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Bermuda Insurance Industry Grows In Q2

by Mike Godfrey, Lowtax.net, Washington
01 August, 2014

The Bermuda Monetary Authority (BMA) has published figures for the first half of 2014 showing steady growth in the insurance industry.

In total, the BMA registered 36 new insurers in the first half of 2014, a six percent increase from the 34 firms registered during the same period last year.

Newly licensed companies included 7 new captives; 8 commercial insurers; 5 long-term (life) insurers; 16 Special Purpose Insurers (SPIs); and 8 intermediaries.

Discussing growth in the funds sector, Shelby Weldon, Director of Licensing and Authorizations, said: "So far in 2014 we have registered 33 new investment funds. These positive results come on the heels of a concerted effort by the jurisdiction to modernize Bermuda's asset management regime."

"We also registered two new investment business licences during the first quarter of 2014, already meeting levels reached during the whole of 2013."

He disclosed that the Authority expects to issue a Consultation Paper addressing the European Union's Alternative Investment Fund Managers Directive by the fourth quarter of 2014.

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