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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.
Bermuda’s Personal Information Protection Act 2016 (PIPA) will, when fully operative, represent a significant change in informational privacy law in Bermuda. While it envisages a comparatively “light regulatory environment” for informational privacy, the act will require a number of practical changes for many organisations.
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.
Kennedys continues to grow in 2021, with the acquisition of Langleys’ insurance team. This sees Kennedys opening an office in Leeds, our 12th in the UK and 42nd globally. The new office will be headed up by David Thompson formerly Managing Partner and Head of Insurance at Langleys.
The legal technology market has a natural fascination for the new. Words like “launches”, “debuts”, “unveils” are the narrative that propels a growing niche of alternative offerings that are increasingly an adjunct to most big firms.
Nick Miles and Ciara Brady authored the Bermuda chapter of ICLG’s Private Equity Laws and Regulations 2020. The chapter provides a helpful overview of Bermuda’s laws and regulations relevant to private equity transactions, as well as on the private equity structures typically employed in Bermuda transactions and the attractiveness of Bermuda as a jurisdiction for the same.
This year marks 10 years since the opening of Kennedys’ office in Miami, our regional hub serving Latin America and the Caribbean.
Following the launch of The Legal 500 Caribbean 2021, Kennedys has again been ranked highly for dispute resolution and insurance/reinsurance in Bermuda.
Kennedys has appointed partner Tobin Ashby to its growing corporate insurance, financial regulation and products practice as part of a strategic drive to expand its non-contentious services to the insurance sector.
Kennedys has announced that partners Victoria Clucas and Bill Evans have moved from London to Dubai as part of the firm’s plans to strengthen its capabilities across the Gulf and Middle East region.