Hashtag: #BermudaMonetaryAuthority

Monetary Authority Appoints Ashley Kibblewhite

Monetary Authority Appoints Ashley Kibblewhite

The Bermuda Monetary Authority announced the appointment of Ashley Kibblewhite as the Director of its Banking, Trust, Corporate Services and Investments [BTCSI] Department, effective October 4th. A spokesperson said, “As part of the BMA’s succession planning, the Authority, in February 2021, undertook an extensive search via a selection committee... Read more of this article

BMA Welcomes Swan & Scott To New Roles

BMA Welcomes Swan & Scott To New Roles

The Bermuda Monetary Authority has welcomed Craig Swan as the new Chief Executive Officer, and Donald Scott as Chairman of the Board of Directors.Mr. Scott has held the position of Deputy Chair of the Authority’s Board since 2019. During this time, he has served on several Board committees, including the Corporate Governance and Ethics Committee,... Read more of this article

Memoriam Board For Marcia Woolridge-Allwood

Memoriam Board For Marcia Woolridge-Allwood

To honour the memory of Marcia Woolridge-Allwood, the Bermuda Monetary Authority has created a virtual memoriam board where the public may post messages, which will be given to her family. A spokesperson said, “Deeply saddened by the passing of Senior Advisor Marcia Woolridge-Allwood, the Bermuda Monetary Authority [Authority or BMA] has provided... Read more of this article

Reinsurers Paid $35.2 Billion To UK Policyholders

Reinsurers Paid $35.2 Billion To UK Policyholders

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, the Bermuda Monetary Authority [BMA] said. A spokesperson said, “The Bermuda Monetary Authority [Authority or BMA] completed its United Kingdom [UK] Data Claim Survey in June... Read more of this article

BMA Has Not Issued Licence To ThinkMarkets

BMA Has Not Issued Licence To ThinkMarkets

The Bermuda Monetary Authority noted that ThinkMarkets issued a press release “in which it falsely claimed to have a licence issued by the BMA, and noted that ThinkMarkets advised “that the statement was made in error and that instead, it should have stated that it had been issued a licence by the Cayman Islands Monetary Authority.” A... Read more of this article

Re/insurers Ready To Support Storm Recovery

Re/insurers Ready To Support Storm Recovery

The “Bermuda [re]insurance industry stand ready to support Americans in the aftermath of Hurricane Ida,” the Bermuda Business Development Agency [BDA] said. A spokesperson said, “The Bermuda Business Development Agency and the greater Bermuda [re]insurance industry stand ready to support Americans in the aftermath of Hurricane Ida,... Read more of this article

Re/insurers Paid $209.6B To US Policyholders

Re/insurers Paid $209.6B To US Policyholders

Bermuda [re]insurers paid out US$209.6 billion to United States policyholders and cedants for large catastrophes, property and casualty losses and life insurance claims during the five-year period from 2016 to 2020, according to commercial market claims data collected by the Bermuda Monetary Authority [BMA] in June 2021. “By contrast, the BMA’s... Read more of this article

$29.3 Billion Paid To EU Customers Since 2016

$29.3 Billion Paid To EU Customers Since 2016

Bermuda [re]insurers paid out US$29.3 billion to European Union [EU] policyholders and cedants for property and casualty losses and life insurance claims during the five-year period from 2016 to 2020, the Bermuda Monetary Authority said today. The BMA said, “This is according to commercial market claims data collected by the Bermuda Monetary Authority... Read more of this article

Monetary Authority Fines Allianz Life Bermuda

Monetary Authority Fines Allianz Life Bermuda

The Bermuda Monetary Authority has imposed civil penalties totalling $1,700,000 on Allianz Life Bermuda Limited. A spokesperson said, “The Bermuda Monetary Authority has imposed civil penalties totalling $1,700,000 on Allianz Life Bermuda Limited [Company] pursuant to sections 20 and 24A of the Proceeds of Crime [Anti-Money Laundering and Anti-Terrorist... Read more of this article

BMA: $2.7B Shows Key Role Bermuda Plays

BMA: $2.7B Shows Key Role Bermuda Plays

Bermuda [re]insurers have estimated that they will incur gross claim losses of US$2.7 billion as payments to United States policyholders/cedants to cover the damaging effects of Winter Storm Uri, which wreaked havoc in the southern region of the US, particularly Texas. This is according to commercial market claims data collected by the Bermuda Monetary... Read more of this article

Financial Policy Council To Hold 17th Meeting

Financial Policy Council To Hold 17th Meeting

The Financial Policy Council [FPC] will be holding its seventeenth meeting on Friday, July 23rd, via teleconference. A Government spokesperson said, “Consistent with its mandate to provide advice on current and potential economic and financial developments and threats, items on the agenda will include discussions on international tax developments... Read more of this article

BMA Appoints Donald Scott As New Chairman

BMA Appoints Donald Scott As New Chairman

The Bermuda Monetary Authority announced that Donald Scott has been appointed Chairman, effective October 1st, 2021. A spokesperson said, “The Bermuda Monetary Authority has announced that the Authority’s Deputy Chairman, Mr. Donald Scott, has been appointed by the Minister of Finance to serve as Chairman of the Board with effect as of and from... Read more of this article

BMA Public Warning: Fraudulent Cheques

BMA Public Warning: Fraudulent Cheques

The Bermuda Monetary Authority [BMA] said they are “aware that fraudulent cheques have been created in the United States which falsely appear to have been issued from a US bank account operated by the Authority.” A spokesperson said, “On 15 June 2021, the Bermuda Monetary Authority [the Authority] is aware that fraudulent cheques have... Read more of this article