Bermuda Seeing Influx Of Insurers

The Bermuda Monetary Authority (BMA) has welcomed a significant increase in new insurance entities locating to Bermuda during the first two months of the year.

The island regulator said it has newly registered 11 (re)insurers, including three Class E Long-Term (life) commercial (re)insurers and one general business Class 4 general business commercial (re)insurer. One insurance intermediary was also registered.

This compares to five new (re)insurers (and no intermediaries) recorded for the same period last year. Class 4 and Class E (re)insurers are the largest entities by size on the Bermuda register.

Bermuda's Business Development Agency recently said the increase in business is partly as a result of the recent passage of tax cuts in the US.