Bermuda registered 34 new insurers in the first six months of 2013, reports the Bermuda Monetary Authority (BMA), an increase from the 24 insurers the island added in the first half of 2012.
Thirteen new insurers registered in the first quarter of 2013 and 21 joined in Q2. Business came from commercial carriers, long-term life insurance operations, and captives, including 10 new captives and four commercial insurers encompassing Class 3Q, 3B and Long-term C products.
“In addition, 12 of the new registrations for Q2 2013 were special purpose insurers (SPIs) with anticipated premiums of over $700 million,” said Shelby Weldon, director of licensing and authorizations for the BMA, in a statement. “These registrations included six SPI's underwriting over $1 billion of excess of loss property catastrophe reinsurance business over the next five years.”
The BMA expects currently-registered SPI's to underwrite more than $5 billion over the next five years with property catastrophe, retrocession, industry loss warranties, catastrophe bonds and insurance-linked securities.
About 1,200 international insurers and reinsurers have branches in Bermuda, which has close to 900 domiciled captive insurance companies.
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