Providenciales, Turks and Caicos Islands – Wednesday, 19 March 2025: The Treasury Department wishes to inform customers that Scotiabank will no longer process cheques with transit numbers linked to non-operational branches. As a result, cheques with incorrect routing numbers are being returned unprocessed.

Please note that the following Scotiabank transit numbers are no longer valid:

• 24265
• 68825

Cheques displaying either of these transit numbers will not be accepted by the Treasury.

To avoid delays, Treasury customers who make payments via Scotiabank cheques are advised to verify transit numbers ensure that the transit code/routing number on your cheque reflects 94045 before submitting it for payment.

This proactive measure will help ensure smooth processing of cheque payments. The Treasury appreciates your cooperation in this matter.

Premium year on year rise of 7% with other adjustments adding additional 4% value

NEW YORK, March 4, 2025: The American Club has reported a strong renewal, achieving targets set by the Board for 2025. While gross tonnage for the Club’s Class I (mutual P&I) entries was virtually unchanged at the turn of the renewal at Noon GMT 20 February 2025, premium income increased by over 7% at the renewal. Its Class II (mutual FD&D) portfolio was renewed on a similar basis, while its Class III (charterers’ liability) business is poised to increase by about 5% in 2025.

Eagle Ocean Marine, the Club’s fixed premium facility, which serves the operators of smaller vessels in local and regional trades, carries an overall historical loss ratio of 68%. The 23/24 facility year is running below 40%, while the current 24/25 facility year is relatively benign but still in an active period of development as the facility year runs to July of each year.

The Club’s Board mandated target increase in expiring premium for the 2025/2026 policy year was met as the cash rise year on year on renewing business was 7%. Supporting the premium position were deductible and term changes calculated to have a value of another 4% against net premium, resulting in an overall increase of 11% on renewing premium.

Speaking in New York earlier today, Tom Hamilton, the Chief Underwriting Officer of SCB, Inc., the Managers of the American Club, said: “The 2025 renewal underscores the value Club members place on the high level of service provided by the Club, evidenced by a business retention rate of 94% during the renewal. The American Club’s focus remains on rate adequacy and sustainability particularly in response to the emergence of Pool claim activity during 2024. Importantly, the American Club commences the 2025 policy year in a solid position with premium income for P&I, FD&D and charterers’ liability classes, along with Eagle Ocean Marine, in excess of $130 million, and we are encouraged by the expectation for growth across all classes over the course of 2025/2026. We are grateful to our Members, new and existing, our producing brokers, our Board of Directors, and of course, to our executives throughout the world, all key to the Club’s continuing resilience.”

Nassau, Bahamas, March 4, 2025 – Nedra Woodside has consistently demonstrated her expertise in credit underwriting, portfolio management, and corporate banking for over 25 years.

Today, her mastery of complex financial structures and client relationships has propelled her to being named CIBC Caribbean’s new Director of Corporate Banking.

Starting her journey in entry-level positions, Nedra has consistently demonstrated an exceptional ability to rise through the ranks. In her most recent role as Associate Director of Credit Underwriting and Portfolio Management, Nedra led a team of managers and officers across The Bahamas and Turks and Caicos Islands, driving performance and operational efficiency.

In 2023 alone, Nedra not only exceeded her personal annual sales target by 28%, achieving $28.3 million, but also played a crucial role in helping the bank’s Bahamas unit surpass its overall sales target by reaching $136 million. Her latest promotion is a reflection of her dedication and the tangible impact she has had on CIBC Caribbean’s growth and success.

Nedra’s new director role will see her continuing to influence the strategic direction of corporate banking at CIBC Caribbean. She will drive innovation and growth and further cement the bank’s commitment to excellence as a regional powerhouse in the financial services industry.

Nedra’s accolades, including multiple FirstStars awards and CEO recognitions, underscore her exceptional leadership and commitment. Nedra’s promotion is not just a recognition of her stellar track record but also a reflection of her deep commitment to CIBC Caribbean clients and team.