Following today’s declaration of Bermuda Monetary Authority (BMA) on Cancellation of registration for Phoenix CRetro Reinsurance Company Limited the Company would like to comment as follows:

 

Despite an important role Bermuda plays in ILS environment, the country is still blacklisted as an offshore destination by regulators and central banks of Eastern European and Central Asian countries as well as Russian Federation, which makes it very hard if not impossible to operate out of this jurisdiction when developing Insurance-Linked Securities as an asset class for investors from the region.

Following recent developments at an ILS space and regulatory endeavors of Asian hubs like Singapore and Hong Kong the company shall be looking for alternative jurisdiction to continue developing its business model.

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