LOM (Holdings) Limited announced the board of directors have authorized management to purchase up to 100,000 shares for cancellation.

The authorized repurchase represents approximately 1.63 per cent of the overall listed securities of LOM, and was approved due to a disparity between the current share price and the current book value of shares. 

During 2012, the company repurchased a total of 6,100 shares at the average price of $2.45 per share. 

Aspen loss estimates

Aspen Insurance Holdings Limited announced an initial loss estimate of approximately $59 million ($54 million after tax) and net of reinsurance and reinstatement premiums, related to natural catastrophes in the second quarter of 2013. 

This estimate is split approximately 85% and 15 per cent respectively between the Reinsurance and Insurance segments.

Losses contributing to this estimate include flooding in Central Europe, Canada and India, and tornadoes and hailstorms in the United States. The largest of these events, Central European flooding, accounts for approximately $31 million ($28 million after tax) of the total preliminary loss estimate. Aspen has estimated the industry losses from this event to be between $4.0 billion and $4.5 billion. 

PartnerRe loss estimates

PartnerRe Ltd. announced that the company estimates the cost of the European floods in June 2013 will be between $50 million and $60 million pre-tax and net of retrocession and reinstatement premiums.

In addition, the company expects material losses related to the extensive flooding in Alberta, Canada. The flooding occurred in late June. Given the timing of the event and the devastation in Calgary and surrounding areas, there is substantial uncertainty regarding the extent of the losses. The Company’s preliminary estimate of losses for this event is $45 million to $60 million. 

BF&M appointment

BF&M Limited has appointed Michael G. White as Group chief financial officer, with responsibility and oversight for all BF&M group companies, including Insurance Corporation of Barbados Limited in Barbados and Island Heritage Ltd. in Cayman. 

BCS-IBM changes

BCS-IBM Bermuda Agency (BCS) hereby announced that effective August 1, 2013, Aaron Smith will be stepping down as general manager of BCS, a role he has held since 2001.  As the current CEO of the Igility Group of Companies, Mr. Smith will now focus on growing the BCS parent company and its other complementary businesses.  He remains a non-executive Director for BCS.

BCS announced the promotion of Danny Dunlop as general manager of the company.  Mr. Dunlop has an extensive tenure with BCS, mainly in the role of IBM Sales Manager.  

BCS also announces the retirement of Albert Foley after 40 years as senior systems services representative at the company. 

HSBC inks deal with Caron

HSBC Bermuda said it has signed an additional three-year partnership with Caron. This began as a pilot initiative back in 2009. HSBC committed support to Caron Bermuda for adolescent and family out patient programmes and since inception, 92 adolescent and family members have participated in the programme. 

“The young people of Bermuda are at the core of our concern and focus, and with HSBC’s belief in our commitment we have fulfilled the “gap” in services for adolescent treatment. With HSBC’s support, we have also established and developed an Adolescent Intensive Outpatient Programme (AIOP) in partnership with Bermuda Youth Counselling Services (BYCS), servicing our youth and their families” said Gita Blakeney Saltus, Regional VP, Caron Bermuda. 

Richard Moseley, CEO HSBC Bermuda said in a press release: “We are firmly committed to the establishment of alliances that share resources both human and otherwise, and the building of sustainable models to assist the community for years to come.” 

ACE Seguros

AM Best Co. has assigned a financial strength rating of A (Excellent) and an issuer credit rating of “a” to ACE Seguros S.A. (ACE Seguros) (Panama), whose ultimate parent is ACE Limited. The outlook assigned to both ratings is stable. 

Coldwell Banker

The real estate company said recent policy changes relating specifically to PRC’s and overseas buyers announced in early 2013 were welcomed by the industry. The Government’s stated objective was to stimulate the market and ultimately, the economy by incentivizing overseas buyers and PRC’s to participate and engage in our community through the acquisition of real estate. 

During Q2 of 2013, our agents have noted an overall increase in enquiries from PRC’s and luxury home buyers however, it’s difficult to state unequivocally at this juncture, whether this increased activity will result in notable and sustainable increases in transactional activity in this market segment through 2013. 

LOM retirement

LOM (Holdings) Limited announced the retirement of director Bruce Gordon. 

Commenting on Mr. Gordon’s retirement, LOM chairman Donald Lines said: “On behalf of the entire Board I would like to thank Bruce for his services to the company for over a decade. 

“Bruce’s experience has been invaluable in assisting the board steer the company through a challenging period in its history. His clear sighted views of essential realities and strong opinions were a welcome and frank contribution to Board discussions.” 

All of the other six previously serving directors were re-appointed to the board at the LOM’s AGM on July 16, 2013.