The Lloyd’s market and the Bermuda Monetary Authority (BMA) are jointly developing an initiative to share risk expertise between these two major re/insurance hubs. The focus will be on fostering innovation through the Lloyd’s Lab and improving access to education …
AkinovA (Bermuda) Ltd., the wholly owned Bermuda trading subsidiary of AkinovA Ltd., has been granted the first “Insurance Marketplace Provider” license by Bermuda’s financial services regulator. This new category of insurance intermediary provides capital providers, brokers, agents and cover buyers …
International General Insurance Holdings Ltd. (IGI) announced it has received regulatory approval from the Bermuda Monetary Authority in connection with its previously announced business combination with Tiberius Acquisition Corp., a publicly traded special purpose acquisition company. This approval, received on …
The Bermuda Monetary Authority (BMA) has experienced a recent uptick in re/insurance registrations. Registrations for the first two months of 2018 include 11 re/insurers and one intermediary. These re/insurers include three Class E long-term (life) commercial re/insurers and one general …
XL Group plc announced a proposal to change its parent holding company’s place of incorporation to Bermuda from Ireland. “Establishing our corporate home in Bermuda is a natural step for XL. XL has had a presence in Bermuda since 1986, …
A.M. Best has issued a briefing report, which notes that “Bermuda moved one step closer to achieving Solvency II equivalence on November 26, 2015 when a delegated act regarding the equivalence of the supervisory regime for insurance and reinsurance undertakings …
A bulletin from Bermuda notes that the island’s parliament took regulatory action this week to align its regulatory insurance procedures, which it hopes will lead to “recognition by the European Commission as being fully equivalent under the insurance prudential regulatory …
A working group of the National Association of Insurance Commissioners (NAIC) has recommended the Bermuda Monetary Authority (BMA) for approval as a “qualified jurisdiction” under the NAIC’s reinsurance regulatory modernization framework. The recommendation, if approved, would reduce collateral requirements for …
In comments filed with the International Association of Insurance Supervisors (IAIS), the Association of Bermuda Insurers and Reinsurers (ABIR) offered its support for the development of insurance capital standards (ICS) and implementation of them via the Common Assessment Framework (ComFrame). …
