Winding Up - Capital Management of Bermuda Ltd. (2020-08-28)

Summary

This is a public notice from the Bermuda Monetary Authority announcing that it successfully petitioned the Supreme Court of Bermuda to wind up Capital Management of Bermuda, Ltd (CMB), a Class C insurer registered since 2011. The Supreme Court issued a winding-up order on 28 August 2020 and appointed joint provisional liquidators from Deloitte Ltd.

• Grounds for action: BMA cited several breaches of the Insurance Act 1978, including failure to prepare Statutory Financial Statements (2015-2019), failure to file section 15A compliance declarations (2016-2019), failure to appoint an auditor, and failure to file Statutory Financial Statements with the Authority (2015-2019).
• Liquidators appointed: Rachelle Frisby and John N Johnston of Deloitte Ltd were appointed joint provisional liquidators of CMB.
• Contact: Parties with questions about CMB or the liquidation are directed to contact the liquidator or BMA staff via the emails provided in the notice.

This notice is informational, documenting a completed enforcement and winding-up action against a single named insurer; it does not impose new ongoing obligations on other regulated entities.

Applies to

Class C insurer