Bermuda Registers Two Captive Insurers, Two Collateralized Insurers

Bermuda registered two insurers in captive insurance classes and two collateralized insurers during July, according to the Bermuda Monetary Authority's (BMA) latest registration statistics.

Hector Insurance Ltd. was registered as a Class 1 insurer effective July 1, while Brotherhood Denominational Reinsurance SAC, Ltd., was registered as a Class 2 insurer effective July 13. The BMA defines both as captive general insurance classes.

The July additions brought the number of insurers registered in captive classes during 2026 to four. Thermo Re, Ltd., was registered as a Class A insurer in January, while Rojo Re Limited was registered as a Class 3 insurer in March. The BMA also defines Classes A and 3 as captive insurance classes.

Bermuda also added two registrations relevant to its insurance-linked securities sector during July. LBI Reinsurance Bermuda Ltd. was registered effective July 27, followed by Lancer Re Ltd. on July 29. Collateralized insurers conduct special purpose insurance business on a fully funded basis.

Through July, the BMA recorded 5 collateralized insurer registrations and 12 restricted special purpose insurer registrations during 2026.

The remaining July registrations were Grove Re Ltd., a Class 3A insurer; West Grove Re, Ltd., a Class E long-term insurer; and Nephila Capital Ltd., an insurance agent.

Overall, Bermuda recorded 37 insurer registrations and 5 insurance intermediary registrations through July, bringing total insurance-sector registrations for the period to 42.

The BMA's Insurance Assessment and Licensing Committee reviewed six applications in July, comprising five new applications and one carried forward from an earlier period. All six were approved. The authority noted that application approval and registration may occur in different reporting periods.