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Cayman Islands News, Articles and InformationBest Assigns VASCO Re Debt RatingA.M. Best Co. has assigned a debt rating of "bb" to the $50 million senior secured floating rate notes, due June 5, 2009, issued by VASCO Re 2006 Ltd. (the issuer), a newly created Cayman Islands exempted company licensed as a Class B insurer."The primary business purpose for the creation of the issuer is for the issuance of the notes and servicing and performance of the various agreements entered into, including the reinsurance agreement, bank deposit agreement and other related activities," Best explained. "Proceeds from the issuance of the notes will be deposited into a collateral trust account and will be available to pay any loss payments required to be made by the issuer under a multi-year reinsurance agreement entered between the issuer and Balboa Insurance Company and its affiliates (ceding insurer)," the bulletin continued.
Just in: Latest JD Power initial quality survey winners and losersThe way in which technology is integrated into new-vehicle design, particularly interior features and controls, is considered by consumers to be as important to quality as are defects and malfunctions, according to the J.D. Power and Associates 2006 Initial Quality StudySM (IQS) released today. The study is in its 20th year.The Initial Quality Study, which serves as the industry benchmark for new-vehicle quality measured at 90 days of ownership, has been completely redesigned for 2006 to capture problems experienced by owners in two distinct categoriesquality of design and quality of production (defects and malfunctions). New vehicles today are often packed with new technologies that unfortunately can be complicated and frustrating for the average consumer when their integration is not well executed, said Joe Ivers, executive director of quality and customer satisfaction research for J.D. Pakistan's Exports To 83 Countries Substantially DownContrary to the government's claims, country's exports to 83 countries where Pakistan was doing better in the past, have shown a decline, according to export receipts data prepared by the State Bank of Pakistan for the period July 2005-January 2006. The commerce ministry on trade policy had fixed the export target of $17 billion for the current fiscal year and so far exports have reached $15 billion, posing a gigantic task for ministry and Export Promotion Bureau to register the export of $2 billion by June 30, 2006 which seems remote keeping in view the exports trend in the last one and half months of fiscal years in the past. .
Travel Briefs: Food fuels three Pa. Dutch toursVisitors looking to tour the tastes of Pennsylvania Dutch Country can now do so with one of three guided tours that demonstrate the many culinary flavors of Lancaster County.Visitors will have a choice of three guided FlavorFest tours: A Chef's Tour, A Farm to Fork Tour: A Taste of the Amish Countryside or Chocolate Covered Sundays. FlavorFest tours depart from the Hershey Farm Restaurant and Inn in Strasburg. Half-day tours are $32 for adults and $24 for children under 12. Full-day tours are $49, adults; $39, children under 12. These tours will be available through October only. Tickets can be purchased by calling 1-800-723-8824 or by visiting www.padutchcountry.com. continued below . Cayman liquidators spread to BVIRSM Cayman Islands has expanded its Corporate Advisory Services practice to the British Virgin Islands. The new firm, RSM (British Virgin Islands) Limited will be led by Christopher Stride, a partner of RSM Cayman Islands.Mr. Stride was instrumental in establishing RSM Cayman Islands in 2002 and will continue to play an ongoing role in the Cayman Islands practice. In recent years, the British Virgin Islands have taken steps to formalize the insolvency process. In August of 2004 the British Virgin Islands enacted the Insolvency Act 2003 which provided a regime for dealing with insolvent companies and the supervision of insolvency practitioners. The impact of the legislation has lead to many major law firms and accounting firms setting up a presence in BVI over the past three years. Given the similarity of the legal framework, and the large number of corporate vehicles domiciled in the BVI, the jurisdiction was deemed as favourable to expand the services that are currently offered in the Cayman Islands. |
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