BMA registers seven new insurers
The Bermuda Monetary Authority confirmed the registration of seven new insurers in September, taking the yearly total to 41.
The island’s financial services regulator has also registered ten intermediaries this year, including two in September.
Last month, the BMA registered Intimorato Insurance Ltd; Red Eagle Insurance Ltd; and Mulligan Insurance Ltd in Class 1; Suffolk Insurance Ltd in Class A; Fed Re Ltd in Class E; Nimble Insurance Ltd in the Sandbox, IGB category; and Fractal Re Ltd in the Collateralised Insurer category.
Banyan Excess Liability Ltd was registered as an agent and Talisman Intermediary Ltd was registered as a broker.
Eight new insurance applications were reviewed in September 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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