BizBriefs

Quick takes on the island's affairs

Cordelia Davis, EY partner, accepts the 2019 ‘Professional Services/Accounting Firm of the Year’ Award in New York.

EY wins accounting firm award

EY received the ‘Professional Services/Accounting Firm of the Year’ designation at the Reactions 2019 North America Awards.

Cordelia Davis, partner of EY Bermuda and regional financial accounting advisory services leader, and David Brown, senior partner of EY Bermuda and regional insurance leader accepted the award at the ceremony in New York on 26 Sept.

In addition to the awards event, the conference included discussions about the effect of macroeconomic trends in the re/insurance market, key opportunities and risks in the market, as well as innovation and the emergence of InsurTech.

A.M. Best affirms ratings for Island Heritage

Island Heritage Insurance Company, Ltd has announced that rating agency A.M. Best has affirmed Island Heritage Insurance Company’s financial strength rating of A (Excellent), along with the financial strength ratings of all main insurance operating companies of parent company BF&M Limited.

Island Heritage’s Cayman subsidiary also maintained its A (Excellent) rating. The outlook of each of these ratings is stable.

A.M. Best noted the insurer’s strong balance, with high levels of capital supporting the group’s businesses, as well as favourable net gains from a diversified product portfolio and diversified geographic operations. A.M. Best also highlighted that the company’s significant catastrophe reinsurance protection and approach to risk management were mitigating the financial impact of losses in the Bahamas from Hurricane Dorian.

Tobacco licences need to be renewed

The Department of Commerce and Investment is reminding tobacco licence holders to avoid late fees by submitting their renewal applications for their certificates of registration before 1 Nov. 2019.  Annual renewal fees are $500 for a retailer, $750 for a cigar bar and $5,000 for a wholesale distributor.

Applications for Grand Cayman must be submitted at the department’s business licensing counter in the Government Administration Building, weekdays from 9am-4pm. A valid trade and business licence is required to renew, along with written notification of changes made since the last registration.

Renewal applications for the Sister Islands must be submitted at the DCI office in Cayman Brac, the Bodden and Bodden building, Stake Bay, from 9am-4pm on weekdays.

Applications submitted after 1 Nov. and up to 31 Dec. will attract a late charge of an additional 50% of the registration fee. Applications submitted after 31 Dec. and up to 31 Jan. 2020 will be charged an additional 100% of the registration fee. After 31 Jan. and up to 30 June 2020, applications will attract a late charge of an additional 200% of the registration fee.

For more information, contact DCI tobacco administrator Samone Morgan at [email protected] or call Lolita Bodden-Arch on 948-2400.