The Bermuda Monetary Authority (BMA) has experienced a recent uptick in re/insurance registrations.
Registrations for the first two months of 2018 include 11 re/insurers and one intermediary. These re/insurers include three Class E long-term (life) commercial re/insurers and one general business Class 4 general business commercial re/insurer, the BMA said, noting that this compares to five new re/insurers (and no intermediaries) recorded for the same period last year.
Class 4 and Class E re/insurers are the largest entities by size on the Bermuda register.
“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 Jan. 1 2015), as well as the second anniversary of Bermuda achieving full equivalence under all three Articles of Solvency II (effective March 24, 2016),” said Craig Swan, BMA managing director, Supervision (Insurance).
“The BMA is pleased to see these increased re/insurance registrations, despite challenging market conditions,” Swan said.
Source: Bermuda Monetary Authority (BMA)
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