Bermuda licensed 53 new insurers in 2012

The Bermuda Monetary Authority licensed 53 new insurers in 2012, including 27 special-purpose insurers.

Last year's formations in Bermuda also included four Class 1 insurers, two Class 2 insurers, six Class 3 insurers and four Class 3A insurers. Bermuda captive insurance companies typically are licensed as Class 1, 2, 3, 3A or 3B companies.

In a statement, the Bermuda Insurance Market said the special-purpose insurer formations reflected an uptick in insurance-linked securities business on the island.