Home›Insurance›Reinsurance›Bermuda marks 10 years of Solvency II equivalence for…

Bermuda marks 10 years of Solvency II equivalence for reinsurance

Bermuda’s equivalence, secured on Jan. 1, 2016, covers reinsurance plus group solvency and supervision under the EU framework.

Reported · Written up by our desk · Reinsurance

Bermuda is marking a decade of Solvency II equivalence with a new report, Ten Years of Solvency II Equivalence, from the Association of Bermuda Insurers and Reinsurers (ABIR).

The report, produced by ABIR with the Centre for European Policy Studies (CEPS) and the European Capital Markets Institute (ECMI), examines how Bermuda’s commercial reinsurance market supports risk-bearing capacity for European insurers in the European Economic Area, and it arrives as Bermuda marks 10 years since securing full Solvency II equivalence on Jan. 1, 2016.

According to the report, the equivalence status covers reinsurance, group solvency, and group supervision, placing Bermuda among a limited group of non-EU jurisdictions recognized under the European regulatory framework.

Reinsurance News reports ABIR chair Mark Cloutier highlighted the value of Solvency II equivalence for Bermuda’s leading re/insurers, framing it as important to their role in the international market.

More like this

Sources