BMA releases latest captive figures

Two captives were registered in Bermuda over the course of July 2023, along with a restricted special purpose insurer (SPI) and a long-term Class E insurer, according to the latest figures released by the Bermuda Monetary Authority (BMA).

The captives were Mackinlay Insurance, a Class One single-parent captive, and Crescent Insurance, a Class Two multi-owner captive.

The restricted SPI is Radnor Re 2023-1 and the Class E insurer is Ivy Peak Co-Invest Re.

According to the BMA the four new insurance registrations takes the total number of new entrants into the Bermuda market in 2023 to 37 insurers and 4 intermediaries so far, including six Class One companies, five Class Two companies, and three Class Three companies.