Seven new insurers registered on Bermuda

Locke Tavern Re, GR Bermuda, HSBC Life (Bermuda) and MetLife Reinsurance Company of Hamilton were all registered as new insurers on Bermuda in March, the Bermuda Monetary Authority (BMA) has revealed.

In total, seven insurers were registered in March, doubling the yearly total to 14. Nine insurance applications were reviewed in March by the Insurance Assessment and Licensing Committee, eight of which were approved. One was insufficient for review.

The BMA approved four Restricted SPI insurers — Locke Tavern Re, Aquila Re I, Gateway Re II and GR Bermuda SAC. A restricted SPI may conduct special purpose business with specific cedants approved by the Authority.

One insurer, UHS Assurance Company, 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.

HSBC Life (Bermuda) was registered as a Class C insurer, typically a long-term insurer or reinsurer with total assets of less than $250 million. Finally, MetLife Reinsurance Company of Hamilton was registered as a Class E insurer, typically an insurer or reinsurer with total assets of more than $500 million.