Bermuda re/insurance incorporations trailing behind 2022 figures

The number of re/insurance entities licensed by the Bermuda Monetary Authority in 2023 is lagging behind the number licensed in 2022, according to its August statistics.

The BMA confirmed the licensing of two re/insurers in August, bringing the total number for the year to date to 43.

Through August, 2022, the BMA had confirmed the licensing of 54 entities.

The BMA said it had also approved three further applications in August, which will be confirmed at a later date. In August, 2022, the BMA approved a further 12 companies.

In 2022, a total of 84 re/insurance entities were approved.

In August, Class E Prismic Life Reinsurance was confirmed. As previously reported the Bermuda-based life reinsurer is backed by Nomura, Warburg Pincus and Prudential and has $1 billion in capital.

Class 2 captive insurer Gearbulk Captive was also approved.