Bermuda news

Appleby, the specialist offshore law firm and fiduciary services provider, has announced that Brad Adderley will take over from Tim Faries as Office Managing Partner in Bermuda, effective January 1st, 2022.

The net profitability gap between Bermuda and non-Bermuda incorporated companies may narrow over time given the expected passage of the OECD-driven multilateral agreement to establish a 15% global minimum tax rate, according to Fitch Ratings.

As momentum continues to accelerate around responsible and sustainable investing, Bermuda’s standing in the global insurance-linked securities (ILS) sector means it’s well placed to capitalise on the growing base of environmental, social and governance (ESG) focused investors, say industry experts.

Recent changes made by the Bermuda Monetary Authority (BMA) to improve processes specific for catastrophe and mortgage bonds, shows that the island is listening to its clients and being more adaptive in the face of growing competition, according to Brad Adderley, Partner at global law firm Appleby.

Catastrophe bond sponsors looking to locate their issuance structures in Bermuda can now benefit from much faster licensing and registration of new cat bond vehicles, with the process streamlined to take just three working days by the regulator.

Welcome to Artemis’ sixth Bermuda-focused insurance-linked securities (ILS) executive roundtable, held virtually for the second year in a row owing to ongoing pandemic-related restrictions.

Africa Specialty Risks, a pan-African focused reinsurance group, has announced that it will launch a licensed and eventually rated reinsurance company and has chosen Bermuda as the location for the operation.

BMS Re, the reinsurance arm of broking group BMS, has announced the launch of its first official Bermuda office and the hiring of former Alterra executive Adam Mullan to lead the office.

The Bermuda Monetary Authority (BMA), the financial regulator for one of the world’s most important insurance and reinsurance markets, has announced a change at the top, as its current Deputy CEO Craig Swan will take over the CEO role from October 1st, with current CEO and Executive Chairman Jeremy Cox set to depart.

Due to a shift away from commoditisation in the insurance-linked securities (ILS) sector, diversity and innovation are becoming essential, which has increased the need for a higher level of board expertise, according to Ocorian Client Director Sherman Taylor in a recent interview with Artemis.