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Bank of Bermuda invests in entrepreneurs

September 7, 1995
The Bank of Bermuda has set up a new $10 million subsidiary company aimed at helping to groom the next generation of Bermudian millionaires.Rather than give out loans to budding businessmen, Compass Ventures Ltd. has been formed to provide equity capital to businesses which carry risk but have the potential to reap rich rewards, both for entrepreneurs and the bank.

First Bermuda Securities to buy Bermuda Savings & Loan

September 7, 1995
Secret talks have been taking place for investment firm First Bermuda Securities to buy a significant stake in Bermuda Savings & Loan Ltd. and take over its management, we can reveal.If the deal goes ahead, it would give FBS access to approximately $26 million that is on deposit with Bermuda Savings & Loan and could lead to new mortgage-related products becoming available.

Waterloo House claims Waterfront project in Bermuda might force it to close

September 7, 1995
The building of a marina at retailer Pearman Watlington's Waterfront location overlooking Hamilton Harbour could lead to the closure of Waterloo House hotel and restaurant, it has been claimed.Horizons Ltd., which owns Waterloo House, has joined Bermuda National Trust in objecting to planning approval for the $60 million planned development of PW's Pitts Bay Road site.

Bermuda’s National Pensions Scheme may not lead to boom for life insurers

September 7, 1995
The Bermuda Government's proposed compulsory national pensions scheme for the workforce will not necessarily lead to a boom in the business of life assurance companies on the island, according to one local insurance boss.John Sainsbury, head of Argus Insurance, said, initially, many of the plans are likely to be small and the administrative costs for insurers are likely to be high.

BFCL’s fate hangs in the balance

September 5, 1995
Investors in Bermuda Financial Centre Ltd., which has been attempting to finance a planned $138 million hotel/office/residences project, should know within two months whether the company will succeed or fail, we have been told. The next announcement from BFCL to its investors is likely to be whether the project has succeeded in raising at least $58.7 million for the office part of the complex or failed, according to sources involved with the project.

Bermuda reinsurers fund private study of what causes catastrophes

September 5, 1995
Bermuda's reinsurance bosses are being asked to rely less on the past and more on the future in the way they assess catastrophic risks around the world. If they listen, it could help them avoid a hit and lead to big buck savings.By learning more about the science behind hurricanes, tornadoes, hail and flooding, they are hoping to revolutionize the way they do business.

BFCL reaches make of break point

September 5, 1995
Investors in Bermuda Financial Centre Ltd., which has been attempting to finance a planned $138 million hotel/office/residences project, should know within two months whether the company will succeed or fail, we have been told. The next announcement from BFCL to its investors is likely to be whether the project has succeeded in raising at least $58.7 million for the office part of the complex or failed, according to sources involved with the project.

Kiskadee’s restaurant sued in Bermuda

August 31, 1995
A restaurant part-owned by MP Nelson Bascome is being sued for $38,581 in alleged unpaid debts.But Mr. Bascome said that Kiskadee's Restaurant, which operates from The Belmont Hotel in Warwick, is not in danger of closing.

Bermuda Stock Exchange to set up investors’ compensation pool

August 29, 1995
A pool of money to help compensate investors who will lose out in the event of a trading member of the Bermuda Stock Exchange collapsing is likely to be in place by the end of the year, we have been told. To get the pool started, each trading member of the Exchange will be asked to contribute a one-off lump sum.

Tom Davis sets up Winchester Trust in Bermuda

August 24, 1995
Bermudians Tom Davis and Alan Brown have teamed up with international investment banking and financial services group Olympia Capital to apply for a new local trust company licence in Bermuda.Olympia will own 40 per cent of the new company, provisionally called Winchester Trust Company Ltd., with the remaining 60 per cent to be owned by Mr. Davis, a former Bank of Bermuda officer, and Mr. Brown, a former head of Westbroke Ltd., a corporate management subsidiary of law firm Conyers, Dill & Pearman.

