The Bermuda Monetary Authority (BMA) registered 75 re/insurance companies in 2018, up from 58 in 2017, a 29.3 percent increase year-on-year.
Bermuda's commercial re/insurance sector experienced the greatest year-on-year growth, with 28 new registrations in 2018 compared to 17 in 2017. This sector is comprised of Class 3A, 3B, 4 general business and Class C, D, E long-term re/insurers.
In December alone, there were 12 new re/insurance registrations. Notable registrations include Enhanzed Reinsurance, the joint venture owned by Enstar Group, Allianz and investment firm Hillhouse.
Bermuda also saw increased year-on-year growth in the ILS space, with 28 registrations of special purpose insurers in 2018 compared to 24 in 2017.
The island's captive re/insurance sector added 19 new captives in 2018 compared to 17 in 2017. These are comprised of Class 1, 2, 3 general business and Class A, B long-term re/insurers.
“The BMA’s 2018 re/insurance registrations tell a very positive story about the health of Bermuda’s re/insurance market,” said Craig Swan, managing director, supervision (insurance). “We have seen growth in the long-term re/insurance space. The BMA registered 15 new long term re/insurers in 2018, compared to six registered in 2017. Bermuda also remained the leading jurisdiction for the issuance of insurance linked securities in 2018.”
BMA, Reinsurance, ILS, Bermuda