History

Whilst the ownership of Waterloo Properties Limited and Pearman Watlington & Co. Limited date back to the mid-1880s and includes many of Bermuda’s old families. Today both companies are owned solely by the heirs of the late Sir John Cox

Sir John had these companies for a large part of the 20th century. In addition he held the position of Speaker of Bermuda’s House of Assembly from 1948 to 1968.

Prior to creation of Bermuda’s modern day form of semi-autonomous government which came into being with Bermuda’s constitution in 1968, the Speaker of the House of Assembly won effectively the leader of the Bermuda Colonial Government. In addition Sir John Cox held other significant positions of authority in Bermuda including chairmanship of the Bank of Bermuda.

Sir John was ably assisted by his two sons, Henry Carlyle Darrell “Harry” Cox and Michael Cox.

In 1995 Sir John’s grandson William John “Will” Cox took over the leadership of the family companies and prepared them for and lead them successfully into the 21st century.

Waterloo Properties Limited

This company originally incorporated in 1926 as “Hygeia Ice Company” owned the peninsula in Pitts Bay. The company was incorporated to produce ice for both the local populous and ships coming to Bermuda. In addition it provisioned the ships coming and going to Bermuda with everything from coal to vegetables to meat.

Later it became the house to its sister company Pearman Watlington & Co. Limited.

In the mid-90s Will Cox recognized that the retail business in Bermuda had challenges and there was a need for and opportunity in the provision of high end commercial office facilities for the burgeoning insurance business in Bermuda.

The retail businesses were in the main wound down and sold, and on the 1st of June 1996 excavation of the site for its new role commenced. Construction of the first phase of the current development began in January 1997 and was completed in the summer of 1999 when the pillar tenant, Centre Re Solutions Ltd (now Zurich Re Ltd) moved in.

Given the success of the first phase, it was determined in 2004 to build a second phase, Phase II which was built to accommodate Axis Re ltd and Montpelier Ltd was completed in 2006.

Finally to complete the Waterfront at Pitts bay development, the marina was completed in 2004 and the Point Building in 2006. And the very high end and sought after Waterfront Residences.

Continuing its relationship with Pearman Watlington & Co. Ltd, the development was designed to accommodate Miles Market Limited in 1998 and Harry’s Restaurant in 2008.

Today the entire complex is considered Bermuda’s premier commercial office development and given the fact that almost all of the tenants are world class insurance companies, it is considered the “Lloyds of the West”.

Pearman Watlington & Co. Limited

Pearman Watlington & Co. Limited, better known in Bermuda and amongst Bermudians as “PWs”, traces its roots back to Masters + Cox, a company incorporated in Alexandria, Virginia in May 1837.

The current PWs started as a partnership on the 1st of November 1886 and known as Pearman Watlington & Co. The partnership was to enter into and master a number of businesses in Bermuda over the next hundred years.

Initially the partnership owned and operated a ferry business around Hamilton Harbour and to and from the Royal Naval Dockyard Ireland Island, Somerset. The fleet of ferries was sold to the Bermuda Government in 1948 abruptly after the introduction of the Motor Car.

By the mid-1990’s PWs became a leader in both the importation and sale of the motor car and home appliances.

Holding onto the vestige of Bermuda’s historical horse drawn and agricultural economy, PWs continued to own and operate the “Feed Store” on Front Street into the late 1980s. All the while the company continued to own and operate a marine fuel and supply centre at the property of its sister company at The Waterfront on Pitts Bay.

The modern day “PWs” known as Pearman Watlington & Co Limited was incorporated on the 15th of February 1977, with the majority of the shares being owned by Sir John Cox and his sons H. C. D. “Harry” Cox and Michael Cox. Today the entire shareholding is beneficiary held by the descendants of Sir John Cox.

In the mid-70’s the company’s business was made up of the grocery business (Miles Market), the hardware and appliances business (PWs Hardware), the motor car business, the Marine fuel and supply business (PW Marine) and the animal feed and supply store (PWs Feed Store).

With the decision of Waterloo Properties getting into the commercial office development business, it was decided by the 90’s it was Pearman Watlington & Co Limited was determined to remain only with the marine fuel and supply business (PW Marine) and the high end grocery business (Miles Market). The other businesses were either sold or wound down.

Today PW Marine continues as does Miles Market.

In 2008 it was determined that the company would enter into the high end restaurant business and incorporated Miles Restaurants Limited which was also build on The Waterfront property; now opened and operates the very successful and popular “Harry’s Restaurant”. Named after Sir John’s larger than life son Henry C. D. Cox, better known as “Harry”. Harry was one of Bermuda’s leading figures; a world famous treasure diver and a well-known raconteur.