Re-Insurance

BMA registered 42 insurers in 2016

  • Busy year: the Bermuda Monetary Authority registered 11 insurers in December, bringing the total for the year to 42, including two Class 4 reinsurers

A total of 42 insurers, including two Class 4 reinsurers, were registered by the Bermuda Monetary Authority in 2016.

That was down from the 64 registered during 2015, and the 65 of 2014.

KaylaRe Ltd and Harrington Re Ltd were the Class 4 registrations last year.

KaylaRe, which was formerly Aligned Re Ltd, had its registration confirmed in December. The reinsurer launched with $620 million of capital, of which $300m came from Bermudian-based Enstar Group.

Last month also saw the registration confirmation for 4 Ever Life International Limited, a Class 3A insurer, Point Landing Insurance Ltd, a Class 2, and Wiikit Re Ltd, a Class 1.

There was a flurry of special purpose insurers registered in December. The seven were Fibonacci Reinsurance, Hiscox Re ILS, Leo Re, Limestone Re, Galilei Re, Daedalus I Re, and Mercalli Re.

Three agents were registered, namely Hamilton Insurance Services (Bermuda) Ltd, Allied World Syndicate Services (Bermuda) Ltd, and PartnerRe Underwriting Management Ltd, which also registered a manager.

For the year, the BMA registered four Class 1 insurers, and the same number of Class 2 and Class 3 entities. There were seven Class 3A insurers.

The total number of SPIs registered for the year was 17.