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.
BMA, formations, SPIs, insurance