Omega Confirms New Offer From Canopius

Bermuda’s Omega Insurance Holdings Ltd. today [Apr. 3] confirmed it has received a takeover approach from privately-owned Canopius Group Ltd. for 65 pence per share in cash, which is lower than its initial offer of 83 pence per share made last September. Omega Insurance also confirmed that its issued share capital as at the close [...]

BF&M Announces Acquisition of Island Heritage

BF&M Limited announced that it had reached an agreement to acquire Island Heritage Holdings Ltd. and its subsidiaries, including Island Heritage Insurance Company Ltd. This transaction is subject to the approval of Regulators. Island Heritage is a specialty property and casualty insurer, headquartered in Cayman with insurance operations in several Caribbean islands. President & CEO [...]

BAS Acquires Integrated Technology Solutions

In a filing with the Bermuda Stock Exchange, Bermuda Aviation Services Limited announced it has acquired a majority equity position in Integrated Technology Solutions Ltd.. “We look forward to embracing ITS into the BAS Group of Companies,” said Kenneth Joaquin, Group President. “We strongly believe that the addition of ITS into our family of companies [...]

Omega Hints At New Takeover Offer

Bermuda-domiciled re/insurer Omega has suggested that it may have received a takeover offer in a statement issued yesterday [Mar. 27]. “The directors of Omega note the press speculation concerning the company and the movement in its share price,” the stock exchange circular said. “The company confirms that it continues to review possible options to increase [...]

World Distributors Buys HWP Cycle Division

World Distributors Ltd. has bought HWP Group’s cycle division assets and while the acquisition will result in six redundancies at HWP Group, World Distributors will be increasing its staff to handle the additional workload. World Distributors will now be the authorised dealer for Honda and Piaggio motorcycles in Bermuda. The product line-up will expand to [...]

CNA To Buy Hardy Underwriting For $227 Million

CNA Financial Corporation have entered into an agreement to buy Hardy Underwriting Bermuda for $227 million. Commenting on the Acquisition, Thomas F. Motamed, Chairman and Chief Executive of CNA said: “We are delighted to have reached this agreement. Hardy is a specialist insurer and reinsurer with a respected brand and a long and distinguished history [...]

Omega: ‘This Has Been A Difficult Year’

Bermuda-based Omega Insurance Holdings today [Mar.6] reported a $94.7 million loss before tax for 2011, more than double the $42.9 million it lost in the previous year. The international insurance and reinsurance group also saw a 14.5% reduction in gross written premiums in 2011 to $304.6 million [2010: $356.1 million] and a deterioration in its [...]

A.M. Best Affirms Ariel’s Ratings

A.M. Best Co. yesterday [Mar.1] affirmed the financial strength rating of A- [Excellent] and issuer credit rating [ICR] of “a-” of Bermuda’s Ariel Reinsurance Company Ltd. Additionally, A.M. Best has affirmed the ICR of “bbb-” of the parent company, Bermuda-domiciled Ariel Holdings, Ltd. The outlook for all ratings is stable. The ratings of Ariel Re [...]

Goldman Sachs Buys Ariel Re

Ariel Holdings Ltd. today [Mar.1] confirmed reports that investment bank Goldman Sachs is acquiring its Bermuda-based insurance and reinsurance operations, which it will combine with its existing business underwritten through Lloyd’s Syndicate 1910. The acquired business will operate as part of Goldman Sachs Reinsurance Group [GSRG], under the brand name of Ariel Reinsurance. Ariel Re’s existing [...]

Chile’s Velasco Joins Lazard Ltd.

Chile’s former finance minister and potential presidential candidate Andres Velasco [pictured] has joined Hamilton, Bermuda-based Lazard Ltd. as a senior adviser, the financial services company said in a statement. Velasco, who managed Chile’s economy during the 2008 and 2009 financial crisis, also is a visiting professor at Columbia University’s School of International and Public Affairs [...]

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