The COVID-19 crisis is having a profound impact on all sections of the global economy, forcing companies to rethink the most fundamental aspects of how they conduct their businesses. Bermuda:Re+ILS brings you the latest developments, demonstrating how Bermuda and its re/insurance community are adapting to cope with this challenge.
Hurricane season could compound COVID-19 challenges, says Fitch.
The UK operations of a number of Bermuda-based re/insurers are involved in the test case, including Arch, Aspen, Hiscox and QBE.
Those already in mandatory quarantine will be required to complete their time in dedicated facilities.
Bermuda identifies six new cases of COVID-19
Bermuda has uncovered six new cases of COVID-19.
Kim Wilson, Bermuda’s Minister of Health, said the uptick in cases serve as a reminder of the importance of preventive measures at a time when the island has entered phase two of its plan to reopen the economy.
While the discovery of six cases in 24 hours is a setback, Wilson stressed that Bermuda’s real time reproduction number is 0.91. Any number below one means the number of COVID-19 cases is in decline.
Wilson confirmed that four of the cases were discovered as part of the Bermuda Hospitals Board’s routine testing programme, while two were found through physician referrals. Three of the cases were local transmissions, and three remain under investigation.
Bermuda now has 139 total confirmed positive cases. Its status remains: local transmission – cluster of cases.
Just one super-spreader could undo all Bermuda's hard work, warns Premier.
Bermuda names COVID-19 Economic Advisory Committee
Curtis Dickinson, Bermuda’s Minister of Finance, has named the Government’s COVID-19 Economic Advisory Committee. It is chaired by Dickinson, and includes:
- Ms. Teresa Chatfield, Owner/Director, MEF Bermuda;
- Mr. Dennis Fagundo, Co-Managing Director, D&J Construction and President, Chamber of Commerce;
- Mr. Chris Furbert, President, Bermuda Industrial Union;
- The Honorable Patricia J. Gordon-Pamplin, JP, MP, Shadow Minister of Finance & Health;
- Mr. Marc Grandisson, President & Chief Executive Officer, Arch Capital Group Ltd and Deputy Chair, Association of Bermuda Insurers & Reinsurers (ABIR);
- Ms. Cheryl-Ann Lister, Chair, Bermuda National Anti-Money Laundering Committee;
- Mr. Michael Neff, Managing Director, Bermuda & International Wealth, Butterfield Group;
- Ms. Sylvia Oliveira, Chief Executive Officer, Wilton Re Bermuda and Chairman, Bermuda International Long Term Insurers & Reinsurers;
- Mr. Denis Pitcher, Chief Fintech Advisor, Government of Bermuda;
- Mr. Patrick Tannock, Managing Director, AXA XL and Chair, Association of Bermuda International Companies (ABIC); and
- Mr. Stephen Weinstein, Chief Legal Officer, RenaissanceRe Holdings Ltd and Deputy Chair, Bermuda Business Development Agency.
Bermuda Government Liaison to the Committee:
Ms. Tina Tucker
Principal Coordinator of the Committee
Mitchell Klink, E&Y
Association of Bermuda Insurers & Reinsurers (ABIR)
The committee has been asked to deliver bold ideas that will shape Bermuda’s future. It will meet weekly to agree its remit which includes:
- Seeking ideas from a broad cross section of Bermuda’s community and from all sectors of the economy.
- Recommending policies that promote growth, create jobs and improve the long-term prosperity of the Island.
- Providing analysis and information to improve the operations, regulations and healthy functioning of the economy.
- Appointing subcommittees, as needed, to make recommendations for review by the Committee, on tourism and hospitality; technology and infrastructure; financial services; retail and services; social services and healthcare; development and construction. Subcommittees would comprise members of government, business owners, industry associations and individual stakeholders.
- Proposing changes to Government and Government corporate bodies, and agencies.
Essent goes virtual for AGM
Essent Group Ltd. (NYSE: ESNT) (the “Company”) today announced that, due to the public health impact of the ongoing coronavirus pandemic (COVID-19), the Company will not hold its 2020 Annual General Meeting of Shareholders in person and will instead be holding it in a virtual format only originating from Bermuda.
