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Cyber underwriting report released by Bermuda Monetary Authority: And it may remind you of another regulator’s recent report
On February 18, 2021, the Bermuda Monetary Authority (BMA) released its annual Bermuda Cyber Underwriting Report. For those unfamiliar with the Report, the publication outlines statistics, findings and general recommendations regarding cyber underwriting and, “to a lesser extent,” operational cyber resiliency. Its findings and suggestions were similar to the Cyber Insurance Framework guidance recently published by the New York Department of Financial Services.
Few industries illustrate the tension between the forces of supply and demand as neatly as the insurance industry: locked in a perpetual cycle of fluctuating supply – or “capacity” – with a “soft” market during periods of excess capacity, characterised by lower pricing and broader policy coverage, and a “hard” market during periods of restricted capacity, characterised by higher pricing and narrower policy coverage.
Following the launch of The Legal 500 Caribbean 2021, Kennedys has again been ranked highly for dispute resolution and insurance/reinsurance in Bermuda.
The Bermuda Monetary Authority issued on 30 September 2020 the Insurance Sector Operational Cyber Risk Management Code of Conduct in its final form after submitting a draft for consultation to the industry in the late 2019.
Bermuda, as a British Overseas Territory, is a party to the Hague Convention on the Service Abroad of Judicial and Extra-Judicial Documents in Civil or Commercial Matters (the United Kingdom being the relevant contracting state on behalf of Bermuda, having ratified the Convention on Bermuda’s behalf).
Mark Chudleigh and Lewis Preston author the Bermuda chapter in Global Legal Insights: Litigation & Dispute Resolution 2020, which covers key topics including efficiency and integrity, injuctions, cross-border issues, disclosure and privilege, costs and funding, settlement and mediation, and arbitration and expert determination - in 24 jurisdictions.
Mark Chudleigh and Laura Williamson author the Bermuda chapter in the 2019 ICLG to: International Arbitration Laws and Regulations, a guide which covers common issues in international arbitration laws and regulations - including arbitration agreements, governing legislation, choice of law rules, selection of arbitral tribunal, preliminary relief and interim measures - in 34 jurisdictions.
The Bermuda insurance and reinsurance market continues to go from strength to strength and is well positioned to take advantage of hardening market conditions.
We are very pleased to once again be a global partner of Dive in, the international festival for diversity and inclusion in insurance.
When opportunity knocks: will arbitration become the preferred means for resolving offshore commercial disputes?
The optimists among us look for “silver-linings” in these challenging times. One of these is affirmation of our capacity for innovation and adaptation as individuals and businesses, and our societies have adjusted, and innovated in response to the dramatic restrictions imposed on our way of life.