15 April 2020Law & regulation

BMA confirms eight new re/insurance registrations in March

Eight new re/insurance vehicles were registered with the Bermuda Monetary Authority (BMA) in March, taking the total number of registrations so far this year to ten.

The new registrations included one class one, single parent captive, as well as one collateralised insurer, two special purpose insurers and two class 3A, small commercial insurers. It also included one class C and one class E insurer, both of them long term re/insurers with total assets of up to $250 million, and in excess of $500 million, respectively.

The class one captive was Giga Bermuda Insurance. The other registered entities were: Bellemeade Re 2020-1; Veraton Re; Operational Re III; Evertas Insurance; Protective Life Reinsurance Bermuda; DARAG Bermuda; and Pacific Life Re Global.

The BMA said there were seven insurance applications reviewed in March, one of which was deferred from February 2020. Five of the applications were approved and two were deferred.

It also stated that registration and licensing of approved insurance entities is subsequent to the ALC application process and may be confirmed in future periods.

Nakamoto and 3264 Re were both registered in January.