Ian Fraser, President & Chief Agent, Mosaic Insurance Services Canada
Hamilton, Bermuda, December 23, 2025— Mosaic Insurance will increase its cyber-risk capacity to USD$25 million/CAD$40 million per risk in Canada effective January 1, 2026, allowing the specialty insurer to meet rising demand across all provinces and territories.
The increase more than doubles Mosaic’s previous limit of USD$10M/CAD$15M CAD in the region, and brings Canada en par with Mosaic’s existing levels globally.
“This step-change in cyber capacity for Canada not only addresses a critical market gap, but also builds on Mosaic’s innovative approach to specialty insurance, delivering smarter, more flexible solutions for brokers and clients alike,” said Mosaic’s Global Head of Cyber Brian Bonkoski.
The added capacity provides brokers and insureds with greater flexibility, enables more resilient program design, and enhances how larger cyber risks can be managed.
“Canada’s cyber-insurance market has lagged behind the UK and US from a capacity standpoint, with most domestic carriers capped at $10 million and only a select few reaching $15 million,” noted Ian Fraser, President & Chief Agent,Mosaic Insurance Services Canada. “By increasing Mosaic’s limit to USD$25 million (CAD$40M), we’re closing that gap and giving Canadian organizations access to larger, more efficient protection within their cyber insurance programs.”
Mosaic offers a suite of primary and excess cyber products in Canada and globally, including security and privacy liability, business interruption, voluntary shutdown, cyber extortion, and tech errors and omissions coverage to industries ranging from manufacturing and retail to construction, financial services, and technology. Recent innovative additions include cover for some GenAI risks; protection for digital asset business; and reinstatements that offer options to purchase automatic fresh limits of capacity if an incident wipes out coverage, or a capacity tower runs out.
Launched in February 2021, Mosaic underwrites across product lines selected for high technical barriers to entry and relevance to current and projected geopolitical and economic conditions. As well as cyber, the company’s seven specialty lines include transactional liability, political risk, political violence, environmental liability, financial institutions and professional liability.
Christmas message from Robert King, Leader of the Opposition
Merry Christmas and Happy Holidays.
This is one of my favourite times of the year, as it is for many.
Some of my most potent memories are rooted in Christmases past. As a six year old boy, I remember creeping into the kitchen when my mother made her famous pudding, so I could sneak an extra piece. And so much laughter over the years, when we gather with friends to play charades and other games.
Christmas is marked by these traditions that create deep bonds.
For many of us, it is a time when:
Decorations emerge from hiding places to brighten our spaces each winter – some passed down through the family and evoke instant memories.
Music fills our rooms with beauty, meaning and emotion.
Generations of cooks gather together in the kitchen to share and prepare sacred family recipes.
People coming together, celebrating and connecting.
Our community celebrations like the St. George’s walkabout, the Christmas parade, the tree lighting in Hamilton and the Gombeys on Boxing Day encourage us to come together, and give us the opportunity for connection beyond our family and friends.
A chance to share simple pleasures and moments that will live in our memories and provide us with joy and hope.
Spiritual leader Ruth Carter Stapleton once said, “Christmas is most truly Christmas when we celebrate it by giving the light of love to those who need it most.”
This has been so since the very first Christmas.
I want to pay special tribute to the scores of Bermudians who have created groups and organizations, charities and foundations, dedicated solely to helping others have a better life – to sharing the light of love.
That support comes not only in financial or practical ways but so often through the gift of time and attention. People bring their skills, their knowledge, their expertise, their energy and precious time to helping each other.
I thank you sincerely for the compassion you have shown throughout the year, and for strengthening our community through your faithful service.
It is a challenging world in which to be growing up and living. We all know costs are rising and opportunities can be scarce.
But together, I know we can work together to create opportunities for our young people. To support their education, their wellbeing, their safety, and ensure there are pathways into meaningful and rewarding lives.
We can work together to ensure that there are homes for all Bermudians, and communities can thrive.
For our seniors, who built our communities, I want to say thank you. And I want to say that I am focused on supporting you to have quality of life as you retire and age. We owe you that and we will work hard to ensure you have appropriate supports and the care you so deserve.
