AGP Executive Report
Last update: 11 hours agoBanking: HSBC Holdings’ third-quarter pretax profit rose 32% to $9.6 billion, but missed expectations and its shares fell. Bermuda-specific results were not disclosed; HSBC Bermuda earned $295 million in 2025 and is subject to the island’s 15% corporate income tax. Economic Outlook: Bermuda’s real GDP grew 1% to $7.2 billion in 2025, slowing for a third straight year. Economists warn growth is uneven and the gap between higher- and lower-income residents is widening. Hospitality: The Loren says its planned 2029 Elbow Beach resort can complement the Fairmont Southampton’s expected 2027 reopening, adding to investment in visitor facilities. Reinsurance: TIAA has invested $750 million in Mariner Re, a new Bermuda-based reinsurer that will support Symetra’s annuity business. Insurance Market: Specialty insurance rates are softening faster, with reductions reaching 17% after claims and exposure trends are factored in, according to WTW’s survey of Bermuda, London and US markets.
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