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The Bermuda Monetary Authority confirmed the registration of five insurers in May, taking this year’s number of new registrants to 32. The BMA approved two restricted special purpose insurers – Eagle Re 2022-1 Ltd and Marlin Re Ltd – as well as Frees...

Bermuda’s long-term re/insurance market has grown considerably in recent years. The island now has 144 registered long-term re/insurers and the sector’s assets have increased by 200 per cent over the past five years, according to the Bermuda Monetary...

The net income of the Bermuda Monetary Authority increased eighteenfold in 2021 after its regulatory fees increased by $11 million, according to its annual report. The BMA, Bermuda’s independent financial services regulator, had net comprehensive in...

The Bermuda Monetary Authority confirmed the registration of seven insurers in April, taking this year’s number of new registrants to 27. The BMA approved three restricted special purpose insurers – Gateway Re Ltd, Long Point Re IV Ltd and Yosemite R...

Nayms has graduated from the Bermuda Monetary Authority’s regulatory sandbox to become the world’s first, fully regulated crypto-native insurance marketplace, the Bermuda Business Development Agency announced. The BDA said Nayms bridges legacy insura...

The Bermuda Monetary Authority has extended the deadline for insurers to respond to a data call by the organisation. The original deadline of May 31 has been extended to June 30. The BMA has also revised the scope of its call for information from ins...

Regulatory veteran Ricardo Garcia has been appointed managing director of the Bermuda Monetary Authority. Mr Garcia, who joined the BMA in 2013, will be responsible for the organisation’s supervision of insurance, banking, trust, corporate services, ...

Restructuring involves changing the financial, operational, legal or other structures of a business to make it more efficient and more profitable. It is not a “one size fits all” process. Today, in the time of Covid-19, there are a lot of distressed ...

A leading Bermuda law firm has been hit with fines of $2.1 million for failing to comply with anti-money laundering regulations. Conyers Trust Company (Bermuda) Limited – a division of law firm Conyers, formerly known as Conyers Dill and Pearman – wa...

Bermuda Monetary Authority veteran Shanna Lespere has been appointed to the new permanent post of deputy chief executive officer with the organisation, effective immediately. Mrs Lespere, who joined the BMA in 2004, will be tasked with providing exec...

A Bermuda Monetary Authority analysis has reported that the impact of cyber-risk across all industries has been heightened by globalisation, digitisation and the pandemic. The BMA said cyber is still a small three per cent of overall Bermuda gross wr...

The Bermuda Monetary Authority has posted for consultation its draft new Digital Asset Business Operational Cyber Risk Management Code of Practice along with revised Digital Asset Business Custody Code of Practice and Digital Asset (Cybersecurity) Ru...