The Bermuda Monetary Authority (BMA) confirms four new registrations for August 2026: three insurers and one broker. Two of the insurers are registered as Class 2 and one as Class 1, both captive classes. AFC Captive Insurance Company Ltd., the captive formed by Africa Finance Corporation, is registered as a Class 2 insurer with effect from 14 August. Ide8 Limited is registered as a Class 2 insurer with effect from 31 August. Valuation Guarantee Ltd. is registered as a Class 1 insurer, also with effect from 31 August. The broker is M Financial Global Services, Ltd., registered on 18 August. The August additions take Bermuda's registrations for the year to date to 46, made up of 40 insurers and six intermediaries. Class 1 and Class 2 registrations account for five of the 40 insurers, and all five take effect from July onwards. Alongside the three August registrations are Hector Insurance Ltd., a Class 1 insurer registered with effect from 1 July, and Brotherhood Denominational Reinsurance SAC, Ltd., a Class 2 insurer registered with effect from 13 July. Restricted special purpose insurers are the largest category this year, with 12 registrations. Class E long-term insurers follow with nine and collateralized insurers with five. Class 3A has three and Class C two, while Class 3, Class 3B, Class 4 and Class A account for one each. Bermuda licenses insurers by class under the Insurance Act 1978. Class 1 is for single-parent captives insuring only the risks of their owners and affiliates, and Class 2 for multi-owner captives and single-parent captives taking up to 20 per cent of net premiums from unrelated risks. Class 3 covers captives writing more than 20 per cent unrelated business that fall outside the commercial classes, and Class A is the single-parent captive class for long-term business. The commercial classes are graded by size. Class 3A and Class 3B insurers take at least half their business from unrelated risks, split at US$50 million of unrelated net premiums, while Class 4 insurers must hold statutory capital and surplus of at least US$100 million. Long-term insurers are graded by total assets, with Class C below US$250 million and Class E above US$500 million. Special purpose insurers and collateralized insurers write business on a fully collateralised basis and are the vehicles used for insurance-linked securities. The six intermediary registrations comprise five agents and one broker. The BMA's Insurance Assessment and Licensing Committee (IALC) reviews 13 insurance applications in August, 12 of them new and one carried forward. The committee approves seven, defers five and finds one insufficient for review. The BMA notes that registration follows once the IALC process has concluded, so an application may be approved by the committee and registered in different months.
