According to the Bermuda Monetary Authority, Bermuda registered 91 new insurance companies in 2013, with the figure representing a 72 percent jump over the 53 firms registered in 2012.
The new companies registered in 2013 covered all classes of insurer, including:
- 24 new captives
- 16 commercial insurers
- 51 special purpose insurers.
The SPI figure was a Bermuda record, the BMA said. The SPI nearly doubled from 27 in 2012, while the captive number actually did double—from 12 in 2012. There were 14 commercial insurers registered in 2012.
In a statement about the new firms, covering both the traditional and fast-growing alternative risk transfer sectors of the insurance market, 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 (re)insurance 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 noted the record number of SPIs registered last year, reflecting in particular how Bermuda has emerged as a leading jurisdiction for the creation, listing and servicing of insurance-linked securities (ILS).
By the end of 2013, out of the $21.0 billion of global ILS issuance, $9.2 billion was sponsored by Bermuda-based SPIs, the BMA said.
Source: The Bermuda Monetary Authority