Bermuda registers 45 new insurers in H1

The Bermuda Monetary Authority registered 45 new insurers and intermediaries during the first half of the year [H1 2015]. This is on par with the 44 registrations recorded during the same period the previous year.

In the commercial reinsurance sector, three new Class 4 reinsurers capitalised at a minimum of USD100 million each were formed, as well as three new Class 3A reinsurers, according to Bernews.

Shelby Weldon, director, Licensing & Authorisations said, “In fact, one of the new Class 4s – which was a result of the partnership between one of the world’s largest global reinsurers and one of the world’s largest asset management firms – initially capitalised at approximately USD775 million. While another new Class 4 subsidiary initially capitalised with USD300 million.”

“The ability to attract over USD1 billion of capital in just two new Class 4 reinsurers speaks to the continued significance of the Bermuda market,” Weldon said.

On the investment side, the Authority authorised a new investment business licence to provide broker/dealer services, including the distribution of equity, debt and option securities.