June 10: Business Briefs - Rosewood signs deal with Flexjet

Aspen appointments

Aspen US Insurance appointed Ken Cornell, executive vice president, to lead Aspen Specialty’s Environmental Liability team. He will be based in New York and report to Mario P. Vitale, president, Aspen US Insurance.

Mr Vitale said: “I have known Ken for some years and am delighted that he is joining Aspen. He brings considerable expertise in the field of Environmental Insurance and is well placed to strengthen and grow our business.

“I am very encouraged by the momentum we are building at Aspen in the US. We are looking to broaden our footprint selectively as opportunities arise and make further hires as market conditions permit. Ken’s appointment is a further mark of our progress and an excellent addition to our team.”

The company also appointed Robert H. Rheel, executive vice president, sales distribution and marketing. He will be based in New York and will also report to Mr Vitale.

Mr Vital added: “We expect him to make an important contribution to our business with his expertise in developing strategic customer and distribution frameworks. Bob brings enthusiastic commitment together with a disciplined objective approach and I am looking forward to working with him again.”

Gourgeon gets Everest position

Everest Re Group, Ltd. appointed Jean-Luc Gourgeon to the position of European general manager, based in London.

Mr. Gourgeon was most recently the chief underwriting officer for Paris Re Group and CEO of Paris Re France.

Mark de Saram, CEO of Everest Re Bermuda, (Ltd), said: “I am delighted to have someone of Jean-Luc’s proven ability, breadth of experience and market profile joining us. I have no doubt about the contribution he will make to the development and continued success of our European operations. ”

Fischer reels in CUO job

AXIS Capital Holdings Limited announced William A. Fischer, CEO of AXIS Re, will be assuming the new role of chief underwriting officer of AXIS Re and the role of CEO of AXIS Re US in conjunction with his relocation to the AXIS Re office in New York City. Mr. Fischer is relocating to New York City for personal reasons. The Company is conducting an executive search to replace Mr. Fischer in the role of CEO of AXIS Re.

In his role as CUO of AXIS Re, Mr. Fischer will be responsible for the establishment and oversight of underwriting policy and deployment of capital allocated to AXIS Re. In his role as CEO of AXIS Re US, Mr. Fischer will manage all strategic and operating activities of AXIS Re U.S. Mr. Fischer will also continue in his leadership role at AXIS Capital as a member of the company’s executive committee.

Rosewood signs deal with Flexjet

Bermuda could get more tourists staying at Rosewood Tucker’s Point.

An alliance was formed with Flexjet, a company that allows people to become fractional owners of planes, and Tucker’s Point partner company Rosewood for all its brand hotels.

This agreement gives Flexjet customers special access to Rosewood’s hotels and resorts, along with unique benefits, including special destination package options and room upgrades.

Fred Reid, president of Flexjet, said: “Flexjet’s dedication to identifying unique and authentic travel experiences for our customers is what brought us to Rosewood. They too demonstrate an obsession with the level of excellence our clientele have come to expect, and we’re thrilled to forge this new relationship and share these excellent travel benefits with them.”

PartnerRe issues 13 million shares

PartnerRe Ltd. announced that it has priced an offering of 7.25 per cent Series E Cumulative Redeemable Preferred Shares (“the Series E preferred shares”).

The offering is expected to close on June 15, 2011 and is being made pursuant to its shelf registration statement filed with the United States Securities and Exchange Commission.

In the offering, PartnerRe expects to issue 13 million shares ($325 million) of Series E preferred shares. In addition, the company has granted the underwriters a 30 day over allotment option for the issuance of up to an additional 1,950,000 shares ($48.75 million) of Series E preferred shares.

They will have an annual dividend yield of 7.25% and a liquidation preference and redemption value of $25.00 per share. The Company may redeem these shares at any time on or after June 1, 2016.

BSX suspensions

The Bermuda Stock Exchange announced the listing suspension, from the BSX, of Crighton Properties Pty Ltd. The listing suspension is effective immediately and applies to both the ordinary shares and the Class A shares of the company.

The BSX also announced the listing suspension of Myall River Downs Pty Limited.

The listing suspension is effective immediately and applies to both the ordinary shares and the Class A shares of the company.

Colonial Group

Allan Peacock, Colonial Group International president and CEO, said several members of its Young Executive Society (YES) are participating in a five-day training course being facilitated by UK-based Central Learning Systems.

This course will help YES members demonstrate confidence in their capabilities, build collaborations and take greater responsibility for their own continued professional development within Colonial.

Some topics being covered include: negotiation and influencing skills, time management, corporate financial management and problem analysis.

Syncora directors re-elected

Bermuda-domicled Syncora Holdings Ltd. announced that, at its AGM, shareholders releected Thomas Norsworthy, Coleman Ross and Robert Shippee to the company’s board of directors. 

PricewaterhouseCoopers LLP was approved as the company’s independent registered public accounting firm. 

Finally, in accordance with the Bermuda Companies Act 1981 and the Company’s amended and restated bye-laws, the Syncora also presented its audited consolidated financial statements for the years ended December 31, 2009 and December 31, 2010.  These statements are available on the Company’s website, www.syncora.com.

Wilson subsidiary gets subpeona

Ocean Wilsons Holdings Limited announced that the principal operating subsidiary, Wilson Sons Limited made a market announcement to the Brazilian and Luxembourg Stock Exchanges.

Wilson Sons Limited announced its subsidiary, Wilson, Sons Comércio, Indústria e Agência de Navegação Ltda (WSCI) received a subpoena from a civil court judge in Brazil against WSCI, the environmental authority of São Paulo (“CETESB”) and others, to suspend work, construction, deforestation, removal or cutting of vegetation at the location described in the installation license No. 18001111, for the Shipyard Guarujá II, giving reason that “there is a possibility that the area may be subject to permanent preservation.”

Before the commencement of works for the construction of the shipyard, WSCI completed all environmental licensing procedures determined by CETESB, the competent state agency, and the installation licence was granted on 31/03/2010.

The company said: “We... will not hesitate to defend the project before the competent authorities and take all appropriate legal measures to uphold the installation licence."