Cars are not particularly welcome on the streets of Bermuda, butat least three reinsurance sidecars were allowed to park there latelast year.
Tanked up with fuel of existing reinsurers, the sidecars–likemopeds used by some Bermuda travelers–are smaller than full-sizedrelatives with Class 4 licenses. According to the Bermuda MonetaryAuthority, Blue Ocean Reinsurance Ltd. and Cyrus Reinsurance Ltd.received Class 3 licenses in October, while Flatiron got itslicense in December 2005.
Christopher Klein, head of counterparty risk for Benfield Groupin London, noted that Rockridge Re–set up before last year'shurricanes in second-quarter 2005 by Montpelier Re–is also asidecar. But Cayman Islands-based Rockridge, established with just$90 million, was smaller than those that came later.
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