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ARTICLE · 17 APRIL 2025

A Comprehensive Guide To Obtaining Regulatory Approval For Long-Term Block Reinsurance In Bermuda

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The Bermuda Monetary Authority ("BMA") has issued clarifying guidance (the "Notice") on its approach to the prior approval scope and process for new long-term block reinsurance transactions.

BermudaInsurance
Sarah Demerling
Sarah Demerling
Leonie Tear
Leonie Tear
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Key Takeaways

  • The Bermuda Monetary Authority ("BMA") has issued clarifying guidance (the "Notice") on its approach to the prior approval scope and process for new long-term block reinsurance transactions.
  • The Notice, dated 2 April 2025, clarifies the scope of transactions to be included under the prior approval process.
  • The Notice also provides an update regarding the reconciliation of differences between the ceding company's Total Asset Requirement ("TAR") and the Bermuda Economic Balance Sheet ("EBS") TAR.

The BMA encourages insurers to notify their BMA supervisory contacts of any envisaged block transactions that the insurer plans to engage in as early as possible.

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