13 March 2014News

Hedge fund-backed entrants head up BMA registrations

Bermuda welcomed six new insurance entities in February, with hedge fund-backed players Hyaline Re and Swan Re attracting considerable interest.

For details on Swan Re’s entry click here.

According to statistics from the Bermuda Monetary Authority one Class 2 insurer, three Class 3a insurers, one Class C insurer and one special purpose insurer (SPI) were formed last month.

Trends show a tailing off of SPI entrants, with the vehicles having proved extremely popular last year and a heightening of hedge fund interest in the Bermuda offering.

SPI interest may have turned a corner as most of the Island’s leading players now boast an alternative capital vehicle—many of which were established in 2013.

As for hedge fund interest, that has ramped up of late and there may yet be more entrants to come, attracted by the success of Third Point Re and in Cayman, Greenlight Re.