Bermuda licenses three insurers in January

The Bermuda Monetary Authority licensed three new insurance companies in January, including a single parent captive.  

The BMA licenced Arrowhead Insurance as a Class 1  single parent captive. 

It also licensed Catalina Re Archdale Insurance company as a Class E life re/insurer. The Class E designation means  it must have assets of more than $500 million.  

Catalina Re has been transitioning from being a property casualty legacy re/insurer to being a long term insurer. 

The third company licensed was restricted special purpose insurer Winston Re.  

The BMA also said five insurance applications were reviewed in January 2024, comprising of four new applications and one carried forward application. All five were approved by the Insurance Assessment and Licensing Committee. 

In December, 17 applications were reviewed in December 2023, comprising of 15 new applications and two carried forward applications. Of the 17 applications, 12 were approved by the IALC, four were deferred and one was withdrawn.

In 2023, the BMA licensed 67 re/insurers and intermediaries– the lowest number since 2016. Of those, seven were Class 1 single parent captives and six Class 2 captive insurers. Three Class 3 insurers and two Class 3A insurers were also registered.