The Bermuda Monetary Authority (BMA) registered 47 new insurers between January and the end of the July this year. This is an 81 percent increase on the 26 registered during the same period last year.
13 new insurers were formed in July alone, with special purpose insurers (SPIs) and captives leading the new formations. Seven SPIs were formed in July, reflecting the burgeoning Bermuda convergence market. It appears that there is a renewed confidence in Bermuda, with the BMA increasingly bullish about prospects.