Bermuda insurance-related registrations rise 18.6% as intermediaries and Class E grow

Bermuda recorded 51 insurance-related registrations in the first nine months of this year, 18.6% more than the 43 reported a year earlier. The figures come from the Bermuda Monetary Authority and were reported by Royal Gazette Bermuda Re.

The composition did most of the work. Intermediaries went from zero to nine — seven agents, one manager and one broker — while insurer registrations slipped by one, to 42 from 43, which together account for the net increase of eight. Class E long-term registrations rose to nine from three, including Axa Life Bermuda, Calix Re, West Grove Re and several Prudential and Global Atlantic entities.

Elsewhere the counts fell: restricted special purpose insurers to 13 from 16, collateralised insurers to five from eight, and Class 2 to three from five. Three Class 3A registrations and one Class 4 registration appeared in categories with none listed in the September 2025 report.

September's four confirmed registrations were Munitor Re, a restricted special purpose insurer; Cipher Underwriting and Kinetic Insurance Services Bermuda, both registered as agents; and Sun Life Bermuda, a Class C insurer. Acumen Managers was an additional registration confirmed in August.

The licensing committee considered nine applications in September 2026 — six new and three carried forward from earlier periods — approving eight and deferring one, against six considered and all approved a year earlier. The authority cautioned that approvals and registrations do not necessarily occur in the same reporting period, because registration follows only once the committee process concludes.