Seven insurers formed in April
The Bermuda Monetary Authority confirmed the registration of seven insurers in April, taking this year’s number of new registrants to 27.
The BMA approved three restricted special purpose insurers – Gateway Re Ltd, Long Point Re IV Ltd and Yosemite Re Ltd – as well as Sura Re Ltd in class C, Augmented Re Ltd in class 3A, Indorama Ventures Captive Insurance Co Ltd in class 1, and Relm Insurance II Ltd in class IIGB (innovative insurer general business).
Ten restricted SPIs have been registered this year in addition to five class 3A insurers, two in class E and one each in classes 1, 2, 3, 3B, 4, C, unrestricted SPI, collateralised, IIGB and IGB (innovative general business).
In addition, one broker has been registered as an intermediary.