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    NEWS AND PRESS RELEASES

    5 April 2024

    BMA 2024 Business Plan

    HAMILTON, BERMUDA – The Bermuda Monetary Authority (Authority or BMA) released its 2024 Business Plan today.Read More

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    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

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    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

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    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

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    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

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    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

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    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

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    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

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    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

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    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

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    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

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    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

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    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

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    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

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    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

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    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

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    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

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    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

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    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

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    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

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    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

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    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

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    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

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    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

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    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

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    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

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    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

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    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

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    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

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    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

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