The Bermuda Monetary Authority (BMA) has revealed that it reviewed twelve insurance-related registrations in March.
Eleven of the applications were approved and one application was deferred, bringing the total number of insurers registered this year to 14 and the total number of intermediaries to five.
ABR Re, the joint venture between ACE and fund manager Blackrock, was confirmed as a Class 4 reinsurer. ACE will be the sole source of reinsurance risks ceded to ABR Re, and BlackRock will be ABR Re’s exclusive investment management service provider.
The joint venture will underwrite a portion of a broad selection of reinsurance treaties that ACE places with the traditional reinsurance market and will invest its assets in a diversified and dynamic alternative investment portfolio managed by BlackRock.
BMA, Insurance, Bermuda, ABR Re, BlackRock, ACE, Reinsurance