GlobeNewswire

Bermuda life insurance sector marks 2018 growth

Del

HAMILTON, Bermuda , Feb. 12, 2019 (GLOBE NEWSWIRE) -- Bermuda’s long-term insurance and reinsurance industry is marking a banner year of increased company registrations, driving vital job growth in the jurisdiction.

The number of Bermuda-based companies in the sector, which provides global coverage of life, annuity and pension products, more than doubled in 2018, compared to the previous year. A total of 15 new long-term companies were licensed in Bermuda last year, compared to six registrations in 2017—marking the greatest year-on-year growth across all insurance sectors, according to recent figures released by the Bermuda Monetary Authority (BMA).

“The growth in our insurance market’s long-term sector underscores Bermuda’s status as a centre of excellence and expertise in this industry,” noted Roland Andy Burrows, CEO of the BDA, which this week launched a video highlighting the industry’s expansion. “Importantly, the sector not only plays a critical role globally, but also contributes a growing number of jobs locally to strengthen our island’s economy.”

The long-term re/insurance sector was responsible for the creation of at least 37 corresponding new jobs in 2018, according to the Bermuda Business Development Agency (BDA).

“Bermuda has become one of the most respected global hubs for long-term insurance and reinsurance business, with an accessible regulator and both NAIC qualification and Solvency II equivalence—one of only two jurisdictions in the world to achieve the latter,” said Ronnie Klein, Senior Advisor to the Bermuda International Long Term Insurers & Reinsurers (BILTIR), an advocacy group that represents 58 member companies, including licensed re/insurers and service providers. “The life and annuity business has grown substantially during the past few years with the assistance of BILTIR, and we only expect future growth in the industry.”

Executives of BILTIR—which has published a new fact sheet—joined BDA representatives at a lunch hosted by Premier David Burt, Minister of Finance Curtis Dickinson, and Minister of National Security Wayne Caines this month to discuss the sector’s growth, its employment criteria, global reach, and local educational initiatives. Among community outreach projects, BILTIR provides student internships, an annual scholarship, lunch-and-learn sessions, and a math-tutoring programme for island high-schoolers.

Long term insurance and reinsurance, which help protects consumers from underfunded retirement years and unsupported dependents, is a growing market globally. In Bermuda, the sector comprises a diverse group of companies with more than $300 billion in assets—making it the market’s largest insurance sector by assets. A BILTIR study found member companies contributed an estimated $200 million to the local economy annually.

“Our industry will continue to grow as world populations age and the need for protection of retirement assets keep rising,” noted Sylvia Oliveira, CEO, Wilton Re Bermuda and a BILTIR Director. “The life sector complements Bermuda’s traditional P&C insurance industry through risk diversification and longer asset durations. The entire market benefits.”

Representatives of member companies, joined by the BDA, will attend the 13th annual ReFocus event in Las Vegas next month. Co-hosted by the American Council of Life Insurers (ACLI) and the Society of Actuaries (SOA), the March 10–13 conference attracts more than 700 attendees. The delegation aims to highlight the Bermuda market’s burgeoning life sector, as well as BILTIR’s own annual life and annuity conference, scheduled for Thursday, September 19 at the Fairmont Southampton Hotel.

MEDIA CONTACT:

Rosemary Jones
Head of Communications & Marketing
rosemary@bda.bm 441 278-6558
441 337-4696

CONNECTING BUSINESS
The BDA encourages direct investment and helps companies start up, re-locate or expand their operations in our premier jurisdiction. An independent, public-private partnership, we connect you to industry professionals, regulatory officials, and key contacts in the Bermuda government to assist domicile decisions. Our goal? To make doing business in Bermuda smooth and beneficial.

A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/fa70440d-1625-4233-94d2-98159e3f3c0c

Om GlobeNewswire

GlobeNewswire
GlobeNewswire
One Liberty Plaza - 165 Broadway
NY 10006 New York

https://globenewswire.com

GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Følg saker fra GlobeNewswire

Registrer deg med din epostadresse under for å få de nyeste sakene fra GlobeNewswire på epost fortløpende. Du kan melde deg av når som helst.

Siste saker fra GlobeNewswire

The Delhi High Court in India has issued an injunction, restraining Sinopharm Weiqida from exporting its “Amoxycillin Trihydrate” product to India, as it infringes the patent of Centrient Pharmaceuticals19.2.2019 09:00:00Pressemelding

The High Court also found Sinopharm Weiqida guilty of Contempt of Court for failing to follow the previously granted preliminary injunction order ROTTERDAM, the Netherlands, Feb. 19, 2019 (GLOBE NEWSWIRE) -- Centrient Pharmaceuticals (“Centrient”), the leading manufacturer of beta-lactam antibiotics, and a provider of next generation statins and anti-fungals, announced that the Delhi High Court in India has granted an injunction against Sinopharm Weiqida Pharmaceuticals and Sinopharm India, restricting the export and/or import into India of its active pharmaceutical ingredient (API) amoxicillin trihydrate. In addition, the Delhi High Court also found Sinopharm Weiqida prima facie guilty of contempt of Court for illegally importing amoxicillin active ingredients in contravention of the previously granted preliminary injunction in place in India since April 2017. The Court further found that Sinopharm Weiqida has infringed the patent of Centrient. Centrient, and its wholly owned subsidia

