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• On April 19 Bermuda based privately held Athora Holding Ltd announced the company will acquire Generali Belgium S.A., the Belgium based subsidiary of international insurance Group Assicurazioni Generali S.P.A. Generali is the eleventh largest insurer in Belgium providing a broad set of insurance solutions to retail and corporate clients. The acquisition gives Athora an opportunity to expand into the European marketplace and offer new reinsurance products.
• On April 30 Bermuda headquartered Bacardi Limited announced the completion of a transaction that makes the family-owned company the sole owner of Patron Spirits International AG and the Patron brand, the world’s top-selling super-premium tequila. Bacardi initially acquired a 30 percent stake in Patron in 2008. The new acquisition makes Bacardi the number one spirits company in the super-premium segment in the US and the second largest in market share by value.
• On May 4 Ascendant Group Ltd., the parent company of Bermuda Electric Light Company Ltd (Belco), gave notice of an unsolicited expression of interest from Twenty First Century Utilities LLC (TFC). Ascendant said the board of directors had determined not to pursue TFC’s offer further. Joe Garcia, a representative of TFC visited Bermuda two weeks after the announcement and he stated that the all-cash bid had been for $15 per share, a near 50 percent premium to Ascendants price on April 27. The offer valued Ascendant at $153 million.
• On May 7 Bermuda based shipping container company Triton International Limited reported adjusted net income of $79.8 million in First Quarter 2018, a big improvement over the $35.4 million achieved in the same quarter in 2017. Triton said the results were particularly impressive given that the first quarter is typically seasonally slow and has the fewest number of revenue days. Further, Trition benefited from a reduction in the average tax rate as a result of corporate tax legislation in the US at the end of 2017. Triton rose 1.1 percent on the day.
• On June 21 Cayman incorporated Chinese smartphone lens manufacturer Sunny Optical Technology Group Co. warned that the gross margin of the company’s camera modules was subdued in First Quarter 2018, primarily due to declining profits of dual cameras. Sunny Optical, which is one of the world’s biggest suppliers of camera modules to smartphone manufacturers like Huawei, Xiaomi, Sony, and Lenovo, dropped 9 percent after the announcement.