The Bermuda Monetary Authority (BMA) confirmed the registration of DNA Genetics Insurance with a class two license in March 2021, allowing it to operate as a multi owner captive.
In all the BMA confirmed eight new re/insurance entity registrations in March. Among the other launches were four restricted special purpose insurers: Sakura Re, Eagle Re 2021-1, Oaktown Re VI and Concordia Re.
Capspan was approved with a class three license, while Kettle received a license to operate as an innovative intermediary. BGC Re (Bermuda) was authorised as an insurance broker.
Year to date the BMA has registered 14 insurers and five intermediaries.
Bermuda Monetary Authority, BMA, DNA Genetics Insurance