23 February 2011 – disposal/share buyback

The group has announced the disposal of its Bermudan business for US$70m as it looks to focus on providing a full range of services in its core regional hubs.  The sale consideration represents an excellent return on the long-term investment in Bermuda.  The group has also announced a share buyback programme of up to US$100m to return capital to shareholders.  The news has been well received by the market and the shares remain a BUY.