bermuda

The “opportunity cost” of having collateral trapped from prior year events is, in the current higher reinsurance rate environment, increasingly in focus among the insurance-linked securities (ILS) fund manager community, Megan Green of PwC Bermuda told us in a recent video interview.

Two new examples of the collateralized insurer class of company have been set up in Bermuda, with Monarch Point Re (ISAC) Ltd. and Monarch Point Re (ISA 2023) Ltd. both registered by the regulator in May.

Captive insurance structures are still largely a self-insurance tool for their sponsors, but there is a market there for captives that might look to offload risks, or books of business, towards the end of their lives, David Gibbons of PwC Bermuda told us in a recent video interview.

Bermuda’s insurance and reinsurance market is readily taking steps to embrace ESG within their business models, but there is a lot to do and the work can become very technical, according to Marisa Savage at PwC Bermuda.

Neville Ching, the former retrocession managing partner at brokerage Capsicum Re, has formally launched ReFlex Solutions Ltd, an independent reinsurance brokerage headquartered in Bermuda with a mission to bring distribution efficiencies and efficient capital to market.

The Bermuda insurance and reinsurance market has weathered recent global volatility and elevated levels of catastrophe events extremely well, demonstrating its resilience, according to Matt Britten at PwC Bermuda.

Reinsurance broker Gallagher Re has appointed industry-loss warranty (ILW) and retrocession broker Alex McManus to lead its index-based capabilities in Bermuda.

The Bermuda Monetary Authority (BMA) is to continue a focus on responsible solutions in insurance, reinsurance and investment funds in 2023, with products that address climate change and protection gaps a particular priority.

As the market navigated a very late and prolonged reinsurance renewal season, the usual flurry of start-ups and capital raises were nowhere to be seen.

Bermuda saw another strong year of new company registrations for catastrophe bond, insurance-linked securities (ILS) and collateralised reinsurance related vehicles in 2022, with cat bond formations leading the way.