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‘Where Does Financial Stability Now Stand?’

‘Where Does Financial Stability Now Stand?’

A panel of experts in the financial services world recently addressed the topic “10 Years After The Financial Upheaval: Where Does Financial Stability Now Stand? ” The occasion was a Bermuda Monetary Authority [BMA] industry event held following the conclusion of a meeting of the Group of International Financial Centre Supervisors [GIFCS].... Read more of this article

BMA Release Captive Insurance & SPI Report

BMA Release Captive Insurance & SPI Report

Statistics on Bermuda’s captive insurance and Special Purpose Insurers [SPIs] market are now available in a published report. BMA Captive / SPI Report 2017 contains information submitted through Bermuda Monetary Authority’s [BMA] Electronic Statutory Financial Return [E-SFR] system. E-SFR was launched in April 2016 for financial year-end returns... Read more of this article

BMA: Foreign Portfolio Holdings Increase In Value

BMA: Foreign Portfolio Holdings Increase In Value

The value of Bermuda’s foreign portfolio investment assets increased by 8% in 2016 as a result of growth in the insurance sector’s total assets according to the latest Coordinated Portfolio Investment Survey [CPIS] released by the Bermuda Monetary Authority. The CPIS is part of the International Monetary Fund’s [IMF] comprehensive international... Read more of this article

BMA Macroprudential Risk Report Released

BMA Macroprudential Risk Report Released

Bermuda [re]insurers remained profitable and well capitalised in 2016, despite soft pricing, an abundance of capital and competition from the Insurance Linked Securities market according to a new report from the Bermuda Monetary Authority [BMA]. The purpose of the report is to enhance the BMA’s macroprudential surveillance function, increase transparency,... Read more of this article

$208 Billion Paid To US Customers Since 1997

$208 Billion Paid To US Customers Since 1997

Bermuda reinsurers paid out US$208.7 billion to US policyholders and cedants for large catastrophes, related property insurance and general liability losses over the past 20 years, according to commercial market claims data collected by the Bermuda Monetary Authority. “From 1997 to 2006, claims payments to US policyholders and cedants totalled... Read more of this article

BMA Releases Second Catastrophe Risk Report

BMA Releases Second Catastrophe Risk Report

The resilience of Bermuda’s [re]insurance sector to withstand potential catastrophic events strengthened year-on-year, according to a new Bermuda Monetary Authority [BMA] Report. The second annual ‘Catastrophe Risk in Bermuda’ report showed that while gross catastrophe exposure increased by about 9% year-on-year, capital levels also increased... Read more of this article

BMA Hosts FSB Shadow Banking Workshop

BMA Hosts FSB Shadow Banking Workshop

The Bermuda Monetary Authority hosted the Financial Stability Board’s [FSB] Regional Consultative Group of the Americas’ [RCGA] Shadow Banking Workshop on October 25 and October 26 at the Hamilton Princess. A spokesperson said, “FSB, an international body monitoring and making recommendations about the global financial system, defines shadow... Read more of this article

Reinsurers Pay Out Over $70B To EU Customers

Reinsurers Pay Out Over $70B To EU Customers

Bermuda [re]insurers have paid out US$72.8 billion to European Union [EU] policyholders and cedants over the past 20 years, according to commercial market claims data collected by the Bermuda Monetary Authority, who said this $72.8 billion, roughly half [$36.8 billion] was paid to UK customers. The information comes from the Authority’s first EU... Read more of this article

XL Receives BMA Internal Model Approval

XL Receives BMA Internal Model Approval

XL Group Ltd announced that the Bermuda Monetary Authority has approved the use of a full internal model [ICM] to calculate the Company’s and its wholly owned subsidiary, XL Bermuda Ltd’s, respective enhanced capital requirements [ECR] in substitution of the Bermuda Solvency Capital Requirement [BSCR] standard formula. XL’s 2017 ECR ratio using... Read more of this article

BMA Warn Of EKC Advisory Course Fraud

BMA Warn Of EKC Advisory Course Fraud

The Bermuda Monetary Authority is advising the public “to be alert to a fraudulent e-mail from an entity calling itself ‘EKC Advisory’ inviting persons to enroll in an Anti-Money Laundering and CFT Regulatory Compliance course in Bermuda.” The BMA said, “The course fee is typically quoted as being $1,200 per person. The Authority... Read more of this article

BMA: Company Winds Up Due To Rule Breaches

BMA: Company Winds Up Due To Rule Breaches

The Bermuda Monetary Authority said they have “successfully petitioned the Supreme Court of Bermuda to wind up Cumulus Eastern European Property Fund Limited [Cumulus] pursuant to section 36[1][b] of the Investment Funds Act 2006 [the IFA] and the provisions of the Companies Act 1981. Cumulus was authorised as a Standard Fund on 30th May 2012... Read more of this article

Over 100 People Attend Q&A Panel Session

Over 100 People Attend Q&A Panel Session

KPMG in Bermuda hosted over 100 professionals from across Bermuda’s Banking, Insurance, Investment, and Legal sectors at a Q&A panel session on Tuesday, May 2nd at the Trade Winds Auditorium of the BUEI. Panellists from the Office of the National Anti-Money Laundering Committee [NAMLC] and the Bermuda Monetary Authority [BMA] responded to questions... Read more of this article

Re/Insurers Record $108.5B In Net Premiums

Re/Insurers Record $108.5B In Net Premiums

The Bermuda Monetary Authority today [April 24] released the latest market statistics for Bermuda’s [re]insurance sector. “Most recent information based on annual filings shows that overall Bermuda’s [re]insurers recorded $108.5 billion in net premiums [previously $116.2 billion], held $200.8 billion of capital [$214.5 billion] and had total assets... Read more of this article