BMA confirms seven insurer registrations

The Bermuda Monetary Authority confirmed the registrations of seven re/insurers in November, and looks likely to end the year with a bang as it approved a total of 14 applications in the same period. 

Confirmation of registrations comes after approval by the BMA’s Insurance and Assessment and Licensing Committee, which means that not all confirmations occur in the same month. 

The seven new re/insurers bring the total number of insurance entities confirmed for the year to 60, of which ten are intermediaries. That compares to 59 in the same period in 2023, of which four were intermediaries. 

One restricted special purpose vehicle Bridge Street Re, was confirmed. It is reported to be an insurance linked securities vehicle for QBE, which announced last week that it had converted two captive insurers to Class 4 re/insurers, which catastrophe bond specialist Artemis said were the two cedents for a Bridge Street catastrophe bond. 

That three-year bond is reported to be for $250 million  retrocessional insurance to cover industry loss events caused by named storms and earthquakes throughout the United States, Puerto Rico, DC, the US Virgin Islands and Canada, over the risk period, Artemis said. 

Of the six other new companies, two were Class 2 group captives – Magna Insurance Bermuda and Structured risk Mitigation Solutions – while one was a Class 1 single parent captive – Schwarzchild. 

One Class 3 insurer, segregated account company Alpha Group Bermuda ISA was also confirmed, as was one Class 3A long term re/insurer Drachenhaus Re. 

One collateralised insurer, Obra CICS 2023-1, was also confirmed. 

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