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The principal lottery in the United Kingdom is the National Lottery , a state-franchised lottery sanctioned by the Gambling Commission formerly the National Lottery Commission , and established in It is operated by the Camelot Group , which was first granted the franchise in Camelot's current franchise agreement runs through To comply with the Gambling Act, which forbids other parties from operating a national lottery, The Health Lottery operates as an umbrella corporation representing a group of 51 society lotteries across the United Kingdom with a common drawing and prize pool.
Each drawing is held on behalf of one or more of the society lotteries, whose revenues go to support health-related causes in their respective area.
The Health Lottery received criticism on launch for only pledging to donate Lotteries are operated at the state level in the U.
In January , Powerball set a record for the largest lottery jackpot in U. The precursor to legal lotteries were the underground " numbers game " of the s, which operated out of "Policy shops" where bettors choose numbers.
In , a report of a select committee of the New York State Assembly stated that "the lowest, meanest, worst form The game was also popular in Italian neighborhoods known as the Italian lottery , and it was known in Cuban communities as bolita "little ball".
The game's attractions to low income and working class bettors were the ability to bet small amounts of money, and that bookies could extend credit to the bettor.
In addition, policy winners could avoid paying income tax. Different policy banks would offer different rates, though a payoff of to 1 was typical.
Since the odds of winning were The first modern government-run US lottery was established in Puerto Rico in ,  followed by New Hampshire in In , Ohio became one of the first states to offer people a digital lottery option.
The technology, developed by Linq3, allows players to play the lottery on their smart phones. Lottery industry start operated in Malaysia on early by Berjaya Group.
Founded and incorporated by the Malaysian Government in , it was focused on the commercialisation of 4-Digits —based games.
On 1 August , the government in a non- tender privatisation , sold the company to businessman Vincent Tan who merged it into his Berjaya Group.
It claims to be the largest operator in Malaysia of 4D-based games, with sales outlets offering a total of 7 games.
The purchase of lottery tickets cannot be accounted for by decision models based on expected value maximization. The reason is that lottery tickets cost more than the expected gain, as shown by lottery mathematics , so someone maximizing expected value should not buy lottery tickets.
Yet, lottery purchases can be explained by decision models based on expected utility maximization, as the curvature of the utility function can be adjusted to capture risk-seeking behavior.
More general models based on utility functions defined on things other than the lottery outcomes can also account for lottery purchase.
In addition to the lottery prizes, the ticket may enable some purchasers to experience a thrill and to indulge in a fantasy of becoming wealthy.
If the entertainment value or other non-monetary value obtained by playing is high enough for a given individual, then the purchase of a lottery ticket could represent a gain in overall utility.
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The chances of winning a lottery jackpot can vary widely depending on the lottery design, and are determined by several factors, including the count of possible numbers, the count of winning numbers drawn, whether or not order is significant, and whether drawn numbers are returned for the possibility of further drawing.
In a simple 6-from lotto , a player chooses six numbers from 1 to 49 no duplicates are allowed. If all six numbers on the player's ticket match those produced in the official drawing regardless of the order in which the numbers are drawn , then the player is a jackpot winner.
For such a lottery, the chance of being a jackpot winner is 1 in 13,, In bonusball lotteries where the bonus ball is compulsory, the odds are often even lower.
In the Mega Millions multi-state lottery in the United States, 5 numbers are drawn from a group of 75 and 1 number is drawn from a group of 15, and a player must match all 6 balls to win the jackpot prize.
The chance of winning the jackpot is 1 in ,, The odds of winning can also be reduced by increasing the group from which numbers are drawn.
In the SuperEnalotto of Italy, players must match 6 numbers out of Most lotteries give lesser prizes for matching just some of the winning numbers, with a lesser prize for fewer matches.
Although none of these additional prizes affect the chances of winning the jackpot, they do improve the odds of winning something and therefore add a little to the value of the ticket.
Lotteries, like any form of gambling, are susceptible to fraud, despite the high degree of scrutiny claimed by the organizers.
Numerous lottery scams exist. Some advance fee fraud scams on the Internet are based on lotteries. The fraud starts with spam congratulating the recipient on their recent lottery win.
Another form of scam involves the selling of "systems" which purport to improve a player's chances of selecting the winning numbers in a Lotto game.
These scams are generally based on the buyer's and perhaps the seller's misunderstanding of probability and random numbers. Sale of these systems or software is legal, however, since they mention that the product cannot guarantee a win, let alone a jackpot.
There have also been several cases of cashiers at lottery retailers who have attempted to scam customers out of their winnings. Some locations require the patron to hand the lottery ticket to the cashier to determine how much they have won, or if they have won at all, the cashier then scans the ticket to determine one or both.
In cases where there is no visible or audible cue to the patron of the outcome of the scan some cashiers have taken the opportunity to claim that the ticket is a loser or that it is worth far less than it is and offer to "throw it away" or surreptitiously substitute it for another ticket.
The cashier then pockets the ticket and eventually claims it as their own. The BBC TV series The Real Hustle showed a variation of the lottery scam in which a group of scammers pretended to have won a lottery, but was prevented from claiming the prize as the person who wrote the name on the back of the ticket was supposedly out of the country on that date.
They were able to persuade a stranger to put up money as collateral in order to share in the prize pool. On some occasions, the actual lottery draw itself has been compromised by fraudsters.
In the Hot Lotto fraud scandal software code was added to the Hot Lotto random number generator allowing a fraudster to predict winning numbers on specific days of the year.
Winnings in the U. I always wondered why usa players did not all gamble with bitcoin as it was a means to even the score with all of the deposit and withdrawal limitations.
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An Internet access management company specializing in fast and scalable filtering solutions. Norwegian Breakaway, launched Her maiden voyage was to Bermuda.
