The Bermuda Monetary Authority (BMA) has published its licensing statistics for October 2024, showcasing continued positive performance and steady growth in the island's insurance sector.  

In October, the BMA confirmed two new insurance registrations, including a Restricted Special Purpose Insurer and a Class 1 insurer, demonstrating continued confidence in Bermuda's regulatory framework and our position as a leading global insurance hub. 

These additions bring the total number of new insurance registrations for the year to 43, representing a wide variety of entities across different classes (list available here 2024-11-21-10-24-20-October-2024-Insurance-Registration-Statistics.pdf). 

Currently, Bermuda has over 1,200 registered insurers, who underwrote gross premiums in excess of $277 billion in 2023. The island is the birthplace of the first modern captive and remains a domicile of choice for an impressive number of large multinational corporations. Bermuda is home to more than 633 licensed captives with total assets exceeding $142 billion. Additionally, the long-term (re)insurance market is growing and maturing, experiencing a surge in capital flows and registrations. 

The Hon. Jason Hayward, Minister of Economy and Labour, remarked, "Bermuda continues to be a key player in the global insurance and reinsurance markets. With our strong regulatory framework, capital efficiency, and innovative solutions, Bermuda is well-equipped to address the growing complexity of global risks." 

He further stated, "The Government is committed to fostering a dynamic business environment that is crucial for the success of our economy and the well-being of our community. By ensuring Bermuda provides the ideal conditions for businesses to thrive, expand, and succeed, we prioritize the retention and growth of existing businesses as a central focus of our Economic Development Strategy. The diligent work of the Bermuda Monetary Authority in reviewing and approving these applications is a testament to the continued strength and competitiveness of Bermuda's insurance market."