August 9: Business Briefs

Catlin wants to protect coral reefs

The Catlin Seaview Survey, sponsored by international insurer Catlin Group Limited, announced a massive expansion of its study of coral reefs with a new campaign in the Caribbean and Bermuda. 

The programme — which will significantly widen opportunities for ocean, coral and climate scientists to understand the changes that are occurring within the region — starts in Belize and moves on to Mexico, Bermuda, Anguilla, St. Vincent, Guadeloupe, Turks and Caicos and the Bahamas.

The company said losing coral reefs in this fashion has long-term implications for Caribbean economies given their dependence on coral reefs and other marine ecosystems for goods, services and economic welfare. According to the World Resources Institute, the value of shoreline protection services provided by Caribbean reefs is between $700 million and $2.2 billion per year. Within the next 50 years, continuing coral degradation and death could lead to losses totalling $140 million to $420 million annually. 

Sun Life results

Sun Life Financial Inc.reported operating net income from continuing operations of $431 million in the second quarter of 2013, compared to $250 million in the second quarter of 2012. Reported net income from continuing operations was $391 million or $0.64 per share in the second quarter of 2013, compared to reported net income from continuing operations of $244 million or $0.41 per share in the same period last year. 

Third Point IPO

Third Point Reinsurance Ltd., has begun an initial public offering of 22,222,222 of its common shares pursuant to a registration statement filed with the US Securities and Exchange Commission. The company is offering 21,524,492 common shares and certain selling shareholders are offering 697,730 common shares. The company expects to grant the underwriters a 30-day option to purchase up to an aggregate of 3,333,333 additional common shares. The initial public offering price is currently expected to be between $12.50 and $14.50 per common share.

Global Indemnity

Global Indemnity plc reported net income for the three months ended June 30, 2013 of $8.7 million or $0.34 per share and six months ended June 30, 2013 of $21.0 million or $0.84 per share. As of June 30, book value per share was $32.74, a decrease of 0.5 per cent compared to book value per share of $32.91 at March 31, 2013, and an increase of 1.8 per cent compared to book value per share of $32.15 at December 31, 2012.