Learn more about key services, regulations and AIS information
Reinsurance in Bermuda
Effectively navigating the intricate landscape of business transitions from the United States to Bermuda demands a skilled strategy. Our actuarial teams in Bermuda and the US offer valuable experience in licensing support and deal execution. This publication provides an overview of Deloitte's straightforward value proposition, covering pre-deal consultations, deal execution, risk management, and post-deal services.
Deloitte Bermuda has both the deep knowledge and practical experience of setting up captives in Bermuda. We understand the Bermuda market and can provide answers to key stakeholder questions. We can assist clients with the above pre-work leading up to the submission, including business plan drafting and financial projection support.
In addition to providing support in the incorporation and licensing of new captives, Deloitte Bermuda can provide the following professional services once the captive is setup: advisor, auditor, and approved actuary/LRSO.
Analytics Applications in the Insurance Industry of Bermuda & the Caribbean
Deloitte is recognized as a market leader in Bermuda’s insurance, reinsurance, and captive industries, and our team is comprised of members that have serviced clients that span the globe through engagements and secondment placements.
Deloitte’s actuarial & insurance team is proficient in a range of programming languages such as SQL, SAS, Python and R. The actuarial team also has experience in developing dashboards to provide clients with a superior understanding of their data and a richer understanding of the problems they face.
This publication provides an overview of the commercial insurance space in Bermuda. In particular, we provide an overview of the incorporation process, expected timelines, an understanding of the benefits and the operation of commercial insurers in Bermuda.
Loss Reserve Specialist (LRS) Offering for Captive Insurers
The Loss Reserve Specialist can bring a range of benefits to Captive Insurers. In order to appoint someone as the LRS for an insurer they are needed to be a sufficiently qualified member with an actuarial body. Deloitte’s Actuarial & Insurance Solutions (AIS) team has the capabilities and professional qualifications to serve as the LRS and assist clients in fulfilling the BMA’s regulatory requirements.
Long-Duration Targeted Improvements (LDTI) is the most significant change in accounting policy for US insurers in decades. The standard aims to make financial statements more comparable and transparent focusing on four key areas. As LDTI implementation reshapes businesses and balance sheets, those who act earliest can leverage opportunities to grow their business.”
Across both the Life and P&C space, most IFRS reporting insurers are well underway with their IFRS 17 implementation project. Given the significant requirements, most insurers are simply focusing on getting over the line. While we understand minimum compliance is the priority, there are tangible benefits to be gained from aligning implementation with strategic goals.
IFRS 17 Implementation in the Caribbean & Bermuda region
IFRS 17 is a new reporting standard for insurers that comes into effect on 1 January 2023. Is your organization ready?
We understand that IFRS 17 is one of the most fundamental changes to have occurred to insurance accounting. Deloitte's aim is to take a challenging exercise and guide insurers through IFRS 17 implementation every step of the way.
Overview of Bermuda Insurance Regulations: Limited Purpose Insurers (“LPI” or “Captives”)
Bermuda’s insurance regulation is divided into Commercial Insurers and Limited Purpose Insurers (“LPI” or “captives”). Click the image to access the most recent overview of the Bermuda Insurance Regulations for Limited Purpose Insurers.
Deloitte is the leading Loss Reserve Specialist and Claims Reviewer for Catastrophe Bond Offerings over the last decade
Our actuarial team has strong experience in providing actuarial services to international captives, insurers and reinsurers. Having continued involvement in the Catastrophe Bond Offerings also means access to an extensive database of benchmarks and valuable industry information. Find out more by clicking the image to the right to view the factsheet.