The Bermuda Monetary Authority (BMA) confirms seven new insurance registrations in June 2026, bringing the total number of insurers registered year to date to 31. The June registrations comprise one collateralised insurer, Annapurna Re; two restricted special purpose insurers (SPIs), Harbor Crest Re and Huygens Re; one Class C long-term insurer, Glycine Re; and three agents, ParaHubXM, Adroit Underwriting and Mezura Capital Partners. Four intermediaries have been registered year to date, all agents. A collateralised insurer writes reinsurance that is fully collateralised, a structure widely used in the insurance-linked securities (ILS) market. A special purpose insurer is a lightly capitalised vehicle used predominantly for ILS and catastrophe bond transactions; a restricted SPI may conduct special purpose business only with specific cedants approved by the BMA. Agents are insurance intermediaries rather than risk-bearing entities. Among the wider year-to-date register, the classes recorded include Class 3, a captive insurer underwriting between 20 and 50 per cent unrelated business; Class 3A and Class 3B, small and large commercial general insurers respectively, split at US$50m of unrelated-business net premiums; Class 4, large commercial insurers writing excess liability or property catastrophe reinsurance and holding at least US$100m in statutory capital and surplus; and the long-term classes C, D and E, split by total assets at US$250m and US$500m thresholds. Class A denotes a single-parent captive writing only long-term business. The year-to-date figures also record 12 restricted SPIs, three collateralised insurers and a spread of commercial and long-term registrations. In June, the BMA's Insurance Assessment and Licensing Committee reviewed six applications, comprising five new applications and one carried forward. Of the six, five were approved and one was deferred. The registration of an approved entity occurs after the committee process concludes, so approval and registration may fall in different periods. As required by the Insurance Act 1978, the BMA maintains a register of licensed entities, accessible on its website.
