BMA licences one new captive in October

The Bermuda Monetary Authority (BMA) licenced one new insurance company in its captive classes during October.

Project Pearl ISAC Ltd was licenced as a Class A insurer on 21 October 2026.

The BMA defines a Class A insurer as a single-parent long-term captive insurance company underwriting only the long-term business risks of the owners of the insurance company and/or affiliates of the owners.

The formation means there have been eight insurers in the captive classes licenced by the BMA in the first 10 months of the year.

There have been two Class 1, three Class 2, one Class 3, and two Class A formations.

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