Author: Nancy Germond

If you have placed coverage with any Bermuda-based carriers, your agency management team should monitor their financial strength. Linked below is a free resource you can use.

The Bermuda Monetary Authority publishes financial statements dividing insurers into filing classes which have varying affiliations and financial requirements (i.e., Class 1, 2, 3A, 3B, 4)?  Page 60 of this 2021 annual report provides explanations of insurer classes.

From an agency risk management standpoint, your agency management team should review financials of any insurers on at least an annual basis. This includes alien insurers, which may be harder to evaluate than admitted carriers, who file annual reports with their respective departments of insurance.

First published: October 14, 2022