I encourage everyone to spend some time connecting not just with family and friends this season but with those you may not know well, or at all.
If you know someone who may be struggling, and you cannot assist personally, please share the names of the organisations offering meals and support.
Sometimes the smallest gesture can make the biggest difference. A simple check-in, may be exactly what someone needs at this time of year.
Christmas is not just another date on the calendar. It is a spirit that we can carry through the whole year. Not just in the celebrations, but in our actions.
That is bringing the light of love to others. And we can do it all the year through.
I want to offer a heartfelt thank you to the members of the Bermuda Police Service, the Bermuda Fire & Rescue Service, BELCO and the dedicated staff at the Bermuda Hospitals Board.
Your tireless work, often away from your own families to keep Bermuda safe and healthy – 24/7, 365 days of the year.
Your service is deeply appreciated. It makes our community strong. And we are deeply grateful.
On behalf of my One Bermuda Alliance colleagues, and my wife, Miriam, I offer my sincere good wishes for a joyful, peaceful, Christmas, and a blessed and hope-filled New Year.
May 2026 be a year of renewed opportunity, strengthened community, and brighter days for us all.
May the peace and joy that is the spirit of the season be with you and yours – all the year through.
This season invites us to pause, reflect, and appreciate the people who bring meaning and purpose to our lives.
Christmas reminds us that the greatest gifts we share are not wrapped, purchased, or placed under a tree. They are found in our homes, our families, our faith, and in the strength of a community that has always carried one another through good times and difficult ones.
Across the island, Bermudians are coming together at church services where familiar hymns fill the air, in kitchens scented with cassava pie and turkey, and in living rooms where laughter and music echo into the night. These traditions connect us to our past and remind us of who we are as a people.
But even in this joyful season, we know that not everyone is celebrating with ease. Some families are feeling the absence of a loved one gone too soon. Others are facing financial challenges that make this time of year more difficult. To every person who is grieving, and to every family carrying heavy burdens, you are not forgotten. We pray that the peace promised in this season brings comfort and strength.
For Christians, Christmas marks the birth of Jesus Christ, a moment that signalled hope for a weary world. The Gospel of Matthew reminds us, “They will call him Immanuel, which means ‘God with us.’”
This message of hope and renewal has carried through generations, and we see its reflection in how Bermudians care for one another during this season.
When I look around Bermuda, I see that spirit everywhere. In the neighbour who checks in on an elderly resident. In the volunteers preparing meals and delivering baskets. In the generosity of churches, charities, and community groups that lift up those in need. In the quiet, everyday kindness that never makes headlines but defines who we are.
This spirit is the true meaning of Christmas, and it is the true spirit of Bermuda.
There is much this year that reminds us of our collective strength. We have seen Bermudians achieve remarkable things, whether on the world stage in sports and the arts, or here at home through service, mentorship, and dedication to community.
Our young people continue to inspire us with their talents. Our educators and healthcare workers continue to give selflessly. Our cultural bearers, from musicians to Gombeys, continue to carry forward our culture with pride.
As we approach the end of this year and look toward 2026, I am filled with hope. Hope that comes from witnessing the resilience of our families. Hope that comes from seeing communities support one another. And hope that grows from the values that have carried our island through every generation.
My prayer for our island is that we carry the spirit of Christmas, its compassion and unity, beyond this season and into the year ahead. Let us continue to look out for one another, to uplift those who need support, and to build a future grounded in fairness, dignity, and shared opportunity.
This holiday season, I pray that your homes are filled with peace, that your families are surrounded by love, and that the new year brings comfort and opportunity.
From our family to yours, We wish you a Merry Christmas and a Happy New Year.
It has been nearly a year since my arrival and swearing in as Governor.
As Christmas lights sparkle across Bermuda, I am delighted to continue the tradition of recording a Christmas message and to share a few reflections on my first year as Governor.
From the very first “Welcome to Bermuda, Governor,” this year has been full of memorable firsts, my first Cup Match – and, of course, the accompanying concoctions I was offered as I toured the Camps.
My first roof-wetting, Peppercorn Ceremony, Bermuda Day celebration, and the National Trust Christmas Walkabout.
