31 July 2013News

BMA registered 34 new insurers in first half of 2013

21 insurers were registered during the second quarter of 2013, building on the 13 insurers registered during the first quarter of the year, according to statistics from the Bermuda Monetary Authority.

Registrants included 10 new captives, four commercial insurers and 12 special purpose insurers (SPIs) “with anticipated premiums of over $700 million”, according to Shelby Weldon, director, licensing and authorisations at the BMA.

SPIs are evidently the stars of the show at present and are “projected to underwrite over $5 billion over the next five years across a range of business activities including: property catastrophe; retrocession and industry loss warranties; as well as catastrophe bonds and insurance linked securities”, according to the BMA. But it is clear that Bermuda continues to attract a range of entities to its shores.