The first Portuguese came to Bermuda more than 150 years ago. Now for what is believed to be the first time ever, a Portuguese company has formed a captive insurer on the Island.

Real Re will reinsure insurance written by its parent, Real Seguros, an insurer with 42 offices across Portugal and Madeira and 338 staff.

The captive will be managed by Marsh Bermuda and was set up after the parent company examined a number of jurisdictions, including Guernsey, according to a story in Bermuda Insurance Update.

Real Seguros carried out due diligence on suitable jurisdictions,? Marsh Bermuda head of office Rory Gorman told Bermuda Insurance Update. ?In particular they looked at Guernsey, and concluded it would not be the right place.

?Their research about Bermuda and the Island?s reputation told them Bermuda was the best fit for them, and they were impressed with Marsh?s reputation and leading position in the captive management business here. So they worked with us and our Marsh colleagues in Portugal to get the captive formed.? The presence of Portuguese speaking Bermudians on Marsh?s staff did not hurt either when Real Seguros executives came to the Island, according to the story.

?We brought in the head of the property group in Marsh Global Markets in Bermuda, Edward Correia, and the meeting continued in Portuguese,? Mr. Gorman said. ?They came to form relationships, to improve business in the immediate future in the reinsurance area.?

Real Seguros is owned by Portuguese banking giant Grupo BPN. Real Re will reinsure products underwritten by Real Seguros across a wide number of lines, including life and non-life, personal lines and asset management.