A shift in the catastrophe bond business from the Cayman Islands to Bermuda has resulted in the Island attracting more insurance companies to set up on its shores.Andre Perez, CEO of Horseshoe Group, said that the reason behind the increase was that companies formerly listed as Class 3 were now more suited to being classed as Special Purpose Insurers (SPI).Earlier this week The Royal Gazette reported that 54 insurance companies incorporated in Bermuda last year with 13 setting up in December.Mr Perez said that since Bermuda implemented SPI regulations in 2009, there had been greater interest in issuing cat bonds out of the Island compared to previously when the majority of that business was done in Cayman, thus there had been a significant shift between the two markets, although Cayman was still dominant in that space.