Thirteen new insurers have registered in Bermuda during Q1 of 2013, including five new captives, according to the Bermuda Monetary Authority (BMA).
The results are a marked increase from the seven new insurers registered in Q1 2012.
Shelby Weldon, director of licensing and authorisations at the BMA said that April has also been a busy month for registrations.
“Registrations are trending upwards, 2013 is definitely off to a very good start,” said Weldon.
Eight of the new registrations were special purpose insurers (SPIs) with total premiums of over $93 million. This included three SPIs underwriting over $1 billion of catastrophe bonds and insurance linked securities.
“The SPIs are covering a diverse range of business activities, from excess of loss coverage, to property catastrophe reinsurance, to proportional reinsurance. The market is continuously finding various ways to utilise these vehicles to complement traditional reinsurance,” added Weldon.