Each event has shown me the spirit and vibrancy of this island, and I am deeply grateful for the warmth of welcome I’ve received.
This year has brought significant milestones and proud moments. As a former member of the UK Armed Forces, I was honoured to join the celebrations marking the 60th anniversary of the Royal Bermuda Regiment.
Amidst blustery weather under the lee of Commissioner’s House, the Regiment’s Trooping the Colour parade was a spectacular success. All in front of their Colonel-in-Chief, Her Royal Highness The Duchess of Gloucester during her packed five-day visit to the Island.
The Regiment and Bermuda truly shone that day.
In front of packed rows of seats, and loud cheers, it was obvious to me how well regarded and respected the Regiment is. With a coastguard busier than ever, next year we will begin a national security and defence review to ensure the Regiment, and other organisations, are configured and equipped to meet Bermuda’s needs in the years to come.
While overall crime rates are falling, security remains a priority, especially as we work to address gang-related violence.
The series of Town Hall meetings, alongside the Minister of National Security and Commissioner of Police, enabled me to hear first-hand from communities.
I’m grateful to everyone who attended and contributed their views.
Together with the three Governor’s Council meetings, introduction of new laws, weapon amnesties and investments in technical resources and more police officers, everything necessary will be done to keep our streets safe.
But – despite the work of the BPS – we know we cannot police our way out of this.
We must continue to strive to help prevent young Bermudians getting drawn into gang culture.
With community support and collective will, we can make the necessary changes, and I look forward to continuing being part of that effort.
Foreign Office Minister Doughty’s visit reaffirmed the UK’s strong partnership with Bermuda, pledging specialist support for the Bermuda Police Service and signing a Letter of Intent to establish the Atlantic Child Advocacy Alliance.
The Minister also met with Bermuda’s world-leading (re)insurance industry, recognising its vital role in tackling global climate risks.
We were fortunate to escape the worst of Hurricane Melissa this year, unlike Jamaica, whose people faced unimaginable hardship.
Bermuda’s rapid and generous response to sending aid was humbling.
Plans are being made for a Regiment deployment to Jamaica in early 2026 to assist recovery efforts alongside the Jamaican Defence Force—a true testament to regional solidarity.
This year has also been a celebration of community, culture, and achievement. Bermudian athletes shone at the Island Games in Orkney, and our pride soared as the Gombey Warriors fought valiantly in World Cup qualifiers.
From dazzling ballet at City Hall by world-class Bermudian dancers to inspiring art exhibitions, Bermuda’s creativity sparkled brighter than the Christmas lights on Front Street or St George’s. Of course, I have to remain neutral on who has put on the best light show!
The extraordinary story of local artist Michael Frith, and his work on shows such as the Muppets and Fraggle Rock, is brilliantly showcased in the National Gallery. It is well worth a visit.
As we approach the New Year and look to the future, Michael’s passion, creativity and imagination is an example to us all that we should not let convention limit our ambition and dreams.
I’ve particularly enjoyed meeting local youth organisations — from Sea Cadets and Scouts to the Duke of Edinburgh Award scheme and Junior Leaders.
These and other groups offer meaningful alternatives to gang culture. They help shape our future leaders, neighbours and community.
I’ve also seen the incredible work of charities supporting the most vulnerable, reminding us of the importance of compassion and empathy during this season of giving.
To all the volunteers who give their time so generously to run these organisations and charities, thank you.
As we celebrate, let’s not forget our responsibility to protect Bermuda’s unique environment.
Standing next to Castle Harbour reminds me that as we celebrate we should not forget our responsibility to protect the environment.
From coral reef research at BIOS to the unique conservation measures on Nonsuch and Trunk Islands, Bermuda is leading the way in safeguarding biodiversity.
Supporting initiatives that protect and preserve our precious green spaces is one of the greatest gifts that we can give to future generations.
And it’s never too late to start.
As the saying goes: “The best time to plant a tree was 20 years ago. The second best is today.”
So, whether you’re enjoying a cassava pie, a Christmas walkabout, or simply a quiet moment with loved ones, I wish you a Merry Christmas and a joyful festive season filled with peace, hope, and just enough sunshine to remind us why Bermuda is so special.