The Annual General Meeting of Shareholders will be held on Thursday, May 28, 2020 in a virtual meeting format only at https://web.lumiagm.com/209457238 to begin at 2 p.m., Atlantic Daylight Time. As described in the proxy materials for the Annual General Meeting of Shareholders previously distributed, shareholders as of the close of business on April 9, 2020, the record date, are entitled to participate in the Annual General Meeting of Shareholders. To participate, shareholders will need the 16-digit control number included in the proxy materials delivered to such shareholder and the meeting password, essent2020 (case sensitive).
Regardless of whether or not they plan to attend the Annual Meeting of Shareholders, all shareholders are encouraged to vote promptly in advance of the meeting by using one of the methods described in the proxy materials for the Annual Meeting of Shareholders. The proxy card included with the previously distributed proxy materials will not be reissued and may continue to be used to vote shares in connection with the Annual Meeting of Shareholders.
A notice regarding the change of location of the Annual General Meeting of Shareholders (the “Notice”) is being filed with the Securities and Exchange Commission together with this press release. Additional information regarding the Annual General Meeting of Shareholders is provided in the Notice.
The COVID-19 pandemic has underlined the value of cat bonds, says S&P.
However, life and health-related cat bonds could suffer escalating losses, rating agency warns.
Bermuda expects to unveil a technology system to enable strict enforcement of home quarantine by mid June.
An excerpt from the Minister of Health's comments on May 13
Between yesterday and today there were 157 test results received by the Ministry of Health.
Unfortunately, we suffered a technical error in yesterday’s numbers and reported 153 results when, in fact, there were 127 received by the reporting cut-off time. Since then we received a further 30, for the total of 157. None of today’s results were positive for COVID-19.
As such, Bermuda’s total confirmed positive cases stands at 121. Their status remains as per yesterday:
- there are 47 active cases, of which
- 40 persons are under active public health monitoring, and
- 7 persons are hospitalized, with
- 2 of these in critical care
- A total of 66 have now recovered, and
- the total deceased is 8.
The average age of all of our confirmed positive cases is 59 and the age range of all of our positive cases is from 18 to 101 years.
The age of persons hospitalized ranges between 68 and 89 years, and the average age is 78.
Now that we have a larger number of cases who are deceased, we can provide collated information about the deaths, as there is less risk of identifying individuals. The average age of all deceased cases is 75 and the age range is 57 to 91 years.
Commercial insurers cannot cover pandemics via business interruption, says American Academy of Actuaries
AAA made the case in a letter to the US House Committee on Financial Services on May 11.
The BMA says it will conduct a phased return to our physical offices at the appropriate time.
An excerpt from the Minister of Health's comments on May 11
Between Sunday and today there were 469 test results received by the Ministry of Health; and 1 was positive for COVID-19. I am, however, deeply saddened to say that we lost another person to COVID-19 over the weekend. As is the norm, details of this individual won’t be made public by the Ministry to respect the family’s right to privacy, especially at this difficult time.
Bermuda now has 119 total confirmed positive cases. Their status is as follows:
- there are 45 active cases, of which
- 37 persons are under active public health monitoring, and
I’m pleased to share that some hospitalized persons have been discharged, so now only
- 8 persons are hospitalized;
- a total of 66 have now recovered, and as indicated earlier
- the total deceased is now 8.
The average age of all of our confirmed positive cases is 60 and the age range of all of our positive cases is from 18 to 101 years. The age of persons hospitalized ranges between 68 and 89 years, and the average age is 77.
On Saturday we completed testing of all 21 of Bermuda’s care homes. Although the results of one care home are still being processed, to date we have the results of 333 care home residents and 436 staff members from 20 different care homes. Of all tested, 44 have come back positive.
Money service businesses may also operate with the permission of the Minister of National Security.
The re/insurer plans capital raise to fund expansion in the wholesale and reinsurance markets and meet expected liabilities arising from the COVID-19 exposure.
