Stephen Weinstein, deputy chair of the BDA, said, "We were very pleased to see Bermuda's robust, fit-for-purpose regulatory regime accorded this important distinction from the NAIC, whose standards are respected worldwide. Insureds, intermediaries, and communities across the U.S. will only benefit from ensuring level playing field access to Bermuda's capital and risk management expertise, and from further reducing the costs of exporting risk to the Bermuda market. The staff of the Bermuda Monetary Authority deserve our appreciation both for their success in being one of three regulators worldwide to obtain this designation, and for their sustained efforts over the years to protect policyholders while adapting to changes in the industry and the underlying markets and communities we serve."

"Bermuda's leading reinsurers have long been reliable partners in providing natural catastrophe and specialty reinsurance and a growing amount of cyber insurance protection for U.S. consumers. The hard earned 'reciprocal jurisdiction' status demonstrates the quality of Bermuda's world-class regulatory regime and gives Bermuda a competitive edge against other international markets," added John Huff, president of the Association of Bermuda Insurers and Reinsurers ("ABIR").