Securis builds out Bermuda operations with reinsurance registrations

by Artemis on May 7, 2014

London-based insurance-linked securities and reinsurance-linked investments manager Securis Investment Partners has registered a number of new reinsurance entities in Bermuda, as the ILS manager grows its collateralized reinsurance platform and expands its reach.

Back in March Artemis reported that Securis was planning to expand globally, with offices in Bermuda and Australia expected to be operational this year.

Securis already had a representative in Australia and that office was expected to give the ILS manager enhanced access to the region’s growing institutional investor base as well as offering origination possibilities.

However, with the Bermuda office Securis aims to position itself closer to one of its key reinsurance trading markets, putting it nearer to key Bermudian and U.S. trading partners and enabling Securis to grow its relationships and ultimately the origination side of its business.

The latest monthly insurance registration statistics from the Bermuda Monetary Authority show that Securis registered five entities in Bermuda during the month of April. This is the first evidence of Securis’ stated desire to build out its collateralized reinsurance infrastructure in Bermuda, something we wrote about in March.

At that time Securis told Artemis that it was seeking Bermuda Monetary Authority approval for a special purpose reinsurer and an insurance manager, which would give it a larger platform for underwriting collateralized reinsurance.

In April three special purpose insurers were registered by Securis, Securis Re I Ltd., Securis Re III Ltd. and Securis Re IV Ltd. Also registered in April was Securis ILS Management Ltd., which was registered as both an insurance agent and insurance manager in Bermuda.

Rob Procter, CEO of Securis Investment Partners, told Artemis in March; “We continue to position Securis as one of the leading players in the ILS space. We see growth in our infrastructure – people, systems, operations, and connectivities – as critical, and a natural part of this is to have a physical presence in both of the world’s major catastrophe market places, London and Bermuda. A Bermuda presence will be an excellent complement to our London base.”

With its collateralized reinsurance infrastructure taking shape in Bermuda Securis is now positioned to take advantage of growth opportunities as they emerge. Collateralized reinsurance is playing an increasingly important role for ILS managers in the current market environment. Having its own platform for originating, underwriting and transforming these deals will be of significant benefit to Securis as it looks to secure a larger share of this market.

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