Chris Fisher, the chief executive officer, started the firm with just one other staff member. It now has a staff of six, with plans to recruit another.
We probably have room for another three people at most, so potentially we may have to look at some additional space.
Through the balance of , I began to write an amount of property insurance business with a focus on the larger Fortune companies. The commitment and support from London has been fantastic and Martin Reith has been here multiple times.
Neon is a member of Great American Insurance Group, which runs the insurance operations of parent AFG and had already benefited from the link-up.
That shows you the amount of turnaround and change brought about by the revitalization of the syndicate. A big part of it is getting the right people on board and the team we have here at Neon Bermuda is first class.
We want to make sure Bermudians are in as many positions in the company that they are suitably qualified and experienced to be in. And the firm aims to expand its on-island two-strong team as it targets the US market.
Neon has recruited Bermudian Chris Fisher, an underwriter with 25 years of experience in the insurance industry in Bermuda, Britain and the US, to head up the Bermuda operation.
He was previously chief underwriting officer of insurance for Ariel Re in Bermuda. In Chris, we have a highly regarded local underwriter with strong relationships on the island as well as in the US.
We have bold ambitions to grow our Bermuda platform and anticipate adding both personnel and product lines in the near future. Given the significance of the Bermuda market in the global insurance and reinsurance stage, it seems to be a logical next step for us.
Now partly owned by the Man Group, one the world's largest publicly traded hedge fund managers. Has a Caymans-domiciled investment vehicle, Gamut Reinsurance.
Uses catastrophe bonds, industry loss warranties and reinsurance contracts to construct portfolios. Insurance investment firm Cedent Ltd has teamed up with Nephila Capital to create a new Bermuda-based firm to advise corporations and countries on managing climate risk.
Resilience says it will use advanced data science to develop and structure climate risk capital solutions for global institutions and governments.
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The company is represented in Bermuda via Consolidated Services Ltd and operates through offices located in Boston and Oslo. Nitrogas has originated and participates in a number of long-term LNG, LPG and NH3 charters as well as various shorter-term charters and gas supply contracts.
Additionally, the firm advises a select group of traders and ship owners on deal origination, strategy and business development.
Noble, which is listed on the Singapore Stock Exchange and has headquarters in Hong Kong, but is incorporated in Bermuda, has been in crisis for three years.
The upheaval triggered a share price collapse, credit downgrades, write downs and asset sales. Noble has stood by its accounting practices.
Creditors will own 70 per cent of the revamped company, with shareholders receiving a 20 per cent stake and management 10 per cent.
Nomura's financial interests include being the biggest single pub landlord in the UK. It owns 5, pubs and 2, off licences according to the UK's Daily Telegraph.
The Bermuda-based company, which operates a fleet of ten supply vessels working in the North Sea oil industry, also declared a dividend of 2 cents per share.
We concentrate on keeping our vessel operating costs low, while always maintaining our strong commitment to safe operations.
Access to financing, both equity and debt, remains a competitive advantage for us. The company said seven of its ten vessels were in service.
North Sea production was hit by the dramatic fall in world oil prices early last year. NAO said there had been encouraging signs in the market for chartering its platform supply vessels PSVs since the end of last year.
Bermuda-headquartered Nordic American Tankers NAT has decided it will not conduct a bond offering to raise additional capital. In an open letter to shareholders and investors, the company noted improving conditions in the tanker market.
The company has a fleet of 33 Suezmax tankers, including three new tankers that are being delivered this year.
It has two of its fleet vessels up for sale. However, in a letter to shareholders and investors this week, the company said: It is worth noting that the expected improvement in the tanker market is becoming clearer.
We also brought this up in our February report. We have now decided that it is not in the best interest of NAT shareholders to conduct a bond offering.
NAT has financial flexibility through a large Suezmax fleet and a long standing co-operation with our customers; oil and energy companies, including oil traders.
It said it expects to immediately reap the benefits of an upswing in the tanker markets. On a per-share basis, the company said it had a loss of 3 cents.
Losses, adjusted for non-recurring costs, were 1 cent per share. The results did not meet Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 3 cents per share.
Last month, NAT declared a dividend of 20 cents per share for the first quarter. That equates to a loss of two cents per share.
Five analysts surveyed by Zacks Investment Research had estimated the Bermudian-based company would post a break-even result. The oil tanker sector has faced challenges in the last few years.
Nordic American has ordered the construction of three new Suezmax tankers, to be delivered in the second half of Later this month the company will pay a common share dividend of 20 cents, the 78th time it has paid a dividend since The company is engaged in the transportation of crude oil and has no investments in the dry cargo or container sectors.
Commenting on the world economy and tanker market, the company said: A low oil price is stimulating the world economy, which is positive for the tanker market.
The news came as Bermuda-based insurance and reinsurance group Axis Capital increased its offer to buy Novae. Novae declined to comment on the jobs impact of the decision.
The deal is expected to close later this year. Albert Benchimol, chief executive officer of Axis, said: We believe that our final bid represents compelling and full value for Novae, as recognized by the boards of both companies.
By offering Novae shareholders an improved cash offer, Axis aims to bring certainty to the transaction. In a statement given to this newspaper, Novae said yesterday: International property-catastrophe reinsurance remains a key class of business for Novae and will continue to be underwritten in In it announced the sale of web-hosting business Host Europe Corp.
The transaction required approval from Germany's Federal Cartel Office. Host Europe operates in the UK and Germany. Boyle Building, 31 Queen Street, Hamilton.
It runs shipping and port services in Brazil. In the same period last year, the real depreciated 17 per cent against the dollar. Iron-Starr has underwritten coverages on behalf of Ocil, a subscribing insurer for financial lines since In a statement, Ironshore said the broadened relationship with Ocil will enable Iron-Starr to deliver an increase in syndicated capacity for commercial property risks, including natural catastrophe perils, within the Bermuda market.
