Bermuda's Actuarial & Insurance Solutions (AIS) Reference Collection

The Bermuda Monetary Authority (BMA) requires an Approved Actuary to opine on the adequacy of the Technical Provisions (“TP”) that are reflected in the Economic Balance Sheet (EBS) and financial returns of long-term insurers. Since the TPs are not subject to a financial audit, the Approved Actuary Opinion (AAO) is critical in providing assurance to the BMA that liabilities have been professionally assessed and are reasonable. This responsibility is integral to Bermuda’s insurance supervisory framework and central to the long-term sustainability of the life (re)insurance sector. Learn more about Deloitte’s Approved Actuary services here.

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In today’s rapidly evolving market, mergers and acquisitions (M&A) are increasingly complex, requiring decision-makers to act quickly to seize new opportunities. We recognize the challenges faced by both buyers and sellers in this dynamic environment.

Mergers & Acquisitions Support Services

Deloitte’s AIS service offerings focuses on adding value and improving an organization’s operations by helping companies navigate Bermuda’s regulatory landscape and advising on efficient approaches to managing operations and capital.

Regulatory Advisory

Bermuda remains a prime destination for insurance companies, thanks to its sophisticated regulatory environment and deep talent pool with expertise in risk management, asset and liability management (ALM), and capital and liquidity management. However, insurers face increasing global challenges, including stricter regulations and, in some cases, structural or financial issues that may prevent them from fulfilling promises to policyholders. Deloitte is here to help clients navigate these challenges and develop practical, commercial solutions. Our approach is guided by efficiency, economy, and effectiveness. We can support clients through judicial insolvency proceedings, restructuring efforts, or structured sales, helping to optimize recoveries and eventual distributions to policyholders, creditors and other key stakeholders.

Liquidations and Restructuring

Most long-term (re)insurers reporting under Bermuda’s Economic Balance Sheet (EBS) framework are tasked with determining the company’s Best Estimate Liability (BEL) under the Scenarios-Based Approach (SBA). This approach entails running eight prescribed interest rate scenarios to determine the BEL under the most onerous scenario, while taking into account the insurer’s asset-liability management strategy.

AXIS Modeling Capabilities (SBA)

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. 

View or download the PDF to learn more about Deloitte Reinsurance in Bermuda and connect with our leaders.

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.

View or download our brochure to learn more about our Actuarial Analytics Services and connect with our leaders.

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.

LRS Offering for Captive Insurers

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.

Long-Duration Targeted Improvements (LDTI)

Across both the Life and P&C space, most IFRS reporters have concluded their IFRS 17 implementation projects. Given the significant work involved, most insurers focused on the key aspects and applied simplifications where permissible. While we understand that minimum compliance was the priority, we see benefit in placing emphasis on aligning implementation with your company’s strategic goals.

Optimizing your transition to IFRS 17

Bermuda’s insurance regulation is divided into Commercial Insurers and Limited Purpose Insurers (“LPI” or “captives”). Click the link to access the most recent overview of the Bermuda Insurance Regulations for Limited Purpose Insurers.

Overview of Bermuda Insurance Regulations: LPI

This issue delves into an overview of the reporting landscape in Bermuda, focusing on:

• The Statutory Reporting Regime
• Solvency Reporting and Capital Assessment
• Statutory Financial Statements
• Economic Balance Sheet
• Bermuda Solvency Capital Requirement (BSCR)
• Governance & Disclosure
• Transition to new regime

Deloitte Bermuda - Reporting Requirements for commercial long term insurers

This issue provides an overview of the reporting landscape in Bermuda for general insurers, and delves into areas such as:

• The Statutory Reporting Regime
• Solvency Reporting and Capital Assessment
• Statutory Financial Statements
• Economic Balance Sheet Framework & other EBS considerations
• Bermuda Solvency Capital Requirement (BSCR)
• Governance & Disclosure
• Transition to the new regime

Deloitte Bermuda - Reporting Requirements for commercial general insurers