Business briefs: Bermuda gets insurance designation

Bermuda has been granted conditional qualified jurisdiction status by the National Association of Insurance Commissioners’ (NAIC).

The move became effective January 1. The other three jurisdictions approved by the NAIC are Germany, Switzerland and the United Kingdom.

The NAIC developed the “Process for Developing and Maintaining the NAIC List of Qualified Jurisdictions” (NAIC Process) to evaluate the regulatory frameworks of non-US jurisdictions for reinsurance collateral reduction purposes. Approval under the NAIC Process means that reinsurers licensed and domiciled in Bermuda will be eligible to be certified for reduced reinsurance collateral requirements under the NAIC’s Credit for Reinsurance Model Law.

Commenting on the NAIC’s decision, Jeremy Cox, CEO of the Authority said, “We are very pleased with the outcome of this initial step in the NAIC’s Process. Having this status is highly relevant to the Bermuda market, in terms of potentially facilitating efficiencies in the cross-border operations of Bermuda reinsurance with the US insurance market. We look forward to working with the NAIC to complete the process in the coming months.” 

Validus

Validus Holdings, Ltd.  announced that Kean Driscoll, CEO, is scheduled to participate in the Bank of America Merrill Lynch Reinsurance Renewal Conference Call on Monday, Jan. 6 at 10am EST. The conference call may be accessed by dialing 1-888-747-4666 (US callers) or 1-913-312-1517 (International callers) and entering the passcode 2033125. Those who intend to participate in the call should dial in at least 10 minutes in advance. A replay of the call will be available through January 13, 2014 by dialing 1-719-457-0820  from Bermuda and entering the passcode 2033125.