The government's May 6 COVID-19 update
Today there were 195 test results received by the Ministry of Health; and 3 were positive for COVID-19.
Bermuda now has 118 total confirmed positive cases. Their status is as follows:
- there are 52 active cases, of which
- 37 persons are under active public health monitoring, and
- 15 persons are hospitalized;
- a total of 59 have now recovered, and
- the total deceased remains 7.
The average age of all of our confirmed positive cases is 60 and the age range of all of our positive cases is from 18 to 101 years. The age of persons hospitalized ranges between 64 and 91 years, and the average age is 77.
As of today, we have tested 247 care home residents and 302 staff members from twelve different care homes. Of all those tested, 505 results have come back negative with 44 positive. We plan to finish the testing of all care homes by Sunday.
The government's May 5 COVID-19 update
Today there were 104 test results received by the Ministry of Health. None were positive for COVID-19.
Bermuda continues to have 115 total confirmed positive cases. Their status is as follows:
- there are 54 active cases, of which
- 38 persons are under active public health monitoring, and
- 16 persons are hospitalized;
- a total of 54 have now recovered, and
- the total deceased remains 7.
The average age of all of our confirmed positive cases is 59 and the age range of all of our positive cases is from 18 to 95 years. The age of persons hospitalized ranges between 57 and 91 years, and the average age is 76.
Kim Wilson, the Minister of Health, announces the latest figures for COVID-19 cases in Bermuda, as at May 4.
Between yesterday and today there were 127 test results received by the Ministry of Health; and none were positive for COVID-19.
Bermuda has 115 total confirmed positive cases. Their status is as follows:
- there are 54 active cases, of which
- 38 persons are under active public health monitoring, and
- 16 persons are hospitalized;
- a total of 54 have now recovered, and
- the total deceased remains 7.
The average age of all of our confirmed positive cases is 59 and the age range of all of our positive cases is from 18 to 95 years. The age of persons hospitalized ranges between 57 and 91 years, and the average age is 76. The age range of deceased cases is 57 -91.
BILTIR's annual life and annuity conference becomes the latest industry event to fall victim to COVID-19.
Last week 98 members of the Bermuda Fire Service were screened for COVID-19, with only one person testing positive.
Arch said that for every dollar donated by employees, it will give two more.
Government update on COVID-19 numbers
Today there were 260 test results received by the Ministry of Health; and 3 were positive for COVID-19.
Bermuda now has 114 total confirmed positive cases. Their status is as follows:
· there are 60 active cases, of which
· 44 persons are under active public health monitoring, and
· 16 persons are hospitalized;
· a total of 48 have now recovered, and
· the total deceased remains 6.
The average age of all of our confirmed positive cases is 60 and the age range of all of our positive cases is from 18 to 95 years. The age of persons hospitalized ranges between 57 and 91 years, and the average age is 76.
While the world is focused on COVID-19, other risks remain, warns CEO.
Bermuda’s suppression measures are working, says Minister of Health, with the island avoiding succumbing to widespread community transmission.
Re/insurer says the impact of the pandemic will be more pronounced in future quarters.
The re/insurance community continues to support COVID-19 relief efforts.
AXA XL thinks creatively about how to deliver services remotely.
As at April 27, one more positive case of COVID-19 had also been identified, taking the number of confirmed cases to 110.
Arch abandons plans to hold physical meeting amid COVID-19 concerns.
AXIS has taken steps to protect its shareholders.
Hiscox's customers are demanding payment for their COVID-19 losses.
Bermuda is leading the region in testing, says Premier.
An op-ed piece from ABIR's John Huff outlining how Bermuda can start to open its economy.
Bermuda’s Premier David Burt, Cabinet Ministers, career government leaders and other public and private-sector executives have done a tremendous job of managing the unmanageable COVID-19 pandemic. A debt of thanks is owed to all of them—as well as to front-line workers—for protecting our community’s health, families and well-being in this uncertain and fast-changing environment.
