BMA licences new captive on Bermuda

The Bermuda Monetary Authority (BMA) has confirmed the registrations of two new insurers on the Island in October.

The BMA licensed Class 1 sole owner captive insurer QFI Risk Solutions (SAC). QFI Risk Solutions' website says it is specialises in delivering cutting-edge cyber insurance for organisations that want to protect their assets and succeed in today’s digital world. Based in Bermuda, it was incorporated in August. Its insurance manager is Davies Captive Management.

The BMA also licensed Maschpark Re, a restricted special purpose insurer, which is reported to be an insurance-linked securities vehicle for German re/insurer Talanx via Hannover Re.  

According to ILS website Artemis, Maschpark Re - named for a park in Hannover - will issue $100 million of insurance to cover earthquake risks in Chile, Peru, Bolivia and Argentina.

The registrations bring the total number of insurance entities to 53, of which 10 are intermediaries. Through October, 2023, the BMA had licensed 55 entities of which four were intermediaries. The Insurance Assessment and Licensing Committee considered and approved nine applications in October, all of them new.

Did you get value from this story?  Sign up to our free daily newsletters and get stories like this sent straight to your inbox.