March 28: Business briefs

SeaCo continues liquidation 

Bermuda-based SeaCo Ltd. announced that its board of directors have declared a second liquidating distribution of $0.05 per common share.

This will be paid on April 10, 2013, to shareholders of record at the close of business on April 1, 2013. 

The aggregate distribution will total approximately $33 million based on the number of shares of common stock currently outstanding. 

This liquidating distribution will be made pursuant to the Plan of Liquidation of SeaCo Ltd., approved by the Company’s stockholders on August 17, 2011.

The liquidating distribution announced today represents a partial distribution of proceeds totaling approximately $34 million that SeaCo has received from a trust established under the Plan of Reorganization of Sea Containers Ltd. (“Sea Containers”) that was funded with SeaCo shares for possible distribution to certain claimants against Sea Containers.  

These proceeds represent the return of certain distributions made by the company to the trust in January 2012, on account of approximately 53 million SeaCo shares then held by the trust, which have since been cancelled.  

Following the cancellation of these shares, approximately 661 million shares remain outstanding. 

Substantially all of the company’s assets were sold in December 2011.  

Pursuant to the terms of the sale, approximately $41 million of the sale proceeds were placed into escrow.  To SeaCo’s knowledge, no claims have been made upon the escrowed amount.

SeaCo Ltd. is a Bermuda based shipping container investment and leasing group, which was formed in February 2009 to hold the existing container leasing investments of Sea Containers Ltd., following its U.S. Chapter 11 reorganization. 

OneBeacon VP to speak on credentialing 

Patricia Hughes will be a panelist at the upcoming Professional Liability Underwriting Society (PLUS) Symposium on Thursday, April 11 at the Hyatt Regency in Chicago.

Ms Hughes is a vice president of Health Care Risk Management at OneBeacon. 

Ms Hughes will join two other industry professionals in a panel entitled “Credentialing in the World of ACOs.”  

The session will discuss the impact of health care reform on the credentialing process in accountable care organizations, especially with regard to enterprise risk management.  

The panel will be held from 8:45-10am. Central Standard Time.  

Argo picks Rose as new CIO

Mark Rose has joined Argo Group as its chief investment officer. 

Mark Watson, Argo, CEO, said in a press release: “Mark brings to Argo Group a broad knowledge of markets and asset classes and has experience investing, managing and trading for a number of different financial institutions”

“He will play a key role in shaping the strategy of our investment portfolio with the aim of creating long-term growth in shareholder value through our investment performance. We’re excited to have him on board.”

Prior to joining Argo Group, Mr. Rose served as a senior credit analyst at RBC Capital Markets. His previous experience includes trading and analyst role. at Deephaven Capital Management. 

Dr Gibbons congratulates ICT industry

Bermuda was named the winner of the Best Digital Jurisdiction Award for 2013 by UK magazine World Commerce Review. 

Dr. Grant Gibbons Minister of Economic Development, said in a press release: “I would like to congratulate Bermuda’s ICT sector who have been instrumental in Bermuda receiving this award. The Ministry of Economic Development will continue to support the advancement of ICT and the digital economy to maintain the excellence for which Bermuda has been recognised.”

In naming Bermuda the Best Digital Jurisdiction, the selection panel took into account product innovation, on-going customer support and best practice criteria as well as a continuing commitment to deploying the best technology and practice to enhance productivity. 

In the last four Economist Intelligence Unit (EIU) digital economy studies, Bermuda has consistently been ranked in the top 22 countries in the world for e-readiness.