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Local insurers in $85m Dorian loss

The Bahamian insurance industry’s share of Hurricane Dorian losses is a collective net $85m, industry regulators revealed yesterday. Jamel Bodie, the Insurance Commission of The Bahamas (ICB) supervision manager, told the Accountants’ Week conferenc

Taking risks helps progress

According to former US president Franklin D Roosevelt, “The test of our progress is not whether we add more to the abundance of those who have much it is whether we provide enough for those who have little”.

Minister seeking to 'level playing field' on redundancy

LABOUR Minister Shane Gibson yesterday emphasized the need for a strengthened social safety net for workers in cases of redundancy, telling Parliament his ministry was looking at ways to “level the playing field” and ensure measures were in place for employees to receive compensation.

Arawak Port warns of 48% profits fall

Arawak Port Development Company (APD) has effectively delivered a profits warning to shareholders, projecting that net income for its 2016 financial year is likely to fall almost 48 per cent year-over-year.

Freeport services VAT: 'No Gov't revenue gain'

The Government’s plan to levy Value-Added Tax (VAT) on services transactions between Grand Bahama Port Authority (GBPA) licensees was yesterday described as “peculiar”, given that it would likely generate zero revenue for the Public Treasury.

NAD eyes fee rise after $15.1m loss

The Nassau Airport Development Company (NAD) is currently mulling another fee increase, as it predicts a “few more years” of losses following $15.1 million in ‘red ink’ incurred during its 2015 financial year.

Ex-Cabinet minister urges: ‘Rescue financial services’

An ex-Cabinet minister yesterday urged the Bahamas to move rapidly in rescuing its financial services industry, which he warned was “under tremendous strain”.

Benchmark tackles portfolio ‘volatility’

Benchmark (Bahamas) yesterday said it had “reduced the risk exposure” in its investment portfolio in a bid to boost profitability, as it continues to tackle its local and international regulatory issues.

Cable targeting ‘monumental improvement’ via Aliv refinance

Cable Bahamas’ top executive yesterday asserted the group is poised for “monumental improvement” in profits if it can reach agreement with the Government on refinancing Aliv’s debt at lower interest costs.

Governor targets loan delinquency ‘under 5%’

The Central Bank’s governor yesterday said he is targeting a commercial bank loan delinquency rate of “less than 5 percent” as some institutions push for an easing of lending restrictions.

Vehicle theft claims ‘out of the ordinary’

A Bahamian insurer says an “out of the ordinary” increase in motor vehicle theft claims was among the principal factors why it missed profit projections for 2021.

35% profit fall spells no dividend at Property Fund

THE Bahamas Property Fund’s directors have decided not to pay its scheduled $0.20 per share dividend for the 2012 second half, after profits for the first six months slumped 34.7 per cent due to continuing high vacancy rates at its two main properties.

BISX-listed insurer's $6.5m from Deltec's Ansbacher buy

A BISX-listed insurer is due to ultimately receive just over $6.5m from last year's sale of Ansbacher (Bahamas) to Deltec Bank & Trust.

ROYALSTAR INVESTORS GET '200% PAY OUT'

By NEIL HARTNELL Tribune Business Editor RoyalStar Assurance is expecting to generate a $2-$3 million net profit for 2011 despite enduring a tough year, its managing director yesterday saying the company had to-date "paid out almost 200 per cent" of the

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