Ian Smith, Ironshore senior vice-president and head of Bermuda Property, said: Jerry Rivers, chief operating officer of Bermudian-based Ocil, noted the longevity and strength of its relationship with both Ironshore and Iron-Starr.
Ocil is a Bermudian-based mutual, providing coverage primarily to its shareholders from the energy industry, but writing some third-party business too.
Incidents like the Deepwater Horizon disaster in the Gulf of Mexico represented a risk to Ocil, but this risk was mitigated by retrocessional reinsurance bought by the company, Best added.
Oil Casualty Insurance Ltd Ocil is diversifying beyond its traditional energy industry market. Ocil, a mutual insurer and reinsurer that is owned by the energy giants whose risks it covers, has been operating from Bermuda for 30 years.
But only over the past six months has it started to underwrite non-energy business as it aims to strengthen through broadening its risk exposures.
Mr Rivers said a year ago Ocil had earned the approval to diversify from its shareholders, which include Exxon Mobil, Chevron, ConocoPhillips and Total.
Amendments had to be made to the covenants in the indentures that govern the terms of its debt, and this process was completed in September last year.
In October the company began writing non-energy lines. And its property insurance division, which started out dealing with energy and mining-sector risks in and which is now diversifying into non-energy risks, is also making headway.
Hamilton Group also has a property division and Bermuda is back on the map as a property insurance market for large international customers.
Not being a publicly traded company gave Ocil the ability to grow its new business lines steadily, Mr Rivers added, in the absence of the quarterly pressure that listed entities face to deliver ever-better earnings and revenue.
Also because we are a mutual, there is a great sense of loyalty and support among our customers. So overall, the low prices in the energy market have had a muted effect on our organisation.
Fabrizio Mastrantonio, senior vice-president, insurance activities management, of Eni SpA was appointed deputy chairman.
The company is an energy mutual, which is owned by companies it insures. Areas covered include offshore and onshore exploration and production, refining and marketing, petrochemicals, mining, pipelines, electric utilities and other related energy sectors.
The board of directors also elected Roberto Benzan as chairman and Theo Guidry as deputy chairman. Over that time frame, the company has steadfastly focused on shareholder value.
The board is excited about pursuing our strategic plan as it will further strengthen our overall shareholder value proposition.
Roberto Benzan, chairman of Oil, said: George Hutchings, senior vice-president and chief operating officer, said: This company, one of the first true reinsurance sidecars, is being voluntarily wound up 14 years after it was created.
The pioneering firm was set up in Bermuda in It had a quota-share agreement with member companies of White Mountains.
The late John Byrne, the-then chairman of White Mountains, who had put some of his own money into the sidecar, said at the time: It gives me no great pleasure to say that.
Olympus Re proved to be a lesson in the dangers sidecar financial structures faced when their solvency was compromised by heavy losses from multiple disasters.
Mr Byrne, in a conference call in the summer of , said of the sidecar enterprises that Olympus Re had pioneered: On February 23 this year a general meeting of members of Olympus Re Holdings resolved that the company be wound up voluntarily.
John McKenna has been appointed as the liquidator. Mike Miller, chief executive officer of OneBeacon, said: Together, we will accelerate our pursuit in creating a leading speciality insurer in North America.
We look forward to working with our US and Canadian independent agents and brokers to deliver market-leading capabilities to our targeted customers.
Both companies are dedicated to ensuring a seamless transition and look forward to profitably growing our speciality portfolio going forward.
The addition of OneBeacon is creating a leading North American speciality lines insurer focused on small-to-midsize businesses.
OneBeacon is a strong strategic fit for Intact, with deep expertise in commercial and speciality lines, and shared values.
We see significant growth potential from the combination of our speciality lines operations and we look forward to welcoming OneBeacon employees to the Intact family.
It is subject to regulatory approval and other customary closing conditions. Alternatively, it could be an target for a Bermudian-based insurer seeking diversification or to scale up in size.
Bloomberg today said the speciality insurer controlled by White Mountains Insurance Group Ltd was exploring a sale. The information was based on people familiar with the matter.
The Insurance Insider said it understood the insurer was to be auctioned, with Credit Suisse appointed to run the full sales process.
Representatives for Credit Suisse declined to comment, while White Mountains did not immediately respond to a request for comment, according to Bloomberg.
US President-elect Donald Trump and his incoming administration are seeking to lower US corporate tax rates from 35 per cent to about 20, or even 15 per cent.
Speaking on Tuesday at a conference held by the Insurance Information Institute in New York, he pointed out that in the past buyers in large insurance deals tended to come from lower-tax jurisdictions, such as Bermuda and Switzerland.
According to Bloomberg, he said: Meanwhile, Insurance Insider said OneBeacon has been available for acquisition for a number of years, according to banking sources.
Has offices in Chicago and San Francisco. Phone or fax Includes the Orbis Investment Fund. The luxury resort company owns or part-owns and operates over 50 deluxe hotels, restaurants, tourist trains and inland cruise ships and properties in many countries.
In early it bought more big hotels in Italy. An emphasis has been on its core business of established properties with history and personality.
Orient Overseas International Investment holding company in property investments and development. Phone ext Founded in as a Bermuda-based investment management boutique.
With a particular focus on compliance, anti-money laundering and risk management,. A new company is to offer enhanced due diligence investigations and reports aimed at helping businesses avoid falling foul of increased regulations, and suffering reputational damage.
Searchlight is a spin-off from Oyster Consulting Bermuda. The team will include experienced staff who have worked in the fields of law enforcement, investigation, compliance and fraud detection.
Henry Komansky is part of the team, and he explained the importance of knowing who you are dealing with in the business world, whether it be your own staff and directors, or clients and third-party vendors.
