The Bermuda Monetary Authority (BMA) licensed 10 new captive insurers between January and October 2024, reflecting Bermuda’s continued strength as a leading domicile for captive insurance.
According to the latest figures from the BMA, the new licenses include five Class 1, two Class 2, one Class 3, and two Class A insurers.
Among the Class 1 captives are Revias Insurance, Intimorato Insurance, Red Eagle Insurance, Mulligan Insurance, and QFI Risk Solutions.
Class 2 captives include I-RE Insurance and Periculum Reinsurance Corporation International. Marsh’s Edgware Re, a cyber-only group captive, received its license under Class 3.
Arrowhead Insurance and Suffolk Insurance were granted Class A long-term licenses, further diversifying Bermuda’s captive offerings.
With these new registrations, Bermuda has reached a total of 53 new licensed insurance entities through October 2024, including 10 intermediaries.
