21 September 2023News

Bermuda re/insurance incorporations trailing behind 2022 figures

The number of re/insurance entities licensed by the Bermuda Monetary Authority in 2023 is lagging behind the number licensed in 2022, according to its August statistics.

The BMA confirmed the licensing of two re/insurers in August, bringing the total number for the year to date to 43.

Through August, 2022, the BMA had confirmed the licensing of 54 entities.

The BMA said it had also approved three further applications in August, which will be confirmed at a later date. In August, 2022, the BMA approved a further 12 companies.

In 2022, a total of 84 re/insurance entities were approved.

In August, Class E Prismic Life Reinsurance was confirmed. As previously reported the Bermuda-based life reinsurer is backed by Nomura, Warburg Pincus and Prudential and has $1 billion in capital.

Class 2 captive insurer Gearbulk Captive was also approved.




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More on this story

News
23 October 2023   Home Re 2023-1 used to issue $290m worth of mortgage insurance linked notes.
News
25 September 2023   Public services reported to still be struggling to recover today.
News
25 August 2023   The Re/insurer failed to comply with anti-money laundering regulations.