Custodian Life Ltd, as a class C insurer — the tier of licence for long-term insurers and reinsurers with total assets of less than $250 million — was one of the new companies to register in Bermuda during October.

In total there were seven new insurance registrations for the month, announced by the Bermuda Monetary Authority.

They include MoonGate Insurance Ltd, which has registered as an agent, while another new registration, Tokio Millennium Re Ltd, has registered as a class 3B insurer, and so is required to maintain capital and surplus of $1 million. Tokio recently redomiciled to Switzerland, but stated at the time their collateralised and ILS solutions arm would remain in Bermuda.

Galileo Re Ltd, Silverton Re Ltd and Fortius Re, Ltd are all registered as a Special Purpose Insurers (SPI), a class created to provide a regulatory framework for insurance-linked securities.

Galileo Re Ltd (Series 2013-1) is also an SPI, and it is seeking to issue a single tranche of notes which will fully collateralise a reinsurance agreement with Catlin Insurance Company, the Bermuda insurance and reinsurance entity of Catlin Group. The deal is being marketed with a preliminary size of $175 million, according to Artemis, an online publication.

Brown Water Insurance Ltd is registered as a class 2 insurer, which means it’s required to maintain minimum capital and surplus of $250,000.

So far 59 insurers have registered during 2013, along with 18 intermediaries (salesmen, brokers, managers and agents).