Three new captive insurers registered

Three new captive insurers were registered by the Bermuda Monetary Authority in September. 

The BMA also registered collateralised reinsurer Fractal Re, which is partially designed to free up trapped capital from longtail insurance policies.  

The new companies were among nine re/insurers and intermediaries registered by the BMA in September. 

The three captives were Intimorato Insurance, Red Eagle Insurance and Mulligan Insurance. 

Fractal Re was announced by Starwind Specialty Insurance with Stone Point Credit and Enstar to bolster reinsurance capacity for Starwind's casualty programme. It also features the ability of sidecar investors to exit the programme after a designated period. 

Other companies registered last month include Class E life re/insurer Fed Re, which is required to have authorised capital of at least $500 million. 

A Class A long term re/insurer, Suffolk Insurance, was also registered, as was Nimble Insurance, a Sandbox IGB innovative insurer. 

Two intermediaries, Banyan Excess Liability and Talisman Intermediary, were registered as an agent and a broker respectively. 

The registrations brought the total number of re/insurance entities registered this year to 51, of which 41 were re/insurers and ten were intermediaries. 

That compares to a total of 44 at the same point in 2023, of which 40 were re/insurers and four were intermediaries. 

The monthly insurance assessment and licensing committee (IALC) reviewed eight insurance applications in September of which four were approved, three were deferred and one was withdrawn.  

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