Bermuda releases October data
Only one Class 3 insurance company was registered on Bermuda during the month of October, according to the latest data from the Bermuda Monetary Authority (BMA).
The company was Atwater Limited, which registered on the island on October 19.
The BMA classifies Class 3 insurers as structured reinsurers writing third-party business; insurers writing direct policies with third-party individuals; single-parent, group, association, agency or joint venture captives where more than 20% of net premiums written is from risks that are unrelated to the business of the owners.
October also saw seven restricted special purpose insurers (SPI) set up on Bermuda and one unrestricted SPI.
Two Class C long-term re/insurers also registered on the Island.
October’s figures brings the total number of re/insurers and captives to register on the island over the course of 2023 to 55.
