Reinsurance News
Bermuda Monetary Authority
Bermuda re/insurers paid $35bn to UK policyholders from 2016-2020: BMA
13th September 2021
The Bermuda Monetary Authority (BMA) has completed its United Kingdom (UK) Data Claim Survey for this year, showing that from 2016 to 2020, Bermuda re/insurers paid out US$35.2 billion to UK policyholders and cedants for large catastrophes, property and casualty losses and life insurance claims. Compared to last year’s survey, the ... Read the full article
Bermuda re/insurers pay US customers $400bn in 20 years: BMA
24th August 2021
According to commercial market claims data collected by the Bermuda Monetary Authority (BMA), Bermuda re/insurers paid out $209.6 billion to US policyholders and cedants for large catastrophes, property and casualty losses and life insurance claims from 2016 until 2020. The BMA’s 2017 survey showed that during the twenty-year period from 1997 ... Read the full article
Bermuda re/insurers paid out $65bn+ in claims to EU clients since 1997: BMA
18th August 2021
From 2016 to 2020, Bermuda-based insurers and reinsurers paid out USD 29.3 billion to policyholders and cedants located in the European Union (EU), for both property and casualty (P&C) and life insurance claims, according to data collected by the Bermuda Monetary Authority (BMA) in June 2021. Interestingly, the almost USD 30 ... Read the full article
BMA announces new Chairman and CEO as Jeremy Cox departs
21st July 2021
The Bermuda Monetary Authority (BMA) has announced that its Deputy Chairman, Donald Scott, has been appointed by the Minister of Finance to serve as Chairman of the Board, effective October 1st, 2021. The appointment of Scott is concurrent with the departure of Jeremy Cox, Executive Chairman and Chief Executive Officer (CEO) ... Read the full article
BMA leaders appointed to IAIS committee positions
24th December 2020
The Bermuda Monetary Authority (BMA) has announced that two of its senior staff members have been appointed to International Association of Insurance Supervisors (IAIS) committee leadership positions. Firstly, BMA Chief Actuary, Ricardo Garcia, has been appointed Vice-Chair of the IAIS Policy Development Committee (PDC), succeeding BMA Deputy Chief Executive Officer, Craig ... Read the full article
Prospero Re gains BMA approval to write traditional reinsurance
3rd December 2020
Prospero Re Ltd., a reinsurance company wholly owned by ILS Capital Management, has received Bermuda Monetary Authority (BMA) approval of its new business plan, which allows it to write both traditional and collateralized reinsurance contracts. Under the amended business plan, Prospero Re retains the benefits of the collateralized reinsurance model while ... Read the full article
Bermuda Monetary Authority appoints new Director within insurance unit
3rd September 2020
The Bermuda Monetary Authority (BMA) has announced the appointment of Gerald Gakundi to the position of Director Supervision within the insurance unit. Gakundi has over 15 years of experience in the insurance industry and has extensive knowledge of Bermuda’s insurance regulatory environment. In 2010, he joined the BMA as Assistant Director, Supervision ... Read the full article
Bermuda insurers ceded above 70% of peak peril losses in 2019: BMA
18th June 2020
New stress tests undertaken by the Bermuda Monetary Authority (BMA) have affirmed that reinsurance remains a “key mitigation tool” for property and casualty insurers on the island to manage their catastrophe exposure. The BMA carried out the tests in partnership with UK regulator the Prudential Regulatory Authority (PRA) to assess the ... Read the full article
IGI gets regulatory nod for go-public Tiberius deal
31st January 2020
International General Insurance Holdings (IGI), the specialist commercial re/insurer, has received regulatory approval from the Bermuda Monetary Authority (BMA) for its planned business combination with Tiberius Acquisition Corp., which will result in the public listing of IGI. First announced back in October 2019, this deal prices IGI at approximately 1.26x ... Read the full article
Bermuda market praises regulator for obtaining Reciprocal Jurisdiction status
12th December 2019
Bermuda's global insurance and reinsurance market has praised the efforts of the Bermuda Monetary Authority (BMA) in light of the island being granted Reciprocal Jurisdiction status by The National Association of Insurance Commissioners (NAIC). Announced yesterday, Bermuda is one of only three jurisdictions to receive this elevated status, which was ... Read the full article
Fitch calls on BMA to address ambiguities in Tier 3 capital treatment
16th August 2019
As Bermuda continues to adapt and evolve in order to maintain its status as a desirable re/insurance domicile, Fitch Ratings has said that although development of the market is broadly positive, recent regulatory activity related to the treatment of Tier 3 capital for re/insurers raises some questions. Fitch notes that over ... Read the full article
Bermuda sees 37 new re/insurance registrations in H1 2019
12th July 2019
The Bermuda Monetary Authority (BMA) has released statistics showing that 37 new insurance and reinsurance entities were registered on the island over the first half of 2019. This puts growth roughly on track with the 75 registrations recorded over full-year 2018, and comfortably above the 58 recorded in 2017. During H1 2019, ... Read the full article
Blockchain insurtech ChainThat joins the BMA’s Innovation Hub
19th June 2019
ChainThat, a specialist provider of blockchain solutions for the re/insurance industry, has been approved as the first company to join the Bermuda Monetary Authority’s (BMA) Innovation Hub. The Bermudian regulator launched the Innovation Hub initiative in April 2018, providing insurtech firms with the ability to share ideas and information with BMA ... Read the full article
AkinovA receives first regulatory sandbox licence from Bermuda regulator
14th May 2019
AkinovA, an electronic marketplace for the transfer and trading of insurance risk, has become the first company to be granted an insurance regulatory sandbox licence from the Bermuda Monetary Authority (BMA). The licence will authorise AkinovA (Bermuda) Ltd, the company’s Bermuda trading subsidiary, to carry out business using its electronic trading ... Read the full article
Number of Bermuda registered re/insurers continues to rise: BMA
31st January 2019
The Bermuda Monetary Authority (BMA) has announced that it experienced growth in the number of new re/insurance registrations in 2018 to 75, up from 58 in 2017. The year-on-year increase was experienced across various sectors, with the strongest growth coming from Bermuda's commercial re/insurance sector, with 28 new registrations taking place ... Read the full article
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