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NEWS AND PRESS RELEASES

8 March 2022

Press Release - Fraudulent E-Mail

HAMILTON, BERMUDA – On Tuesday 8 March 2022, the Bermuda Monetary Authority (Authority or BMA) was made aware of a fraudulent e-mail targeted at Bermuda’s financial services entities which falsely gives that appearance o...Read More

2 February 2022

Press Release - Bermuda Monetary Authority Cancels Insurance Registration of Signify Insurance Ltd.

HAMILTON, BERMUDA – 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 Act 1978 (Insurance Act...Read More

2 February 2022

Press Release - BMA Issues Order of Prohibition

HAMILTON, BERMUDA – 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 prohibition against...Read More

17 January 2022

Press Release - BMA Business Plan - 2022

HAMILTON, BERMUDA – Today, the Bermuda Monetary Authority (Authority or BMA) released its 2022 Business Plan. The document synopsises the Authority’s objectives and initiatives for the year ahead.Read More

16 December 2021

Press Release - Bermuda Reinsurers Losses Survey - Hurricane Ida

HAMILTON, BERMUDA – Bermuda (re)insurers estimate that they will incur gross claim losses of US$6 billion as payments to United States (US) policyholders and cedants to cover the damaging effects of Hurricane Ida, which...Read More

16 December 2021

BMA Holiday Hours

Please be advised that the BMA will be closed from 3 p.m. on Friday, 24 December 2021 and will resume operations on Wednesday, 29 December 2021 at 8:30 a.m. The BMA will also be closed on Monday, 3 January, 2022 to obser...Read More

15 November 2021

Press Release - BMA Chief Actuary Appointed to IAIS Executive Committee

HAMILTON, BERMUDA – The Bermuda Monetary Authority (Authority or BMA) announced today that
Chief Actuary, Ricardo Garcia, who also serves as Vice-Chair of the International Association of Insurance
Supervis...Read More

4 November 2021

Press Release - BMA Releases 2020 Captive Report

The Bermuda Monetary Authority (Authority or BMA) released the 2020 BMA Captive Report today. This report highlights the market results from the 2019 year-end statutory financial returns by general business captive insur...Read More

11 October 2021

Press Release - BMA Announces New BTCSI Director

HAMILTON, BERMUDA – The Bermuda Monetary Authority (Authority or BMA) announced today that Ashley Kibblewhite has been appointed as the Director of its Banking, Trust, Corporate Services and Investments (BTCSI) Departmen...Read More

4 October 2021

World Investor Week 2021

Frauds and Scams Prevention
A smart investor:
Avoids “get rich quick” and “can't lose” schemes; if it looks too good to be true, it probably isRead More

1 October 2021

Press Release - BMA Welcomes New CEO and New Chairman of the Board of Directors

HAMILTON, BERMUDA – The Bermuda Monetary Authority (Authority or BMA) today welcomes Craig
Swan and Donald Scott as they step into their new roles as Chief Executive Officer (CEO) and Chairman of the
Board...Read More

29 September 2021

Press Release - In Memoriam Virtual Board Available Following the Passing of Marcia Woolridge-Allwood

HAMILTON, BERMUDA – Deeply saddened by the passing of Senior Advisor Marcia Woolridge-Allwood, the Bermuda Monetary Authority (Authority or BMA) has provided an avenue for the financial services industry and associated o...Read More

9 September 2021

Press Release - Bermuda Reinsurers Claim Payments to UK Policyholders

HAMILTON, BERMUDA – The Bermuda Monetary Authority (Authority or BMA) completed its United Kingdom (UK) Data Claim Survey in June 2021, with the data showing that, during the five-year period from 2016 to 2020, Bermuda (...Read More

7 September 2021

Press Release - Think Markets Think Capital Limited

The Bermuda Monetary Authority (Authority or BMA) is aware that ThinkMarkets issued a press release on 17 August 2021 in which it falsely claimed to have a licence issued by the Bermuda Monetary Authority.Read More

23 August 2021

Press Release - United States Remains Bermuda’s Biggest (Re)insurance Partner

HAMILTON, BERMUDA – Bermuda (re)insurers paid out US$209.6 billion to United States (US) policyholders and cedants for large catastrophes, property and casualty losses and life insurance claims during the five-year perio...Read More

18 August 2021

Press Release - Bermuda (Re)insurers Paid $30 Billion to European Union Customers Since 2016

