BERMUDA INSURANCE REGISTRATIONS RISE

A total of 67 licensed insurance entities were registered in Bermuda in 2020, an increase on the 58 that registered there in 2019, according to new figures from the Bermuda Monetary Authority (BMA). An analysis of the data made available by the BMA shows seven class-1 insurers registered over the course of the year. In addition four class 2 insurers, one class 3, eight class 3a, three class 4, five class C, four class E, 30 special purpose insurers, four collateralised insurers and one innovative general business registered in 2020. A total of five intermediaries also registered on Bermuda, these consisting of four agents and one broker. This was a decrease from the 11 intermediaries who registered on the island over the course of 2019.