BMA reveals May registrations

The Bermuda Monetary Authority (BMA) has revealed that it reviewed ten insurance-related applications in May this year.

Nine of the applications were approved and one application was deferred, bringing the total number of insurers registered this year to 27 and the total number of intermediaries to eight.

Fidelis Insurance, the start-up re/insurer founded by Lancashire founder Richard Brindle and Neil McConachie, the former chief financial officer of Lancashire, was registered in May.

The re/insurer recently announced that it has raised $1.5 billion of capital and secured an A- (Excellent) rating from AM Best.