The Bermuda Monetary Authority confirmed the registration of seven new insurers in November, taking the yearly total to 50.

The island’s financial services regulator has also registered ten intermediaries this year.

Last month, the BMA registered Magna Insurance Bermuda Ltd and Structured Risk Mitigation Solutions Ltd in Class 2, Schwarzschild Ltd in Class 1, Alpha Group Bermuda ISA in Class 3, Drachenhaus Re Ltd in Class 3A, Bridge Street Re Ltd in the Restricted SPI category, and Obra CICS 2023-1 Ltd in the Collateralised Insurer category.

Seventeen new insurance applications were reviewed in November by the Insurance Assessment and Licensing Committee.

Of the 17 applications, 14 were approved by the IALC and three were deferred.

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.