Around 8:45pm Wednesday, December 24, 2025, police along with Emergency Medical Services and Bermuda Fire and Rescue Service, were dispatched to a road traffic collision involving two motorcars, one of which overturned, on Mullet Bay Road, near the junction with Ferry Road, St. George’s.
There were no serious injuries reported, although, the female driver of one of the vehicles complained of discomfort to her head. She was conscious and breathing and speaking emergency personnel at the scene.
The occupants of the overturned motorcar, were able to exit the vehicle on their own.
There was minor traffic disruption with vehicles diverted over Ferry Road from Mullet Bay Road. in both directions and police officers assisting with traffic flow at both points.
Motorists are urged to approach the area with caution.
Volumes are light ahead of Thursday’s Christmas Day holiday, when U.S. and many international markets will be closed
International News via Reuters:
The Japanese yen gained modestly against the U.S. dollar on Wednesday as traders focused on whether weakness in the Japanese currency will prompt officials in the country to intervene.
Volumes are light ahead of Thursday’s Christmas Day holiday, when U.S. and many international markets will be closed.
The yen has weakened despite the Bank of Japan delivering a long-anticipated rate hike last Friday. The increase had been well-telegraphed and comments from Governor Kazuo Ueda disappointed some in the market who had bet on a more hawkish tone.
That has left investors vigilant to official yen-buying from Tokyo, particularly as trading volumes thin towards the year-end, which analysts say is an opportune time for authorities to take action.
TOKYO’S READINESS TO INTERVENE
Finance Minister Satsuki Katayama said on Tuesday that Japan has a free hand in dealing with excessive yen moves, issuing the strongest warning to date on Tokyo’s readiness to intervene.
Her remarks arrested the yen’s decline. The Japanese currency was last up 0.25% on the day against the U.S. dollar at 155.84 per dollar. The dollar reached 157.77 yen on Friday.
“The yen has pulled back from recent highs as repeated warnings from Japanese officials about possible FX intervention limited gains,” FX analysts at LMAX Group said in a note on Wednesday.
DOLLAR’S PERFORMACE IS MIXED
The dollar was otherwise mixed.
The dollar index, which measures it against a basket of other currencies, including the yen and the euro, rose 0.07% to 97.96, with the euro down 0.14% at $1.1778. Sterling weakened 0.13% to $1.3498.
The Australian dollar strengthened 0.07% to $0.6705 and the Canadian dollar gained 0.11% to C$1.367 per U.S. dollar.
The U.S. currency has fallen this year as the Federal Reserve cuts rates, with more easing expected next year while analysts expect other central banks to have completed their rate reductions.
Fed officials are balancing the risks of a slowing jobs market against concerns about stubbornly high inflation.
Data last week showed that consumer prices rose less than economists’ had expected in November, but traders are wary about gaps in collecting economic data following the federal government’s 43-day shutdown.
A release on Wednesday showed that the number of Americans filing new applications for jobless benefits unexpectedly fell last week, but the unemployment rate likely remained high in December amid sluggish hiring.
Fed funds futures traders are pricing in two 25-basis point rate cuts next year, with the first most likely in April.
In cryptocurrencies, bitcoin fell 0.39% to $87,330.
Reporting by Karen Brettell in New York; Additional reporting by Rae Wee in Singapore and Alun John in London; Editing by Jamie Freed, Gareth Jones and Barbara Lewis
President Donald Trump’s administration began releasing files related to criminal investigations of Epstein, the late American financier who was friends with Trump in the 1990s
International News via Reuters:
The U.S. Justice Department has found more than a million more documents potentially tied to convicted sex offender Jeffrey Epstein, delaying a full release for weeks while officials redact details to protect victims, DOJ said on Wednesday.
President Donald Trump’s administration began releasing files related to criminal investigations of Epstein, the late American financier who was friends with Trump in the 1990s, to comply with a law passed by Congress last month.
Republicans and Democrats in Congress passed the law over Trump’s objections, requiring that all documents be released by December 19 while allowing partial redactions to protect victims.
Releases so far have contained extensive redactions, angering some Republicans and doing little to defuse a scandal threatening the party ahead of the 2026 midterm elections.
