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• On July 24 the Bank of N.T. Butterfield & Son Limited reported strong results for Second Quarter 2018. Net income rose to $49.7 million up from $44.2 million in the previous quarter, partly led by higher interest earned on loans and investments. Further, the acquisition of Deutsche Bank’s Global Trust Solutions business earlier in 2018 added to trust revenue. The bank added that salary and employee benefits rose $3.9 million from the First Quarter 2018 due to the addition of new staff at the expanded trust business as well as annual compensation review increases. Butterfield’s shares rose 3.2 percent on the announcement.
• On July 27 Ascendant Group Ltd., the parent company of Bermuda Electric Light Company Ltd (Belco), reported adjusted net income in the first six months of 2018 to $3.2 million which was seventy percent below the $10.2 million reported for the corresponding period in 2017. The decline was driven by higher depreciation costs, bonuses associated with a share price impacted by a takeover bid, and advisory fees also related to the takeover bid. Ascendant fell 1.5 percent on the day of the announcement.
• On August 15 Cayman-domiciled Chinese multinational investment holding conglomerate Tencent Holdings Limited announced Second Quarter 2018 earnings. The company reported a drop in profits for the first time in nearly 13 years. Tencent has been hit by Chinese video game regulators blocking sales of unreleased and existing games in the world’s largest gaming market due to a government campaign to tackle gaming addiction among Chinese children. Tencent fell by as much as 6.7 percent on the announcement.
• On August 28 Bermuda based Aspen Insurance Holdings Limited announced the company had entered into a definitive agreement to be acquired by certain funds affiliated to alternative investment manager Apollo Global Management LLC in an all-cash transaction valued at $2.6 billion. Aspen, which reported a loss of $15 million in Second Quarter 2018, have explored a potential sale since early 2018. Aspen has suffered losses in three out of the last four quarters as a result of claims related to hurricanes, California wildfires and Mexican earthquakes. Upon completion of the deal, Aspen will be a privately held portfolio company. Aspen’s share price rose 2.2 percent on the news.