14 August 2023news

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.


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More on this story

news
23 October 2023   However, the BMA anticipates an October surge in approvals.
news
21 August 2023   The regulator and the cell company are co-operating to recover assets from the troubled insurtech.
Analysis
22 June 2023   Three captives were registered on the island in May of this year.