BMA: Increased Reinsurance Registrations

April 2, 2018 | 1 Comment

The Bermuda Monetary Authority [BMA] said they have “experienced a recent uptick in re/insurance registrations” with the BMA saying  registrations for the first two months of 2018 included 11 re/insurers, which compares to five new re/insurers in the same period last year.

“Registrations for the first two months of 2018 include 11 re/insurers – which include three Class E Long-Term [life] commercial re/insurers and one general business Class 4 general business commercial re/insurer – and one intermediary,” the BMA said.

“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.”

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,” Mr. Swan said.

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  1. watching says:

    great news! lets just hope these can provide some jobs rather than just the licensing and registration fees that we receive.

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