Reputational damage is now widely viewed as the top risk-management concern globally. Mr Komansky is a consultant at Oyster, and he has extensive experience in business compliance and analysis, including working for the Federal Bureau of Investigation.
Brian Dowd is to be the new chairman of PartnerRe Ltd. He takes over from John Elkann, who has been in the position for two years.
Mr Elkann is chairman and chief executive officer of Exor, the Italian investment firm that acquired PartnerRe in He will remain on the PartnerRe board.
The Bermuda-based company has also announced further changes. Nikhil Srinivasan will step down from the board in order to assume the role of chief investment officer.
I am confident that his extensive career experience in investments will contribute further to the success of our investment operation.
Meanwhile, Mary Ann Brown will join the board as an independent director. She retired from her executive management role at Pacific Life Insurance Company last year, where she most recently was chairwoman of Pacific Life Re.
With these changes the PartnerRe Ltd board will comprise six directors, of which four are independent directors. The new appointments of Mr Srinivasan and Mr Casarotti are subject to customary governmental approvals.
PartnerRe said the majority of its investments are accounted for at fair value, with changes in the fair value included in the net income figure.
I am pleased to see our results reflect the efforts we have made, over the past two years, to gain relevance with our key clients and brokers, and to find new attractive business opportunities.
Notwithstanding a competitive reinsurance market, we achieved a positive July 1 renewal where we continued to see increases in business margins.
These results, in conjunction with continued improved efficiency in operating expenses, and the impact of higher reinvestment yields on our investment portfolio, position our company well to deliver improved underwriting and financial results during the remainder of Non-life net premiums written were up 21 per cent for the second quarter of and 17 per cent for the half year compared to the same periods of In the life and health business, net premiums written were up 19 per cent in the second quarter of and 24 per cent for the half year compared to the same periods of , driven primarily by organic growth in the life business, a favourable foreign exchange impact and higher rates in the Health business.
The increase for the half year also reflects the inclusion of the Aurigen life premiums for two quarters in compared to only one quarter in , following the acquisition of Aurigen on April 2, Emmanuel Clarke, president and chief executive officer, said: Interest rate increases recorded during Q1 are positive news for our business longer-term, yet their accounting impact translated into a net loss.
However, the property and casualty combined ratio rose to The rise was primarily attributed to adverse prior year development related to a number of mid-sized losses, attritional losses in North America and a higher acquisition cost ratio.
The specialty combined ratio improved to These results highlight our underwriting discipline and the quality and diversification of our underwriting portfolio.
We are approaching the January 1 renewals season with a strong capital position which will allow us to benefit from improving pricing conditions in the market.
The increase was attributed primarily to net income for the first six months of this year. Exor is controlled by the billionaire Agnelli family, who are behind luxury sports car maker Ferrari and Fiat Chrysler.
PartnerRe, first announced the acquisition last year. PartnerRe chief executive officer Emmanuel Clarke said: Aurigen, set up in , has provided risk and capital management solutions tailored to specific customer needs, with its core business being the reinsurance of life insurance policies of North American residents.
The company has also provided mortality risk solutions in the US since Aurigen is a top-five life reinsurer in Canada based on recurring new reinsurance business.
Six employees have lost their jobs at PartnerRe. All those affected are either Bermudians or spouses of Bermudians. Globally, PartnerRe has announced 16 redundancies as it reorganizes its financial operations.
Those affected in Bermuda have been invited to apply for jobs with the company in Ireland. This was a very tough decision to make; all six employees have been invited to apply for jobs in Dublin.
If they choose not to, we will do everything we can to support them in finding new positions here on the Island. The chairman of Italian investment giant Exor today became chairman of the board at PartnerRe.
He has been with the company 19 years and worked in a variety of senior roles, becoming head of specialty lines, global in PartnerRe is at an exciting place in its evolution and I look forward to working with the board and our talented teams to build on the success we have achieved so far.
This was contingent upon the receipt by PartnerRe of a private letter ruling from the United States Internal Revenue Service as to the tax shelter reporting obligations of such enhanced preferred shares.
However, on Tuesday the IRS indicated that it would not grant such a ruling. As a result Exor will, in lieu of a basis point increase in the current dividend rate, make the cash payments to PartnerRe preferred shareholders of record on the closing date.
Exor, controlled by the billionaire Agnelli family, earlier this year froze out a rival bid by reinsurance firm Axis for PartnerRe. PartnerRe said the acquisition was on track to be completed in the first quarter of next year, subject to regulatory approval.
Its results were hit hard by the paying of a termination fee and reimbursement of expenses to Axis Capital, in relation to the failed merger deal with the Bermuda reinsurer.
Interim chief executive officer, David Zwiener, said: All in, we posted a 1. That payment covered an agreed termination fee and reimbursement of expenses incurred by Axis.
At PartnerRe, however, we continue to distinguish ourselves with our clients as a stable and focused partner with long-term financial flexibility, and a proven track record of reliability.
The head of PartnerRe Global yesterday said that European buyers had welcomed takeover by Italian investment giants Exor. He added it had also removed the integration problems and likely redundancies if a rival bid from Axis Capital had been successful and that a European parent would help boost business on the continent.
Any distractions are completely removed and, because we have not been acquired by another reinsurer, there are no integration issues to contend with.
Our clients know they will be dealing with the same underwriters and leaders they have always done. That is a great position to be in.
He said that clients understood that Exor, the investment arm of the billionaire Agnelli family, which controls car maker Fiat Chrysler, wanted to enter the reinsurance market.
Under private ownership the firm would also be freed of the pressure of quarterly earnings targets and conference calls with analysts. It means we can take more of a long-term approach.
That constant pressure to set and hit targets will be removed. The Exor name would open doors to more business in Europe.
We are a Bermuda company, but we diversified from an early stage. We became multi-line and global very early on through acquisitions and have pioneered in some areas in our industry, such as enterprise risk management.
