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Re-insurance registrations on the rise, says BMA

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The Bermuda Monetary Authority (BMA) has recorded a year-on-year increase in new re-insurance registrations, from 58 in 2017 to 75 in 2018.

The greatest year-on-year growth was experienced by Bermuda’s commercial re-insurance sector, ie Class 3A, 3B, 4 general business and Class C, D, E long-term re-insurers; 28 new commercial re-insurers were registered by the BMA in 2018, compared to 17 in 2017. In addition, the growth of Bermuda’s captive re-insurance sector continued its momentum; 19 new captives, ie Class 1, 2, 3 general business and Class A, B long-term re-insurers were registered in 2018, compared to 17 in 2017.
 
Craig Swan (pictured), Managing Director, Supervision (Insurance), says: “The BMA’s 2018 re-insurance registrations tell a very positive story about the health of Bermuda’s re-insurance market.”
 
“We have seen growth in the long-term re-insurance space. The BMA registered 15 new long- term re-insurers in 2018, compared to six registered in 2017. Bermuda also remained the leading jurisdiction for the issuance of insurance linked securities in 2018. So it was not a surprise that registrations of Special Purpose Insurers increased year-on-year; from 24 in 2017 to 28 in 2018.”
 
Four new re-insurance intermediaries also registered in 2018, two agents and two brokers; compared to 11 new intermediaries recorded in 2017.

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