20 May 2022Bermuda analysis

BMA: seven insurers registered on Island in April

The Bermuda Monetary Authority (BMA) has announced that seven insurers were registered on the Island in April, taking this year’s number of new registrants to 27 so far.

The BMA said it had approved three restricted special purpose insurers – Gateway Re, Long Point Re IV and Yosemite Re – as well as Sura Re in class C, Augmented Re in class 3A, Indorama Ventures Captive Insurance Co in class 1, and Relm Insurance II in class IIGB (innovative insurer general business).

Ten restricted SPIs have been registered this year in addition to five class 3A insurers, two in class E and one each in classes 1, 2, 3, 3B, 4, C, unrestricted SPI, collateralised, IIGB and IGB (innovative general business).

The number of new registrations was up from the same period of 2021. Five insurers were registered in Bermuda in April 2021, taking the total of new registrations from January to April 2021 to 18.