February 19, 2018

Bermuda regulator seeks expanded ILS disclosures

The Bermuda Monetary Authority (BMA) has asked local alternative reinsurance operators to disclose a detailed schedule of contracts written and losses incurred, including within loss-struck 2017 portfolios.

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

This covers collateralised reinsurers, sidecars and cat bond vehicles among others. Local reinsurers must provide the disclosure for the 2017 year-end and future years.

Carriers have been asked to disclose…

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