Bermuda registers 13 Class 1 and Class 2 captives in 2023

The Bermuda Monetary Authority registered 13 Class 1 and Class 2 captive insurers in 2023, the regulator announced today.

Three Class 3 insurers – which are typically classed as captive insurers as well – were also registered in 2023.

The Class 1 single parent captives were HFCI, Light Speed Insurance, UHS Assurance, Apex Captive, GBT Insurance Company Bermuda, Mackinlay Insurance and Energy Underwriting.

Class 2 captives, which have two or more unrelated owners, were Aspis Insurance, Seven 30 Insurance (Bermuda), Eaglemark Insurance, Resilience Cyber Reinsurance Solutions, Crescent Insurance and Gearbulk Captive.

The Class 3 insurers were Inver Re (Bermuda) SAC, Atwater and Gunnersbury Re SAC.

Overall, 67 re/insurrers and intermediaries were registered by the BMA in 2023, the lowest number since 2016.

Eight new re/insurers were registered in December, of which five were special purpose re/insurers.

The 67 registrations compared to 84 in 2022, 78 in 2021 and 72 in 2020. It was the lowest number since 2016 when 59 insurers and intermediaries were registered.

Of the insurers registered in 2023, 29 were restricted special purpose insurers which are used primarily for insurance linked securities and there were three unrestricted SPIs and three collateralised reinsurers.

In December, a total of 17 insurance applications were reviewed, comprising 15 new applications and two deferrals. Of the 17, the Insurance Assessment And Licensing Committee approved 12, deferred four and one was withdrawn, the BMA said.

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