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.