Log In

Reset Password

Q1 2013 brings surge of new Bermuda insurers

The number of new re/insurers setting up in Bermuda has nearly doubled year over year with 13 new companies incorporating in the first quarter of 2013 — eight of them in March alone.

This is marked increase from the seven new insurers registered during the whole of Q1 2012, according to the BMA.

Among the most notable additions over the last quarter were five new captives as well as eight new Special Purpose Insurers (SPIs) with total premiums of over $93 million.

Three of those SPIs are underwriting over $1 billion of catastrophe bonds and Insurance Linked Securities (ILS).

“The SPIs are covering a diverse range of business activities, from Excess of Loss coverage, to property catastrophe reinsurance, to proportional reinsurance,” said Shelby Weldon, director, licensing & authorisations. “The market is continuously finding various ways to utilise these vehicles to complement traditional reinsurance.”

Additionally, Mr Weldom said that April has also been a busy month for registrations.

“Registrations are trending upwards,” Mr Weldon said. “2013 is definitely off to a very good start.”

You must be Registered or to post comment or to vote.

Published April 23, 2013 at 6:00 pm (Updated April 23, 2013 at 5:59 pm)

Q1 2013 brings surge of new Bermuda insurers

What you
Need to
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon