The Bermuda Monetary Authority (BMA) has granted licenses to 10 captive insurers in 2024, further establishing the island as a key domicile for these structures.
Licensing activity between January and October highlights Bermuda’s expanding role in the global captive insurance market.
According to BMA data, the regulatory authority approved five Class 1 captives, two Class 2, one Class 3, and two Class A captives during this period. In total, the BMA approved 53 insurance entities, including 10 intermediaries.
A report from AM Best identified Bermuda as the second-largest captive domicile, accounting for 10.6% of global captives, following Vermont, which leads with 16.1%.
The newly licensed Class 1 captives include Revias Insurance Ltd, Intimorato Insurance Ltd, Red Eagle Insurance Ltd, Mulligan Insurance Ltd, and QFI Risk Solutions (SAC) Ltd Class 2 captives approved by the BMA are I-RE Insurance Co Ltd and Periculum Reinsurance Corporation International Ltd.
Edgware Re Ltd was the sole Class 3 captive licensed, while Arrowhead Insurance Ltd and Suffolk Insurance Ltd were granted Class A licenses.
Earlier in the year, Lloyd’s signed a memorandum of understanding with the BMA to foster collaboration in international insurance expertise. The partnership aims to address regulatory developments, enhance Lloyd’s Lab innovation programs, and provide educational and training opportunities through Lloyd’s Academy.
These initiatives will involve both Bermuda-based operations and Lloyd’s global network, according to Lloyd’s.
Elsewhere in Bermuda, the partnership between ILS Bermuda and Bermuda College, established in 2017 to develop a talent pipeline for Bermuda’s insurance-linked securities (ILS) industry, will continue into 2025.
This collaboration aims to enhance students’ knowledge of the ILS, insurance, and reinsurance sectors, providing educational and work experience opportunities that help students build essential industry connections.
Since its inception, the initiative has expanded to include paid summer internships funded by industry organizations exclusively for Bermuda College students.
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