HSCM Bermuda Management Company has formed Bumblebee Re, a special purpose insurer (SPI), after receiving approval from the Bermuda Monetary Authority.
Bumblebee, which will commence operations immediately, will be headquartered in Bermuda with a goal to bring collateralised reinsurance cell-formation business in-house.
Edouard von Herberstein, partner and chief underwriting officer at HSCM Bermuda, will serve as CEO of Bumblebee, while Michael Millette, managing partner of HSCM Bermuda, will serve on the board of directors of Bumblebee and advise the entity on business development.
von Herberstein 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 continue to improve processes internally and elevate our level of service to our investors and cedants alike,” he continued.
Millette added: “We are excited to launch this new platform under Edouard [von Herberstein]’s leadership and are confident that it will facilitate crisp and efficient execution of our collateralised reinsurance activities.”