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New insurers for the year rise to 56

Bermuda Monetary Authority: releases registration statistics for September (File photograph)

The Bermuda Monetary Authority confirmed the registration of four insurers in September, taking this year’s number of new registrants to 56.

The BMA approved two Class E insurers, AeBe ISA Ltd and Agam Bermuda ISAC Ltd, as well as Kemper Bermuda Ltd in Class C and Ferian Re Ltd in Class 3B.

Sixteen restricted SPIs have been registered this year in addition to eight insurers in Class 1, seven in Class 3A, five each in classes 2 and C, four in Class E, three in Class 3B, two each in the collateralised insurer and innovative general business — IGB classes, and one each in classes 3, 4, unrestricted SPI and IIGB reinsurer.

In addition, two intermediaries have been registered this year, one broker and one agent.

Registrations for 2022 are running ahead of 2021 when 52 registrants had been admitted over the same period.

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Published October 18, 2022 at 6:17 am (Updated October 18, 2022 at 6:17 am)

New insurers for the year rise to 56

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