15 April 2021Law & regulation

BMA authorises a class three multi owner captive in March

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.