The Bermuda Monetary Authority (BMA) experienced a spike in reinsurance registrations in early 2018.
According to BMA statistics, there has been 11 reinsurance registrations in the first two months of the year, an increase on the five new reinsurance registrations recorded for the same period last year.
The new registrations included three class E long-term life commercial reinsurers, one general business class four general business commercial reinsurer and one intermediary.
BMA managing director of supervision (insurance), Craig Swan, commented: “The BMA is pleased to see these increased reinsurance registrations, despite challenging market conditions.”
Swan added: “This increased reinsurance activity follows on the heels of the third anniversary of Bermuda being placed on the National Association of Insurance Commissioners’ Qualified Jurisdiction list (effective 1 January 2015), as well as the second anniversary of Bermuda achieving full equivalence under all three Articles of Solvency II (effective 24 March 2016).”
