BMA licenses new insurers

The Bermuda Monetary Authority (BMA) confirmed the registration of two insurers in June, taking the yearly total to 26 insurers.

In the same month, the BMA also registered six intermediaries, including two in June.

The BMA registered Lincoln Pinehurst Reinsurance Company (Bermuda) Ltd in Class E last month, the Royal Gazette reported.

Also in June, the financial services regulator registered Acrisure Bermuda Ltd as a broker, Scenery Re Ltd in the Restricted SPI category, and Mt Logan Capital Management Ldt as an insurance manager.

According to the report, the BMA’s Insurance Assessment and Licensing Committee reviewed four insurance applications last month, consisting of three new applications and one carried forward.

All of the applications were approved.

The BMA noted that the registration and licensing of approved insurance entities is issued after the IALC application process. They may then be confirmed in future periods.

The reinsurance company, Lincoln Pinehurst, is a subsidiary of American life and annuity insurer, Lincoln National.

Meanwhile, broker Acrisure Bermuda is a full-service reinsurance intermediary and capital management advisor providing tailored risk transfer solutions for its clients.

Scenery Re is a special purpose insurer, while Mt Logan Capital Management is an insurance manager.

The recent registrations bring the total number of insurance entities registered in 2024 to 32, of which 26 are insurers and six are intermediaries.

In 2023, the BMA registered a total of 67 insurers.