Macquarie forms Bermuda long-term re/insurer

Macquarie Asset Management, considered to be the world’s largest infrastructure asset owners, has formed a Bermuda-based long-term re/insurer. 

InEvo Re was one of seven re/insurers licensed by the Bermuda Monetary Authority in February. The new statistics were released as the Bermuda Risk Summit got underway. 

InEvo's website said it seeks to deliver innovative capital and risk solutions to life insurers globally. 

“We are supported in this goal through access to depth of resources and expertise through a strategic partnership with Macquarie Asset Management, a leading insurance asset manager with more than $100 billion of insurance assets under management,” the company said. 

Also formed in February was a second Class E long-term re/insurer - Ivy Peak Co-Invest Re II – which followed the formation of the original Ivy Peak Co-invest Re a year ago. As Class E long term insurers, both companies must have assets of more than $500 million.

The Bermuda Monetary Authority said it also licensed four special purpose insurers and one collateralised insurer. 

The collateralised re/insurer, Monarch Point Re (ISA 2024), was created following the launch last September of Monarch Point Re, which had more than $400 million of equity. 

The four SPIs were Ramble Re, Bobcat Re, Palm Re and Ashera Re. 

The BMA said its licensing committee approved a further nine applicants in February, which are likely to be licensed in the coming months. 

For the year to date, the BMA has licensed 10 entities compared to seven in the same period in 2023. 

Did you get value from this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.