Bermuda adds two new captives in May

The Bermuda Monetary Authority (BMA) has released its latest insurance registration statistics for May 2025.

According to the figures the BMA registered four insurance companies on the island over the course of the month.

These included Solvers Insurance Group, a Class 1 insurance company, which the BMA classifies as a single parent captive insurer and Stingray Insurance, a Class 2 insurance company, which the BMA classifies as a multi-owner captive general insurance companies, owned by unrelated entities, underwriting only the risks of the owners and affiliates of the owners and/or risks related to or arising out of the business or operations of the owners and affiliates.

The other two companies were TFG Bermuda Reinsurance Company, a Class C long-term insurer and Solis Re, a restricted special purpose insurer.

The new registrations take the total number of insurance-related entities registered on Bermuda in the year to May to 27. Solvers Insurance Group is the only Class 1 captive to be registered this year and Stingray Insurance joins two other Class 2 captives.to

The BMA added that seven insurance applications were reviewed in May 2025, comprising of six new applications and one carried forward applications. All seven applications were approved.

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