Eight new insurers registered on Bermuda
Eight new insurance entities were registered on Bermuda in July, according to the Bermuda Monetary Authority (BMA), including one Class 3 insurer and one special purpose insurer.
Pomorum Insurance Company and Coastal Properties Insurance (Bermuda) are Class 2 insurers, which means they are required to maintain minimum capital and surplus of $250,000.
Picadilly Insurance Company is a Class 3 insurer, which means it must maintain minimum capital and surplus of $1 million.
Hoplon II Insurance is a special purpose insurer (SPI). This will issue insurance-linked notes designed to provide MyLotto24 with around €50 million of fully collateralised protection against exceptional jackpot winnings in the various lotteries the company runs.
Vanbridge Life and Annuity Company Ltd is a C class insurer, which means it must maintain minimum capital and surplus of $500,000.
Broker TigerRisk has registered TigerRisk Partners Bermuda, while Clearwater Partners is registered as an agent.
The eighth business registered is Equinox Alternative Investments Services (Bermuda), which is listed as a manager.
As of the end of July 2014, Bermuda has registered 41 new insurers, along with a total of 11 intermediaries: four agents, four managers and three brokers.
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