From pro-active efforts on testing and contact tracing to its commitment to transparency, the government’s approach has been impressive and the dedication of the island’s essential workers vital. Bermuda has fought to keep infections down, to ensure residents are healthy and fed, and to maintain business continuity of one of the largest re/insurance markets in the world.
Calling upon our collective Bermudian spirit, local and international business, including ABIR member companies, have rallied to raise money for critically-need equipment for our hospital, bring our Bermudian students home with privately-funded rescue flights, house the homeless, and support the “Third Sector’ through unprecedented generosity.
Bermuda re/insurers, which manage over 35 percent of the global reinsurance property and casualty market, may have shut their physical offices, but they have kept commerce open. Our ABIR workforce, made up 74 percent by Bermudians, has met local and international payrolls, adjudicated global claims, and underwritten new business. Bermuda-based IT teams in the private sector and at the Bermuda Monetary Authority have kept technology, transactions and financial reporting humming in a near-seamless fashion, all while working from spare bedrooms and kitchen tables. Bermuda has proven we are adept as a largely digital economy.
As highlighted by the recent Standard & Poor’s ratings agency assessment, however, our economy will be challenged by COVID-19. S&P has changed its outlook for Bermuda from positive to “stable,” due to an expectation of increased debt and negative growth in tourism.
Our health professionals and elected leaders will soon decide when the time is right to gradually re-open the island for the ‘new normal’ of local and global commerce. Just as Sept 11 forever changed the global economy, the catastrophe of COVID-19 is negatively re-inventing our economy. But managing catastrophes—man-made and natural—is where ABIR business leaders in Bermuda excel. And, just as re/insurers stepped up to lead after 9/11, ABIR is committed to leveraging its global expertise for the benefit of Bermuda’s economic recovery effort.
What are the right first steps? How do we guard and grow the Bermuda market’s unique advantages against the challenges of competing jurisdictions that will emerge in the new economy? ABIR stands ready to create jobs and increase financial investment in Bermuda, as priorities. Further ideas to help Bermuda get started include:
(1) Call on global executives and job creators, such as re/insurance leaders, to join the national effort to rebuild Bermuda’s economy
(2) Leverage the expertise and international perspective of these figures to enhance Bermuda’s competitiveness in the global market
(3) Retain committed Bermuda companies and add new ones: grow our existing business footprint by adding companies, people and investment
(4) Incentivize job growth
(5) Manage a gradual reopening: ABIR companies could voluntarily stagger the physical return of staff to allow the island’s retail economy a head start, if needed
(6) Facilitate a restaurant-business partnership to jump-start our local food & beverage industry. International business can stimulate this jobs-rich sector through support of catering, curbside and takeout
(7) Reopen and enhance immigration policy and processes to address the backlog and support recovery. Doing so will add jobs and payrolls to our economy
(8) Recruit a full-time, economic recovery project manager as an in-kind donation from a global company with world headquarters in Bermuda
(9) Use our stable government leadership during COVID-19 as an example of a positive attribute to promote Bermuda around the world
(10) Design short-, mid- and long-term goals and objectives of the global “new normal” business environment
(11) Be ready to compete with global jurisdictions prepared to exploit recovery efforts to build their own markets and lure our companies and talent
(12) Be sensitive to the cost of doing business in Bermuda. We need more companies, more employees and more investment, not a heavier burden on existing companies
Bermuda still has a long way to go to weather the COVID-19 storm, but the re/insurance industry excels in time of disruption and catastrophe.
Managing risk is our strength—and we stand ready to put that experience to work for Bermuda’s future.
John Huff is CEO of the Association of Bermuda Insurers & Reinsurers (ABIR).
Another re/insurer warns investors to prepare for disappointment ahead of Q1 results.
No new cases of COVID-19 uncovered on April 23
Bermuda received 61 COVID-19 test results on April 23, all of which were returned negative.
It means Bermuda's total confirmed positive cases remains at 99, with 55 of them active cases. There are currently 11 people in hospital being treated for the virus. To date, five people have died of COVID-19 in Bermuda.
