ROBUST AND PRAGMATIC I


Craig Swan of the BMA outlines the key achievements the Island has made in the regulatory sphere, as Bermuda continues to stride ahead.


8 Bermuda Finance | 2014


t has been another very busy year here at the Bermuda Monetary Authority (BMA). However, before I begin to itemise specifi c regulatory activities relating to our banking, investment and insurance sectors, I would like to present a summary of some of our most noteworthy achievements.


Insurance market growth


The number of new insurers registering in Bermuda increased by 72 percent in 2013—91 new insurers joined the register, compared to 52 in 2012. Captives also had a bumper year—registrations increased 100 percent year-on-year, from 12 to 24. In addition, a record number (51) of special purpose insurers (SPIs) were formed. Sixteen new commercial insurers were also created.


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