Bermuda registers lowest number of new re/insurers since 2016

The Bermuda Monetary Authority registered 67 new re/insurers and intermediaries in 2023 – the lowest number since 2016. 

Eight new re/insurers were registered in December, of which five were special purpose re/insurers. 

The 67 registrations compared to 84 in 2022, 78 in 2021 and 72 in 2020. It was the lowest number since 2016 when 59 insurers and intermediaries were registered.   

Of the insurers registered in 2023, 29 were restricted special purpose insurers which are used primarily for insurance linked securities and there were three unrestricted SPIs and three collateralised reinsurers. 

There were seven Class 1 single parent captives and six Class 2 captive insurers. Three Class 3 insurers and two Class 3A insurers were also registered. 

On the life re/insurance side, there were five Class C reinsurers and four Class E re/insurers, including MetLife Re and Prismic Life Re. 

There were five intermediaries formed, two of which were innovative intermediaries. 

In December, five restricted SPIs – Easton Re, Ocelot Re, Rouen Re, Bonito Re and Arachne (SAC) Re -  were registered. 

Class E life re/insurer Transamerica Bermuda Re and Class C re/insurer Resolution Life US Re were also formed and there was one innovative intermediary registered – CatX. 

In December, a total of 17 insurance applications were reviewed, comprising 15 new applications and two deferrals. Of the 17, the Insurance Assessment and Licensing Committee approved 12, deferred four and one was withdrawn, the BMA said. 

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