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ARTICLE · 15 MARCH 2016

Bermuda's Competitive Insurance Advantage

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Bermuda's (Re)Insurance sector has experienced several notable developments over the past year.

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BERMUDA'S (RE)INSURANCE SECTOR HAS EXPERIENCED several notable developments over the past year. Among these are the advent of Solvency II and its impact on the reinsurance sector, the status of the captive industry, the continuing growth of the alternative reinsurance market, and insurance-linked securities (ILS). In addition, hedge fund backed reinsurers and finally, the potential rise of the life and longevity reinsurance market – a space with potential to show the most growth over the next year – have been of particular interest.

Solvency II

After over six hard years of effort by the commercial and regulatory sectors on the Island, Bermuda was awarded full Solvency II equivalence by the European Commission in early December 2015, meaning the Island is now subject to a full Solvency II regulatory regime – second only to Switzerland in receiving such an endorsement.

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