HAMILTON, BERMUDA – Bermuda (re)insurers paid out US$29.3 billion to European Union (EU) policyholders and cedants for property and casualty losses and life insurance claims during the five-year period from 2016 to 2020....Read More

12 August 2021

Press Release - Bermuda Monetary Authority Fines Allianz Life Bermuda Limited

HAMILTON, BERMUDA – The Bermuda Monetary Authority (Authority) has imposed civil penalties totalling $1,700,000 on ALLIANZ LIFE BERMUDA LIMITED (Company) pursuant to sections 20 and 24A of the Proceeds of Crime (Anti-Mon...Read More

23 July 2021

Bermuda Reinsurers Provide Relief to US Customers - Texas Winter Storm Uri

HAMILTON, BERMUDA – Bermuda (re)insurers have estimated that they will incur gross claim losses of US$2.7 billion as payments to United States policyholders/cedants to cover the damaging effects of Winter Storm Uri, whic...Read More

20 July 2021

Press Release - BMA Announces Appointment of New Chairman

HAMILTON, BERMUDA – The Bermuda Monetary Authority (Authority or BMA) has announced that the Authority’s Deputy
Chairman, Mr. Donald Scott, has been appointed by the Minister of Finance (Minister) to serve as Chai...Read More

15 June 2021

Public Warning - Fraudulent Cheques

The Bermuda Monetary Authority (the Authority) is aware that fraudulent cheques have been created in the United States which falsely appear to have been issued from a US bank account operated by the Authority. The Author...Read More

12 April 2021

BMA Introduces Innovation and ESG Subject Matter Expert Team

HAMILTON, BERMUDA – The Bermuda Monetary Authority (Authority or BMA) is increasing its focus on climate change matters with the introduction of a regulatory and supervisory team specialising in the licensing and supervi...Read More

15 March 2021

BMA Releases 2020 Climate Change Survey Report

HAMILTON, BERMUDA – The Bermuda Monetary Authority (Authority or BMA) published the results of its climate change survey today.Read More

10 February 2021

Public Warning - Fraud Alert

The Bermuda Monetary Authority (Authority and BMA) has been made aware of a fraudulent document being included in targeted social media messages. The fraudulent document, a “Certificate of Converting”, has misappropriate...Read More

9 February 2021

BMA Releases 2020 Captive Premiums

HAMILTON, BERMUDA – As of 31 December 2020, captive insurer gross premiums written held firm at approximately $40 billion, highlighting the Bermuda captive insurance market’s continued unrivalled global significance.Read More

8 February 2021

Press Release - BMA MoU Wyoming Division of Banking

HAMILTON, BERMUDA – The Bermuda Monetary Authority (BMA) and the Wyoming Division of Banking (WDOB) announced today their joint Digital Assets Memorandum of Understanding (MoU).Read More

16 January 2021

Press Release - Bank of Nevis Warning

The Bermuda Monetary Authority (the Authority) has been made aware of a fraudulent website at www.bankofnevis.com which falsely claims to be a crypto bank operating from an address in Bermuda and which falsely uses the n...Read More

5 January 2021

Bermuda Monetary Authority Cancels Insurance Registration of Economic Risk Insurance, Ltd.

HAMILTON, BERMUDA – The Bermuda Monetary Authority (Authority or BMA) has cancelled the insurance registration of Economic Risk Insurance, Ltd. (Company), a Class 3 insurer, for breaches of the Insurance Act 1978 (Insura...Read More

31 December 2020

Bermuda Monetary Authority Fines Crown Global Life Insurance Ltd. and Crown Global Life Insurance (Bermuda) Ltd.

HAMILTON, BERMUDA – The Bermuda Monetary Authority (Authority or BMA) has imposed civil penalties totalling $400,000 on Crown Global Life Insurance Ltd. and Crown Global Life Insurance (Bermuda) Ltd. (the Companies) purs...Read More

22 December 2020

Revocation of Licence - Phoenix Law Chambers

HAMILTON, BERMUDA – The Bermuda Monetary Authority (Authority) has revoked the corporate service business provider Licence (Licence) of Phoenix Law Chambers (PLC), a Corporate Service Provider (CSP), for breaches of the...Read More

16 December 2020

BMA Staff Appointed to IAIS Committee Leadership Positions

HAMILTON, BERMUDA – The Bermuda Monetary Authority (Authority or BMA) announced today the appointment of two of its staff to International Association of Insurance Supervisors (IAIS) committee leadership positions.Read More

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