BMA Reports 43 New Registrations In 2024
The Bermuda Monetary Authority [BMA] published its October 2024 licensing statistics, reporting 43 new insurance registrations.
A Government spokesperson said, “The Bermuda Monetary Authority [BMA] has published its licensing statistics for October 2024, showcasing continued positive performance and steady growth in the island’s insurance sector.
“In October, the BMA confirmed two new insurance registrations, including a Restricted Special Purpose Insurer and a Class 1 insurer, demonstrating continued confidence in Bermuda’s regulatory framework and our position as a leading global insurance hub.
“These additions bring the total number of new insurance registrations for the year to 43, representing a wide variety of entities across different classes [list available here].
“Currently, Bermuda has over 1,200 registered insurers, who underwrote gross premiums in excess of $277 billion in 2023. The island is the birthplace of the first modern captive and remains a domicile of choice for an impressive number of large multinational corporations. Bermuda is home to more than 633 licensed captives with total assets exceeding $142 billion. Additionally, the long-term [re]insurance market is growing and maturing, experiencing a surge in capital flows and registrations.”
Jason Hayward, Minister of Economy and Labour, remarked, “Bermuda continues to be a key player in the global insurance and reinsurance markets. With our strong regulatory framework, capital efficiency, and innovative solutions, Bermuda is well-equipped to address the growing complexity of global risks.”
He further stated, “The Government is committed to fostering a dynamic business environment that is crucial for the success of our economy and the well-being of our community. By ensuring Bermuda provides the ideal conditions for businesses to thrive, expand, and succeed, we prioritize the retention and growth of existing businesses as a central focus of our Economic Development Strategy. The diligent work of the Bermuda Monetary Authority in reviewing and approving these applications is a testament to the continued strength and competitiveness of Bermuda’s insurance market.”
The October 2024 Insurance Registration Statistics follow below [PDF here]:
