The Bermuda Monetary Authority (BMA) has reported a recent rise in the number of insurance and reinsurance registrations on the island.
11 re/insurers registered with the BMA during the first two months of 2018, compared with just five for the same period in 2017.
Registrations included three Class E Long-Term (life) commercial re/insurers, one Class 4 general business commercial re/insurer, and one intermediary, with Class 4 and Class E each representing the largest sized entities on the Bermuda register.
Craig Swan, BMA Managing Director, Supervision (Insurance) said, “This increased (re)insurance activity follows on the heels of the third anniversary of Bermuda being placed on the National Association of Insurance Commissioners’ (NAIC) Qualified Jurisdiction list (effective 1st January 2015), as well as the second anniversary of Bermuda achieving full equivalence under all three Articles of Solvency II (effective 24th March 2016).
“The BMA is pleased to see these increased (re)insurance registrations, despite challenging market conditions.”