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Insurer registrations keeping pace with 2021, says BMA

Good year: there were 12 insurance company applications reviewed by the BMA this year (File photograph)

Bermuda is on track for a good year in terms of insurance company registrations.

Statistics released by the Bermuda Monetary Authority reveal there have been 63 new registrations to date including two intermediaries, compared with a total of 65 last year, 55 in 2020 and 56 in 2019.

Five new insurance companies were confirmed by the Bermuda Monetary Authority last month, including Japex Insurance Ltd Class 1, Canal Re Ltd Restricted SPI, Veraison Ltd Restricted SPI, Pre Life Bermuda Re Ltd, a class 3B insurer, and Pride Global, a class 3 insurer.

According to the BMA, there were 12 insurance applications reviewed last month, comprising seven new applications and five applications carried forward. Of the 12 insurance applications, seven were approved by Insurance Assessment and Licensing Committee and five were deferred.

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Pride Global was the second company of its class to be confirmed in Bermuda this year, after TFC Insurance in January.

Pre Life is a wholly owned and direct subsidiary of PartnerRe US Corporation, a Delaware holding company. It was one of four class 3B companies to be registered.

The largest number of registrations this year were in the Restricted SPI category with 18. There were nine Class 1 registrations.

Registration and licensing of approved insurance entities is subsequent to the IALC application process and may be confirmed in future periods.

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Published November 24, 2022 at 7:40 am (Updated November 24, 2022 at 7:40 am)

Insurer registrations keeping pace with 2021, says BMA

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