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Bermuda sees 37 new re/insurance registrations in H1 2019

12th July 2019 - Author: Matt Sheehan

The Bermuda Monetary Authority (BMA) has released statistics showing that 37 new insurance and reinsurance entities were registered on the island over the first half of 2019.

Bermuda reinsuranceThis puts growth roughly on track with the 75 registrations recorded over full-year 2018, and comfortably above the 58 recorded in 2017.

During H1 2019, the BMA recorded 32 re/insurer registrations and five intermediaries.

The re/insurers consisted of: Daiichi Sankyo Reinsurance from Class 1; Yang Ming Insurance, Trivision Reinsurance and Sugaree Insurance from Class 2; IOS Reinsurance and Oswald Affinity from Class 3; Golden Tree Reinsurance, Harper Insurance, Seaview Re, and Canopius Reinsurance from Class 3A; Newport Re from Class 3B; and Class 4 re/insurer Convex Re.

It also included: Class A re/insurers FF Insurance, HSBC Insurance SAC 1 (Bermuda); CATERPILLAR INSURANCE, Nautilus Indemnity, Nautilus Reinsurance and Trivision Reinsurance from Class B; Sagicor Reinsurance Bermuda from Class C; and Oceanview Reinsurance from Class E.

Twelve special purpose insurer (SPI) registrations were also documented, including Radnor Re, Bellemeade Re, Cape Lookout Re, Merna Re, Sanders Re, Eagle Re, Home Re, Pompano Re, and Viaduct Re.

Intermediary registrations included three brokers – Shoreline Brokers, Ed Broking (Bermuda), and i-Intermediary.

Arch Credit Risk Services (Bermuda) was also registered as an agent and AkinovA (Bermuda) as an innovative intermediary.

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