The Bermuda Monetary Authority (BMA) registered seven entities in July 2026, comprising six insurers and one intermediary. Hector Insurance is registered as a Class 1 and Brotherhood Denominational Reinsurance SAC as a Class 2. Under the Insurance Act 1978, Class 1 covers single-parent captives insuring only the risks of their owner or the owner’s affiliates, while Class 2 covers single-parent or multi-owner captives insuring related risks or deriving up to 20 per cent of net premiums from unrelated risks. Grove Re is registered as a Class 3A, the category for small commercial insurers whose unrelated business net premiums fall below US$50 million. West Grove Re is registered as a Class E, the long-term class covering insurers with total assets above US$500 million. LBI Reinsurance Bermuda and Lancer Re are both registered as collateralised insurers, on 27 and 29 July respectively. The class applies to fully collateralised vehicles used in insurance-linked securities transactions. Nephila Capital is registered as an agent, the sole intermediary registration in the month. Registrations for the year to the end of July total 42, comprising 37 insurers and five intermediaries. The Insurance Act distinguishes captive insurers, being Classes 1, 2, 3, A and B, from commercial insurers, being Classes 3A, 3B, 4, C, D and E. Four of the 37 insurer registrations recorded so far this year fall into the captive classes, with one each in Class 1, Class 2, Class 3 and Class A. Restricted special purpose insurers account for the largest share of insurer registrations at 12, followed by Class E at nine and collateralised insurers at five. Class 3A accounts for three registrations and Class C for two, with one each across Class 1, Class 2, Class 3, Class 3B, Class 4 and Class A. The Insurance Assessment and Licensing Committee reviewed six applications in July, comprising five new applications and one carried forward. All six were approved. The BMA notes that registration of approved entities occurs after the committee process has concluded, so committee approval and registration approval may fall in different periods. The BMA maintains a register of licensed entities as required by the Insurance Act 1978.
