Bermuda registers 11 re/insurers in first two months of 2018
The Bermuda Monetary Authority (BMA) has experienced a recent uptick in re/insurance registrations in the first two months of 2018 with 11 new re/insurers.
These 11 re/insurers included three Class E Long-Term (life) commercial re/insurers and one general business Class 4 general business commercial re/insurer – and one intermediary. This compares to five new re/insurers (and no intermediaries) recorded for the same period last year. Class 4 and Class E re/insurers are the largest entities by size on the Bermuda register.
“This increased re/insurance activity follows on the heels of the third anniversary of Bermuda being placed on the National Association of Insurance Commissioners’ (NAIC) Qualified Jurisdiction list (effective 1st January 2015), as well as the second anniversary of Bermuda achieving full equivalence under all three Articles of Solvency II (effective March 24, 2016),” said Craig Swan, BMA managing director, supervision (insurance).
"The BMA is pleased to see these increased re/insurance registrations, despite challenging market conditions."