BMA licenses one new insurer in September

Only one new insurer was confirmed by the Bermuda Monetary Authority in September, according to the regulator’s latest statistics.

The incorporation means the BMA has licensed a total of 44 insurers and intermediaries for the year to date. This compares to 58 in the same period in 2022. A total of 84 insurers and intermediaries were licenced in the full 2022 year.

Home Re 2023-1 Ltd is a special purpose insurer formed to reinsure policies issued by MGIC investment Corporation.

Home Re is issuing mortgage insurance-linked notes valued at $290 million in four tranches, according to DBS Morningstar, which assigned provisional credit ratings of BBB to B for the notes. The notes expire in ten years’ time.

Although licensing figures are lagging behind 2022 so far, October looks busier as the BMA licensing committee reviewed eight insurers, approving four and deferring three. One was withdrawn.