BMA registers captive insurance companies

Two group captive insurance companies were confirmed in November by the Bermuda Monetary Authority, along with one single parent captive. 

The BMA also confirmed the registration of one single parent captive, and a Class 3 segregated asset company, was also registered. 

The companies were among seven re/insurers confirmed by the BMA, bringing the total number of insurance entities registered to date in 2024 to 60. Ten of the 60 are intermediaries. 

The two Class 2 group captives are Magna Insurance Bermuda and Structured risk Mitigation Solutions while the Class 1 single parent captive was Schwarzchild. 

The Class 3 insurer is Alpha Group Bermuda ISA. 

To date, the BMA has registered five single parent captives, four group captives and two Class 3 insurers. 

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