In an active December, the Bermuda Monetary Authority confirmed the registration of 13 new insurers, taking the yearly total to 63, which is one more than the previous year.

Twelve intermediaries were registered during the year, including two in December, taking to 75 the total of registrations during 2024.

Only five intermediaries were registered in 2023.

The 2024 figures are some way off the 80 insurers and four intermediaries that were registered in 2022, which were the highest numbers in a decade.

Registered by the BMA last month were Ranger Insurance Ltd and Dentsply Sirona Reinsurance Ltd in Class 1; The Captive Advantage Reinsurance Ltd in Class 2; Mereo Insurance Ltd in Class 3B; Axis Specialty Insurance Ltd in Class 4; Dentsply Sirona Reinsurance Ltd in Class A; Constellation Re (Bermuda) Ltd in Class C; and Sconset Re Ltd and Prismic Life Reinsurance International Ltd in Class E.

Perren Re Ltd and Mereo ILS Opportunities Ltd were registered in the Unrestricted SPI category; MMIFS Re Ltd was registered in the Restricted SPI category; and Soter Insurance Ltd was registered in the IIGB category.

Aon Reinsurance Bermuda Ltd was registered as a broker and Euclid Mortgage Bermuda Ltd was registered as an agent.

Thirteen insurance applications were reviewed in December by the Insurance Assessment and Licensing Committee, comprising of ten new applications and three carried forward applications. All 13 applications were approved by the IALC.

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.