Bermuda Monetary Authority

BDA Organises Tech Focused Business Development Mission to Israel

Retrieved on: 
Thursday, August 31, 2023
Professional Services, Business, Vacation, Cruise, Other Travel, Start-Up, Destinations, Small Business, Travel, Outsourcing Business, Other Professional Services, Tourist Attractions, Consulting, Insurance, Partnership, Investment, Fintech, Innovation, BDA, Entrepreneurship, Economic development, Artificial intelligence, Consumer, Bermuda Monetary Authority, Medtech

The Bermuda Business Development Agency (BDA) has organised a business development mission to the InsurTech Israel Global Summit in Tel Aviv from September 4-7.

Key Points: 
  • The Bermuda Business Development Agency (BDA) has organised a business development mission to the InsurTech Israel Global Summit in Tel Aviv from September 4-7.
  • The BDA selected Israel as a business development destination due to its strength as a global hub for InsurTech, as well as its booming and internationally recognised technology and venture capital sectors.
  • David Hart, CEO, BDA said, “We are honoured to participate in the Insurtech Israel Global Summit.
  • Israel is often referred to as the ‘start-up nation,’ and the BDA has organised several business development meetings with high value prospective Bermuda market entrants in Tel Aviv next week.

Credora Obtains Bermuda Digital Asset Business License

Retrieved on: 
Monday, August 28, 2023
Learning, Walkers (law firm), Class, Bermuda Monetary Authority, BMA, Risk management, Multimedia, Entrepreneurship, MSB, Bermuda, Environment, Security (finance)

NEW YORK, Aug. 28, 2023 /PRNewswire/ -- Credora, the lending and credit intelligence infrastructure provider, today announced that it has received a Bermuda Class M Digital Asset Business License. Bermuda is a leader in the digital asset space and has a clear regulatory framework for varying types of digital asset businesses. The Class M License provides the optimal environment for new and innovative models seeking regulatory guidance. 

Key Points: 
  • Credora announces plans to provide collateralized agency lending through newly licensed Bermuda subsidiary, expanding marketplace offering for institutions
    NEW YORK, Aug. 28, 2023 /PRNewswire/ -- Credora, the lending and credit intelligence infrastructure provider, today announced that it has received a Bermuda Class M Digital Asset Business License.
  • Bermuda is a leader in the digital asset space and has a clear regulatory framework for varying types of digital asset businesses.
  • Through the license, Credora plans to serve a larger global customer base and extend the company's regulated presence, which includes existing Credora subsidiary MSB registrations in Canada.
  • Although it has been a challenging environment for digital asset lending, we value the BMA's support for more transparent business models, and shared interest in making digital asset lending more secure for all participants."

Aegon publishes agenda for Extraordinary General Meetings on September 29 and September 30, 2023

Retrieved on: 
Thursday, August 17, 2023
Aegon N.V., BMA, Bermuda Monetary Authority, Mass meeting, E-GMS, Documentation, EGM, Aegon, Agenda, Security (finance), The Hague

The Hague, August 17, 2023 - Today, Aegon N.V. has published the Agenda and Shareholder Circular for its two upcoming Extraordinary General Meetings of Shareholders (EGM) on September 29 and September 30, 2023.

Key Points: 
  • The Hague, August 17, 2023 - Today, Aegon N.V. has published the Agenda and Shareholder Circular for its two upcoming Extraordinary General Meetings of Shareholders (EGM) on September 29 and September 30, 2023.
  • As announced on June 30, 2023, the Bermuda Monetary Authority (BMA) informed Aegon that the BMA would become its group supervisor if Aegon were to transfer its legal seat to Bermuda.
  • The purpose of the EGMs is to, therefore, approve the decision to move Aegon’s legal seat to Bermuda to facilitate the transfer of Aegon’s group supervision.
  • The first EGM will be held at 09:30 CET on September 29 at Aegon N.V.'s head office in The Hague, the Netherlands.

BDA’s Fifth Annual Bermuda Tech Summit To Be Held October 8-10

Retrieved on: 
Monday, August 14, 2023
Professional Services, Business, Thought Leadership, Other Professional Services, Finance, Consulting, Hub Culture, Panel, Partnership, Office of the Privacy Commissioner for Personal Data, One Communications, Data science, Scale Venture Partners, BMA, Insurance, Senior advisor, Buy, Silver, Privacy, Carbon, Hamilton Princess & Beach Club, Ministry, BDA, Demographics of Bermuda, Ministry of Economy (Spain), Gold, Economic development, Artificial intelligence, Continuity, Entrepreneurship, Blue economy, KPMG, Privacy Commissioner, Investment, Bermuda Monetary Authority, Sewage treatment, Cryptocurrency, Nalu, Fintech

The fifth annual Bermuda Tech Summit, presented by the Bermuda Business Development Agency (BDA), will be held from October 8-10, with the theme ‘Building a Foundation for the Future’.

