The Bermuda Monetary Authority confirmed the registration of seven insurers in March, doubling the yearly total to 14.

The BMA approved four Restricted SPI insurers — Locke Tavern Re Ltd, Aquila Re I Ltd, Gateway Re II Ltd and GR Bermuda SAC Ltd — as well as UHS Assurance Company Ltd in Class 1, Class C insurer HSBC Life (Bermuda) Limited, and Class E insurer MetLife Reinsurance Company of Hamilton Ltd.

Nine insurance applications were reviewed in March by the Insurance Assessment and Licensing Committee, eight of which were approved. One was insufficient for review.

The BMA noted that the registration/licensing of approved insurance entities is issued after the IALC application process and may be confirmed in future periods.