Bermuda Monetary Authority confirms 11 new insurers

Eleven new insurance registrations were confirmed by the Bermuda Monetary Authority in October, the regulator announced this week.

The registrations bring the number of insurers and intermediaries formed for the year to date to 55 compared to 63 for the same period in 2022.

The insurance Assessment and Licensing Committee also reported that reviewed and approved a further eight insurance applications in October.

Seven of the newly confirmed insurers were restricted special purpose insurers. These were Hexagon IV Re, Bellemeade Re 2023-1, Blue Ridge Re, High Point Re, Long Walk Reinsurance, Nature Coast Re and Polestar Re.

One unrestricted SPI, Sat Re, was also formed.

Two Class C life re/insurers, CNO Bermuda Re and Principal Finance Services, were also confirmed.

One Class 3 insurer, Atwater, was also confirmed.

For the year to date, 51 insurers have been confirmed and four intermediaries have been confirmed.