New Milestone for Cansativa Towards “EU GxP Innovation Hub”19.2.2019 07:15:00Pressemelding

Northern Swan invests millions in pharma startup Cansativa FRANKFURT, Germany, Feb. 19, 2019 (GLOBE NEWSWIRE) -- Northern Swan, a New-York based investment firm, has invested several million euros in Cansativa GmbH, in order to further accelerate the growth of the company and its integration into the wider European market. Cansativa will use this investment to expand its current facilities to become a “EU GxP Innovation Hub” and fulfillment center for medical cannabis. This way, Cansativa helps promote the professionalization of the entire medical cannabis industry in Europe from its location in Frankfurt am Main, Germany. The new site will serve as the EU hub for the growing industry, granting pharmaceutical companies from all over the world access to the rapidly growing European market. Cansativa is poised to lend its support as a reliable, independent full-service GxP partner. "Unlike the majority of our competitors, we operate independently of third-party contractors – Ever since w

Juniper Systems Limited Launches New Cedar CT8 Rugged Tablet19.2.2019 05:16:00Pressemelding

Fully-Rugged Tablet Provides Global Connectivity, Better Performance BIRMINGHAM, United Kingdom, Feb. 18, 2019 (GLOBE NEWSWIRE) -- Juniper Systems Limited today announced the release of the Cedar CT8™ Rugged Tablet, a high-performance Android® tablet made for rugged environments. The CT8 – the third Cedar tablet from Juniper Systems™ – marks a major upgrade in performance and GPS capability from its predecessor, the Cedar CT7G Rugged Tablet (2017 release). Packed behind its 8-inch high-visibility display is a Qualcomm Snapdragon 8-core processor running Android 8.1 with full Google® Mobile Services. This highly-efficient processor results in lower power consumption, less heat generated, and better overall performance. ‘The CT8 is fast, affordable, and it’s got rugged bones’, said Cody Draper, Juniper Systems’ Cedar product manager. ‘Job sites that need a formidable, cost-effective rugged tablet will find the CT8’s features easily meet and exceed those needs’. The CT8 Rugged Tablet also

INVNT No Longer Involved, As Bethel Woods Music and Culture Festival Changes Direction and Becomes Three Separate Events18.2.2019 23:37:00Pressemelding

NEW YORK, NY, Feb. 18, 2019 (GLOBE NEWSWIRE) -- INVNT, the global live brand storytelling agency™ today announces that it will not be producing Bethel Woods Music and Culture Festival: Celebrating the golden anniversary at the historic site of the 1969 Woodstock festival. The festival, which was planned for August 16-18, 2019 at Bethel Woods Center for the Arts, will now comprise three separate events over three days, and forms part of the venue’s Season of Song & Celebration commemorations, a year-long schedule of exhibits, programs and events. Scott Cullather, CEO, INVNT explained that the agency is proud of its support and contributions to the celebration plans and the global awareness that its efforts brought to Bethel Woods Center for the Arts, as a result. "INVNT will not be involved in the new format and we wish Bethel Woods and Live Nation, as well as the organizers of the other 50th anniversary celebrations taking place around the world, the very best," he said. "Bethel Woods

Align Technology Launches New iTero Element 5D Imaging System for Comprehensive Preventative and Restorative Oral Care at IDS18.2.2019 12:00:00Pressemelding

SAN JOSE, Calif., Feb. 18, 2019 (GLOBE NEWSWIRE) -- First intraoral scanner with near-infrared imaging (NIRI) technology that scans the internal structure of a tooth (enamel & dentin) in real time1. First integrated dental imaging system that simultaneously records 3D, intra-oral color and NIRI, and enables comparison over time using iTero® TimeLapse1. NIRI technology of the iTero Element® 5D system aids in detection and monitoring of interproximal caries lesions above the gingiva without using harmful radiation1. New web-based interface MyiTero.com complements visualization of the iTero Element 5D system. Limited-release direct doctor-lab workflow automatically sends scan to lab of choice. Align Technology, Inc. (NASDAQ: ALGN) today announced that it is launching the iTero Element 5D Imaging System, which provides a new comprehensive approach to clinical applications, workflows and user experience that expands the suite of existing high-precision, full-color imaging and fast scan time

General Electric Company: Dividend Declaration18.2.2019 08:00:00Pressemelding

FAIRFIELD, Conn., Feb. 18, 2019 (GLOBE NEWSWIRE) -- GE Board of Directors Authorizes Regular Quarterly Dividend The Board of Directors of GE (NYSE: GE) today declared a $0.01 per share dividend on the outstanding common stock of the Company. The dividend is payable April 25, 2019 to shareowners of record at the close of business on March 11, 2019. The ex-dividend date is March 8, 2019. About GE GE (NYSE:GE) drives the world forward by tackling its biggest challenges. By combining world-class engineering with software and analytics, GE helps the world work more efficiently, reliably, and safely. For more than 125 years, GE has invented the future of industry, and today it leads new paradigms in additive manufacturing, materials science, and data analytics. GE people are global, diverse and dedicated, operating with the highest integrity and passion to fulfill GE's mission and deliver for our customers. www.ge.com GE's Investor Relations website at www.ge.com/investor and our corporate b