New insurer registrations up over 2012
The Bermuda Monetary Authority has registered 27 new insurers so far this year, an increase of eight from the 19 registered to May 2012, a spokesman for corporate governance and communications announced yesterday.The monthly assessment and licensing committee application review looked at a total of ten applications during May. Six applications were approved and four were deferred.The companies approved during May are Vector Reinsurance Ltd., Sunshine Re Ltd., Armor Re Ltd., Phoenix CRetro Reinsurance Company Limited, Blizzard Re Ltd., Demeter Re Ltd. and Link Specialty Re, Ltd. All but Demeter Re Ltd., which is a class 3 insurer, are special purpose insurers.So far in 2013, six intermediaries have also registered.Useful website: www.bma.bm.