July 12: Business briefs

The Bank of N.T. Butterfield & Son Limited announced that its international trust business comprising its companies in  The Bahamas, Bermuda, the Cayman Islands, Guernsey,  Switzerland and New Zealand  has been shortlisted for Institutional Trust Team of The Year in the 2013 Society of Trust and Estate Practitioner Private Client Awards. 

XL loss estimates

XL Group plc announced its preliminary net loss estimate in the second quarter of 2013 of approximately $135 million relating to natural catastrophes. This estimate is pretax and net of reinsurance and reinstatement premiums. This estimate is split approximately 55 per cent and 45 per cent between the Company’s Insurance and Reinsurance segments, respectively. 

Phillips new chairman

KeyTech Limited announced that the board of directors of KeyTech has identified Gary L. Phillips, to succeed Dr. King as Chairman. 

Gold Bar changes

Gold Bar Development & Consulting Ltd announced that following the Special General Meeting of the Company held on July 3, 2013:

1. The Company’s authorised and issued share capital of US$10,200.10 divided into 102,001,000 shares par value US$0.0001 each was consolidated into 102,001 shares par value US$0.10 each;

2. The Company’s authorised share capital was increased from US$10,200.10 to US$5,000,000 by the creation of 49,897,999 new shares par value US$0.10 each; and

3. The Company adopted revised Bye-laws that conform to recent amendments to the Companies Act 1981. 

Lunch & Learn

Bermuda’s Emerging Professionals (BEPRO) will be holding a Lunch N’ Learn on the insurance industry; Tuesday, July 23  at the Chamber of Commerce from 12pm to 1pm. The event, titled “Breaking into the Insurance Industry – TIPS FROM THE PROS”, will feature; Catherine Lapsley, executive director of the Bermuda Foundation for Insurance Studies, Dawnnelle Walker, CEO of the Bermuda Insurance Institute and Patrick Tannock, president & managing Director of XL Insurance (Bermuda). To RSVP for the event, contact Velina Wheatley at [email protected] or call 295-8932. 

Share buy back

The Butterfield Bank & Son Limited announced that during the month of June 2013, it purchased for Treasury 415,297 Common Shares at an average price of $1.399 per share.

In addition, in June the Bank purchased for cancellation 10,800 8% Preference Shares at an average price of $1,233. 

KeyTech profit

The KeyTech Group of companies concluded fiscal year 2012/13 with a profit for the year of $8.3 million versus $7.2 million for the prior year.