The Bermuda Monetary Authority approved the registration of four new insurers in February.

The BMA’s Insurance Assessment and Licensing Committee reviewed a total of five applications, deferring one.

The new registrations include class E insurers, Altura Re and Axa Life Bermuda which is linked to the Axa Group, focusing on specialised financial services or risk management.

The other three firms were Tremont Re, Photon Re and One Shield Re, all restricted special purpose insurers. These are highly streamlined, collateralised vehicles used primarily for insurance-linked securities and catastrophe bonds, authorised to reinsure specific, named cedants listed in its registration.

The new entities bring the total of insurance registrations to 14 this year including five class E companies, five restricted SPIs, a class 4, a class A and two collateralised insurers.

The registration of approved insurance entities occurs after the IALC application process has concluded.

Therefore, the IALC approval and the registration approval may be rendered in different periods.