HSCM Bermuda launches Bumblebee Re
A new special purpose insurer has been launched in Bermuda by Hudson Structured Capital Management.
Bumblebee Re is headquartered in Hamilton, and is designed to bring collateralised reinsurance cell-formation business in-house for HSCM Bermuda Management Company.
Edouard von Herberstein, partner and chief underwriting officer at HSCM Bermuda, is the CEO of Bumblebee. He said: “Over the past four years, HSCM Bermuda has transformed over 90 reinsurance contracts across all lines of business into investable securities. We believe Bumblebee will be a catalyst for us as we to continue to improve processes internally and elevate our level of service to our investors and cedants alike.”
Michael Millette, managing partner of HSCM Bermuda, and a director of Bumblebee, said: “We are excited to launch this new platform under Edouard's leadership, and are confident that it will facilitate crisp and efficient execution of our collateralised reinsurance activities.”
Bumblebee will commence operations immediately.
HSCM Bermuda is an asset manager focused on investments in the re/insurance and transportation sectors. It was launched in 2016 and, as of April, had more than $2.3 billion in assets under management.