Bermuda registers 36 new insurers in first half of 2014

The Bermuda Monetary Authority registered 36 new insurers during the first six months of 2014, up from 34 during the same period last year.

The new insurers included seven captive insurance companies, down from nine during the first half of 2013.

The BMA also registered eight commercial insurers during the first half of this year, up from two during the same period last year; 16 special purpose insurers, down from 20 during the first half of 2013; and five long-term life insurers, up from three during the first half of 2013.

New insurance entities formed in Bermuda during the first half of this year included African Risk Capacity Insurance Co. Ltd., a catastrophe insurance pool formed to help member states cope with extreme weather events.