The Bermuda Monetary Authority (BMA) registers three new insurers in May 2026, comprising a Class 3B insurer, a Class E insurer and a Class C insurer.
Verdant Rock Limited registers on 6 May as a Class 3B insurer, a category for large commercial insurers whose unrelated net premiums written total US$50 million or more. Prudential Bermuda ISA, Ltd. registers on 14 May as a Class E insurer, used for long-term (life) insurers with total assets of more than US$500 million. Sompo Life Re Ltd. registers on 26 May as a Class C insurer, a long-term class for insurers with total assets of less than US$250 million.
All three May registrations fall within the commercial insurer classes. Under the Insurance Act 1978, the BMA distinguishes captive insurers, being those that predominantly insure the risks of their affiliates, from commercial insurers, which predominantly insure third-party risks.
The registrations bring the grand total of entities registered in Bermuda for the year to date to 28, comprising 27 insurers and one intermediary.
The BMA's Insurance Assessment and Licensing Committee (IALC) reviews five insurance applications in May, all of which are new applications. Of the five, four are approved and one is deferred.
By class, the year-to-date register records one Class 3 insurer, two Class 3A insurers, one Class 3B insurer, one Class 4 insurer, one Class A insurer, one Class C insurer, eight Class E insurers and 10 Restricted Special Purpose Insurers (SPIs). The register also records two Collateralized Insurers and, among intermediaries, one Agent.
The sole captive-class registration recorded for the year to date is Thermo Re, Ltd., which registers on 1 January as a Class A insurer, the long-term class reserved for single-parent captives insuring only the risks of their owner or its affiliates.
The single intermediary registered to date is Orbway Underwriting Ltd., which registers as an Agent on 2 April.
The BMA notes that registration of approved insurance entities occurs after the IALC application process has concluded, meaning IALC approval and registration approval may fall in different periods.
As required by the Insurance Act 1978, the BMA maintains a register of licensed entities, which can be accessed on the Authority's website.
