CAPTIVE INSURERS
Bermuda Monetary Authority Has Licensed 10 New Captives This Year
HAMILTON, Bermuda //BestWire// - The Bermuda Monetary Authority issued licenses to 10 captive insurers so far in 2024, as the island becomes a larger domicile for the structures.
Between January and October of this year, Bermuda's regulatory agency approved five Class 1 captives, two Class 2, one Class 3 and two Class A, according to its most recent licensing data.
In total, the BMA approved 53 insurance entities in the time frame, including 10 intermediaries. A 2023 Best's Market Segment Report on captive domiciles found Bermuda the second-leading domicile with 10.6% of captives, trailing only Vermont, with 16.1%
Class 1 captives approved by the BMA include: Revias Insurance Ltd; Intimorato Insurance Ltd.; Red Eagle Insurance Ltd.; Mulligan Insurance Ltd., and QFI Risk Solutions (SAC) Ltd, according to the BMA. Class 2 captives included I-RE Insurance Co. Ltd. and Periculum Reinsurance Corporation International Ltd.
Edgware Re Ltd. was the lone Class 3 captive approved and Class A captives included Arrowhead Insurance Ltd. and Suffolk Insurance Ltd., according to BMA reports.
Earlier this year, Lloyd's said it signed a memorandum of understanding with the Bermuda Monetary Authority to collaborate on sharing international insurance expertise (BestWire, May 29, 2024).
The BMA and Lloyd's will work together on regulatory developments, collaboration with Lloyd’s Lab programs and educational training and remote learning programs through the Lloyd's Academy, both based in Bermuda and across Lloyd’s global network, Lloyd's said in a statement.
(By Terrence Dopp, senior associate editor, Best’s Review: Terry.Dopp@ambest.com)