Bermuda Insurance Update - July 2016
The first half of 2016 has been a significant period for the Bermuda insurance sector.
The enhanced regulatory status of Solvency II has proven beneficial. Major insurance groups have started seeking approval for the Bermuda Monetary Authority to serve as the group supervisor under the Solvency II regime. In particular, XL Group plc announced that it will be redomiciling its parent company from Ireland to Bermuda. This is on the heels of last year’s new commercial insurer formations and Qatar Reinsurance’s redomicile to Bermuda. Looking ahead to the next six months of the year, we anticipate a continued increase in activity in the formation and licensing of new commercial insurers, as well as a rise in ILS activity with the formation of new cat bond issuers.
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