Bermuda registers 13 insurers in May

Bermuda registered 11 new insurers and two intermediaries in May, bringing the total for 2023 to 32.

That means Bermuda is on track for a similar year of new registrations with 2022, when 33 insurers were registered through the end of May and a total of 84 were registered for the full year.

The Bermuda Monetary Authority said it had registered one class 3 insurer, Inver Re (SAC), and one Class 3A insurer, Enact Re.

Three restricted special purpose insurers, Mountain Re, Solomon Re and Lower Ferry Re, were also registered as was one unrestricted SPI, Nascent Re. Two collateralised insurers, Monarch Point Re (ISAC) and Monarch Point Re (ISA 2023), were also formed.

Two Class 2 insurers, Eaglemark Insurance Company and Resilience Cyber Reinsurance Solutions, and one Class 1 insurer, GBT Insurance Company, were also licensed.

In addition, two intermediaries, Nascent Insurance Management, a manager and Spectra Ltd, an agent, were also licensed.