In a message shared on social media on Wednesday, the Justice Department said more than a million additional documents potentially related to Epstein had been uncovered by the FBI and the U.S. Attorney’s office in Manhattan, without elaborating on when or how the documents were found.
“We have lawyers working around the clock to review and make the legally required redactions to protect victims, and we will release the documents as soon as possible,” the department said. “Due to the mass volume of material, this process may take a few more weeks.”
Reporting by Bhargav Acharya and Ryan Patrick Jones in Toronto; Writing by Jonathan Allen; Editing by Michelle Nichols and Howard Goller
The statement could dampen the immediate prospect of U.S. land strikes against Venezuela that President Donald Trump has repeatedly said may take place
International News via Reuters:
The White House has ordered U.S. military forces to focus almost exclusively on enforcing the “quarantine” of Venezuelan oil for at least the next two months, a U.S. official told Reuters on Wednesday.
“While military options still exist the focus is to first use economic pressure by enforcing sanctions to reach the outcome the White House is looking,” the official said.
The statement could dampen the immediate prospect of U.S. land strikes against Venezuela that President Donald Trump has repeatedly said may take place.
The official, speaking on condition of anonymity, said the White House order was for U.S. forces to focus almost exclusively “on the quarantine of Venezuelan oil for at least the next two months.”
“The efforts so far have put tremendous pressure on (Venezuelan President Nicolas) Maduro and the belief is that by late January Venezuela will be facing an economic calamity unless it agrees to make significant concessions to the U.S.,” the official said.
Reporting by Steve Holland; Editing by Michelle Nichols and Edmund Klamann
Brent crude futures closed down 14 cents, or 0.2%, at $62.24 a barrel, while U.S. West Texas Intermediate crude eased 3 cents, or 0.05%, to $58.29
International News via Reuters:
Oil settled marginally lower on Wednesday, and prices were on course for their steepest annual decline since 2020 as investors weighed U.S. economic growth and assessed the risk of supply disruptions from Venezuela and Russia.
Brent crude futures closed down 14 cents, or 0.2%, at $62.24 a barrel, while U.S. West Texas Intermediate crude eased 3 cents, or 0.05%, to $58.29.
Both contracts have gained about 6% since December 16, when they plunged to near five-year lows.
“What we’ve seen over the past week is a combination of position-squaring in thin markets after last week’s breakdown failed to gain traction, coupled with heightened geopolitical tensions including the U.S. blockade on Venezuela, and supported by last night’s robust GDP data,” IG analyst Tony Sycamore said.
U.S. data showed the world’s largest economy grew at its fastest pace in two years in the third quarter, fueled by robust consumer spending and a sharp rebound in exports.
Still, Brent and WTI prices are on track to drop about 16% and 18%, respectively, this year, their steepest declines since 2020 when the COVID pandemic hit oil demand, as supply is expected to outpace demand next year.
On the supply side, disruptions to Venezuelan exports have been the most significant factor pushing up oil prices, while Russian and Ukrainian attacks on each other’s energy infrastructure have also supported the market, Haitong Futures said in a report.
More than a dozen loaded vessels are in Venezuela waiting for new directions from their owners after the U.S. seized the supertanker Skipper earlier this month and targeted two additional vessels over the weekend.
“A choppy holiday trade looks to be the norm here with the Venezuela blockade being the focal point into the holiday weekend,” said Dennis Kissler, senior vice president of trading at BOK Financial.
Additionally, oil shipments from Kazakhstan via the Caspian Pipeline Consortium are set to drop by a third in December to the lowest since October 2024 after a Ukrainian drone attack damaged facilities at the main CPC export terminal, two market sources said on Wednesday.
U.S. crude inventories rose by 2.39 million barrels last week, while gasoline stocks increased by 1.09 million barrels and distillate inventories rose by 685,000 barrels, market sources said, citing American Petroleum Institute figures on Tuesday.
The U.S. Energy Information Administration is due to release official inventory data on Monday, later than usual due to the Christmas holiday.
Reporting by Arathy Somasekhar in Houston; Additional reporting by Sam Li in Beijing and Siyi Liu in Singapore; Editing by Mark Potter, Matthew Lewis and Chris Reese
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