Bonanza Re places $200m cat bond
Two new reinsurance firms were last month registered in Bermuda.
The Bermuda Monetary Authority said Bonanza Re, a special purpose insurer, and Transportation Reinsurance Underwriting Company of Kentucky, a Class 3 insurer, were the new November additions.
Bonanza Re is a $200 million special purpose vehicle sponsored by American Strategic Insurance Group and listed on the Bermuda Stock Exchange.
The aim is to provide American Strategic with coverage against US named storms, for all tropical storm- and hurricane-exposed states and severe thunderstorm risk for the 48 continental states and the District of Columbia.
The pair bring the registrations for the year to date to a total of 44 insurance companies and associated intermediaries like agents, managers and brokers.
The BMA said seven insurance applications had been reviewed by the assessment and licensing committee in November, with five applications approved and two deferred.