0 declines, and 43 remained unchanged. The full report for the day is available here [PDF]. Related Stories Bermuda Stock Exchange Report: August 28 2026 Bermuda Stock Exchange Report: August 27 …

The “continued resilience and strength of Bermuda global [re]insurance market was recently highlighted by two important publications,” ABIR said. A spokesperson said, “The Association of Bermuda Insurers and Reinsurers’ [ABIR] 2025 Global Underwriting Report revealed gross premiums for Bermuda’s leading [re]insurers reached an all-time high of $197.5 billion for the financial year ended 2025. In …

Bermuda commercial [re]insurers incurred US$1.34 trillion in gross claims costs globally between 2016 and 2025, according to data drawn from Bermuda Monetary Authority [BMA] statutory filings and periodic claims surveys. A spokesperson said, “Bermuda commercial [re]insurers incurred US$1.34 trillion in gross claims costs to policyholders and cedants globally during the ten-year period from 2016 to …

Aspida Life Re Ltd. announced the release of its latest whitepaper, Demystifying Offshore Reinsurance: Nine Things Every Insurance Professional Should Know, which is described as a “comprehensive resource designed to help insurance professionals better understand offshore reinsurance, its notable growth, and its role in today’s global life and annuity markets.” A spokesperson said, “As demand for …

Nabors Industries has completed a $35 million strategic equity investment in Quaise Energy, Inc, with the company’s technology “designed to reach deeper, hotter geothermal resources that are otherwise inaccessible with conventional methods.” A spokesperson said, “Nabors Industries announced the completion of a $35 million strategic equity investment in Quaise Energy, Inc. “The transaction positions Nabors as …

The Supreme Court has ruled in favour of Mailboxes Unlimited Limited, quashing the Government’s decision to enter into a shipping partnership between the Bermuda Post Office and Access USA Shipping LLC. The ruling said, “Mailboxes had sought judicial review of the decision of the Minister to enter into a shopping platform partnership involving the Bermuda …

Auto Solutions held a groundbreaking ceremony on a new purpose-built showroom, with construction expected to take approximately 14 months. The expanded facility will also support the continued growth of Auto Solutions, as once the new showroom is complete, the company anticipates expanding its team to “support the enhanced facility and customer experience.” “This is an …

The Bermuda Housing Corporation [BHC] has proposed leasing adjoining land to provide 84 additional car parking spaces as part of its appeal relating to the Bermudiana Beach Residences in Warwick. The planning application sought permission to change the use of the buildings from tourism accommodation to residential units The Department of Planning decision letter raised concerns, …

The Department of Marine & Ports Services has released the weekly shipping schedule for ship arrivals commencing on Saturday, August 29th. On Saturday the Norwegian Jewel cruise ship is expected, on Sunday the Independence of the Seas cruise ship will arrive, and on Monday the Oleander container ship and the Norwegian Aqua cruise ship are …

AM Best has affirmed the Financial Strength Rating of A+ [Superior] and the Long-Term Issuer Credit Ratings of “aa-” [Superior] of the members of Athene Group. A statement from the rating agency said, “ Athene is the consolidation of the organization’s U.S. operating companies, along with its affiliated reinsurance companies domiciled in Bermuda. In addition, AM Best …

The Bermuda Stock Exchange will be closed on Monday, September 7, 2026, in observance of the Bermuda Labour Day public holiday and will reopen on Tuesday, September 8. A spokesperson said, “The Bermuda Stock Exchange [BSX] advises that the Exchange will be closed on Monday, 7 September 2026, in observance of the Bermuda Labour Day …

White Mountains Insurance Group has elected Stephen Klar, former Wellington Management Group president and managing partner, to its Board of Directors. A spokesperson said, “The Board of Directors of White Mountains Insurance Group, Ltd. has elected Stephen Klar as a director of the Company. “Mr. Klar was formerly the President and a Managing Partner of …

Hamilton Princess & Beach Club has been named a Nominee Finalist for two 2026 Historic Hotels Worldwide Awards of Excellence: Best Historic Resort and Best Historic Hotel in the Americas. A spokesperson said, “The 2026 Historic Hotels Worldwide Awards of Excellence recognize outstanding historic hotels, inns, resorts and other heritage lodgings for their preservation of …

August 27 saw 5,024 shares trade on the Bermuda Stock Exchange, valued at $135,634.14 BD. 5,024 shares were traded by Allshores Limited, closing even at $27.00 per share. The BSX finished at 3,857.27, even on the day. There were 0 advances, 0 declines, and 46 remained unchanged. The full report for the day is available …

Polaris Holding Company Ltd. has announced Ayr Cannonier and Zanna Minors as the recipients of its 2026 Education Award. A spokesperson said, “Polaris Holding Company Ltd. is pleased to announce the recipients of the 2026 Polaris Holding Company Ltd. Education Award [PHCLEA]. Recipients of the PHCLEA, Ayr Cannonier and Zanna Minors are being recognised for …

“Bermuda and, to a lesser extent, the Cayman Islands, have gained popularity among ceding companies amid increased demand for retirement solutions, as well as the need for reinsurance to serve as a capital and risk management tool,” according to A.M. Best. A statement from the ratings agency said, “A new AM Best report notes an increased level …

