June 28: Business Briefs

Montpelier Re Holdings Ltd. has changes to the composition of the company’s board of directors.

The term of class B director, Thomas GS Busher expired on May 17 and was not renewed. Class B director Heinrich Burgi has resigned effective June 30 and Susan J Sutherland has been appointed as a class B director as of May 17.

Rate of inflation

The rate of inflation for 2013 is 1.9 per cent. This after the Department of Statistics said consumers paid 1.7 per cent more in May 2013 than they did a year ago for the basket of goods and services included in the Consumer Price Index (CPI). 

HSBC

HSBC Asia Holdings BV, a wholly owned subsidiary of HSBC Holdings plc has confirmed to Dar Es Salaam Investment Bank (“DES”) that, following a strategic review, it was decided to explore options for the disposal of HSBC’s shareholding in DES. 

HSBC Asia Holdings BV owns shares representing 70.1 per cent of the issued share capital of DES as at 31 December 2012.

HSBC Asia Holdings BV has further advised DES that it will not subscribe to any offer of shares by DES as part of its proposed capital increase.

Ironshore upgrade

AM Best has upgraded the financial strength ratings for Ironshore and its subsidiaries to an A (Excellent) from an A- (Excellent). The operating subsidiaries include Ironshore Insurance Ltd. (Bermuda), Ironshore Indemnity Inc. (Minnesota), Ironshore Specialty Insurance Company (Arizona), and Ironshore Europe Ltd. (Ireland).  

In its ratings announcement, Best highlighted that “the rating upgrades reflect Ironshore’s strong risk-adjusted capitalization, enhanced business profile as a specialty casualty underwriter and highly experienced management team.”   Kevin H. Kelley, Ironshore’s CEO, said in a press release:  “We are pleased to have earned the upgrade to an A rating as a validation of our strategy and overall financial strength.  During the last six and a half years, Ironshore has built a unique global specialty franchise focused on client solutions.  This rating upgrade supports Ironshore’s continuing ability to grow profitably following the trajectory established over the last several years.” 

Osiris ownership change

The Bermuda Stock Exchange sent out a notice alerting shareholders that, due to an internal restructure programme, there has been a change in ownership of Osiris’ majority shareholder, Osiris Property Services Ltd, with effect from June 17, 2013. 

The legal ownership of Osiris Property Services Ltd has changed from a private trust to Osiris Group Holdings Ltd, with both having the same beneficial owner. 

As such, there has been no change in beneficial ownership of the company and it is not anticipated that this change in shareholding will affect the financial position of Osiris or the price of its securities.

Osiris has a primary listing on the Bermuda Stock Exchange and a secondary listing on the Alternative Exchange of the JSE Limited.

OneBeacon

OneBeacon Professional Insurance said that Patricia Hughes, VP of Health Care Risk Management, will be a featured speaker at this year’s RL Solutions User Group Conference at the Westin Harbour Hotel in Toronto, Canada, July 9-12.

Nabors affirmed

Fitch Ratings affirmed Nabors Industries Inc.’s Issuer Default Rating (IDR) at ‘BBB’. The Rating Outlook is revised to Negative from Stable. Fitch has also assigned an ‘F3’ rating to the company’s $1.5 billion commercial paper (CP) program and corresponding short-term IDR.