Everest Re gives a sneak previous of its upcoming Q1 results
Everest Re Group, Ltd. (“Everest” or the “Company”) announced today the estimated impact from the Covid-19 pandemic ("Pandemic”) on its first quarter 2020 results. Everest is providing details in advance of its full quarterly earnings to be released on May 6, 2020.
“As the situation surrounding the Covid-19 pandemic continues to evolve, our thoughts are with everyone who has been impacted around the globe. Everest remains committed to supporting our clients, communities, and trading partners. These are unprecedented times, and our first priority is the safety of our employees, business partners, other stakeholders and their families. Our entire organization has been working remotely, continuing to serve our customers with the same high level of service that they have come to expect. Our capital position remains a source of strength, with high quality invested assets, significant liquidity, low financial leverage, and a low operating expense ratio. Our diversified global platform with its broad mix of products, distribution and geography is resilient,” said Everest President & CEO Juan C. Andrade.
For the first quarter of 2020, Everest expects to report the following:
- A combined ratio below 100% for the consolidated reinsurance and insurance operations.
Included in the above combined ratio is an incurred but not reported (“IBNR”) provision for an estimate of $150 million in pre-tax net first party losses for expected claims related to the Pandemic. The majority of the losses are expected to come from our Reinsurance Segment. This estimate is consistent with our philosophy of recognizing and reacting to expected losses on a timely basis. As a result, this IBNR estimate is being recognized in the current quarter. Pandemic losses will be tracked separately and as an ongoing event.
- Net investment income of $148 million for the first quarter of 2020.
Everest notes that net investment income from limited partnerships is generally subject to a reporting lag averaging one quarter. As such, the results from these investments during the first quarter of 2020 will be reported in the second quarter 2020 net investment income. Our balance sheet, including our investment portfolio, is well-diversified, with a focus on high quality fixed income investments. Since the start of the economic crisis, Everest has further repositioned our portfolio, moving up in fixed income credit quality and reducing equity exposure.
RenRe says its focus is on its upcoming renewals and the COVID-19 challenges at hand.
Hiscox provides an update on its COVID-19 exposure
Acknowledging there remains material uncertainty due to the unprecedented events that are currently unfolding, Hiscox has conducted further analysis of its potential exposure to the COVID-19 pandemic and provides an update.
Hiscox is actively settling claims for event cancellation and abandonment, media and entertainment and other segments including travel. On the basis that disruption caused by restrictions on travel and mass gatherings continues for a six month period from March 2020, Hiscox expects to pay net claims totalling up to $150 million. In the event that restrictions on travel and mass gatherings are extended beyond six months, Hiscox expects that these claims could increase by an additional $25 million.
Hiscox is also receiving claims as a result of economic losses following government action to stop the spread of COVID-19. Like others in the industry, Hiscox UK’s core small commercial package policies do not provide cover for business interruption as a result of the general measures taken by the UK government in response to a pandemic.
As described in its announcement on 15 April, Hiscox UK has approximately 10,000 customers that purchased cover for business interruption and have been directly impacted by mandated government premises closure to stop the spread of COVID-19. Over 70% of these customers have monthly revenues of less than £40,000 in a normal trading environment, with a significant proportion below £10,000 per month. The level of economic loss experienced is likely to be materially lower than reported revenues.
A number of UK policyholders have disputed the application of their policy in relation to business interruption. Hiscox recognises these are extremely difficult times for businesses and is determined to help provide greater certainty for customers. As a priority it will therefore work with the UK insurance industry, its regulators and its customers to seek means of expediting resolution through the range of independent mechanisms available.
Hiscox believes its business interruption exposure to COVID-19 is limited in Hiscox Europe and it has negligible exposure in Hiscox USA.
Hiscox UK and Hiscox Europe have a substantial catastrophe reinsurance programme.
Hiscox’s capital, liquidity and funding positions remain robust and the Group remains operationally strong in the face of unprecedented global uncertainty presented by the COVID-19 pandemic. Hiscox expects this uncertainty and consequent capital contraction to influence rates across wholesale and reinsurance markets.