We will remain a global, diversified company but having a European parent will certainly not hurt our case in Europe. The pace of rate reductions and the extent to which clients were changing their programmes had slowed.
We have been seeing more structured deals and aggregate covers but many buyers are thinking more long-term now.
Some have been very vocal about having smaller panels and long-term relationships. Some have cut it down to five or six players.
We are adaptable to their needs. Shareholders in reinsurance firm PartnerRe will meet next month to vote on the planned takeover of the firm by Italian investment giant Exor.
And the firm has advised shareholders to vote in favour of the merger and related transactions at the special meeting, which will start at 9am.
Italian investment giant Exor plans to propel Bermuda reinsurance firm PartnerRe into the top tier. Exor CEO John Elkann, part of the billionaire Agnelli family that runs the company, said he hoped to put PartnerRe in the top four reinsurers in the world.
We are very optimistic because covering risk in our society is a need that will continue to exist and grow with the economy.
He said that Exor had been one of the founding backers of PartnerRe when it was set up in , but sold its stake after the company went public.
Our plan to put PartnerRe among the big four is a realistic objective. This is a recurrent theme with brokers and clients. He told reporters at the Monte Carlo press conference: We have had two months of uncertainty.
We at PartnerRe are looking forward to this new chapter in our history, under the ownership of Exor.
Reinsurance is a long-term partnership business and clients do not like surprises. The reinsurer has scrapped its previous plan to merge with fellow Bermuda firm Axis Capital.
In its announcement today, PartnerRe said the company would continue to be headquartered in Bermuda and the deal is likely to mean that existing staff and management will be kept on.
Axis and PartnerRe have cancelled their respective shareholders' meetings that had been scheduled for Friday to vote on the two companies' merger plan.
PartnerRe chairman Jean-Paul Montupet said: Since Exor made its initial offer to acquire the company in April , the PartnerRe board has been focused on maximizing value for our shareholders while positioning PartnerRe for long-term success.
Importantly, Exor is committed to ensuring that the unique culture, brand and business that our dedicated employees have successfully built over the past 20 years remain intact.
Under our stable and committed ownership, PartnerRe will continue to develop as a leading independent global reinsurer. The price is a non-starter.
The cash deal went up against the all-share merger proposition and Exor said it intended to retain PartnerRe as a stand-alone company and keep existing management and staff.
Exor has built up a 9. PartnerRe Ltd's board of directors has rejected the buyout bid from Italian investment company Exor and offered a sweetened deal for shareholders to complete its proposed merger with Bermuda rival Axis Capital Holdings Ltd.
During the negotiations, said the Bermuda reinsurer, Exor had made it clear that it would not budge on price. The Board concluded that Exor's proposal significantly undervalued PartnerRe and that there was no prospect of the offer leading to a superior proposal.
The dividend will be paid to former PartnerRe shareholders on completion of the merger. PartnerRe had agreed a deal to merge with rival Bermuda firm Axis but a surprise bid by Italian investment firm Exor has opened up a race for control of the firm.
Franklin Mutual Advisers, the third biggest shareholder in PartnerRe with a 4. Mr Langerman said PartnerRe should engage not only Exor but any and all interested parties to explore whether it can find a better offer.
Exor chairman and chief executive John Elkann said his firm intended to keep the existing PartnerRe management and staff and run the company as a stand-alone enterprise.
He added that taking the firm private meant it would no longer have to satisfy shareholders looking for quick profits and offer long-term stability.
Exor's interests include controlling interests in Fiat Chrysler, luxury sports car maker Ferrari and top flight Italian football team Juventus.
Axis chief executive Albert Benchimol said on Tuesday the firm remained fully committed to the merger. The PartnerRe board said it would examine the competing bid by Exor to determine the course of action that it believes is in the best interests of PartnerRe and its shareholders and announce its decision later.
Axis chief executive officer Albert Benchimol will lead the enlarged company, while PartnerRe chairman Jean-Paul Montupet will serve as its non-executive chairman.
The combination has been described as a merger of equals and the deal is expected to close in the second half of the year.
Costas Miranthis stepped down yesterday as CEO of PartnerRe and as a member of the reinsurers board, in connection with the deal.
The companies headquarters are in neighboring buildings on Pitts Bay Road and the statement confirms that the combined company will be based on the Island.
PartnerRe shareholders will own about PartnerRe shareholders will receive 2. PartnerRe writes only reinsurance, while Axis writes primary insurance too.
The new company will derive around two-thirds of its premiums from reinsurance. This transformational combination will leverage the complementary strengths of both companies and create an organization with the size and breadth to enhance product and service offerings, maximize growth opportunities, optimize portfolios, and deliver both economies of scale and capital efficiencies, Mr Benchimol said in a joint statement from the two companies last night.
As a top five global reinsurer with leading positions in a number of specialty lines, we will be strongly positioned to turn the challenges presented by the structural changes in the reinsurance market into opportunities.
PartnerRe was formed in , after a spike in reinsurance rates prompted by the Hurricane Andrew. Axis was formed in late after the September 11 terrorist attacks of that year also caused insurance rates to rise.
Mr Benchimol has worked in senior roles for both companies. Before he joined Axis in January , he had served as chief financial officer at PartnerRe for ten years.
Last night's joint statement adds: PartnerRe has benefited greatly from his leadership and guidance and we wish him well in his next endeavor.
This is an exciting opportunity that offers tremendous potential with many benefits for PartnerRe, our clients, brokers and shareholders.
I am delighted therefore that we can now combine our businesses and people to create an even more exciting future. Its variable rate notes have been admitted for listing on the Bermuda Stock Exchange.
The perils covered by PennUnion Re are storm surge in New York City and Delaware, named storm wind protection across eight northeast US states, and earthquake protection in five of those states.
