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.