AGP Executive Report
Last update: 3 hours agoMarket Moves: Bermuda reinsurers joined a US stock rally after Democrats won control of Congress, while island shipping shares fell sharply. Shipping: SFL reported third-quarter net income of $37.4 million and declared a 22-cent dividend; planned tanker sales are expected to generate a $175 million gain. Financial Oversight: The Bermuda Monetary Authority has published commercial long-term insurers’ asset and liability statements for the first time, expanding public disclosure. Reinsurance: Fortitude Re closed its $3.8 billion long-term-care deal with Unum, covering about 50,000 policies, with the insurance risks transferred to another reinsurer. Shareholder Returns: Lancashire Holdings will pay a $182 million special dividend after strong underwriting results, despite softer pricing in some markets. Air Links: BermudAir has begun nonstop service between Bermuda and Orlando Sanford International Airport, adding another Central Florida connection. Business Infrastructure: Digicel’s proposed copper-network shutdown could affect legacy systems still used by 38 per cent of commercial customers, including alarms and payment terminals.
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