March 16: Business Briefs

Two new insurance companies set up in Bermuda last month, it was announced this week.

Signal Risk Insurance, a long-term life insurer, was granted a licence by the Bermuda Monetary Authority on February 10.

Haverford (Bermuda), a Class 3A insurer, was awarded its licence on February 24.

They are among just three companies to set up shop in Bermuda this year. The other, Axia Insurance, received its licence in January.

Inflation at 2.2%

Inflation was 2.2 per cent in January, the Department of Statistics said last week.

The rate has slowed down from the 2.7 per cent recorded in December.

BSX withdrawal

Karlholt Pty Ltd voluntarily withdrew from the Bermuda Stock Exchange effective Friday, March 11.

Shore secures telecoms deal

Shore Capital is to take a leading stake in a German telecommunications firm.

The company is heading a group of investors are to take a 58 per cent interest in Deutsche Broadband Dienste GmbH (DBD).

Howard Shore, chairman of Shore Capital, said: “We are delighted to be expanding our principal finance activities with this opportunity in radio spectrum. 

“We already have a strong operation in Germany, where we manage a substantial property business. 

“We are excited by the plan to back this management team to use new technology to turn around the business.”