The Series notes will become due in December In teamed up with Japanese giant Mitsubishi Corporation to create a new alternative investment fund to focus on insurance-linked securities.
A subsidiary of Prudential Financial Inc. Since May as the latter. In the company was sold to insurance-specialist private equity investor Aquiline Capital Partners.
It had been over 20 years since Stevedoring Services has done any work anywhere other than the Hamilton docks. At that time it had ,, ordinary shares, a core portfolio in the gold, oil and gas, coal and iron ore sectors and large-scale investments include Nimini Holdings Limited 90 percent , Signet Petroleum Limited Bermuda-based property and casualty insurance and reinsurance run-off group, Premia Holdings Ltd, has announced the acquisition of Alan Gray LLC, an international claims, audit and risk management advisory firm.
Alan Gray was established in as a claims and audit advisory firm, and offers its clients claims administration and audit services, actuarial, underwriting, legal bill auditing, reinsurance collections, and risk management services.
The company has offices in Boston, New York and Philadelphia. I know first hand what a tremendous job they do for their clients. They bring tremendous expertise and cost-effective solutions to every assignment.
We are thrilled to make them a part of our group and we look forward to working with them to accelerate their growth and create even more satisfied clients.
It will allow us to bring our traditional services to new clients while providing our long-standing clients expanded solutions to help them achieve their business objectives.
Owns percent of Premier Aqua UK plc. Leading accounting firm with international management consulting. Primus Guaranty The only publicly traded company that makes most of its money from credit-default swaps.
The company also entered the market for credit-default swaps on asset-backed securities including mortgages. The latter were conceived a decade ago to protect bondholders against default and pay the buyer face value in exchange for the underlying securities should the company fail to adhere to its debt agreements.
Protostar Formed to acquire and operate high-power geostationary satellites optimized for satellite television in the Asia-Pacific region.
In launched a satellite it hopes will expand its footprint in the Asian telecommunications business. Has subsidiary operations in San Francisco and Singapore.
Kiskadee's complaint was lodged against California resident Philip Father and Maryland resident Eugene Cacciamani, who served as chairman and chief technology officer, respectively, of ProtoStar.
Kiskadee had formed a joint venture with ProtoStar, aiming to utilise one of Bermuda's potentially lucrative satellite location slots, which were granted to Bermuda in by the United Nations and International Telecommunications Union.
The complaint revealed Kiskadee was granted an exclusivity agreement on a satellite slot by the Bermuda Government. But after ProtoStar filed for bankruptcy and its joint venture with Kiskadee failed, Government terminated the exclusivity deal in June Kiskadee formed a joint venture with ProtoStar in October to implement Kiskadee's extremely valuable exclusive right to commercialize a satellite orbital location, positioned over the center of North America, that is controlled under international treaty and assignment by the Government of Bermuda.
Mid-Ocean News revealed in that Kiskadee had started talks with Government over the Island's satellite slot in July ProtoStar Kiskadee Bermuda See above.
Founded by Henry Stevens. Company became a Renault FI team sponsor. With the introduction of tradable notes, Qatar Re is seizing the opportunity to finance future growth on the back of a modern efficient capital structure.
The notes have reduced our cost of capital and are a significant milestone on our path to establishing Qatar Re in the top tier of our industry.
The increased capital strength will enable us to respond to increasing demand from existing and new clients for substantial capacity as part of our comprehensive service proposition.
The rapidly growing company, whose parent organisation is the Qatar Insurance Company, is based in new offices at the Belvedere development on Pitts Bay Road, where there will be a special opening ceremony this evening, involving directors and top executives, as well as Bermudian and Bermuda-based dignitaries.
High demand for the first international debt issuance by Bermuda-based Qatar Re saw its perpetual Tier 2 notes oversubscribed 14 times. The Reg S Perpetual non-call 5.
The initial coupon has been set at 4. It will be fixed until the first call date in September and reset to five-year MS plus the initial margin, and every five years thereafter.
QIC is a global diversified insurance and reinsurance company based out of Doha, Qatar. Settlement of the notes is expected to take place on Monday.
Bermuda-headquartered Qatar Re is reaping the benefits of investing last year to grow its business. The reinsurer opened a branch office in Bermuda in and completed its redomiciling to the island from Doha in It also saw its net loss ratio rise from The company said it more than offset the jump in the net loss ratio increase by halving its administrative expense ratio, based on net premiums earned, to Gunther Saacke, chief executive officer, said: These capabilities enable us to expand our book of business without tracking the market.
In addition, we have benefited from economies of scale, yielding a significant reduction of our administrative expense ratio.
Presenting an outlook for the remainder of the year, Qatar Re said it would continue to deepen its book of business and also intends to open a branch in Singapore.
Our increasingly robust global operating platform will enable a further organic portfolio expansion. Having said this, despite signs of a certain bottoming out of global reinsurance markets, trading conditions will remain challenging.
Niches of profitable growth continue to exist, but are harder to come by. However, the parent company of Bermuda-based Antares Reinsurance Ltd has reported strong underwriting results.
The company said its international reinsurance operations with Qatar Re and Antares were key drivers in the improved figures. In particular, we have witnessed increased buoyancy in our personal lines business in the region.
The outlook for personal lines including motor, medical and life insurance business seems to be positive and is an area for further focused growth.
Qatar Re is in the process of redomiciling to Bermuda. The combination of class intimacy, proximity to our business partners and uncompromised focus on the disciplines of managing and controlling risk forms the bedrock of our successful development to date and into the future.
In a statement, Qatar Re said it was continuing to follow its growth plan and effectively defying the adverse trends in what has become a notoriously deteriorating soft market.
Qatar Re was formed in It has branch offices in Bermuda and Zurich, and has applied to open an office in Dubai.
