Business briefs: Four new companies set up shop

Four new companies registered with the Bermuda Monetary Authority in February, bringing the total for the year to nine.

The new companies were: Shoreline Maritime Services Ltd (manager), Kizuna Re II Ltd. (SPI), Nautical Management Ltd. (agent), and HCB, Ltd. 

Merger investigation

Kirby McInerney LLP is investigating potential claims against the board of directors of EPL Oil & Gas, Inc. concerning the proposed acquisition of the company by Energy XXI (Bermuda) Limited.

 The total value of the transaction is approximately $2.3 billion, including the assumption of debt.

The investigation concerns whether the EPL board of directors violated its fiduciary duties by agreeing to the proposed transaction and whether the proposed consideration adequately values EPL’s common stock. 

Custodial training

The Department of Workforce Development will conduct a Custodial Technician Training programme for staff working within the Ministry of Education.

The training session takes place from March 17 to March 24 and has 20 individuals enrolled in the programme as part of their professional development. The successful participants will obtain the Front Line Certification and Cleaning Management Institute Badge, recognized throughout North America. 

Ironshore leadership

Ironshore Inc. announced the formation of a Group Executive Leadership Committee. Ironshore has named the following executives to serve on the Executive Leadership Committee:  Kevin H. Kelley, CEO; Shaun Kelly, president and CEO of US Operations; Mitchell E. Blaser, COO, CEO of Ironshore Bermuda, IronServe and Iron-Starr; Joe Roberts, CFO of Ironshore Inc.; Mark Wheeler, CEO of Ironshore International; and Paul. S. Giordano, general counsel, secretary, and chairman of Diversified Credit Business. 

XL Life

AM Best has affirmed the financial strength rating of A- (Excellent) and issuer credit rating of “a-” of XL Life Ltd. (XL Life) (Hamilton, Bermuda). The outlook for both ratings is stable.