SPIs and sidecars head-up Bermuda formations in 2013

Statistics from the Bermuda Monetary Authority reveal that alternative reinsurance formations account for half of all formations since the start of 2013.

Three special purpose insurers—Skyline Re, Bosphorous 1 Re and Lorenz Re; a class 3 sidecar, Mt Logan Re established by Everest, and a class 1 captive, EEB ENERGY Re were all established since the start of the year.

Recent changes to Bermuda’s SPI legislation and the Island’s position as a burgeoning centre for alternative reinsurance appear to be driving much of the interest.

Bermuda also saw the creation of a new insurance manager, Safe Harbour Management and the formation of two new brokers MSIB and International Specialty Brokers.