19 May 2023News

Five new insurers registered on Bermuda

Purple Re, Seven30 Insurance (Bermuda) and Arbol Re were all registered as new insurers on Bermuda in April, the Bermuda Monetary Authority (BMA) has revealed.

In total, five insurers were registered in April, taking the yearly total to 19. Sixteen insurance applications were reviewed in April by the Insurance Assessment and Licensing Committee, 14 of which were approved, while two were deferred.

The BMA approved two Restricted SPI insurers — Purple Re and Bayou Re. A restricted SPI may conduct special purpose business with specific cedants approved by the Authority.

One insurer, Apex Captive, was registered as a Class 1, which is typically a single-parent captive underwriting only the risks of the owners of the insurance company and affiliates of the owners.

Seven30 Insurance (Bermuda) was registered as a Class 2 insurer, which usually applies to single-parent and multi-owner captives writing no more than 20% of net premiums from risks that are not related to, or arising out of, the business or operations of their owners and affiliates.

Finally, Arbol Re was registered as a collateralised insurer, which refers to an insurer that carries on special purpose business but is not a ‘Special Purpose Insurer’. Collateralized Insurers write business on a fully collateralized or fully funded basis.