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Five new insurers registered in April

The Bermuda Monetary Authority, the financial services regulator (File photograph)

The Bermuda Monetary Authority confirmed the registration of five insurers in April, taking the yearly total to 19.

The BMA approved two Restricted SPI insurers — Purple Re Ltd and Bayou Re Ltd — as well as Apex Captive Ltd in Class 1, Seven30 Insurance (Bermuda) Co Ltd in Class 2, and collateralised insurer Arbol Re Ltd.

Sixteen insurance applications were reviewed in April by the Insurance Assessment and Licensing Committee, 14 of which were approved, while two were deferred.

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.

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Published May 16, 2023 at 6:52 pm (Updated May 16, 2023 at 8:34 pm)

Five new insurers registered in April

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