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.”