The Bermuda Monetary Authority confirmed 13 insurance registrations in May, boosting the yearly total to 32.

Twelve insurance applications were reviewed in May by the Insurance Assessment and Licensing Committee, comprising of eight new applications and four carried forward applications.

Seven were approved, three were deferred and two were withdrawn.

The BMA noted that the registration/licensing of approved insurance entities is issued after the IALC application process and may be confirmed in future periods.

The BMA approved three Restricted SPI insurers – Mountain Re Ltd, Solomon Re Ltd and Lower Ferry Re Ltd -- as well as two Collateralised Insurers, Monarch Point Re (ISAC) Ltd and Monarch Point Re (ISA 2023) Ltd and two Class 2 insurers, Eaglemark Insurance Company Ltd and Resilience Cyber Reinsurance Solutions Ltd.

GBT Insurance Company Bermuda Ltd was registered in Class 1, Inver Re (Bermuda) SAC Ltd in Class 3, Enact Re Ltd in Class 3A, and Nascent Re Ltd in the Unrestricted SPI class.

Nascent Insurance Management Ltd was registered as a manager, and Spectra Ltd was registered as an agent.