Entertainer sues owner of Henry VIII restaurant

August 24, 1995
Entertainer Peter Stoney is suing the company that owns the Bermuda-based Henry VIII bar and restaurant for $32,600, claiming wrongful dismissal.Mr. Stoney, who claims he is contracted to work for the business until at least December 31, 1995, has had his contract terminated by Henry VIII boss Any Allan.

Lord White dies – to be buried in Bermuda

August 24, 1995
Industry giant Lord White of Hull, who married former model Victoria Tucker - 40 years his junior - in Bermuda in 1992 and who owns an apartment at St. James' Court, Flatt's, died of a heart attack on Wednesday evening in Los Angeles Hospital. He was 72.

First claim made against estate of Bermuda restaurateur Walter Sommer

August 17, 1995
The first legal claim against the estate of Fourways Inn founder Walter Sommer, who died on February 1, has been filed at Bermuda Supreme Court, which is handling his willl following the resignation of all three executors.The identity of the individual making the claim has not been released by the plaintiff's lawyer, Dennis Dwyer, of Hector & Associates.

Michael Heslop settles lawsuit over diver’s death

August 17, 1995
After two years of legal proceedings, local dive boat operator Michael Heslop has paid an undisclosed amount to settle out-of-court an action brought by the husband of a British woman who drowned on her first ever diving trip in Bermuda.

US lawyer says Bermuda’s insurance laws fail to protect rights of policholders

August 10, 1995
Outspoken American lawyer Eugene Anderson, who represents policyholders in actions against insurance firms, has attacked the ability of Bermuda's new insurance laws to protect clients who have claims against the island's insurers.Mr. Anderson, in his second attack on Bermuda's insurance industry over the last 13 months, said Bermuda's laws failed to protect the rights of policyholders.

Bermuda lawyers Vaucrosson and Hall sued for alleged unpaid taxes

August 10, 1995
Lawyers Julian Hall and Charles Vaucrosson are among 12 defendants who are being sued by the Minister of Finance for a total of $1.05 million in unpaid taxes and fees.The government department has started legal action at Supreme Court to recover money it claims it is owed.

USAir records record passenger month in Bermuda

July 13, 1995
Bermuda's biggest airline carrier, USAir, has just recorded a record month for the number of passengers it carries to the island and is on course for what general manager Herbie Siggins describes as a "phenomenal year".Despite official government figures showing that air arrivals to Bermuda are down this year compared with 1995, Mr. Siggins said his airline was doing more business than ever.

Bermuda court orders Telecheck owners to repay loans

July 13, 1995
Brothers Richard and Thomas Burns and Chris Donnachie, the principals of the failed Telecheck financial services group, have been ordered by Supreme Court to repay immediately to the company loans and interest totalling $2.23 million.At a hearing on Wednesday brought by Telecheck's liquidator, accounting firm Kempe & Whittle, the court decided that the three directors of Telecheck Holdings Ltd. did not follow the proper procedures when granting themselves the loans.

Tony Joaquin appointed head of Bermuda accountants

July 6, 1995
Tony Joaquin, 40, has become the new president of the Institute of Chartered Accountants of Bermuda and one of his first tasks will be to persuade government to change a tax burden that could potentially decimate ICAB's membership.

RenaissanceRe goes ahead with IPO 18 months late

June 30, 1995
Bermuda-based property catastrophe reinsurer Renaissance Re is going ahead with a $50 million initial public offering of its shares, 18 months after canceling an IPO of more than $100 million due to a decline in the world investment climate.Renaissance Re. will offer 2.7 million shares, which represents ten per cent of the company's capital.

Bermuda Container Line profit

June 29, 1995
Bermuda Container Line has reported a profit of $2.3 million for fiscal 1994 - a vast improvement on the profit of $100,302 the year before and combined losses of $3.37 million in 1991 and 1992.

