According to the Bermuda Monetary Authority, 34 new insurers have registered in Bermuda during the first half of 2013.
The figure reflects a quarter-on-quarter increase within the period, with 21 new insurers registering in Q2 2013, versus 13 in the first quarter of the year.
Shelby Weldon, director of licensing and authorisations at the BMA, explained in a recent statement that the new registrations spanned the entire breadth of the industry, including captive insurers, commercial carriers, and long-term (life) insurance businesses.
There were ten new captive insurers registered and four commercial insurers encompassing class 3A, 3B, and long-term C.
“In addition, 12 of the new registrations for Q2 2013 were special purpose insurers (SPIs) with anticipated premiums of over $700 million,” added Weldon.
“These registrations included six SPIs underwriting over $1 billion of excess of loss property catastrophe reinsurance business over the next five years.”
SPIs registered in Bermuda in 2013 are projected to underwrite over $5 billion in the next five years across business activities including, property catastrophe, retrocession and industry loss warranties, catastrophe bonds, and insurance linked securities.
