Business briefs: Real estate market still slow to respond

Government eased restrictions on real estate ownership last year, but it hasn’t resulted in heating up the market.

Coldwell Banker Bermuda Realty reported yesterday that “Although the Government of Bermuda has continued to make great strides during the last year to create further incentives in order to encourage a more robust international property market, our market has been slow to respond on the demand side. 

“Although our agents have successfully placed three luxury properties in contract in Q3/Q4 2013, the market has produced less than six international sales of standalone homes in 2013, significantly under the historical average for this market segment. 

“We have noted however an increase in activity in Q4 2013 which should result in a couple of closings by mid year. As practitioners in the marketplace, we would urge the Government to continue to explore the introduction of further policy and legislative changes in order to generate further sales to our international buyers as the economic trickle down for our community is much needed.” 

Jones at the helm

Polaris Holding Company Limited confirmed that Warren Jones has assumed his role as CEO effective 06 January 6, 2014. 

His responsibilities include the operations of Stevedoring Services Ltd, Equipment Sales & Rentals Ltd and Mill Reach Holding Ltd. 

PartnerRe results

PartnerRe will release its 2013 fourth quarter and full year results after the market close on Monday, February 3, 2014. PartnerRe senior management will conduct a dial-in conference call, which will include a question and answer period, on Tuesday, February 4, at 11am Atlantic Time. Investors and analysts are encouraged to call in 15 minutes prior to the commencement of the call. The conference call can be accessed by dialing (866)-249-5224 or, from outside the United States, by dialing (480)-293-0646. 

Ironshore

Ironshore Inc. said that its US insurance subsidiaries have been included on the US Department of Treasury’s Listing of Approved Sureties. Ironshore Indemnity Inc. has been approved to provide surety bonds of up to $12.37 million per bond, while Ironshore Specialty Insurance Company has been approved to provide surety for up to $30.97 million per surety bond.   The companies intend to utilize reinsurance, co-surety and other permitted methods to combine their capacity to write surety business in all 50 states and Washington DC under the IronBond brand.