Jan Schneckenhaus/shutterstock.com_52134095

From Bermuda: Re+ILS

The CEO of life re/insurer Athene, James Belardi (pictured), has raised concerns that the Cayman Islands’ low capital requirements for long-term re/insurers pose a risk to the pension and annuity system.

Belardi urged US insurance regulators to “evolve and address the hot button issue in the Cayman Islands where we have seen unabated growth with the industry now having $150 billion of reserves supported by a fraction of the capital required by the US or Bermuda, which we believe puts the system at risk”. 

Belardi, who first formed Athene in Bermuda before it redomiciled to the US last year, said capital requirements in Cayman were much less stringent than in the US or Bermuda. 

For more on this story go to: Bermuda: Re+ILS