Bermuda Registers Long-Term Captive in October

Bermuda registered one captive insurer and three other long-term insurers in October, according to the Bermuda Monetary Authority's (BMA's) latest registration statistics.

Project Pearl ISAC Ltd. was registered as a Class A insurer effective October 21. The BMA defines Class A insurers as single-parent, long-term captives that underwrite the long-term business risks of their owners or their owners' affiliates.

The other October registrations were Mariner Re Ltd. and YF Life Insurance Bermuda Ltd., both Class E insurers, and AIA Global Insurance Company Ltd., a Class C insurer.

No collateralized insurers or restricted special purpose insurers were registered during October. Through the first 10 months of 2026, Bermuda registered 5 collateralized insurers and 13 restricted special purpose insurers, 2 categories relevant to the jurisdiction's insurance-linked securities market.

Overall, the BMA recorded 46 insurer registrations and 9 insurance intermediary registrations through October, bringing total insurance-sector registrations for the year to 55.

The BMA's Insurance Assessment and Licensing Committee reviewed seven applications during October, comprising six new applications and one carried forward from an earlier period. Six were approved, and one was deferred. The authority noted that application approval and registration can occur in different reporting periods.