“No one is more disappointed than I am, when we have not been able to test as aggressively as I know that we need to," says Premier.
Bermuda processed 222 new COVID-19 test results on April 21.
Bermuda's Premier hails “incredible feat” as new aggressive testing regime gets off to a great start.
The Bermuda Government Molecular Diagnostic Laboratory complements the testing already being done by Helix Laboratory.
The government is expected to discuss extending the state of emergency, to allow it to continue restricting movement once the shelter in place order expires.
Athene Life Re, Athora Holding, Aspen Insurance Holdings and Catalina Holdings are donating eight ventilators to the Bermuda Hospitals Board.
Business interruption exposure to COVID-19 is limited in Europe and negligible in the US, says Hiscox.
Re/insurers are starting to share their thoughts about the impact the crisis could have on their balance sheets.
A sobering prediction from the Minister of Finance.
Half of the money will be spent on global efforts while the other half will focus on communities in which AXIS operates, such as Bermuda.
With all the conference cancellations, people are missing their opportunities to discuss risk management strategies. Chubb is here to help.
A note from Conyers
In light of COVID-19, the Bermuda Monetary Authority and the Cayman Islands Monetary Authority have implemented continuity arrangements enabling them to continue to receive and process insurance applications of all types.
For information on managing your Bermuda or Cayman business and transactions during the pandemic, and on Economic Substance implications, please click on the foregoing links. Further topical articles can be found here.
We would like to reassure our clients that we remain available to provide advice during this difficult time, when many businesses will have changing needs, and we sincerely hope that you, your families and colleagues stay healthy during this trying period.
As the market leading insurance legal practices in both Bermuda and Cayman, we hope you find this review of recent developments in the jurisdictions insightful and informative reading, while much of the world is in lockdown.
The Public Health Emergency Response Team has unanimously recommended extending the shelter in place regime for at least another two weeks.
PWC's Arhur Wightman says compassion from business leaders, and a long-term perspective, must guide the response to the COVID-19 crisis in his blog. Read more here.
Chubb announces grants as part of its $10m commitment to pandemic relief efforts globally
NEW YORK, April 13, 2020 /PRNewswire/ -- Chubb today announced three grants as part of its previously announced commitment to contribute $10 million to pandemic relief efforts globally. The company's support, which is funded through the Chubb Charitable Foundation, is directed to partner organizations around the world that are providing essential resources immediately in areas facing the most acute need from the COVID-19 pandemic.
Chubb has made a $1.7 million donation to International Medical Corps to provide surge support to strengthen hospital capacity during the outbreak. Chubb's support, which is focused on hot-spot and low-resource areas, will help provide medical supplies, medical equipment and surged staffing support at health facilities in need. International Medical Corps is deploying emergency medical field units and has activated its volunteer roster of nearly 300 medical professionals, who have begun deploying to hospitals. International Medical Corps is also leveraging its global supply chain and procurement team to send critically needed medical supplies, including personal protective equipment and medical equipment, to hospitals and for health workers in need.
The Global FoodBanking Network (GFN) is receiving a $1.5 million contribution to provide urgently needed support to food banks around the world based on an assessment of areas with the most critical needs. With more than one-third of the globe's workers unemployed due to the pandemic, food banks are seeing an overwhelming increase in demand for food aid. Chubb's support comprises Foodbank Australia; Fareshare in the U.K.; direct grants to food banks in Europe; and unrestricted programmatic support globally. To date, GFN's COVID-19 response fund has supported relief efforts in 43 countries as well as provided technical support to help food banks procure and distribute meals.
Chubb's $1 million contribution to Project Hope, made in partnership with Healthcare Ready and supported by the Business Roundtable, is procuring personal protective equipment (PPE) and other vital equipment from manufacturers worldwide and arranging around-the-clock movement and delivery to America's nurses, doctors and others to treat patients and help stop the spread of COVID-19. These critically needed supplies are being allocated to health facilities in coordination with Healthcare Ready, which is working in partnership with the Federal Emergency Management Agency (FEMA).
