Bermuda Insurance Incorporations for November 2004

(December 15, 2004) The Royal Gazette -

By name, incorporation class and date of incorporation.
Class 1 – USF Assurance Company Ltd., 5 November, 2004.
Class 1 – Kazakhstan Energy Reinsurance Company Ltd., 23 November, 2004.
Class 1 – Northern Cross Assurance, Ltd., 29 November, 2004.
Class 2 – AMPC Insurance Ltd., 15 November, 2004.
Class 3 – Archipelago Insurance Company (SAC) Ltd., 2 November, 2004.
Class 3 – TELECO Insurance Limited, 5 November, 2004.
Long-Term – Aldgate Reinsurance Company Limited., 5 November, 2004.
Long-Term – Credit Suisse Life (Bermuda) Ltd., 19 November, 2004.
Source: The Insurance Division, Bermuda Monetary Authority

Glossary:
CLASS 1: A single parent captive insurance company owned by one or more affiliates of a group and underwriting only the risks of the owners of the insurance company and affiliates of the owners. Class 1 insurers are required to maintain minimum capital and surplus of $120,000.
CLASS 2: Multi-owner captives which are defined as insurance companies owned by two or more unrelated persons provided that the captive underwrites only the risks of the owners and affiliates of the owners and/or risks related to or arising out of the business or operations of the owners and affiliates. A Class 2 license will also apply to single parent and multi-owner captives writing no more than 20 percent of net premiums from risks which are not related to or arising out of the business or operations of their owners and affiliates. Class 2 insurers are required to maintain minimum capital and surplus of $250,000.
CLASS 3: Applies to insurers and reinsurers not included in Class 1, 2, or 4. This includes finite reinsurers; reinsurers writing third party business; insurers writing direct policies with third party individuals; and, single-parent, group, association, agency or joint venture captives where more than 20 percent of net premiums written is from risks which are unrelated to the business of the owners. Class 3 insurers are required to maintain minimum capital and surplus of $1 million.
CLASS 4: Insurers and reinsurers underwriting direct excess liability insurance and/or property catastrophe reinsurance risks. Class 4 insurers are required to maintain minimum capital and surplus of $100 million.
Long-Term: Life and pension writers with minimum capital and surplus requirements of $250,000@EDITRULE: Source: Bermuda Insurance Institute