BMA – only one Bermuda captive registered in August

The Bermuda Monetary Authority registered one new single parent captive insurance company in August. 

Class 1 insurer Revias Insurance was among five new insurance entities licensed by the BMA in the month and brings the number of single parent and multi-parent captives registered in Bermuda in 2024 to three. One Class 3 insurer, Edgware Re, was also licensed in March. For regulatory purposes, Class 3 insurers are considered to be captives. 

In other registrations, Bermuda-based mortgage re/insurer Essent Guaranty had its insurance-linked securities company Radnor Re 2024-1 approved. It expects to issue $326.9 million in five tranches of mortgage insurance-linked  securities, according to DBS Morningstar.

The BMA also licensed two long term re/insurers - Aquarian Wealth Partners Reinsurance (ISAC) and Generational Reinsurance (ISA) - as Class C insurers, meaning they have less than $250 million in capital.

The BMA also registered one insurance manager, Somerset Services.

To date, the BMA has registered 42 insurance entities including 34 re/insurance companies and eight intermediaries. For the same period in 2023, the BMA registered 43 entities, of which 39 were re/insurers and four were intermediaries.

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