Bermuda licenses five insurance entities in July

The Bermuda Monetary Authority licensed four new insurance companies and an insurance agent in July, bringing the total number of insurance entities approved in 2024 to 37. 

Among the new insurers created was a Class E long-term re/insurer, Catalina Re Bermuda, and a Class 3B reinsurer, Biglari Reinsurance. 

A Class 2 captive insurer, Periculum Reinsurance Corporation International, was also licensed, as was Bellemeade Re 2024-1, an insurance linked securities vehicle affiliated with Arch Capital while one new agent, ISO Insurance Bermuda, was also approved. 

Catalina Re appears to be part of the re/insurer’s transition from a property-casualty and legacy insurer to a long-term re/insurer. 

Through July, the BMA has licensed 30 insurance companies and seven intermediaries. For the same period in 2023, 37 insurers and four intermediaries had been licensed. 

So far this year, seven long-term Class E insurers have been approved while 15 restricted special purpose insurers were approved. 

The BMA said six insurance applications were reviewed and approved by the Insurance Assessment and Licensing Committee.

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