Bermuda Monetary Authority announces new Code to combat money laundering
The Bermuda Monetary Authority has announced an updated Code of Conduct to assist in the detection and disclosure of information in relation to money laundering.
Prospectuses issued for Palladium Insurance
Prospectuses have been sent out in an attempt to raise $30 million through the private placement of preference shares for an innovative new Bermudian catastrophe reinsurer - Palladium Insurance - which intends to securitise insurance products for trading purposes.Palladium Insurance, which has been formed in Bermuda, is being sponsored by Powerscourt Group Ltd., of Bermuda, and The Chicago Corporation, of the United States.
GulfStream promotes Longtail Global Fund
GulfStream Securities has been appointed distributor of a new mutual fund aimed at the Bermuda market which professes to bring locals an investment strategy that is not commonly used in offshore funds.
Palladium Insurance – plans to securitize risk
Efforts are being made to raise $100 million for a joint Bermudian/American catastrophe insurer/reinsurer called Palladium Insurance Ltd that intends to securitise insurance products for trading purposes.Palladium Insurance, which has been formed in Bermuda, is being sponsored by Powerscourt Group Ltd., of Bermuda, and The Chicago Corporation, of the United States.
John Goldberg ousted from Johnson & Higgins
John Goldberg has been replaced as head of J&H Intermediaries, the Bermuda broking unit of insurance firm Johnson & Higgins, and transferred to the firm's offices in New York.His position in Bermuda is being taken by Dick Southworth, who is relocating from J&H's Cleveland office.
Bermudian ordered to repay $100,000 of embezzled funds to former employer
Dannielle Bezant, who is being investigated by police for allegedly stealing more than $100,000 from her former employer, wholesaler Winter-Cookson, Petty Ltd., has been ordered to pay the firm $103,324 by Bermuda Supreme Court.
An analysis of the investment strategies of Schroders (Bermuda)
Merchant bank subsidiary Schroders (Bermuda) Ltd. caused a stir in the investment sector last week by announcing a licence to offer investment advisory and management services to local companies. The group's reputation and sheer size - it has more than $100 billion under management and approximately 300 investment professionals worldwide - should ensure Schroders wins more than its fair share of trust and insurance business on the island. David Marchant takes a look at the structured investment management process the group uses in a quest for optimum returns.
Sir David Gibbons discusses Bermuda’s economy
Many Bermuda retailers will have to merge to survive, the tourism industry should be remarketed and new premier David Saul's skin colour is not a bar to him winning a general election, according to one of the island's most distinguished business and political figures, Sir David Gibbons.In a wide-ranging interview on the state of the economy and measures that can be taken to improve it, the Bank of Butterfield chairman and former premier said there was evidence that local building projects and international company formations and expansions put on hold because of the referendum were now being reactivated.
Barclays Bank sues Grotto Bay’s former owner
Barclays Bank Plc is suing 16 defendants linked with Grotto Bay Beach Hotel for a sum believed to be in excess of $1 million.Barclays is seeking to recoup massive legal fees incurred successfully defending a lawsuit in New York brought against it by a previous owner of the hotel, Waterways Ltd.
Prima Vera restaurant sues St. George’s Club timeshare company
Prima Vera Ltd. is suing the owners of The St. George's Club timeshare complex for $52,892 at Supreme Court in a dispute relating to the running of the Club's restaurant, The Margaret Rose.The St. George's Club has responded by saying it will countersue for over $300,000 within the next 28 days.
Schroders granted licence to do business locally in Bermuda
Foreign-owned merchant bank Schroders (Bermuda) Ltd. has been granted a licence by government to provide investment advisory and investment management services to local companies.Local investment bosses have nothing to fear from increased competition, though, said the company's president, Richard Crowder.
OIL increases per occurrence limit to $225 m
Bermuda-based mutual insurer Oil Insurance Ltd. intends to increase its basic per occurrence limit from $200 million to $225 million, the firm has announced.It is one of several initiatives that the firm's president and chief executive officer, Doyle Stephens, said "are intended to make OIL more attractive to a broader market, increase its flexibility and its value to the existing customer base".
Mortgage freeze in Bermuda
Bermuda Home, one of the island's biggest mortgage-lending companies in Bermuda, has temporarily stopped authorising new mortgages and at least one other deposit-taking company is dissuading borrowers from taking out large loans, we can reveal.
Bermuda expects international business boost after David Saul becomes premier
Bermuda's $29 billion-capitalized international business sector looks set for a renewed boom following the emphatic rejection of independence last month and the appointment of a new, business-oriented premier, David Saul.There are already signs that investors in insurance and other areas who had held off until after the referendum result was known are now going ahead with their plans to form on the island.
Suspected money laundering in Bermuda
British police investigating an alleged fraud that could run into billions of pounds are looking into whether some of the money may have been laundered in Bermuda.But they have been criticized by Bermuda Monetary Authority general manager Malcolm Williams for making allegations about the island which appear unsupported by any evidence.
Brett Goodin takes over from David Saul at Fidelity
New premier David Saul has transferred his day-to-day responsibilities with the Fidelity mutual fund group to New Zealand lawyer Brett Goodin, the firm's chief legal officer.
Bank of Bermuda invests in entrepreneurs
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
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
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
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
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
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
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
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
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
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
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
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.
Diver Michael Heslop applies to incorporate company after settling litigation
Only days after paying a six figure sum to settle a negligence action against him following the death of a scuba diver, Michael Heslop has applied to incorporate his diving operation as a limited liability company.
Dive boat owner forms limited liability company after diver’s death
Only days after paying a six figure sum to settle a negligence action against him following the death of a scuba diver, Michael Heslop has applied to incorporate his diving operation as a limited liability company.
First claim made against estate of Bermuda restaurateur Walter Sommer
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
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
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
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
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.
Court hearing scheduled in ‘Belvedere Insurance v. Vanessa Thomas’ dispute
The latest round in a long-running battle between reinsurer Belvedere Insurance Company Ltd. and its former vice-president and treasurer, Vanessa Thomas, will be heard in chambers at Bermuda Supreme Court on Monday.
Bermuda court orders Telecheck owners to repay loans
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.
Mid-Ocean Trust closes in Bermuda after 12 months in business
Mid-Ocean Trust Company Ltd. is winding down its operations just over 12 months after setting up in Hamilton following disappointing levels of business from its main market, Canada.
Tony Joaquin appointed head of Bermuda accountants
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.
Former Standard Life salesman sentenced to four months in prison
British insurance salesman Andrew Morris, 29, of Manchester, England, has been sentenced to serve four months in prison in Bermuda after pleading guilty to credit fraud. He will be deported once his sentence ends.
RenaissanceRe goes ahead with IPO 18 months late
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
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
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.
LOM may form Cayman subsidiary
Investment firm Lines Overseas Management may be about to expand into the Cayman Islands.
JF Guaranteed Currency Trust Fund promoted in Bermuda
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
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
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.
Jardine Matheson lists subsidiaries on Bermuda Stock Exchange
Jardine Matheson has given a massive boost to the Bermuda Stock Exchange by disclosing that it plans to list all five of its locally-registered holding companies on the BSE.
Standard Life insurance salesman taken into custody in Bermuda following ‘extortion’ attempt
Andrew Morris, 29, has been charged with failing to pay an $8,000 bill at Elbow Beach Hotel, where he had been staying for two weeks. He denies the offence.
Joe Taussig leaves First Bermuda Securities
Joe Taussig, the founding managing director of investment First Bermuda Securities, has left the company to form his own international business.