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NEWS AND PRESS RELEASES

22 January 2024

The Bermuda Monetary Authority Publishes Its 2024 Business Plan

HAMILTON, BERMUDA – The Bermuda Monetary Authority (Authority or BMA) released its 2024 Business Plan today.Read More

22 December 2023

Notice - Vesttoo Alpha P&C Fund, LP

HAMILTON, BERMUDA – The Bermuda Monetary Authority (Authority or BMA) has revoked the registration of Vesttoo Alpha P&C Fund, LP (Vesttoo Fund).Read More

18 December 2023

Supervision and Regulation of Private Equity Insurers

There are numerous insurance articles that, while acknowledging the benefits that could be brought by private equity and alternative asset managers, have outlined the risks and potential issues that arise from this parti...Read More

6 December 2023

Toys for Tots Gift Drive

HAMILTON, BERMUDA – A staff gift drive at the Bermuda Monetary Authority (Authority or BMA) has collected more than 100 toys for children benefiting from the annual Toys for Tots programme operated by the charity the Coa...Read More

2 October 2023

Bermuda Monetary Authority Participates in Second Annual Community Day Clean-Up Event

BERMUDA – The Bermuda Monetary Authority (Authority or BMA) participated in its Second Annual Community Day by hosting an Island Wide Clean-Up event on Thursday, 28 September 2023.Read More

2 October 2023

Investor Education and Protection Promoted by the Bermuda Monetary Authority for World Investor Week 2023

HAMILTON, BERMUDA – Today, the Bermuda Monetary Authority (Authority or BMA) launches a week-long online public education campaign aimed at helping investors protect themselves by making informed choices.Read More

24 August 2023

Bermuda Monetary Authority Levies Civil Penalties on Acadia Life Limited

HAMILTON, BERMUDA – The Bermuda Monetary Authority (Authority or BMA) has levied civil penalties totalling $900,000 on Acadia Life Limited (Company), an entity registered by the Authority under the Insurance Act 1978 (In...Read More

24 August 2023

Bermuda Monetary Authority Levies Civil Penalties on Acadia Life International Limited Supervision and Regulation

HAMILTON, BERMUDA – The Bermuda Monetary Authority (Authority or BMA) has levied civil penalties totalling
$100,000 on Acadia Life International Limited (Company), an entity registered by the Authority under the...Read More

18 August 2023

The Bermuda Monetary Authority and White Rock Bermuda Jointly Agree to Take Action to Address Alleged Fraud at Vesttoo

HAMILTON, BERMUDA – The Bermuda Monetary Authority (Authority or BMA) and White Rock Insurance (SAC) Ltd. (White Rock Bermuda) today jointly agreed to a course of action in the Supreme Court of Bermuda that will focus on...Read More

8 August 2023

The BMA Commences Compulsory Winding Up Proceedings with Respect to Vesttoo Alpha P&C Ltd.

HAMILTON, BERMUDA – The Bermuda Monetary Authority (Authority or BMA) issued proceedings in the Supreme Court of Bermuda, Commercial Court jurisdiction, for the appointment of Joint Provisional Liquidators (JPLs) with re...Read More

20 March 2023

Toby Mason Appointed Chief Operating Officer of the Bermuda Monetary Authority

HAMILTON, BERMUDA – The Bermuda Monetary Authority (Authority or BMA) has appointed Toby Mason as the Authority’s next Chief Operating Officer (COO), reporting to Deputy Chief Executive Officer Shanna Lespere.Read More

25 January 2023

The Bermuda Monetary Authority Publishes Its 2023 Business Plan

HAMILTON, BERMUDA – The Bermuda Monetary Authority (Authority or BMA) released its 2023 Business Plan today.Read More

19 December 2022

BMA Donation Drive Brings Comfort to Nursing Home Residents

HAMILTON, BERMUDA – A staff donation drive at the Bermuda Monetary Authority (Authority or BMA) has collected more than 350 items of clothing and supplies for the residents of six government-run nursing homes across the...Read More

6 December 2022

Bermuda (Re)insurers Losses Survey - Hurricane Ian (Florida)

HAMILTON, BERMUDA – Bermuda (re)insurers estimate that they will incur gross claim losses of more than US$13 billion in payments to policyholders and cedants in the United States (US) to cover the damaging effects of Hur...Read More

24 November 2022

The Bermuda Monetary Authority Releases 2021 Captive Report

HAMILTON, BERMUDA – The Bermuda Monetary Authority (Authority or BMA) released the 2021 BMA Captive Report. This report highlights the market results from the 2020 year-end statutory financial returns submitted through t...Read More

