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Generic business image for news article Image: Adobestock/Ashley Kaye

20 December 2024
Bermuda
Reporter Diana Bui

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Bermuda licenses three new captives in November

The Bermuda Monetary Authority (BMA) registered three new captives in November, comprising two group captives and one single-parent captive.

The newly licensed Class 2 group captives are Magna Insurance Bermuda and Structured Risk Mitigation Solutions. Schwarzchild, a Class 1 single-parent captive, also received approval from the BMA last month.

These captives were part of a total of seven (re)insurers licensed by the BMA in November.

As of November, the BMA has registered 60 insurance entities in 2024, including 10 intermediaries. The registrations for 2024 to date include five single-parent captives, four group captives, and two Class 3 insurers.

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