August 26 saw 6,150 shares trade on the Bermuda Stock Exchange, valued at $171,357.50 BD. 50 shares were traded by Bank of N.T. Butterfield Ltd, closing even at $60.00 per share, while another 6,100 shares were traded by Allshores Limited, closing down 3.6% at $27.00 per share. The BSX finished at 3,857.27, down 0.25% on …

Consumers paid 2.4% more in March than they did a year ago for the basket of goods and services included in the Consumer Price Index [CPI]. A Government spokesperson said, “Today, the Ministry of Economy and Labour released the Department of Statistics’ March 2026 Consumer Price Index. “In summary, consumers paid 2.4 per cent more …

Aircare Ltd. is celebrating its 40th anniversary with special customer promotions and 40 hours of community service throughout 2026. A spokesperson said, “Aircare Ltd. is celebrating 40 years in business and has announced that the Company will be offering special deals and promotions for customers during 2026. “Aircare was founded in April 1986 and has …

Bermuda Motors has introduced the all-electric Kia PV5 Cargo to the island, offering “a new practical and modern commercial vehicle option.” A spokesperson said, “Bermuda Motors is introducing the new all-electric Kia PV5 Cargo to Bermuda, bringing local businesses a new practical and modern commercial vehicle option. “Designed from the outset as an electric vehicle, …

August 25 saw 1,341 shares trade on the Bermuda Stock Exchange, valued at $36,509.30 BD. 1,341 shares were traded by Allshores Limited, closing up 3.7% at $28.00 per share. The BSX finished at 3,867.07, up 0.25% on the day. There was 1 advance, 0 declines, and 45 remained unchanged. The full report for the day …

INTX Insurance Software announced the “continued expansion of the INTX [Re]Insurance Operating System within Xitus Re Ltd., the Bermuda-based P&C runoff reinsurer, as Xitus expands across increasingly complex portfolios, transaction structures and jurisdictions.” A spokesperson said, “At the center of Xitus’ assumed reinsurance operations is INTX Re, INTX’s purpose-built assumed reinsurance platform. INTX Re supports …

Disney Cruise Line has announced plans for cruises to Bermuda in 2027 and 2028 programme, including voyages aboard the Disney Wish and the Disney Fantasy ships. The announcement said the Disney Wish will arrive in New York in late September 2027, marking the cruise line’s return to the city for the first time since 2023. …

Sun Life Financial Inc. and Wilton Re have “entered into a definitive agreement to establish a strategic reinsurance and asset management partnership.” A spokesperson said, “This partnership will combine Wilton Re’s liability management expertise with Sun Life’s insurance and asset management capabilities. “Wilton Re will establish Windsor Life Re, a U.S. and Bermuda–domiciled reinsurer supporting …

BELCO has clarified how the new rates are applied to customers’ billing cycles, including those with solar. In response to queries from Bernews –  as someone had expressed concern saying their latest bill covered a period that spanned a time before August 1st however they were charged the full new monthly amount rather than a prorated …

August 24 saw 1,200 shares trade on the Bermuda Stock Exchange, valued at $32,510.00 BD. 1,200 shares were traded by Allshores Limited, closing down 0.4% at $27.00 per share. The BSX finished at 3,857.27, down 0.03% on the day. There were 0 advances, 2 declines, and 44 remained unchanged. The full report for the day …

HSBC Bermuda announced the “rollout of a new fleet of ATMs across the island, representing a significant investment in enhancing customers’ everyday banking experience. ” A spokesperson said, “The upgraded machines deliver faster, more reliable self-service banking through improved technology and expanded functionality, making routine transactions easier and more convenient. “The new ATMs feature advanced …

The Bermuda Monetary Authority [BMA] has published a consultation paper on proposed Insurance [Internationally Active Insurance Group Supervision] Rules 2026. A spokesperson said, “The paper highlights the Authority’s commitment to supervising the insurance sector and developing a regulatory framework that adequately addresses the nature and level of risks present in the global market. The BMA …

Marquette University has announced that Bermuda will be one of the destinations for its study abroad offerings, with an Insurance Leadership Program scheduled to take place on the island in March 2027. The programme, organised through the Wisconsin-based University’s College of Business Administration, will give students an opportunity to learn about Bermuda’s insurance and reinsurance …

Carey Olsen announced that Laura Kearns has been promoted to partner within the firm’s trusts and private wealth practice in Bermuda. A spokesperson said, “Laura’s practice covers all aspects of trust law, including trust establishment and administration, restructurings and variations, and related regulatory matters. She advises both trustees and beneficiaries on non-contentious restructurings and blessing applications before …

Arch Insurance International announced the promotion of Roger Moniz to Head of Transactional Risk, effective immediately. A spokesperson said, “In his new role, Moniz is responsible for growing Arch’s transactional risk portfolio, which provides coverage for representations and warranties, warranty and indemnities, and tax insurance risks across Arch’s international platform. “Based in Bermuda, he underwrites …

