Bermuda Monetary Authority sees large increase in reinsurance registrations
The greatest year-on-year growth was experienced by Bermuda’s commercial reinsurance sector.
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The Bermuda Monetary Authority (BMA) has recorded a large year-on-year increase in new reinsurance registrations, from 58 in 2017 to 75 in 2018.
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The greatest year-on-year growth was experienced by Bermuda’s commercial reinsurance sector, that is, Class 3A, 3B, 4 general business and Class C, D, E long-term reinsurers; 28 new commercial reinsurers were registered by the BMA in 2018, compared to 17 in 2017.
In addition, the growth of Bermuda’s captive reinsurance sector continued its momentum; 19 new captives, that is, Class 1, 2, 3 general business and Class A, B long-term reinsurers were registered in 2018, compared to 17 in 2017.
‘Positive story’
“The BMA’s 2018 reinsurance registrations tell a very positive story about the health of Bermuda’s reinsurance market,” said Craig Swan, managing director of insurance supervision. “We have seen growth in the long-term reinsurance space.”
“The BMA registered 15 new long-term reinsurers in 2018, compared to six registered in 2017. Bermuda also remained the leading jurisdiction for the issuance of insurance linked securities in 2018. So it was not a surprise that registrations of special purpose insurers increased year-on-year; from 24 in 2017 to 28 in 2018.”
Four new reinsurance intermediaries also registered in 2018, two agents and two brokers; compared to 11 new intermediaries recorded in 2017.
About BMA
The BMA is the sole regulator of the financial services sector in Bermuda. Established under the Bermuda Monetary Authority Act 1969, the BMA supervises, regulates, and inspects financial institutions operating in or from within the jurisdiction.
The BMA also issues Bermuda’s national currency, manages exchange control transactions, assists other authorities in Bermuda with the detection and prevention of financial crime, and advises the government and public bodies on banking and other financial and monetary matters.
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Steven A. Meyerowitz, Esq., (smeyerowitz@meyerowitzcommunications.com) is the director of FC&S Legal, the editor-in-chief of the Insurance Coverage Law Report, and the founder and president of Meyerowitz Communications Inc.