The Bermuda Monetary Authority (BMA) has announced that it experienced growth in the number of new re/insurance registrations in 2018 to 75, up from 58 in 2017.
The year-on-year increase was experienced across various sectors, with the strongest growth coming from Bermuda’s commercial re/insurance sector, with 28 new registrations taking place in 2018, compared with 17 in the previous year.
At the same time, Bermuda’s captive re/insurance sector also experienced growth, with 19 new captives being registered in 2018, up from the 17 in 2017.
The island also saw four new re/insurance intermediaries register with the BMA in 2018, two of which are agents and two of which are brokers. This is a decline from the 11 new intermediaries registered in 2017, says the BMA.
Managing Director of Supervision (Insurance), BMA, Craig Swan, commented: “The BMA’s 2018 (re)insurance registrations tell a very positive story about the health of Bermuda’s (re)insurance market.
“The BMA registered 15 new longterm (re)insurers in 2018, compared to six registered in 2017. Bermuda also remained the leading jurisdiction for the issuance of insurance linked securities in 2018. So it was not a surprise that registrations of Special Purpose Insurers increased year-on-year; from 24 in 2017 to 28 in 2018.”
