The Bermuda Monetary Authority confirmed seven new insurance registrations in July, with additions spanning a diverse range of operational structures.

The newcomers are: Hector Insurance (Class 1), West Grove Re, (Class E), Grove Re (Class 3A), Nephila Capital (Agent), Brotherhood Denominational Reinsurance SAC (Class 2), collateralised insurers LBI Reinsurance Bermuda and Lancer Re.

These firms push the year-to-date figures to 42 registrations, consisting of 37 insurers and five intermediaries.

Long-term commercial entities continued to show strong representation. There were nine Class E reinsurers year to date, including West Grove Re.

Meanwhile, the complex risk transfer market was anchored by 12 restricted special-purpose insurers and five collateralised insurers registered so far this year.

On the regulatory front, the insurance assessment and licensing committee maintained its evaluation framework, reviewing six distinct insurance applications in July.

This review pipeline consisted of five entirely new submissions alongside one application that was carried forward.

The Insurance Assessment and Licensing Committee granted approval to all six reviewed applications.