BMA’s Byrne joins IAIS financial crimes task force

ORIGINAL PUBLICATION HERE

The Bermuda Monetary Authority’s (BMA) chief enforcement officer Garrett Byrne has been appointed vice chair of the International Association of Insurance Supervisors’ (IAIS) Financial Crime Task Force (FCTF).

The IAIS is a global standard setting body which promotes effective and globally consistent supervision of the insurance industry. The FCTF is comprised of representatives with experience in policy and/or supervisory measures to combat financial crime from the likes of the US, Brazil, Canada, France, Germany, Switzerland and Singapore. The group meets four times a year and convened for the first time in Bermuda in March 2018.

Bermuda ILS – Progress in leaps and bounds

ORIGINAL PUBLICATION HERE

Sponsors and investors showed continued interest in ILS last year, with record-breaking issuance and over $12 billion of new capital brought to market, and the Bermuda Stock Exchange reinforced its position as the ILS listing venue of choice, as BSX president and CEO, and chairman of ILS Bermuda, Greg Wojciechowski explains.

In 2017, Bermuda issued 24 special purpose insurers (SPIs) with reinsurance exposure consisting primarily of cat bonds, collateralised reinsurance and sidecars.

New insurance-linked securities (ILS) listings on the Bermuda Stock Exchange (BSX) totalled 103 securities for the year with a nominal value of $11.54 billion. This represents a 69 percent increase in the number of new securities listed in the year and an 87 percent increase in the nominal value.

Progress in leaps and bounds

ORIGINAL PUBLICATION HERE

Sponsors and investors showed continued interest in ILS last year, with record-breaking issuance and over $12 billion of new capital brought to market, and the Bermuda Stock Exchange reinforced its position as the ILS listing venue of choice, as BSX president and CEO, and chairman of ILS Bermuda, Greg Wojciechowski explains.

In 2017, Bermuda issued 24 special purpose insurers (SPIs) with reinsurance exposure consisting primarily of cat bonds, collateralised reinsurance and sidecars.

New insurance-linked securities (ILS) listings on the Bermuda Stock Exchange (BSX) totalled 103 securities for the year with a nominal value of $11.54 billion. This represents a 69 percent increase in the number of new securities listed in the year and an 87 percent increase in the nominal value.

Bermuda becomes first UK Overseas Territory to sign landmark agreements with US and UK

ORIGINAL PUBLICATION HERE

Bermuda has become the first UK Overseas Territory to sign Country-by-Country Competent Authority Agreements with the UK and US. Both recent agreements comply with OECD Base Erosion and Profit Shifting (BEPS) tax-transparency standards.

The agreement with the US means Bermuda will provide corporate income data relating to Bermuda-based multinationals that generate US income. It is designed to complement Bermuda’s other automatic exchange of information agreement with the US, signed in 2013 and designed to give access to income information on US taxpayers under the Foreign Account Tax Compliance Act.

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Insurance Day CEE Special Report: Q&A Coming to terms with Bermuda

ID_logoORIGINAL PUBLICATION HERE (PAGE 7) OR ENTIRE ARTICLE HERE

Kirill Savrassov, senior vice-president and chief executive of Phoenix CRetro Reinsurance Company, discusses the blacklisting of Bermuda by central banks and regulators in the CEE region.

In terms of Phoenix CRetro business in central and eastern Europe and Commonwealth of Independent State region, one important issue keeps raising its head – Bermuda

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Bermuda:Re+ILS: CEE regulators still blacklisting Bermuda

Bermuda Re logoORIGINAL PUBLICATION HERE

Regulators and banks in Central Eastern Europe (CEE) are continuing to blacklist Bermuda, meaning that insurers in the region are unable to make the most of Bermuda’s vast offering. 

“The general attitude of central banks and regulators in CEE is a misunderstanding of Bermuda. Despite being the first offshore territory to be taken off the blacklist and having bilateral agreements with a number of markets, many banks and regulators do not want insurers working with companies based on Bermuda,” said Kirill Savrassov, chief executive officer of Phoenix CRetro Reinsurance Company. 

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Insurance Day Baden-Baden Special Report: Eastern European reinsurers poised to provide $100m retro capacity in wake of new licence

ID_logoORIGINAL PUBLICATION (PAGE 10) HERE. PREVIOUS ARTICLE ON THE TOPIC HERE 

By Kirill Savrassov, CEO, Phoenix CRetro

The granting of a special license to the Ukrainian insurance company, Brokbusiness, by the National Bank of Ukraine (NBoU) to post collateral abroad represents the culmination of developments in both the global catastrophe reinsurance markets and the local insurance markets in the central and eastern Europe (CEE) and Commonwealth of Independent States (CIS) regions. It is envisaged this will enable regional companies to provide around $100m retrocession capacity to the global insurance market by insurers in the CEE region over the course of the next three to five years.

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xprimm: CEE insurer gets first licence to post collateral abroad

xprimmcom_TEXT NOUORIGINAL PUBLICATION HERE 

The National Bank of Ukraine has granted the first license permitting a domestic insurer to post collateral in a bank outside of the Central and Eastern Europe (CEE) region.

Ukrainian insurer Brokbusiness was given approval to post collateral directly into a designated Western bank as part of its retro reinsurance capacity provision.

It was assisted by strategic partner Phoenix CRetro, a Bermuda-based retrocession carrier. Read the full story

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A.M. Best publishes new re/insurance transformer rating criteria

artemisORIGINAL PUBLICATION HERE 

Insurance and reinsurance rating agency A.M. Best has now published the final version of its insurance-linked securities (ILS) market focused criteria report titled “Rating Reinsurance/Insurance Transformer Vehicles.”

A draft version of the report was published at the beginning of August, as we wrote at the time, with a 30 day consultation period available for any market participants who wanted to comment, question or contribute to the thinking behind this criteria.

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Insurance Insider: CEE insurer gets first licence to post collateral abroad

ins insider whiteORIGINAL PUBLICATION HERE 

The National Bank of Ukraine has granted the first licence permitting a domestic insurer to post collateral in a bank outside of the Central and Eastern Europe (CEE) region.

Ukrainian insurer Brokbusiness was given approval to post collateral directly into a designated Western bank as part of its retro reinsurance capacity provision.

It was assisted by strategic partner Phoenix CRetro, a Bermuda-based retrocession carrier.