"We are moving quickly to fulfill our $10 million commitment to the urgent pandemic relief efforts to meet the immediate health and nutrition needs of those most affected by this global crisis," said Evan G. Greenberg, Chairman and Chief Executive Officer. "The grants announced today are supporting organizations on the front lines of this outbreak. Each partner organization has experience, capabilities and a track record of delivering relief effectively.
"GFN is fulfilling an urgent need to help address the surge in demand for food, especially amongst the world's most vulnerable populations. International Medical Corps has extensive experience in battling global crises and is well positioned to bring its capabilities and resources to help increase healthcare capacity at overwhelmed hospitals and respond to the immediate needs of frontline healthcare workers. The Project Hope public/private partnership is supporting urgent efforts to protect our critically important frontline medical workers in current coronavirus hotspots such as New York City, Los Angeles, New Orleans and Chicago, and preparing to address future needs in locations expected to face a sudden surge. We are pleased to support these critical and urgent initiatives."
The number of confirmed cases of COVID-19 in Bermuda now stands at 57.
Hiscox takes step “to help Hiscox serve the needs of businesses and households through the extraordinary challenges presented by COVID-19.”
Bermuda's Premier has announced the third confirmed fatality related to COVID-19 and warned things will get much worse if Bermudians don't start taking the shelter in place order seriously.
ABIR helped repatriate Bermudians stranded in Canada hours before lockdown kicked in
The Association of Bermuda Insurers & Reinsurers (ABIR) teamed up with the Association of Bermuda International Companies (ABIC), in cooperation with the government of Bermuda, to bring a group of Bermuda students and island residents home to their families amid the COVID-19 pandemic.
Bermuda government officials reached out to both industry organisations to request help after it became apparent Bermuda students were not going to make it home from Canada before the island’s shelter-in-place restrictions took effect. Working quickly, ABIR and ABIC made collaborative arrangements to charter a plane to offer the stranded individuals a ride home.
The LearJet35 left Toronto Friday with five passengers aboard, arriving in Bermuda just a few hours before the island’s lockdown began.
Albert Benchimol, President and CEO of AXIS Capital and chair of ABIR, said: “Reuniting Bermudian students with their families together during the pandemic is a small gesture that means a great deal. ABIR member companies are pleased to work with ABIC and the Bermuda government to ensure a safe homecoming for Bermudian students studying in Canada.”
“This was an impressive and very commendable initiative, and underscores these companies’ deep commitment to the island,” said Isabelle Ramsay-Brackstone, founder of Lili Bermuda Perfumery and Bermuda’s Honorary Consul of Canada.
“ABIR and ABIC were pleased to come together to address an immediate need in our community,” said John M. Huff, President & CEO of ABIR, and Richard Winchell, CEO of ABIC, in a joint statement. “Bermuda’s international business sector remains committed to Bermuda’s health and economic recovery from COVID-19.”
Walkers outlines COVID 19's likely impact on re/insurance market
Walkers has written a handy guide outlining how it expects the COVID-19 crisis to impact the re/insurance market.
The guide can be found here.
BF&M is another re/insurer that has stepped up with a charitable donation to help tackle COVID-19.
HSBC pledges $180,000 to assist COVID-19 response
HSBC Bermuda has pledged to donate a total of $180,000 to support those impacted by COVID-19.
The bank is adopting a broad based, community support approach in recognition of the increasing pressures currently facing the charitable sector, as they work to assist a number of local residents negatively impacted by the global pandemic.
$140,000 will be allocated across six local charities that support seniors, children and education, single-parent homes, vulnerable individuals and the food insecure population in Bermuda.
Steve Banner, HSBC Bermuda CEO, shared, “There is a large cross-section of our community that is confronting, or soon will, extremely difficult challenges directly attributed to this global pandemic. As a corporate donor, HSBC seeks to be both strategic and considerate when
providing support to local charities.
“We recognise that, in addition to the six local charities already selected, there will be more needing support. A further $40,000 has been pledged to support two local charities that will be nominated by HSBC staff in the coming weeks to directly address COVID-19 related challenges.”