New BSX boss receives immigration clearance

June 29, 1995
Briton William A. Woods has been cleared by immigration to become the first chief executive officer of the rapidly-developing Bermuda Stock Exchange. The Exchange has also announced that Greg Wojciechowski, until now the Exchange's sole employee, has been promoted from project manager to chief operating officer.

JF Guaranteed Currency Trust Fund promoted in Bermuda

June 25, 1995
Anyone who believes the Japanese yen is overvalued against the U.S. dollar should take a look at a new mutual fund brought out by Jardine Fleming, one of the world's leading fund management companies, with a particularly strong presence in the Far East.

Trial date set for negiligence claim against Bermuda dive boat operator Michael Heslop

June 22, 1995
A lawsuit brought by the husband of a woman who drowned in a diving accident against dive boat operator Michael Heslop has been set down for trial on October 16 at Bermuda Supreme Court.Peter Frymann, who lost his wife Eileen in the 1992 accident, is seeking undisclosed damages from Mr. Heslop, claiming he was negligent in running his business, Fantasea Diving. Mr. Heslop claims the incident was an accident that could not have been prevented.

Late Bermuda restaurateur Walter Sommer’s debts estimated at $10 m

June 22, 1995
Fourways Inn founder Walter Sommer, who died on February 1, left behind debts of between $8 million and $10 million in Washington, D.C., said a creditor.The extent of Mr. Sommer's debts was revealed by the Founding Church of Scientology, which bought a Washington restaurant property from Mr. Sommer several years ago in order to build a church on the site.

Alan Marlow sues St. George’s Club

June 15, 1995
Alan Marlow, former general manager of the St. George's Club, is suing the timeshare complex's new owner for $56,000 after being fired.

Centre Re pulls out of BFCL deal

June 8, 1995
Bermuda Financial Centre Ltd has suffered a major setback with the announcement that the planned major tenant for the office portion of the $150 million project - Centre Reinsurance - may move to a new site being planned by Pearman Watlington.The latest piece of bad news for BFCL, which hopes to develop the site of the former Bermudiana Hotel, came yesterday when PWs announced it had submitted plans to build a retail/office/residential complex at the company's WaterFront site on Pitts Bay Road.

Bermuda immigration turns down work permit for Top Turf manager

June 1, 1995
Government's immigration department has turned down a request for a work permit for David Parreira to manage Top Turf Enterprises bookmaker, which is struggling to regain its gaming licence in the face of opposition from the Ministry of Finance and police.

Bermuda attorney Graham Collis criticised by US counterpart

June 1, 1995
Lawyer Graham Collis has been criticised by an American attorney for "a lack of co-operation" in the investigation of two U.S. businessmen accused of defrauding investors of millions of dollars.U.S. investigators into the failed New Jersey-based Sigma commodities group believe that "tens of millions" of dollars of funds were transferred out of the company to bank accounts in London and Bermuda shortly before it collapsed.Attorney William Horton, acting for the U.S. court-appointed receiver of the Sigma Group, which includes Bermuda-registered BTB Group Ltd, said he was "disgusted" at the lack of help given to the receiver by Mr. Collis, of Conyers Dill & Pearman, who represents BTB Group on the island.

Hopewell Intl Insurance awarded $1 million against NAF&G

June 1, 1995
Bermuda-based Hopewell International Insurance Ltd has been awarded $1 million against North American Fidelity & Guarantee, a reinsurance company that was kicked out of Bermuda by government for failing to prove it had the $100 million of assets the firm claimed it had.

Trout Trading criticized by Bermuda court

May 30, 1995
Trout Trading Fund, a massive mutual fund group catering to high net worth individuals, has been criticized by Chief Justice Austin Ward for preventing a member of the public from exercising his legal right to view its register of shareholders. But Mr. Ward cannot take action against the Bermuda-based company because, after a legal action was brought against the firm in an effort to force it to open up its share register, a Private Members' Bill was passed a month later in the House of Assembly, exempting Trout Trading from the provisions of The Companies Act 1981 that allows the public access to its register.

