10 August 2020Law & regulation

BMA confirms registration for Pearl Insurance

The Bermuda Monetary Authority (BMA) confirmed the registration of Pearl Insurance Group, a class one insurer, in July.

Class one insurers are single-parent captive insurance companies that are required to maintain minimum capital and surplus of $120,000.

The BMA also confirmed registration of two special purpose insurers called Integral Reinsurance and Hypatia, taking the number of registrations in July to three. The BMA has registered 25 new insurance entities so far in 2020.


More on this story

news
9 August 2023   It is unclear as yet whether or how many captives may be impacted.
Analysis
28 March 2023   The Authority encouraged insurers to use the updated models.
Analysis
21 March 2023   A financial services expert has been brought in, with experience in banking.

More on this story

news
9 August 2023   It is unclear as yet whether or how many captives may be impacted.
Analysis
28 March 2023   The Authority encouraged insurers to use the updated models.
Analysis
21 March 2023   A financial services expert has been brought in, with experience in banking.