Insight and Intelligence on the London & International Insurance Markets 18 Mar 2018

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BMA criticised for lack of consultation over ILS requirements

  • Lucy Jones 27 February 2018
  • The Bermuda Monetary Authority (BMA) has been criticised for demanding new disclosures from local alternative reinsurance operators without sufficient consultation with involved parties.

    Carriers registered in Bermuda have been asked to disclose a range of details for each deal written within an alternative structure, including limits exposed, premium income, losses incurred and collateral reserves.

    The new "alternative capital schedule" must be filed by all (re)insurers operating an alternative capital structure financed by any mechanism other than equity.

    Horseshoe CEO Andre...

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