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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 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.