Bermuda’s financial regulator is planning to force life insurers based in the territory to make public more details on their investments, amid growing scrutiny of the risks being stored up in offshore reinsurance deals.
The island territory is a reinsurance centre known as a major provider of hurricane cover, but its life sector has also become a significant global financial hub, building up more than $1tn in assets backing annuities and other long-term savings products.
Bermuda’s more generous capital rules for investing in less liquid assets have helped attract a wave of offshore reinsurance deals. Private capital groups such as Apollo and KKR have built up large Bermudian insurers.
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