Bermuda registered 91 new insurance companies in 2013, according to annual insurer registration statistics released by the Bermuda Monetary Authority. This represents a 72 percent increase on the 53 firms registered in 2012.
The new firms covered both the traditional and fast-growing alternative risk transfer sectors of the insurance market. In addition, the number of new captives registered in 2013 doubled the totals recorded in 2012.
The new companies registered in 2013 covered all classes of insurance. There were 24 new captives, 16 commercial insurers and a record 51special purpose insurers (SPI). This compares to 12 new captives, 14 commercial insurers and 27 SPIs being recorded the previous year.
Jeremy Cox, CEO of the authority, said: “Achieving this level of business in today’s competitive environment reinforces Bermuda's unique ability to service the full spectrum of high-end, global reinsurance business. It also demonstrates the continued relevance of Bermuda as a jurisdiction as the market seeks diversification in risk transfer, with alternative products increasingly complementing traditional reinsurance.”
Cox also noted the record number of special purpose insurers registered last year, reflecting in particular how Bermuda has emerged as a leading jurisdiction for the creation, listing and servicing of insurance-linked securities. By the end of 2013, out of the $21 billion of global ILS issuance, $9.2 billion was sponsored by Bermuda-based SPIs, representing 41 percent of the world-wide stock of ILS.
