18 August 2014News

BMA registered eight new entities in July

Eight new insurance entities were registered on Bermuda in July, including one Class 3 insurer and one special purpose insurer, according to the Bermuda Monetary Authority (BMA).

Pomorum Insurance Company and Coastal Properties Insurance (Bermuda) are registered Class 2 insurers, meaning they are required to maintain minimum capital and surplus of $250,000. Picadilly Insurance Company is a Class 3 insurer, which means it must maintain minimum capital and surplus of $1 million.

Vanbridge Life and Annuity Company Ltd is a C class insurer, which means it must maintain minimum capital and surplus of $500,000.

Hoplon II Insurance is a special purpose insurer (SPI). The firm will issue insurance-linked notes designed to provide MyLotto24 with around €50 million of fully collateralised protection against exceptional jackpot winnings in the various lotteries the company runs.

Broker TigerRisk has registered TigerRisk Partners Bermuda, while Clearwater Partners is registered as an agent.

The final business to be registered in July was Equinox Alternative Investments Services (Bermuda), which is listed as a manager.

As of the end of July 2014, Bermuda has registered 41 new insurers, along with a total of 11 intermediaries: four agents, four managers and three brokers.




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More on this story

News
23 October 2023   Home Re 2023-1 used to issue $290m worth of mortgage insurance linked notes.
News
25 September 2023   Public services reported to still be struggling to recover today.
News
21 September 2023   Eleven more entities were confirmed through August 2022, according to BMA statistics.