BMA licenses new long term reinsurer

The Bermuda Monetary Authority licensed four new insurers in July, bringing the total of new insurance companies and intermediaries to 41 for 2023.

Of the four, Ivy Peak Co-Invest Re is a Class E  long term insurer, meaning it must have assets of more than $500 million.

Radnor Re 2023-1 is a special purpose insurer which has been used by Bermuda-based mortgage insurer Essent Group to issue $281 million of reinsurance using mortgage-linked notes.

Crescent Insurance is a Class 2 captive insurer and Mackinlay Insurance is a Class 1 single parent captive.

Through the end of July, 2022, there were 45 registrations by the BMA.  There were 84 in the full year.