16 January 2023Analysis

BMA releases December captive registration figures

The Bermuda Monetary Authority (BMA) registered fifteen new insurance entities in Bermuda in December of 2022, including one multi-owner captive insurer.

Knight Insurance (Bermuda) was registered on the Island on December 15, 2022.

According to the latest figures released by the BMA, December also saw the registration of three restricted special purpose insurers (SPIs) and one unrestricted SPI.

There were also two Class 3A re/insurers, two Class C re/insurers, five Class E re/insurers and one innovative longterm insurer (ILT).

The BMA said that the December figures takes the total number of new insurance entities registered in Bermuda over the course of 2022 to 80. These included nine Class 1 single-owner captives, seven multi-owner captives, two Class 3 re/insurers, nine Class 3A re/insurers, four Class 3B re/insurers, one Class 4 entities, nine Class C reinsurers, 9 Class E re/insurers, 22 restricted SPIs and two unrestricted SPIs.