Global Asset Management granted Bermuda trust licence

May 29, 1995
Lawyer Max Quin has teamed up with Global Asset Management to form Harbour International Trust Company (Bermuda) Ltd - the latest exempted company to be granted a trust licence by government.GAM owns the majority of shares in the trust company, with minority stakes held by Mr. Quin and portfolio management group Soditic Partners Ltd.

Telecheck liquidator sues Bermuda law firm Hallett, Whitney & Patton

May 25, 1995
Law firm Hallett Whitney & Patton, who were the legal advisers to the failed Telecheck savings and credit card group, is being sued for $595,000 by Telecheck's liquidator, Ernst & Young.John Cooper, a partner in HW&P, would not discuss the action, other than to say: "I know of the claim and the theory behind it and all I can say is that it's going to be disputed. We're in the process of obtaining legal representation."

Bermuda Fire & Marine lawsuit nears for top businessmen

May 25, 1995
A decision on whether to sue some of Bermuda's most influential local businessmen for millions of dollars, stemming from the collapse of Bermuda Fire & Marine Insurance, is expected to be made over the next couple of months. At stake is over $100 million owed to creditors of Bermuda Fire & Marine Insurance and the credibility of Bermuda's regulatory and legal system in relation to protecting the rights of foreigners doing business with Bermuda-based insurers and reinsurers.

Former Top Turf manager offered job back

May 18, 1995
Top Turf Enterprises, which was told last month by Senior Magistrate Will Francis to improve its management structure in order to save its gambling licence, has offered former manager David Parreira his old job back.Mr. Parreira has accepted the job, subject to government approval.

Modern Mart sells vast quantities of out of date food

May 18, 1995
The Modern Mart supermarket in Paget, Bermuda may be putting its customers' health at risk by selling vast quantities of food that is several weeks out of date, we can reveal.In one instance, the supermarket was this week selling a can of milupa Milumil powdered ‘infant formula' baby milk that should not be consumed - let alone sold - after May 31, 1994.

Strategic Asset Management lays off five staff due to hedge fund liquidation

May 17, 1995
Strategic Asset Management Ltd. is laying off four staff in Bermuda and one in London following the firm's decision to liquidate its hedge fund.SAM hopes to avoid further job cuts among its total staff of 21 but cannot make firm decisions until the firm's principals decide what to do next.The company's traders may start trading managed accounts which are tailor-made to suit each client's specific needs, rather than another mutual fund, said Andrew Davisson, one of SAM's three partners.

Strategic Asset Management liquidates SAM Global Fund

May 11, 1995
Strategic Asset Management Ltd. is liquidating its high-risk derivatives fund after suffering heavy losses over March and April.Following a 7.1 per cent loss in March, nervous investors in the SAM Global Fund redeemed $40 million worth of shares in April.The forced liquidation of market positions to pay these shareholders hindered the fund's performance and contributed to a further loss of 8.5 per cent in April, said Andrew Davisson, one of the fund's three partners.

BFCL tries to pre-lease 70 per cent of office space

May 4, 1995
The Bermuda Financial Centre Ltd development in Hamilton will go ahead as planned if the company can pre-lease 70 per cent of the project's office space, BFCL's president Mike Winfield us yesterday. Raising enough debt and equity to build the $82.5 million office space/luxury residences phase of the project no longer appears to be a problem, providing the lease commitments for the office space can be put into place.

Fourth legal action brought against NAF&G

April 27, 1995
A fourth legal action has been brought against controversial reinsurer North American Fidelity & Guarantee, which moved to Belgium in 1993 after being kicked out of Bermuda by the government.London-based CRM Insurance Services Ltd is suing NAF&G and two related companies, Kobe Reinsurance and Dai Ichi Kyoto Reinsurance Company, for $2.89 million in the High Court of the United Kingdom. The action was filed on February 28.