The hard insurance market’s fuelling of growth in the captive insurance market may be reflected in the latest registration figures announced by the Bermuda Monetary Authority.

The BMA has confirmed the registration of nine insurers in August, taking this year’s number of new registrants to 52, the highest in three years.

This compares very favourably to 2021 (10 and 38) and 2020 (four and 35).

Rising premiums has led to companies seeking more long term control over insurance costs and flexibility, key reasons for captive formations.

Recent data shows a huge jump in the number of captive start-ups worldwide in 2020.

Bermuda’s domicile continues its reputation as a sophisticated and enduring jurisdiction able to handle traditional and specialty business using the most established and legislatively sound alternative markets platform.

The BMA approved two restricted special purpose insurers – Radnor Re 2022-1 Ltd and Bellemeade Re 2022-2 Ltd – as well as two Class 1 insurers, Kevlar Insurance Ltd and Miracap Insurance Ltd.

Everglades Reinsurance Company Ltd was registered in Class 2, Pasaca Insurance Company Ltd was registered in Class 3A, and Hasca Re Limited was registered in Class 3B.

Shelf Opco Bermuda Limited was registered as an Insurance Agent.

Sixteen restricted SPIs have been registered this year in addition to eight in Class 1, seven in Class 3A, five in Class 2, four in Class C, two each in Classes 3B, E, Collateralised Insurer and Innovative General Business – IGB, and one each in Classes 3, 4, Unrestricted SPI, and Class IIGB Insurer.

In addition, two intermediaries have been registered, one as broker and the other as agent.