17 January 2023News

New insurer formations reach new highs in Bermuda

The Bermuda Monetary Authority (BMA) registered the highest number of new insurance companies in almost a decade in 2022.

Some 84 new companies were registered in 2022, well above the 2021 total of 65, and the highest since 2014 when 93 were registered. The total last year was boosted by the addition of 15 insurers in December alone.

Of the 2022 total, 80 are insurers and four are intermediaries, the highest number of insurers since 2013, when 91 were added to the BMA’s books.

Nine Class E insurers — long-term insurers with more than $500 million in capital — were registered, as were nine Class A to C insurers, which are smaller long-term re/insurers.

The BMA also registered 16 Class 1 and Class 2 insurers, which are generally captives, along with 15 forms of Class 3 insurers and one Class 4 — Fortitude International Reinsurance — which are the heaviest capitalised of the non-life or long-term insurers. Four digital insurers were also registered.




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More on this story

article
5 December 2022   The lawsuit names the regulator and two of its staff members.
News
20 March 2023   The recruit has more than 26 years of expertise in the financial services sector.
News
5 June 2023   BMA says insurers contributed $60m in licensing fees but gross written premiums fell.