The Department of Marine & Ports Services has released the weekly shipping schedule for ship arrivals commencing on Saturday, August 22nd. On Saturday the Carnival Venezia and the Norwegian Jewel cruise ships are expected, on Sunday the Amaryllis Knutsen container ship and the Oleander container ship will arrive, and on Monday the Norwegian Aqua and …

Mangrove Property Insurance Company marked the launch of its inaugural catastrophe bond, Buttonwood Re Ltd., with a bell-ringing ceremony at the Bermuda Stock Exchange. A spokesperson said, “Mangrove Property Insurance Company’s celebrated the launch of Buttonwood Re Ltd., Mangrove’s inaugural catastrophe [cat] bond, with a bell ringing ceremony at The Bermuda Stock Exchange [BSX] on …

Following the collision involving a propane gas truck in the west end, Bermuda Gas said they are “incredibly grateful to report that no injuries were sustained by anyone involved” and extended their thanks to the “emergency personnel and members of the public who assisted at the scene of this accident.” Following the collision yesterday, a Bermuda …

Conduit Holdings has appointed Anthony Mongiello as Chief Operating Officer of Bermuda-based reinsurance business Conduit Re, succeeding Stuart Quinlan following his retirement earlier this year. A spokesperson said, “Conduit Holdings, the ultimate parent company of Conduit Re, a Bermuda-based multi-line reinsurance business, is pleased to announce the appointment of Anthony Mongiello as Chief Operating Officer …

AXIS Capital has appointed Jim Rhyner as Head of North America Financial Lines, Programs and Canada, effective August 31. A spokesperson said, “AXIS Capital Holdings Limited [AXIS Capital] today announced the appointment of Jim Rhyner as Head of North America Financial Lines, Programs, and Canada, effective August 31. He will report to Head of North …

Banyan Risk Ltd. has launched a new US Inland Marine & Marine Property product with capacity provided by program partner Accredited Insurance Limited. A spokesperson said, “Banyan Risk Ltd, the specialty Managing General Agent [MGA], has launched a new US Inland Marine & Marine Property product, with capacity provided by program partner Accredited Insurance Limited. …

August 20 saw 113 shares trade on the Bermuda Stock Exchange, valued at $591.74 BD. 50 shares were traded by Devonshire Industries Ltd, closing at an even $4.30 per share, while the other 63 shares were traded by Bermuda Press [Holdings] Ltd, closing even at $6.50 per share. The BSX finished at 3,858.25, even on …

Private Jet Club [PJC] has partnered with the Butterfield Bermuda Championship for its 2026 PGA TOUR event at Port Royal Golf Course. A spokesperson said, “Private Jet Club [PJC] is partnering with the Butterfield Bermuda Championship, a PGA TOUR event, for its 2026 tournament at Port Royal Golf Course, with the relationship centred on player …

Norwegian Cruise Line has opened bookings for its summer 2028 season, featuring more than 450 voyages across 20 ships, including sailings to Bermuda from New York, Boston and Philadelphia. As it pertains to the Bermuda sailings, the company’s announcement said, “NCL will sail for a fifth consecutive season from the City of Brotherly Love with …

The Bermuda Monetary Authority [BMA] registered seven new insurers in July 2026, comprising of a Class 1, Class E, Class 3A and Class 2 insurer, two Collateralized insurers and an Agent. Hector Insurance Ltd. and West Grove Re, Ltd. were registered effective July 1, followed by Grove Re Ltd. on July 2 and Nephila Capital …

“While Bermuda continues to be the dominant offshore domicile, the Cayman Islands increased their share of the market in 2025,” according to a recent statement from AM Best. A spokesperson said, “The amount of annuity reserves ceded offshore continued to increase in 2025 and now represent more than half of ceded annuity reserves as companies manage …

AM Best has affirmed the Financial Strength Rating of A+ [Superior] and the Long-Term Issuer Credit Rating of “aa” [Superior] of Assured Guaranty Re Overseas Ltd. [AGRO] [Bermuda] and said the outlook of these Credit Ratings is stable. A statement from the ratings agency said, “The ratings reflect AGRO’s balance sheet strength, which AM Best assesses …

Appleby has been recognised in the 2027 Citywealth International Financial Centre Awards, with Claire Van Overdijk KC and Sam Williams shortlisted individually and the firm nominated for Law Firm of the Year in the Caribbean and Isle of Man categories. A spokesperson said, “Appleby is pleased to celebrate its recognition in the 2027 Citywealth International …

The Government is inviting quotations from experienced contractors to refurbish a 1 million gallon Reservoir 1 in Prospect, which is 225ft long 33ft wide 26ft deep. The procurement notice was published by the Ministry of Public Works and Environment’s Works and Engineering Department, and the submission deadline is on September 23rd. The notice said, “This Request for Quotations …

Crisson Jewellers is marking the first anniversary of its flagship Rolex boutique at 31 Front Street, which officially opened on August 20, 2025. A spokesperson said, “Crisson Jewellers, the island’s official Rolex retailer, is marking the first anniversary of its boutique at 31 Front Street, which celebrated its official opening on August 20, 2025. “The …