Hashtag: #BermudaMonetaryAuthority
Monetary Authority Appoints Shanna Lespere
The Bermuda Monetary Authority announced that Shanna Lespere has been appointed to the new permanent Deputy Chief Executive Officer [Deputy CEO] post of the Authority, effective immediately. “The Deputy CEO position encompasses several responsibilities. Mrs. Lespere will be tasked with providing executive leadership and strategic direction concerning... Read more of this article
BMA Warns About ‘Fraudulent Email’ Circulating
The Bermuda Monetary Authority has issued an advisory about a “fraudulent email targeted at Bermuda’s financial services entities.” A Government spokesperson said, “On Tuesday 8 March 2022, the Bermuda Monetary Authority [Authority or BMA] was made aware of a fraudulent email targeted at Bermuda’s financial services entities which... Read more of this article
24 Exchange Broker Receives License
24 Exchange announced that its new affiliate, 24 Exchange Broker Limited, has received a license from the Bermuda Monetary Authority [BMA] to begin operating as a digital asset service vendor. A spokesperson said, “This license further cements the 24 Exchange platform at the forefront of seamless exchange trading across a broad range of FX and crypto... Read more of this article
Bermuda Dollar Introduced 52 Years Ago
In 1972, the “UK Government decided to abolish the Sterling Area” and the Bermuda dollar exchange was fixed on par with the United States dollar, and “along with that came the introduction of the Bermuda dollar, which was launched on 6 February 1970.” This is according to a document from the BMA which said, “The formation... Read more of this article
BMA Issues Order Of Prohibition Against Cooke
The Bermuda Monetary Authority [BMA] has issued an “order of prohibition” against Nicholas Mark Cooke, a citizen of the United Kingdom. A spokesperson said, “The Bermuda Monetary Authority [Authority or BMA], exercising its powers pursuant to the provisions of Section 32H of the Insurance Act 1978 [Insurance Act] has issued an order of... Read more of this article
BMA Cancels Insurance Registration Of Signify
The Bermuda Monetary Authority [BMA] has cancelled the insurance registration of Signify Insurance Ltd. for “breaches of the Insurance Act 1978.” A spokesperson said, “The Bermuda Monetary Authority [Authority or BMA] has cancelled the insurance registration of Signify Insurance Ltd. [Company], a Class 1 insurer, for breaches of the Insurance... Read more of this article
Monetary Authority Release 2022 Business Plan
The Bermuda Monetary Authority released its 2022 Business Plan which details their “objectives and initiatives for the year ahead.” A spokesperson said, “While this includes the maintenance of its longstanding commitments, such as detecting and preventing financial crime, exercising prudential regulatory and supervisory oversight... Read more of this article
Garcia Appointed To IAIS Executive Committee
The Bermuda Monetary Authority [BMA] announced that Chief Actuary, Ricardo Garcia, who also serves as Vice-Chair of the International Association of Insurance Supervisors’ [IAIS] Policy Development Committee [PDC], has been appointed to the IAIS Executive Committee [ExCo], succeeding BMA Chief Executive Officer, Craig Swan, in this role. A spokesperson... Read more of this article
Monetary Authority Releases Captive Report
The Bermuda Monetary Authority [BMA] released the 2020 BMA Captive Report which highlights the market results from the 2019 year-end statutory financial returns by general business captive insurers [i.e., Class 1, Class 2 and Class 3 insurers]. The BMA said, “The report focuses on four key areas: business written, industry utilisation, balance sheet... Read more of this article
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
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
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
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
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
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
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