Annually, HSBC Bermuda contributes an estimated $1,000,000. in funding through its charitable giving, donations and sponsorships activities.
Third Point Re makes a donation over and above its annual charity budget to assist Bermuda in this crisis.
After the devastating news yesterday it is good to report there have been no new cases or fatalities.
It is the news that was inevitable but nobody wanted.
Two more cases discovered over the weekend, both on Saturday.
CEO says there is plenty of other things for people to worry about without his staff having to worry about their job security.
Markel AGM to go ahead in new location with limited attendance
Richmond, Virginia, April 3, 2020 — Markel Corporation (NYSE: MKL) today announced a change in location for its 2020 Annual Meeting of Shareholders. The 2020 Annual Meeting of Shareholders will be held on Monday, May 11, at 4:30 p.m. ET at its headquarters at 4521 Highwoods Parkway, Glen Allen, Virginia. Unfortunately, due to the public health impact of the coronavirus and in compliance with governmental orders and directives, attendance at the meeting will be limited to company officers and other personnel required to conduct the meeting.
Shareholders and other interested parties will be able to listen to the meeting over the Internet. Details on how shareholders and other interested parties may do so, including how questions may be submitted in advance, will be provided in a subsequent press release. The process for voting shares at the 2020 Annual Meeting of Shareholders remains the same, as detailed in the previously distributed Notice of Availability of Proxy Materials for the 2020 Annual Meeting of Shareholders sent to the Company’s shareholders of record as of the record date, March 3, 2020.
The numbers are on the rise again.
Bermuda is officially shutting everything (non vital) down....
A note on COVID-19 from Athora:
Athora continues to closely monitor the development of the coronavirus outbreak and its impact on financial and operational conditions. Its employees and customers are its top priorities at this time. Athora relied on its flexible infrastructure and comprehensive business continuity plans to transition its employees across five countries to a remote working arrangement within days. Minimal operational disruptions have been experienced to date and customer service levels are being met. At the same time, Athora continues to monitor closely its financial position collectively as a group and at the individual operating subsidiary level. Thanks to Athora’s risk-driven asset and capital management approach, the capital positions of each of Athora’s insurance subsidiaries have strengthened over the past few weeks and increased their surplus in excess of the levels required by regulation. This demonstrates Athora’s commitment and ability to ensure its customers’ long-term financial security even in unprecedented times like these.
David Burt, the Premier, has his measures to deal with employers forcing people to come in to work...
A stark admission from IGI, most businesses must be thinking the same thing....
A note from Conyers:
Managing your Bermuda business and transactions during the COVID-19 pandemic
Conyers is very mindful of the strains that are being placed on our clients during the present Covid-19 crisis. We would like to reassure you of our continued support and provide an update on the operation of our Bermuda office and international business support in the jurisdiction. In addition, in these exceptional circumstances, there are practical challenges which you are likely to encounter in the handling of business transactions and the day to day running of your operations. We have set out some guidance on such matters.
Conyers’ Bermuda office
Our dedicated attorneys, corporate managers and administrators are working normal hours, but are now working remotely. Our systems and processes are designed to securely support this type of working environment, which enables us to ensure that our clients’ interests continue to be protected and advanced in these difficult times, whilst prioritising the safety and well-being of our people.
While Bermuda is not under a strict “lock-down” at present, residents are encouraged to social distance themselves from one another, which makes physical meetings inadvisable. In addition, board members and advisors who would ordinarily travel to Bermuda in order to participate in meetings are being prevented from doing so for at least the next several weeks. The Bermuda Monetary Authority (BMA) has assured regulated entities that it will not enforce regulatory requirements associated with the need to hold Board/committee meetings in Bermuda during the first half of 2020. However, meetings should continue to be held by audio or video conferencing. Notice of meetings should be given to all directors, and other formalities observed, in the usual way. Directors of Bermuda companies are advised to examine their bye-laws to determine if meetings may be held by telephone or video-conferencing link.