HAMILTON, BERMUDA – The Bermuda Monetary Authority (BMA) recorded a year-on-year increase in new (re)insurance registrations, from 58 in 2017 to 75 in 2018.
The greatest year-on-year growth was experienced by Bermuda’s commercial (re)insurance sector, i.e. Class 3A, 3B, 4 general business and Class C, D, E long-term (re)insurers; 28 new commercial (re)insurers were registered by the BMA in 2018, compared to 17 in 2017. In addition, the growth of Bermuda’s captive (re)insurance sector continued its momentum; 19 new captives, i.e. Class 1, 2, 3 general business and Class A, B long-term (re)insurers were registered in 2018, compared to 17 in 2017.
Craig Swan, Managing Director, Supervision (Insurance) said, “The BMA’s 2018 (re)insurance registrations tell a very positive story about the health of Bermuda’s (re)insurance market.”