BMA registered eight new entities in July

Eight new insurance entities were registered on Bermuda in July, including one Class 3 insurer and one special purpose insurer, according to the Bermuda Monetary Authority (BMA).

Pomorum Insurance Company and Coastal Properties Insurance (Bermuda) are registered Class 2 insurers, meaning they are required to maintain minimum capital and surplus of $250,000. Picadilly Insurance Company is a Class 3 insurer, which means it must maintain minimum capital and surplus of $1 million.

Vanbridge Life and Annuity Company Ltd is a C class insurer, which means it must maintain minimum capital and surplus of $500,000.

Hoplon II Insurance is a special purpose insurer (SPI). The firm will issue insurance-linked notes designed to provide MyLotto24 with around €50 million of fully collateralised protection against exceptional jackpot winnings in the various lotteries the company runs.

Broker TigerRisk has registered TigerRisk Partners Bermuda, while Clearwater Partners is registered as an agent.

The final business to be registered in July was Equinox Alternative Investments Services (Bermuda), which is listed as a manager.

As of the end of July 2014, Bermuda has registered 41 new insurers, along with a total of 11 intermediaries: four agents, four managers and three brokers.