ILS Governance In Bermuda (Video)

Senior executives from Bermuda's reinsurance market gathered in Monte Carlo to discuss the industry's current state and future challenges. While the market remains profitable with strong capital positions, participants debated whether underwriting discipline can be maintained amid softening rates and the pressure to deploy excess capital. The roundtable also explored emerging opportunities in complex risks like data centres, casualty ILS, and cyber insurance.

The Bermuda Monetary Authority has introduced a new Police Clearance Certificate requirement for Key Persons of regulated financial institutions, effective October 2026. This regulatory change strengthens vetting processes and aligns Bermuda with international standards by requiring additional criminal history documentation during approval processes. In-scope insurers must now navigate new compliance obligations for controllers, officers, and other designated Key Persons.

Bermuda's managing general agent market is evolving rapidly as capacity providers demand better governance, aligned incentives, and transparent oversight. With regulatory scrutiny intensifying and new capital structures emerging, the island's sophisticated infrastructure positions it uniquely to accommodate the next generation of MGA platforms that combine specialist underwriting expertise with dedicated capital vehicles.

The catastrophe bond market has officially broken records in H1 2026, with the highest number of deals settling in the first six months of any year.

Bermuda has emerged as the dominant global hub for life and annuity reinsurance, now holding over $900 billion in US life and annuity liabilities and accounting for 84% of all US reserves ceded offshore. This analysis examines how the island's sophisticated regulatory framework, purpose-built infrastructure, and commercially engaged regulator have created a structural advantage that extends beyond its traditional catastrophe reinsurance roots into long-dated life business from the US, UK, and Asia.

The Bermuda Captive Conference brought together industry leaders to explore innovation in captive insurance structures, regulatory developments, and the evolving risk landscape.

Group captive insurers offer organisations a collaborative approach to risk financing by pooling capital, diversifying risk, and leveraging collective purchasing power.

Legal teams care about structure, disclosure and enforceability; capital teams care about classification, diversification and solvency treatment; actuarial teams care about cash-flow behaviour...

Bermuda insurers face complex regulatory requirements when establishing outsourcing arrangements, requiring careful attention to governance frameworks, risk management protocols, and ongoing oversight obligations.

It’s been an exceptionally busy start to the year for the catastrophe bond sector, with Q1’26 officially becoming the second highest Q1 on record...

The Central Bank of Ireland (the “Central Bank”) has published a thematic assessment report (the “Report”) following a review of the implementation of key aspects of the Fitness and Probity regime (the “F&P Regime”) in the MiFID investment firm sector.

A key operational change to CRS is the new requirement for a Cayman Islands Financial Institution (each an “FI”) to appoint a Principal Point of Contact (“PPoC”) that is resident in the Cayman Islands. Where the PPoC of an FI is not currently resident in the Cayman Islands, the FI is required to appoint a Cayman Islands-based PPoC and notify the Department for International Tax Cooperation (“DITC”) by 31 January 2027.

The Cayman Islands has updated its Common Reporting Standard (“CRS”) framework, and most new requirements came into effect from 1 January 2026. This client update provides an overview of the changes and how the Maples Group can assist.

The Cayman Islands and the British Virgin Islands (“BVI”) occupy a leading position in the global investment funds landscape.

Effective as of 1 January 2026, an update to the Common Reporting Standard, or CRS, requires that financial institutions based in the Cayman Islands have a Principal Point of Contact, or “PPOC”, that has a physical presence within the jurisdiction.

On 24 July 2026, China's Ministry of Finance and State Taxation Administration jointly issued the Announcement on Individual Income Tax Matters Relating to Offshore Trusts (《财政部 税务总局关于离岸信托个人所 得税有关事项的公告》) (Announcement No. 21 of 2026) (the "Notice"), together with a companion Announcement of the State Taxation Administration on Collection and Administration Matters Relating to Individual Income Tax on Offshore Trusts...

The legislative framework governing agency workers in Ireland, the Protection of Employees (Temporary Agency Work) Act 2012 (the “2012 Act”) has been in place for almost 15 years but continues to be an area that generates questions...

The Cayman Islands Government has announced 1 the Cayman Islands has submitted an application to the US National Association of Insurance Commissioners (“NAIC”) for Qualified Jurisdiction Status (“QJS”).

The UK Consumer Composite Investments (“CCI”) regime introduces a new disclosure framework for investment products made available to UK retail investors.

CIMA’s new AML and sanctions Rules introduce enhanced compliance requirements for Cayman Islands regulated entities, including private funds and mutual funds. This guide summarises the key obligations, compliance considerations and action items for CIMA registered funds ahead of the 18 September 2026 implementation date.