The company has representative offices in London and Singapore. Additionally, through its parent, the Qatar Insurance Company, it has access to a primary licence in Malta.
Qatar Re writes half its business in Europe, 28 per cent in the Americas and 20 per cent in Asia, with the remainder in the Middle East and Africa.
Qatar Re expects to redomicile in Bermuda in the fourth quarter of this year. QuoVadis also provides electronic signature platforms including mass signature and trusted time-stamping solutions for e-invoicing, as well as cloud-based signing platforms for individuals.
QuoVadis electronic signatures are used on more than 60 million electronic transactions annually. The company later established operations in Switzerland, the Netherlands, Germany, Belgium, and the United Kingdom with close to 70 employees.
QuoVadisalso has a cloud hosting and co-location hosting subsidiary located in Bermuda. QuoVadis management shareholders will retain a 15 per cent minority stake, which WISeKey has an option to later acquire.
QuoVadis will continue to operate as a stand-alone company, expanding its business from centres in the UK, Switzerland, the Netherlands, and Belgium, as well as in Bermuda.
QuoVadis provides collocation, managed data centre, infrastructure as a service and cloud hosting, as well as disaster recovery services.
Its services also include acting as an international certificate authority and digital signature solutions. Mr Davidson is a director of Quo Vadis and vice-president of product development and also deputy chairman of Bermuda Press Holdings , the parent company of The Royal Gazette.
A Swiss company has signed a deal to buy a controlling share in Bermuda-based hi-tech firm QuoVadis. The deal means WISeKey will take an 85 per cent share of the equity in QuoVadis, with the transaction expected to close this quarter.
QuoVadis management shareholders will retain a 15 per cent minority stake, which WISeKey has the option to later acquire. QuoVadis will continue to operate as a stand-alone company, expanding its business from centres in Switzerland, Germany, the Netherlands, Belgium and the UK, as well as in Bermuda.
The insurance company was formed in and stopped active underwriting in This transaction demonstrates our ongoing commitment to continue to acquire legacy insurance assets and also continues to expand our acquisition activity in the North America, Bermuda and the Caribbean region.
The terms of the deal were not disclosed. The Liechtenstein company was formed in as the captive insurers for its Swiss parent and ceased active underwriting in This new regime is generating a number of prospects for the group across Europe and is a significant reason for the formation of a second consolidation vehicle in Malta.
We remain excited about our legacy acquisition pipeline. This Bermuda-based insurance services company rounded off with a flurry of deals.
These policies were fronted by Travelers Indemnity Company. RQIM was incorporated in for the purpose of consolidating owned and acquired insurance, reinsurance and captive portfolios from across Europe.
An investment bank whose holding company is in Bermuda. Half-owned by Russian billionaire Mikhail Prokhorov. The agreement has been unanimously approved by the boards of directors of both companies.
The transaction is expected to close in the first half of and is subject to customary closing conditions and regulatory approvals.
No shareholder approval is required, RenRe said in a statement released this evening. The company was originally established by Tokio Marine Group in Bermuda in After completion of the deal, State Farm will own about 4.
The transaction accelerates our strategy and further enhances our global reinsurance leadership.
Tokio Millennium built a strong franchise and we look forward to operating as one company after closing. We are also pleased to simultaneously announce that State Farm has agreed to broaden its relationship with us through this new investment.
RenRe expects the acquisition will be immediately accretive to book value, operating earnings and operating return on equity.
In addition, Tokio Marine and RenaissanceRe will enter a business co-operation agreement, which will enhance their business relationship and facilitate co-operation on a portion of the international reinsurance purchases of Tokio Marine and its affiliates.
Paul Smith, State Farm executive vice-president, said: Bermuda-based reinsurer RenaissanceRe is teaming up with Reinsurance Group of America to launch a new life reinsurer.
The new reinsurer will target large in-force life and annuity blocks globally. Scott Cochran, executive vice-president, corporate development and acquisitions, at RGA, said: In a statement the Bermuda-based company said it had conducted a preliminary assessment of the Tax Cuts and Jobs Act of , which was passed by Congress on December In line with other insurers and reinsurers, the impact of hurricanes Harvey, Irma and Maria, and the Mexico City earthquake, had a major impact on revenue.
We were once again able to demonstrate the benefit of being a long-term, dependable partner to our customers, paying claims rapidly and providing value beyond price.
We executed well on our strategy, protected our capital, and our results were within expectations. I am proud of our team, which worked hard assessing losses, paying claims and writing new business against a background of multiple complex events.
Looking forward, I am excited about the future. Our balance sheets, and those we manage, are fully capitalized and we are prepared for the opportunities we anticipate at the January 1 renewal.
Recognizing challenging market conditions, we executed on our gross-to-net strategy to build and attractive portfolio of risk. We believe that we have the right strategy and necessary flexibility to navigate the market conditions ahead while continuing to maximize shareholder value over the long term.
From March 20, the Ogden rate changed from plus 2. The company said it will recognise the impact on its reserves in its first-quarter results.
RenaissanceRe has increased its dividend for the 22nd consecutive year. The Bermuda-based reinsurer announced that its board had decided to raise the quarterly payout to 32 cents per share from 31 cents.
The next dividend will be paid on March 31 to shareholders of record as of March Given where we are in the reinsurance cycle, we are executing our gross to net strategy, trading underwriting risk for fee income, and protecting our balance sheet for the long term.
We maintained discipline, coming off business that did not meet our return hurdles, buying more reinsurance protection, while also building an attractive portfolio of risks.
We are a bigger, stronger company today, than a year ago, and have the management team, global operating platforms and risk management expertise to serve our clients, third party capital providers and shareholders well in the years ahead.
On the New York Stock Exchange yesterday its shares closed down 2. Platinum shareholders were invited to choose between receiving either RenRe shares, cash, or a combination of RenRe shares and cash, in exchange for their Platinum shares.
