SPIs head up Bermuda registrations in 2013

Bermuda continues to strengthen its position within the alternative capital space, with new formations in 2013 dominated by special purpose insurers.

Statistics from the Bermuda Monetary Authority (BMA) show that the Island welcomed 13 new registrants during the first quarter of this year, of which eight were special purpose insurers (SPIs), with total premiums of over $93 million.

The SPIs are a mixture of cat bonds and sidecars, reflecting rising levels of third party capital management in Bermuda.

Bermuda also welcomed three captive insurers, two Class 3 insurers and six intermediaries during the first quarter, in what is expected to be a bumper year for the Island. Shelby Wheldon, director, Licensing and Authorisations at the BMA said that “registrations are trending upwards. 2013 is definitely off to a very good start.”