Key Points: 
  • The fifth annual Bermuda Tech Summit, presented by the Bermuda Business Development Agency (BDA), will be held from October 8-10, with the theme ‘Building a Foundation for the Future’.
  • Additional topics will include climate tech, data privacy, carbon credit trading platforms, and pioneering digital assets.
  • The Bermuda Tech Summit, presented by the BDA is the signature event of the annual ‘Bermuda Tech Week’ being held from October 7-13 – stay tuned for more information about Bermuda Tech Week events in coming weeks.
  • An independent, public-private partnership, we connect you to industry professionals, regulatory officials, and key contacts in the Bermuda government to assist domicile decisions.

Insurtech Start-Up Breach Launches Carrier, Raises Investment Round Led by RW3 and LightShed Ventures

Retrieved on: 
Friday, June 16, 2023
Insurance, RW3, Professionalization, Bermuda Monetary Authority, BMA, General partnership, MGA, Ecosystem, Fintech, API, Bermuda, Cryptocurrency, Breach

Breach was created with a mission to make crypto safer by creating net new insurance capacity and innovative insurance products.

Key Points: 
  • Breach was created with a mission to make crypto safer by creating net new insurance capacity and innovative insurance products.
  • There is a significant underwriting and actuarial gap for custom insurance solutions that the company is solving for with its expanded offering.
  • In support of Breach's expansion as a global insurer, the company also raised a fresh round of funding led by RW3 and LightShed Ventures, with participation from Raptor, Foundation Capital, Road Capital, Republic Capital, and Alumni Ventures.
  • Joe Bruzzesi, General Partner at RW3 and ex-BitGo head of Americas, was the deal lead for RW3 in the round.

Monument Re Completes Acquisition of Portfolio From Federale Verzekering

Retrieved on: 
Wednesday, August 2, 2023
Professional Services, Insurance, Finance, National Bank of Belgium, Bermuda Monetary Authority, National bank, Acquisition, Isle, Federale, Monument

Monument Re announced today that its Belgian subsidiary Monument Assurance Belgium has completed the acquisition of a run-off block of retail life policies, annuities and associated assets from Federale Verzekering (“Federale”).

Key Points: 
  • Monument Re announced today that its Belgian subsidiary Monument Assurance Belgium has completed the acquisition of a run-off block of retail life policies, annuities and associated assets from Federale Verzekering (“Federale”).
  • Monument Assurance Belgium is a member of the Monument Re Group and has established itself as the leading consolidator of life insurance and pension portfolios in Belgium.
  • Monument Re Limited is a life insurance reinsurer and insurance holding company with a proven track record in acquiring capital-intensive European portfolios.
  • Each entity is subject to local regulation and Monument Re is subject to Group Supervision by the Bermuda Monetary Authority.

Enact Reports Second Quarter 2023 Results

Retrieved on: 
Tuesday, August 1, 2023
Transfer, Insurance, Share repurchase, Fannie Mae, NIW, Persistent, bioaccumulative and toxic substances, Fitch, Delinquent, Genworth Financial, BBB, Freddie Mac, Webcast, Fitch Ratings, Growth, Bermuda, Bermuda Monetary Authority, GSE, Video game, Security (finance), Reinsurance, Bank, Holding company

RALEIGH, N.C., Aug. 01, 2023 (GLOBE NEWSWIRE) -- Enact Holdings, Inc. (Nasdaq: ACT) today announced financial results for the second quarter of 2023.

Key Points: 
  • Net earned premium yield was down from the first quarter of 2023 and the second quarter of 2022, as a result of the continued lapse of older, higher priced policies and lower single premium cancellations as compared to the second quarter of 2022.
  • Losses incurred for the second quarter of 2023 were $(4) million and the loss ratio was (2)%, compared to $(11) million and (5)%, respectively, in the first quarter of 2023 and $(62) million and (26)%, respectively, in the second quarter of 2022.
  • This compares to first quarter 2023 results of 16.8% and 16.7%, respectively, and to second quarter 2022 results of 20.1% and 20.2%, respectively.
  • Enact will discuss second quarter financial results in a conference call tomorrow, Wednesday, August 2, 2023, at 8:00 a.m. (Eastern).

