BMA registers four new re/insurers in April

The Bermuda Monetary Authority registered four new re/insurance entities in April, taking the total number of new registrations in 2020 to 14.

Two of the new vehicles, Carrick Re and Nixer Comp Reinsurance, were class 3A entities. These are defined as small commercial insurers whose percentage of unrelated business represents 50 percent or more of net premiums written or net loss and loss expense provisions, and where the unrelated business net premiums are less than $50 million.

The other two, Oaktown Re IV and Sutter Re, were special purpose insurers.

BMA said it had reviewed five applications in April, one of them deferred from March, all of which were approved.