Reinsurance News
Bermuda Monetary Authority
Treefrog Consulting new Risk Management Services to meet BMA September 1st regulations
1st June 2023
Bermuda-based Treefrog Consulting has announced s Risk Management Services specifically designed to help organisations in the re/insurance, and ILS sector meet Bermuda Monetary Authority's (BMA) new Insurance and Cyber Codes of Conduct regulations. Coming into effect on September 1, 2023, the BMA regulations call for the implementation of an effective Risk ... Read the full article
BMA appoints financial services veteran as its next COO
21st March 2023
The Bermuda Monetary Authority (BMA) has announced that it has appointed Toby Mason as the Authority’s next Chief Operating Officer (COO). In the role, he will report to Deputy Chief Executive Officer, Shanna Lespere. As COO, Mason will oversee BMA’s infrastructure, where he will support organisational growth and improving results and efficiency ... Read the full article
Bermuda market cat risk exposure up 10% through 2021
23rd December 2022
New catastrophe risk exposure data from the Bermuda Monetary Authority (BMA) shows that, for the year 2021, the net loss exposure assumed by Bermuda insurers increased by 9.76%, from $76.45 billion in 2020 to $83.92 billion. Analysts also reported that the gross loss exposure assumed increased by 8.03%, from $208.30 billion ... Read the full article
US policyholders and cedants to claim $13bn from Bermuda due to Hurricane Ian
7th December 2022
Data collected by the Bermuda Monetary Authority (BMA) suggests that re/insurers in the area will incur gross claim losses of more than $13bn in payments to policyholders and cedants in the US due to Hurricane Ian. The BMA said that based on publicly available estimates from catastrophe risk modellers and insurance ... Read the full article
BMA finds uptick in Bermuda insurers buying cat reinsurance
7th December 2022
A new study by the Bermuda Monetary Authority (BMA) on catastrophe modelling practices on the island has found a significant uptick in the proportion of insurers purchasing external catastrophe reinsurance. The BMA asked insurers how their cat risk modelling reflects their reinsurance and retrocessional purchases, and found that the number of ... Read the full article
AI use in Bermuda re/insurance market low, but set to accelerate: BMA
2nd December 2022
A new report by the Bermuda Monetary Authority (BMA) has concluded that use of artificial intelligence and machine learning technologies in the Bermuda re/insurance market is still currently in its infancy, but is set to pick up significantly over the next five years. Machine learning, which focuses on the use of ... Read the full article
BMA notes growth in Bermuda cyber and climate risk captives
24th November 2022
The Bermuda Monetary Authority (BMA) has noted a “significant growth increase” in the number of organisations using captives for cyber insurance and climate risk as part of their overall management of risk. In a new report on the state of the Bermuda captive market, the BMA says the sector has proved ... Read the full article
Insurance sector codes to be revised due to BMA Act amendment
15th August 2022
Insurance sector codes in the Bermuda Monetary Authority Act 1969 (BMA Act) have been revised as part of the passing of a bill to amend the BMA Act by adding a principal object to cover matters related to the conduct of business by financial institutions. The BMA Act is the statute ... Read the full article
BMA sets out climate risk management expectations for insurers
12th August 2022
The Bermuda Monetary Authority (BMA) has issued a new guidance note on the management of climate risk for commercial insurers. The guidance note outlines the BMA’s expectations for commercial insurers and insurance groups regarding their management and reporting of climate change risks. Focussing on corporate governance and risk management practices for climate ... Read the full article
BMA names Ricardo Garcia as new managing director
9th May 2022
The Bermuda Monetary Authority (BMA) has named Ricardo Garcia as its new managing director. According to the BMA, Garcia will be responsible for the supervision of insurance; banking; trust; corporate services; investment and money service business regulated entities, including micro and macro-prudential supervision and surveillance; and anti-money laundering/anti-terrorism financing and conduct ... Read the full article
BMA introduces new innovative class for long-term insurers (Class IILT)
6th May 2022
The Bermuda Monetary Authority (BMA) has proposed amending the Insurance Act 1978 to introduce a new innovative class for long-term insurers. The BMA said in a statement that it believed market developments in the next decade will lead to a conflux of insurance, capital markets, artificial intelligence, and distributed ledger technology. In ... Read the full article
COVID-19 highlighted concerns around cyber risk: BMA
22nd April 2022
According to a new report from the Bermuda Monetary Authority, the COVID-19 pandemic has highlighted a growing interest and concern around cyber risk and the need for a robust cyber insurance market. As organisations are forced to continue to operate in remote working environments, cyber threat actors continue to exploit inherent ... Read the full article
BMA appoints former Chief Operations Officer to new permanent post of DCEO
21st April 2022
The Bermuda Monetary Authority’s (BMA) Board of Directors has announced that Shanna Lespere has been appointed to the new permanent Deputy Chief Executive Officer (DCEO) post of the Authority, effective immediately. Within this new role Lespere will be taking on several responsibilities. This includes providing executive leadership and strategic direction concerning ... Read the full article
Bermuda Monetary Authority launches data call on Russia sanction
19th April 2022
The Bermuda Monetary Authority (BMA) is undertaking a data call to talk with insurers and reinsurers about their duties in regard to economic sanctions being levied on Russia. The body said it was requesting that all Bermuda insurance groups and Class 3A, 3B, 4, C, D, and E insurers participate in ... Read the full article
Aanika Biosciences accepted into BMA Reinsurance Innovation Hub
28th February 2022
Aanika Biosciences, an emerging biotech company that uses microbial based technologies to improve food safety, has received acceptance into the Bermuda Monetary Authority’s (BMA) Innovation Hub. The program will allow reinsurers to explore how the application of Aanika’s traceability and prevention technology can help reduce the size of claims while lowering ... Read the full article
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