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.

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.

View or download our brochure to learn more about our Captive Insurance Services and explore frequently asked questions.

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.

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.

Commercial Insurance in Bermuda

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 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.

Optimizing your transition to IFRS 17

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.

IFRS 17 Implementation Factsheet

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.

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

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.

Service offerings | Catastrophe Bonds