Business briefs: Cayman won’t rush to embrace gambling

Cayman Islands Tourism Association has put the brakes on any talk of adding casinos to the British Overseas Territory. 

In a report on CayCompass.com the CITA said energy would be better spent on other issues rather than casinos. 

Tim Adam, the secretary of the CITA, told the paper: “We do not think Cayman should rush into following Bermuda on this.”

He said based on survey responses, CITA members believe the issue of gambling should be decided only after a public education campaign and a referendum. 

Mr Adam said: “We would need to consider what type of visitors gambling might attract, and there should also be studies done on whether Cayman’s existing visitors would be in favour of or against the introduction of gambling.” 

TCD to close early

The Transport Control Department will close at 3pm on Thursday, January 2 to address a plumbing issue. Normal operations will resume at 8am on Friday morning, January 3. 

MFC directors elected

MFC Industrial Ltd. and Bermuda-based Class 3 insurer IAT Reinsurance Company, Ltd. and Peter Kellogg announced that Peter Kellogg and William Horn were elected unopposed as directors of the company at its shareholders’ meeting held on December 27, 2013.

Michael Smith, chief executive officer of the company, said in a press release: “I look forward to working with the new directors in the best interests of the Company.”

Mr. Kellogg said: “We are pleased to have representation on the board of MFC and enhancing value for all stakeholders.” 

RenRe added to S&P MidCap board

RenaissanceRe Holdings Ltd.will replace Lender Processing Services Inc. in the S&P MidCap 400 after the close of trading on Thursday, January 2.

S&P MidCap 400 constituent Fidelity National Financial Inc. is acquiring Lender Processing Services in a deal expected to be completed on or about that date pending final approvals.

RenaissanceRe Holdings provides reinsurance and insurance coverages and related services. Headquartered in Pembroke, Bermuda, the company will be added to the S&P MidCap 400 GICS (Global Industry Classification Standard) Reinsurance Sub-Industry index. 

White Mountains

White Mountains Insurance Group, Ltd. and Star & Shield Group announced today that Star & Shield Holdings LLC had entered into a definitive agreement to sell certain assets and liabilities to a wholly-owned subsidiary of White Mountains.  

Under the terms of the agreement, White Mountains will acquire Star & Shield Risk Management LLC, the attorney-in-fact for Star & Shield Insurance Exchange, a Florida-domiciled reciprocal insurance exchange providing private passenger auto insurance to members of the public safety community and their families, and other related entities within the Star & Shield Group.