BMA welcomes uptick in registrations
More than twice as many new insurance companies were registered by Bermuda’s financial-services regulator in the first two months of this year than in 2017.
Bermuda Monetary Authority welcomed the uptick — with 11 re/insurance registrations confirmed in January and February, compared to five in the same period of last year — and noted the benefits of international recognition of its standards of regulation.
February’s registrations included class 4 company DSA Reinsurance Company Ltd, set up to manage four-fifths of American International Group’s legacy business and backed by $40 billion in assets. DSA Re was also registered as a class E long-term insurer, enabling it to manage life business.
There were two other Class E insurers registered in February, Athene Annuity Re and CICA Life.
January saw the registration of a new intermediary company, Barbican Underwriting Ltd.
Craig Swan, BMA managing director, supervision (insurance), said: “This increased re/insurance activity follows on the heels of the third anniversary of Bermuda being placed on the National Association of Insurance Commissioners’ Qualified Jurisdiction list, effective January 1, 2015, as well as the second anniversary of Bermuda achieving full equivalence under all three articles of Solvency II, effective March 24, 2016.
“The BMA is pleased to see these increased re/insurance registrations, despite challenging market conditions.”
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