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Regulated Entities Commemorative Coins
    Regulated Entities Commemorative Coins

    NEWS AND PRESS RELEASES

    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

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    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

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    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

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    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

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    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

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    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

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    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

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    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

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    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

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    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

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    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

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    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

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    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

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    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

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    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

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    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

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    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

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    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

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    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

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    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

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    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

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    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

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    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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    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

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    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

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    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

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    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

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    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

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    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

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