special purpose insurer


BMA seeks more seamless marketplace with ILS process enhancements: Brad Adderley, Appleby

Recent changes made by the Bermuda Monetary Authority (BMA) to improve processes specific for catastrophe and mortgage bonds, shows that the island is listening to its clients and being more adaptive in the face of growing competition, according to Brad Adderley, Partner at global law firm Appleby. The BMA, the financial read the full article →

Bermuda speeds up cat bond SPI registration to just three days

Catastrophe bond sponsors looking to locate their issuance structures in Bermuda can now benefit from much faster licensing and registration of new cat bond vehicles, with the process streamlined to take just three working days by the regulator. The Bermuda Monetary Authority (BMA) said today that a new faster catastrophe bond read the full article →

Bermudian SPI’s recorded solid growth in latest set of BMA statistics

Data from the Bermuda Monetary Authority (BMA) reveals that the total assets of special purpose insurers (SPI's) licensed in the region increased to roughly $34.34 billion as at December 31st 2015, while capital & surplus also increased when compared with the previous year, to approximately $4.5 billion. The number of SPI read the full article →

Guernsey expands ILS regulations, with SPI vehicle for cat bonds & more

Guernsey has updated its insurance-linked securities (ILS) rules in order to clarify the regulatory treatment of collateralised reinsurance transactions, add a full-featured SPI structure that can support catastrophe bonds and sidecars, and to speed up the approval to a one-day process. The Guernsey Financial Services Commission (GFSC) has published the new read the full article →

Guernsey targets special purpose insurer (SPI) rules by year-end

Guernsey is seeking to build on its insurance-linked securities (ILS) and collateralised reinsurance activity by adding legislation to allow for special purpose insurance (SPI) vehicles, which could be catastrophe bond issuers, for the end of 2016. Revealed at the Guernsey Insurance Forum 2016 event held in London yesterday, the domicile of read the full article →

ILS & hedge funds dominate 2015 Bermuda re/insurance registrations

For the first two months of 2015 insurance and reinsurance company registrations in Bermuda have been dominated by insurance-linked securities (ILS) focused vehicles and hedge fund reinsurance operations. In January and February Bermuda saw 10 insurance or reinsurance company registrations. Of these four are special purpose insurers (SPI's), largely dedicated to read the full article →

Special purpose insurer registrations slowed in Bermuda in 2014

After a bumper year of new Special Purpose Insurers (SPI) in 2013 saw 51 of the, largely ILS or collateralized reinsurance focused, vehicles registered, the 2014 annual total came in some way below with 28 new SPI's. The reason for the slower growth is that these vehicles tend to be re-used read the full article →

Bermuda grows re/insurance registrations in H1, but SPI’s down slightly

According to the latest information from the Bermuda Monetary Authority (BMA) registrations of insurance and reinsurance entities on the island increase during the first-half of 2014, compared to a year earlier. After such a period of rapid growth in the catastrophe bond and insurance-linked securities (ILS) market through 2013 and into read the full article →

Bermuda special purpose insurer registrations reach 14 by end of May

Registrations of Bermuda special purpose insurance (SPI) vehicles in 2014 number 14 by the end of May, dropping slightly behind the run rate seen in 2013. However, overall insurance registrations for the year to date are 38, which outpaces 2013. The use of SPI's as catastrophe bond issuing vehicles, collateralized reinsurance read the full article →

Bermuda registers 51 SPI’s in 2013, up 89% year-on-year

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). The 91 new registrations of insurance and reinsurance companies and vehicles in read the full article →