Welcoming address from Bermuda Development Agency on occasion of joint reception at British Embassy Minsk


Welcoming address (re. BDA/Bermuda)

Good day, and a very warm welcome to you. We are excited to be part of this joint effort to support and stimulate bilateral trade relationships with Belarus, and the Central and Eastern Europe region as a whole.

Specifically, we’d like to speak on behalf of Bermuda and its Business Development Agency (the “BDA”). Bermuda is a British Overseas Territory. It is also a highly respected and sophisticated financial centre that welcomes business from around the world – including this region.


India explores catastrophe bonds for nuclear liability issue


According to newspaper reports the Indian government has been considering a catastrophe bond type structure, possibly combined with a sovereign guarantee, in order to overcome a fear foreign suppliers have over its nuclear liability laws.

The issue has come to the fore as a deal on nuclear power development between India and the U.S. is looking at risk due to foreign suppliers fear over a strict liability law that India introduced.


Falling empire? London must face up to the changing world


The market’s obsession with its position in the world does it credit and suggests a real willingness to transform and develop to meet the global challenges of the 21st century.

“If it ain’t broke, don’t fix it” is a reasonable maxim for business, as well as football teams, but the best time to consider a change can often be when things are going well, rather than after they have started to slide. It is in this spirit the London market finds itself gripped by a bout of existential, end-of-empire navel-gazing, questioning its very role in the modern world.

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Axa targets capital markets for EUR100mn agg layer


Axa targeted capital market reinsurers for a new EUR 100mn aggregate cover that it placed at 1 January, in an example of increased demand for protection against multiple catastrophe events, Trading Risk understands.

The cover will trigger on losses in excess of EUR325mn, with a EUR25mn minimum threshold and EUR150mn maximum cap on claims that can be counted in the aggregate tally.

US Departmrnt of State

United States Department of State report puts Bermuda in lowest risk category for money laundering


As economic crises unfold around the World, major onshore country jurisdictions are casting a critical eye on the degree and types of regulation that exist in offshore jurisdictions. Often, blanket statements that lump all offshore jurisdictions are being made and ignore the concerted effort that Bermuda has made to be transparent and appropriate in legislating and regulating the financial services industry.

Bermuda has a long-standing tradition of consultative practice and supportive spirit between Government, the Bermuda monetary Authority and international business when introducing or updating financial services legislation. This system has resulted in official endorsement of the Island’s strong standing in a wide variety of legislative arenas.


Growth shows ILS’ increasing acceptance as alternative asset: Munich Re


The continued and accelerating growth of the insurance-linked securities (ILS) and catastrophe bond market demonstrates the increasing acceptance of ILS as an alternative asset class, according to the world’s largest reinsurer Munich Re.

Reinsurance firm Munich Re’s Risk Trading unit, which assist Munich Re clients to access the capital markets and ILS structures, while also providing capital market support for the reinsurers own retrocession needs, has published its latest report on the ILS market.


Catastrophe insured losses 38% below average in 2014: Aon Benfield


Throughout 2014 a total of 258 natural disasters or catastrophes struck globally, causing total insured losses of $39 billion, a significant 38% dip below the ten-year average of $63 billion, according to Aon Benfield’s Impact Forecasting unit.

Reinsurance broker Aon Benfield’s catastrophe model development and review team, Impact Forecasting, has released its 2014 Annual Global Climate and Catastrophe Report.


Beale: Lloyd’s must turn to high growth economies for opportunities


In a speech at in the Old Library at Lloyd’s today, Lloyd’s chief outlined her resolutions for 2015.

The London Market is at a “crossroads” and needs to form deeper commercial ties with high growth economies in order tap into the business of the future,  Inga Beale, chief executive of Lloyd’s of London, said today.

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