Prudential Financial to Reinsure $12.5B Guaranteed Universal Life Block with Somerset Re

Retrieved on: 
Monday, July 24, 2023
Banking, Professional Services, Insurance, Finance, LLP, PRU, Bermuda Monetary Authority, PGIM, Risk management, Prudential Financial, RBC Capital Markets, Wells Fargo, Willkie Farr & Gallagher, Prudential, Bermuda, NYSE, Financial services

Prudential Financial, Inc. ( NYSE: PRU ) announced today an agreement to reinsure a portion of its guaranteed universal life block with Somerset Re, resulting in approximately $450 million of proceeds.1

Key Points: 
  • Prudential Financial, Inc. ( NYSE: PRU ) announced today an agreement to reinsure a portion of its guaranteed universal life block with Somerset Re, resulting in approximately $450 million of proceeds.1
    Under the terms of the agreement, Somerset Re will reinsure approximately $12.5 billion of reserves backing Prudential’s guaranteed universal life policies issued by Pruco Life Insurance Company and Pruco Life Insurance Company of New Jersey.
  • This transaction, covering policies written prior to 2015, represents approximately one-third of Prudential’s total guaranteed universal life statutory reserves.
  • “This transaction marks another significant milestone in our efforts to reduce market sensitivity and increase capital flexibility,” said Charles Lowrey, chairman and CEO of Prudential Financial.
  • Mayer Brown LLP served as legal counsel to Somerset Re for the transaction, and RBC Capital Markets advised Somerset Re.

Aegon’s group supervision to transfer from Dutch Central Bank to Bermuda Monetary Authority

Retrieved on: 
Friday, June 30, 2023
Insurance, European Insurance and Occupational Pensions Authority, EIOPA, Capital market, Bermuda Monetary Authority, BMA, Aegon N.V., Central bank, Commonwealth of Australia (US securities entity), EGM, DNB, Solvency, Cyprus Securities and Exchange Commission, NAIC, Share repurchase, Dirección General de Seguros y Fondos de Pensiones, EUR, F-4, Euronext Amsterdam, Form, Holding, Insurance commissioner, Pension, NYSE, Security (finance), Cryptocurrency, Management, Bank, EU, Aegon

Consequently, group supervision to move from the Dutch Central Bank (DNB) to the Bermuda Monetary Authority (BMA)

Key Points: 
  • Consequently, group supervision to move from the Dutch Central Bank (DNB) to the Bermuda Monetary Authority (BMA)
    The Hague, June 30, 2023 - Aegon today announces that it intends to move its legal seat to Bermuda.
  • Subsequently, Aegon’s group supervision will transfer from the DNB to the BMA.
  • “I welcome the transfer of group supervision from the DNB to the BMA,” said Lard Friese, Aegon’s CEO.
  • The BMA will assume the role of group supervisor following the transfer of Aegon’s legal domicile.

Milliman wins InsuranceERM Americas Award for its comprehensive SaaS actuarial modeling and reporting solution

Retrieved on: 
Friday, June 16, 2023
BMA, Miss America award winners, Milliman, Life, Risk management, Integration, Bermuda, Financial services, Workflow, Bermuda Monetary Authority, Audit, Insurance

SEATTLE, June 16, 2023 /PRNewswire/ -- Milliman, Inc., the premier global consulting and actuarial firm, is pleased to announce the firm has won the InsuranceERM Americas Awards 2023 for its transformative cloud-based actuarial modeling and reporting platform, Milliman Integrate®.

Key Points: 
  • SEATTLE, June 16, 2023 /PRNewswire/ -- Milliman, Inc., the premier global consulting and actuarial firm, is pleased to announce the firm has won the InsuranceERM Americas Awards 2023 for its transformative cloud-based actuarial modeling and reporting platform, Milliman Integrate®.
  • Milliman is proud to be recognized for the breadth and depth of its actuarial, risk management and technology expertise
    InsuranceERM judges recognize the best risk management, actuarial and risk modeling practices, and leading service and technology providers in the Americas.
  • Milliman won an InsuranceERM award earlier this year for Integrate's capabilities helping insurers meet the Bermuda Monetary Authority's (BMA) regulatory reporting regime.
  • The comprehensive solution brings together capabilities and scale, while giving actuaries access to tools that integrate data, calculations, reporting, data exploration and visualization, workflow, governance, and more.