The U.S. Reinsurance Under 40s Group and the Bermuda Under 40s Re/Insurance Group recently collaborated to create the first edition of Risky Business, an international Insurance and Reinsurance newsletter.
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Bermuda
Edwards Angell Palmer & Dodge Half-day CLE Insurance & Reinsurance Seminars – June 2009
Edwards Angell Palmer & Dodge is delighted to announce that it will again this year host a half-day seminar which will be repeated in Bermuda, New York and Boston. …
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Bermuda: Bermuda Monetary Authority (BMA), Regulatory Update, March 2009
By Troutman Pepper Locke on
Posted in Bermuda, Regulatory
The BMA has recently issued a bulletin which reports on its recent activities and on recent developments affecting the financial sector, as well as the community generally. The bulletin includes the following regulatory update on the (re)insurance sector. …
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Bermuda: Continuing the Regulatory Changes
By Troutman Pepper Locke on
Posted in Bermuda, Regulatory
As part of its continued review and update of the regulatory system in Bermuda, the Bermuda Monetary Authority (BMA) has published three papers: a discussion paper on the implementation of a group-wide supervisory framework and a guidance note on Special Purpose Insurers, both published on 31 March 2009, and the road map to mutual recognition published 13 February 2009. …
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Global Insurance Research Organization Offers Guidance to G20 Members on Regulating the Insurance Industry
By Troutman Pepper Locke on
In a letter to the G20 members, the Geneva Association, an organization comprised of CEOs from the world’s leading insurance and reinsurance companies, provided recommendations for more effective regulation of the insurance and reinsurance industry, along with information and analysis regarding the differences between the insurance and reinsurance industry and that of the banking industry.
IAIS Releases Issues Paper on Group-Wide Solvency Assessment and Supervision
On March 9, 2009, the International Association of Insurance Supervisors (“IAIS”) released an Issues Paper on Group-Wide Solvency Assessment and Supervision (the “Issues Paper”). The purpose of the Issues Paper is to serve as a framework for the development of future papers providing guidance on group-wide solvency assessment and supervision on a global scale.
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Bermuda: Bermuda Monetary Authority reveals its Business Plan for 2009
By Troutman Pepper Locke on
Posted in Bermuda
At its inaugural annual meeting on 15 January 2009, the Bermuda Monetary Authority (BMA) published its Business Plan for 2009 (the Plan). This is the second year that the Plan has been made public and demonstrates the continuing drive for transparency in the work of the BMA.
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Maiden Holdings Completes Private Placement of Trust Preferred Securities
By Troutman Pepper Locke on
Posted in Bermuda, Industry Developments
On January 20, 2009, Maiden Holdings, Ltd. (“Maiden Holdings”), a Bermuda based holding company, completed a private placement of trust preferred securities with a face amount of $260MM through Maiden Holdings North America, Ltd. (“Maiden NA”), wholly-owned subsidiary of Maiden Holdings.
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Maiden Acquires GMAC Re
By Troutman Pepper Locke on
Maiden Holdings, Ltd., a Bermuda based holding company, and its subsidiary, Maiden Insurance Company, Ltd., a Bermuda reinsurer, on November 3, 2008 acquired the GMAC Re reinsurance business from GMAC LLC.
BMA Issues Regulatory Update for October 2008
By Troutman Pepper Locke on
On 8 August 2008, the Bermuda Monetary Authority (the BMA) announced significant enhancements to Bermuda’s solvency and disclosure regulations for insurance which were intended to help Bermuda achieve recognition as having equivalent regulatory standards to those in Europe (see our previous post here).