17 April 2023Analysis

New captive registered on Bermuda

The Bermuda Monetary Authority (BMA) has revealed details of new insurers registering on the island in March, with one new captive.

The insurer, UHS Assurance Company, was registered as a Class 1, which is typically a single-parent captive underwriting only the risks of the owners of the insurance company and affiliates of the owners.

Locke Tavern Re, GR Bermuda, HSBC Life (Bermuda) and MetLife Reinsurance Company of Hamilton were also registered as new insurers on Bermuda. In total, seven insurers were registered in March, doubling the yearly total to 14. Nine insurance applications were reviewed by the Insurance Assessment and Licensing Committee, eight of which were approved. One was insufficient for review.

The BMA approved four Restricted SPI insurers — Locke Tavern Re, Aquila Re I, Gateway Re II and GR Bermuda SAC. A restricted SPI may conduct special purpose business with specific cedants approved by the Authority.