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NEWS AND PRESS RELEASES

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

22 November 2022

Press Release - Bermuda Monetary Authority Cancels Registration of HBC Management Limited

HAMILTON, BERMUDA – The Bermuda Monetary Authority (Authority) has cancelled the registration of HBC Management Limited (Company). The Company was registered as a non-licensed person (NLP) on 20 November 2019 under the...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

4 November 2021

Press Release - BMA Releases 2020 Captive Report

The Bermuda Monetary Authority (Authority or BMA) released the 2020 BMA Captive Report today. This report highlights the market results from the 2019 year-end statutory financial returns by general business captive insur...Read More

11 October 2021

Press Release - BMA Announces New BTCSI Director

HAMILTON, BERMUDA – The Bermuda Monetary Authority (Authority or BMA) announced today that Ashley Kibblewhite has been appointed as the Director of its Banking, Trust, Corporate Services and Investments (BTCSI) Departmen...Read More

4 October 2021

World Investor Week 2021

Frauds and Scams Prevention
A smart investor:
Avoids “get rich quick” and “can't lose” schemes; if it looks too good to be true, it probably isRead More

1 October 2021

Press Release - BMA Welcomes New CEO and New Chairman of the Board of Directors

HAMILTON, BERMUDA – The Bermuda Monetary Authority (Authority or BMA) today welcomes Craig
Swan and Donald Scott as they step into their new roles as Chief Executive Officer (CEO) and Chairman of the
Board...Read More

29 September 2021

Press Release - In Memoriam Virtual Board Available Following the Passing of Marcia Woolridge-Allwood

HAMILTON, BERMUDA – Deeply saddened by the passing of Senior Advisor Marcia Woolridge-Allwood, the Bermuda Monetary Authority (Authority or BMA) has provided an avenue for the financial services industry and associated o...Read More

9 September 2021

Press Release - Bermuda Reinsurers Claim Payments to UK Policyholders

HAMILTON, BERMUDA – The Bermuda Monetary Authority (Authority or BMA) completed its United Kingdom (UK) Data Claim Survey in June 2021, with the data showing that, during the five-year period from 2016 to 2020, Bermuda (...Read More

7 September 2021

Press Release - Think Markets Think Capital Limited

The Bermuda Monetary Authority (Authority or BMA) is aware that ThinkMarkets issued a press release on 17 August 2021 in which it falsely claimed to have a licence issued by the Bermuda Monetary Authority.Read More

23 August 2021

Press Release - United States Remains Bermuda’s Biggest (Re)insurance Partner

HAMILTON, BERMUDA – Bermuda (re)insurers paid out US$209.6 billion to United States (US) policyholders and cedants for large catastrophes, property and casualty losses and life insurance claims during the five-year perio...Read More

18 August 2021

Press Release - Bermuda (Re)insurers Paid $30 Billion to European Union Customers Since 2016

HAMILTON, BERMUDA – Bermuda (re)insurers paid out US$29.3 billion to European Union (EU) policyholders and cedants for property and casualty losses and life insurance claims during the five-year period from 2016 to 2020....Read More

12 August 2021

Press Release - Bermuda Monetary Authority Fines Allianz Life Bermuda Limited

HAMILTON, BERMUDA – The Bermuda Monetary Authority (Authority) has imposed civil penalties totalling $1,700,000 on ALLIANZ LIFE BERMUDA LIMITED (Company) pursuant to sections 20 and 24A of the Proceeds of Crime (Anti-Mon...Read More

23 July 2021

Bermuda Reinsurers Provide Relief to US Customers - Texas Winter Storm Uri

HAMILTON, BERMUDA – Bermuda (re)insurers have estimated that they will incur gross claim losses of US$2.7 billion as payments to United States policyholders/cedants to cover the damaging effects of Winter Storm Uri, whic...Read More

20 July 2021

Press Release - BMA Announces Appointment of New Chairman

HAMILTON, BERMUDA – The Bermuda Monetary Authority (Authority or BMA) has announced that the Authority’s Deputy
Chairman, Mr. Donald Scott, has been appointed by the Minister of Finance (Minister) to serve as Chai...Read More

15 June 2021

Public Warning - Fraudulent Cheques

The Bermuda Monetary Authority (the Authority) is aware that fraudulent cheques have been created in the United States which falsely appear to have been issued from a US bank account operated by the Authority. The Author...Read More

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