BMA registers four insurers
The Bermuda Monetary Authority has confirmed the registration of four new insurers, taking the yearly total to 34.
The island’s financial services regulator has also registered eight intermediaries this year, including one in August.
Last month, the BMA registered Aquarian Wealth Partners Reinsurance (ISAC) and Generational Reinsurance (ISA) Ltd in Class C, Revias Insurance Ltd in Class 1, and Radnor Re 2024-1 Ltd in the Restricted SPI category.
Somerset Services Ltd was registered as a manager.
Five insurance applications were reviewed in August by the Insurance Assessment and Licensing Committee, all of which were approved.
The BMA noted that the registration of approved insurance entities occurs after the IALC application process has concluded. Therefore, the IALC approval and the registration approval may be rendered in different periods.
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