9 November 2022

Press Release - Bermuda Monetary Authority Legacy Banknote Campaign

HAMILTON, BERMUDA – Today, the Bermuda Monetary Authority (Authority or BMA) launches its campaign ‘Deposit It or Exchange It’ to remind the public that, from 31 December 2022, they will have one year to deposit or excha...Read More

10 October 2022

Press Release - Bermuda Monetary Authority Participates in First Annual Community Day Clean-up Event

HAMILTON, BERMUDA – The Bermuda Monetary Authority (Authority or BMA) participated in its first Annual Community Day event on Thursday, 6 October 2022. The Authority spent the day cleaning up various parts of the island...Read More

3 October 2022

Press Release - Bermuda Monetary Authority Participates in World Investor Week 2022

HAMILTON, BERMUDA – Today, the Bermuda Monetary Authority (Authority or BMA) launched its participation in the International Organization of Securities Commissions (IOSCO) World Investor Week 2022.Read More

11 August 2022

Press Release - Bermuda Monetary Authority Act 1969 Amended to Expand Bermuda Monetary Authority’s Mandate

HAMILTON, BERMUDA – Bermuda’s Governor has provided assent to a bill to amend the Bermuda Monetary Authority Act 1969 (BMA Act) by adding a principal object to cover matters related to the conduct of business by financia...Read More

9 May 2022

Press Release - Bermuda Monetary Authority Appoints Ricardo Garcia as Managing Director

HAMILTON, BERMUDA – The Bermuda Monetary Authority’s (Authority or BMA) announced today that Ricardo Garcia has recently been appointed Managing Director of the Authority.Read More

2 May 2022

Press Release - BMA Levies Civil Penalties on Conyers Corporate Services Limited

HAMILTON, BERMUDA – The Bermuda Monetary Authority (Authority) has levied civil penalties totalling $981,000 on Conyers Corporate Services (Bermuda) Limited (Company), a local entity licenced under the Corporate Service...Read More

2 May 2022

Press Release - BMA Levies Civil Penalties on Conyers Trust Company (Bermuda) Limited

HAMILTON, BERMUDA – The Bermuda Monetary Authority (Authority) has levied civil penalties totalling $1,118,500 on Conyers Trust Company (Bermuda) Limited (Company), a local entity licensed under the Trusts (Regulation of...Read More

20 April 2022

Press Release - BMA Appoints Shanna Lespere to a new permanent post of DCEO

HAMILTON, BERMUDA – The Bermuda Monetary Authority’s (Authority or BMA) Board of Directors (Board) announced today that Shanna Lespere has been appointed to the new permanent Deputy Chief Executive Officer (Deputy CEO) p...Read More

8 March 2022

Press Release - Fraudulent E-Mail

HAMILTON, BERMUDA – On Tuesday 8 March 2022, the Bermuda Monetary Authority (Authority or BMA) was made aware of a fraudulent e-mail targeted at Bermuda’s financial services entities which falsely gives that appearance o...Read More

2 February 2022

Press Release - Bermuda Monetary Authority Cancels Insurance Registration of Signify Insurance Ltd.

HAMILTON, BERMUDA – The Bermuda Monetary Authority (Authority or BMA) has cancelled the insurance registration of Signify Insurance Ltd. (Company), a Class 1 insurer, for breaches of the Insurance Act 1978 (Insurance Act...Read More

2 February 2022

Press Release - BMA Issues Order of Prohibition

HAMILTON, BERMUDA – The Bermuda Monetary Authority (Authority or BMA), exercising its powers pursuant to the provisions of Section 32H of the Insurance Act 1978 (Insurance Act) has issued an order of prohibition against...Read More

17 January 2022

Press Release - BMA Business Plan - 2022

HAMILTON, BERMUDA – Today, the Bermuda Monetary Authority (Authority or BMA) released its 2022 Business Plan. The document synopsises the Authority’s objectives and initiatives for the year ahead.Read More

16 December 2021

Press Release - Bermuda Reinsurers Losses Survey - Hurricane Ida

HAMILTON, BERMUDA – Bermuda (re)insurers estimate that they will incur gross claim losses of US$6 billion as payments to United States (US) policyholders and cedants to cover the damaging effects of Hurricane Ida, which...Read More

16 December 2021

BMA Holiday Hours

Please be advised that the BMA will be closed from 3 p.m. on Friday, 24 December 2021 and will resume operations on Wednesday, 29 December 2021 at 8:30 a.m. The BMA will also be closed on Monday, 3 January, 2022 to obser...Read More

15 November 2021

Press Release - BMA Chief Actuary Appointed to IAIS Executive Committee

HAMILTON, BERMUDA – The Bermuda Monetary Authority (Authority or BMA) announced today that
Chief Actuary, Ricardo Garcia, who also serves as Vice-Chair of the International Association of Insurance
Supervis...Read More

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