The Bank of N.T. Butterfield & Son Limited announced that its international trust business comprising its companies in The Bahamas, Bermuda, the Cayman Islands, Guernsey, Switzerland and New Zealand has been shortlisted for Institutional Trust Team of The Year in the 2013 Society of Trust and Estate Practitioner Private Client Awards.

XL loss estimates
XL Group plc announced its preliminary net loss estimate in the second quarter of 2013 of approximately $135 million relating to natural catastrophes. This estimate is pretax and net of reinsurance and reinstatement premiums. This estimate is split approximately 55 per cent and 45 per cent between the Company’s Insurance and Reinsurance segments, respectively.

Phillips new chairman
KeyTech Limited announced that the board of directors of KeyTech has identified Gary L. Phillips, to succeed Dr. King as Chairman.

Gold Bar changes
Gold Bar Development & Consulting Ltd announced that following the Special General Meeting of the Company held on July 3, 2013:

1. The Company’s authorised and issued share capital of US$10,200.10 divided into 102,001,000 shares par value US$0.0001 each was consolidated into 102,001 shares par value US$0.10 each;

2. The Company’s authorised share capital was increased from US$10,200.10 to US$5,000,000 by the creation of 49,897,999 new shares par value US$0.10 each; and

3. The Company adopted revised Bye-laws that conform to recent amendments to the Companies Act 1981.

Share buy back
The Butterfield Bank & Son Limited announced that during the month of June 2013, it purchased for Treasury 415,297 Common Shares at an average price of $1.399 per share.

In addition, in June the Bank purchased for cancellation 10,800 8% Preference Shares at an average price of $1,233.

This is an excerpt from Bermuda Sun as it appeared on July 12, 2013. For updates or to read the current version of this post in its entirety, please click here.

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