Twelve new insurance-related registrations were logged by the Bermuda Monetary Authority (BMA) last month, with eleven of the applications being approved and one being deferred.

Among the registrations confirmed was ABR Reinsurance Ltd, a Class 4 insurer launched as a Bermuda-based joint venture by global insurer Ace Ltd and money managers Blackrock. The firms confirmed in March that $800 million had been raised through private placement to secure the new venture.

Other registrations confirmed by the BMA included three special purpose insurers; namely Merna Re Ltd, Pelican III Re Ltd and Manatee Re Ltd. Two limited companies were registered as managers, one company was registered as an agent and another was registered as a broker.

The total number of insurers registered by the BMA so far this year now stands at 14, with five intermediaries.