In our Bermuda merger and acquisition series, we have discussed how acquisitions have been effected in Bermuda, the considerations a board of directors must have in the context of business combinations and acquisitions (particularly with reference to fiduciary duties) and the related deal protection mechanisms that are often put in place in Bermuda. These have identified some of the key issues that have manifested themselves during the past two years of unprecedented M&A activity in the Bermuda marketplace. Given that many of the largest deals we have advised upon have been in the (re)insurance space, the fourth and final part of this series focuses on the Bermuda regulatory landscape. It should be noted that, in general, Bermuda’s regulators, such as the Bermuda Monetary Authority (BMA) are commercially minded, and well-disposed to new players in the market, provided that such persons are fit and proper.

Statutory Consents and Approvals

There are a number of statutory consents and approvals required under Bermuda law on a business combination or straight purchase of shares. Exchange Control consent, material change and change-of-control consents are required for entities licensed by the BMA, including, insurers under the Insurance Act 1978, as amended, banks under the Banks and Deposit Companies Act 1999 and investment businesses under the Investment Business Act 2003, as amended (IBA). For the purposes of this article, we have focused predominately on the Insurance Act and the Investment Business Act.

Share
Twitter LinkedIn Email Save as PDF
More Publications
20 Dec 2021 |

A Time Of Regeneration: Bermuda Can Bounce Back Better

Bermuda’s economy is a mixed bag of emerging opportunities and specific challenges. But if all sec...

17 Dec 2021 |

A Rising Tide: And Ships Are Choosing Bermuda

Bermuda must remain innovative, nimble and wary of too much regulation to stay ahead of the game, ac...

17 Dec 2021 |

A Silicon Valley For ILS

As the ILS market continues to innovate and evolve, driven by external forces including ESG, it will...

3 Dec 2021 |

Americas Restructuring Review 2022

This chapter discusses the defining features of Bermuda’s insolvency landscape and the primary ins...

2 Dec 2021 |

A growing hub for the life sector

Bermuda has become a flourishing focal point for long-term insurance and reinsurance, offering the I...

2 Dec 2021 |

Provisional liquidation in Bermuda and the selection of provisional liquidators

In the absence of a formal equivalent to English administration proceedings or U.S. Chapter 11 proce...

Contributors: Sam Riihiluoma
30 Nov 2021 |

Cryptocurrencies and estate planning

When a person dies having made a will, their personal estate is transferred to their personal repres...

26 Nov 2021 |

Whistleblowing issues for employers

In recent years there have been a number of high-profile scandals brought to light by the actions of...

24 Nov 2021 |

Hong Kong Harbours Long-Term ILS Ambitions

The launch of Hong Kong’s first catastrophe bond signals the start of a new era for Asia’s insur...

4 Nov 2021 |

The Insolvency Review – Ninth Edition

The ninth edition of The Insolvency Review offers an in-depth review of market conditions and insolv...