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ARTICLE · 16 MARCH 2017

Bermuda Insurance Update - 2016 Year In Review

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The Bermuda insurance and reinsurance sector enjoyed a vibrant 2016, despite markets globally remaining relatively flat.

BermudaInsurance
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Sophia Greaves
Sophia Greaves
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 The Bermuda insurance and reinsurance sector enjoyed a vibrant 2016, despite markets globally remaining relatively flat.

A.M. Best has reported that the global operating environment remains negative. Factors such as low rates, broader terms and conditions, the unsustainable flow of net favourable loss development and low investment yields are expected to continue to limit risk-adjusted returns over the longer term.

The Bermuda Market

Disruptions in global markets have often led to important industry developments in Bermuda, and 2016 was no exception.

One of the Island's key advantages in this arena is its sophisticated level of sensible yet firm regulation.

The grant of full equivalence with Solvency II by the European Parliament and Council came into force on 26 March 2016 (effective as of 1 January 2016). As a result, Bermuda's commercial reinsurers are considered by all European Member States as applying an equivalent reinsurance regime in accordance

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