‘Increase In New Re/insurance Registrations’
The Bermuda Monetary Authority [BMA] said they “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,” the BMA said.
“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.”
“We have seen growth in the long-term [re]insurance space,” Mr. Swan said. “The BMA registered 15 new long-term [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.”
Four new [re]insurance intermediaries also registered in 2018, two agents and two brokers; compared to 11 new intermediaries recorded in 2017, the BMA noted.
The full BMA’s 2018 [re]insurance registrations follow below [PDF here]
Can someone explain – are these brand new companies or subsidiaries of existing ones? Also, do these represent new jobs?
If you follow the BMA press releases they would have you believe that the insurance industry keeps growing, and growing. But what they don’t say in the press releases is how many deregistrations were there in the same period.
Bottom line is some new companies form, some leave, many are spin offs from the same companies – but overall jobs are decreasing and the BMA is spinning the news to prop themselves up.
Generally, they are subs and don’t represent any significant uptick in employment.
^^^^And these posters^^^^ like to call themselves Bermudians who have the best interest of the country at heart, but would take a positive story, attempt to spin whatever negative out of it, put it on a public forum and think that’s just ok…
Question was asked, and it was answered. What, you don’t like facts?
In his little world a ‘real’ Bermudian would never speak the truth or say anything unpleasant about his flawless utopia .
Much like you did with the America’s Cup…but of course it is different with…somehow…someway
Do you zealots recall when your MP Famous and other PLP representatives wrote articles in foreign newspapers bad mouthing BDA. Of course you don’t…
The number of new companies that registered means nothing if you don’t also report the number of existing ones that deregistered and closed down in the same period.
In January each year, the BMA used to release its overall number of registered insurance companies. But they stopped in 2014 because the results made them look bad.
Now you have to dig through their website and count the number of registered companies yourself. Last year I did just that (for captive insurance) and found that the number of captive reinsurance companies is down from over 1100 in 2008 to 736 in 2017.