special purpose insurer

New registrations of Special Purpose Insurers (SPI) drove the number of newly registered insurers in Bermuda to 91 in total for the year 2013, with 51 of those SPI’s, according to annual statistics from the Bermuda Monetary Authority (BMA).

Registrations of new insurance and reinsurance entities in Bermuda reached 53 by the end of September, which is 60% up on the first nine months of 2012. Special Purpose Insurers (SPI) continue to drive much of this growth, with 29 new SPI’s registered in the first three-quarters of 2013.

Registrations of new insurance and reinsurance entities in Bermuda continued at a rapid pace in July, with Special Purpose Insurers (SPI) again leading the way. There were 13 new re/insurer registrations in the Bermuda market during July, according to the Bermuda Monetary Authority (BMA), with 7 being SPI’s.

The Bermuda insurance and reinsurance market saw 34 new insurer registrations during the first-half of 2013, up from the 24 registered in the first-half of 2012 a year earlier. Special purpose insurers (SPI’s) make up a growing contribution to these statistics, with 20 of the total registered being new SPI’s so far in 2013.

North Carolina is seeking to enact legislation which would make it a home to captive insurance and reinsurance companies and special purpose vehicles such as catastrophe bond issuers. In an effort to grow its share of the re/insurance market bill SB 476, sponsored by two Republican Senators, has moved through the North Carolina Senate Insurance […]

The year 2012 saw brisk activity in the registration of new insurers, reinsurers and captives in Bermuda. New insurer registrations totalled 53 for the year, according to the Bermuda Monetary Authority, with 27 of those being Special Purpose Insurers (SPI), the class of insurer in Bermuda which are largely used for catastrophe bond issuance or […]

Over the course of 2012 the island of Bermuda become home to 53 new international insurers, four new insurance agencies, five new insurance managers and two insurance brokerages. Of the insurers, 27 are Special Purpose Insurers and most of these have been formed to undertake some kind of fully collateralised reinsurance often with third-party capital […]

The Bermuda Stock Exchange approved the secondary listing of the 100,100,000 Ordinary Shares of Blue Capital Global Reinsurance Fund Limited to their exchange on 6th December. The primary listing for the shares is on the London Stock Exchange’s Specialist Fund Market, as we wrote last week. The shares represent the first offering from Bermuda reinsurer […]

Bermuda continues to promote itself as the island destination for the catastrophe bond and insurance-linked securities market. With its role as one of the major reinsurance hubs of the world, a modern stock exchange in the BSX and attractive regulatory and re/insurer formation regimes, the island is perfectly suited as a centre for ILS. The […]

In another move which should help to increase the attractiveness of Bermuda as a domicile for catastrophe bond and insurance-linked securities issuers, the Bermuda Monetary Authority (BMA) has announced a reduction in the licence fees for Special Purpose Insurers (SPI’s). The annual registration fee for an SPI has been almost halved from $11,600 down to […]