Around half of the 37 Bermuda-based employees of Platinum Specialty Underwriters Holdings accepted redundancy packages after the reinsurer was bought out, while the other half accepted job offers from RenRe.
The offers of temporary roles were offered on a three- to month basis to help with the integration process, with the possibility that some of those roles could become permanent.
It is understood that RenRe has also held off filling vacancies in its Bermuda office to allow Platinum staff the opportunity to fill them. Platinum shares ceased trading on the New York Stock Exchange.
Insurance investment firm Cedent Ltd has teamed up with Nephila Capital to create this new Bermuda-based firm to advise corporations and countries on managing climate risk.
Resilience Re was set up to cover property catastrophe risks by Willis Capital Markets and Advisory, a catastrophe bond, ILS, mergers and acquisitions and investment banking unit of global reinsurance broker Willis.
Willis, which has offices on Pitts Bay Road, Pembroke, officially merged earlier this week with Towers Watson, a professional services company with an office on Par-la-Ville Road, Hamilton.
Uses the name Revelation America in the US. Bermuda-based hedge fund manager Revelation Capital Management has been cleared of wrongdoing in a New York court.
But last month, Judge Valerie Caproni of the US District Court, southern district of New York, ruled that the transactions were not domestic and failed to meet the bar set by a US Supreme Court ruling limiting the reach of federal securities laws to trades taking place inside the US or in securities listed on a US exchange.
The ruling said that, under previous court decisions, at a minimum, the purchase most be domestic for Rule to apply. But it said that the SEC had failed to show that any activities related to the Revelation transaction took place in the US.
Rule was designed to ban short selling an equity security during a restricted period and purchasing the same security during the offering. Rule violations were an enforcement priority at the time the complaint was filed in No one at Revelation could be contacted for comment yesterday.
The listed phone number for the company was not operational and e-mails were bounced back. The firm made a name for itself as an innovator in asset management in January after it announced it would allow investors in its Osmium Special Situations Fund to denominate their holdings in gold.
Parent company is RPost International. In upgraded its email encryption service in a bid to address some key issues raised by a poll of companies subject to heightened HIPAA data encryption rules.
L aunched the Registered Email service in Bermuda in October , which ensures immediate delivery, authenticated receipt, and proof the e-mail was sent, its time and content.
Rubik Reinsurance Class 3. Since September has operated the leading automobile and marine fuel distribution network 12 service stations and is the sole importer and wholesaler of LPG in Bermuda.
George's and Ireland Island Dockyard. The firm's retail and marine service stations are conveniently situated throughout the island and offer a range of quality fuels and lubricants for both auto and marine customers.
Also supplies and installs fuel storage tanks, pumps and fleet management systems tailored to meet individual and company needs and budget.
Interesting example of how an international firm can operate in Bermuda despite not complying with the rule.
Mr Cohen was not charged with wrongdoing. A hearing in the proceeding is set for April in New York. Martoma is serving a nine-year sentence for securities fraud.
SAC Re was formed in Bermuda in as one of a clutch of hedge fund-backed reinsurers on the Island. After the hedge fund landed in trouble, the reinsurer, which had no involvement in the insider trading scandal, was acquired by Hamilton Insurance Group in late Hedge-fund group founded by Steven A Cohen.
Sagicor is planning to establish a reinsurance operation in Bermuda, according to an International Monetary Fund report on Barbados.
The financial-services giant moved its holding company to Bermuda last year, but continues to be operated from Barbados, its home for years.
A report by Barbados Today said the IMF draft report on an October mission in Barbados at the invitation of regulator the Financial Services Commission states that as a follow-up step to the relocation of the holding company, Sagicor plans to establish a reinsurer in Bermuda.
The team noted that the insurance giant had not established any operational entity in Bermuda as of the date of the mission, and the senior management team was still operating out of Barbados.
The Sagicor group does business through more than 50 subsidiaries in 21 countries including the US, spanning a range of businesses such as general insurance, commercial banking, mutual funds, investment advisory services, property management, pension fund asset administration and other financial and non-financial businesses.
Both questions are central to avoid supervisory gaps of the Sagicor Group. Caribbean-based multinational financial services firm Sagicor is next week set to back a move to Bermuda.
Sagicor, in a statement to shareholders, said: This would be achieved via a corporate migration, or continuance, of the company in Bermuda and the discontinuance of the company in Barbados.
Accordingly, the board is pleased to present this re-domiciliation proposal to all shareholders for approval. But the change is unlikely to bring a major jobs boost to Bermuda as the firm would retain its base in Barbados and continue to be taxed there, although it would require an address and resident representative on the island.
Additionally, the continued Sagicor Financial Corporation will have a registered office in Bermuda. The company said that Bermuda was chosen due to the ease of redomicilation, tax impact, ratings stability and reputational risk, as well as its good rating internationally.
Affiliate of a bankrupt Connecticut-based hedge fund, in August filed for bankruptcy protection. Bovada Adopts Bitcoin Cash.
Write comment as Unauthorized user Submit. I always wondered why usa players did not all gamble with bitcoin as it was a means to even the score with all of the deposit and withdrawal limitations.
Now because of bitcoin transaction fees and slow processing it is no longer what it used to be for me.
It has not evened the playing field it has made it where I cannot even step oto the playing field. So is bitcoin cash just a means of depositing at an online casino?
I mean, does your bitcoin cash turn into your country currency once the deposit is made? Very curious about Bitcoin cash as btc transaction fees are becoming ridiculous and unstable.
Something tells me that if you want a cryptocurrency to rise so fast, introduce it to gambling sites; theore people will use it, the more it'll rise.
And after rising, they can turn to "another cheaper currency" So I'm sure of this currency's bright future. Editorials Player Experiences Interviews.
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