special purpose insurer

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 […]

A piece of U.S. regulation has been highlighted as potentially having an impact on catastrophe bond and insurance-linked security issuing entities. The insight published in this memo from law firm Cadwalader, Wickersham & Taft LLP discusses the FATCA provisions (FATCA stands for the Foreign Account Tax Compliance Act of 2009), regulation which aims to reduce […]

The Bermuda Monetary Authority has announced that it has seen an increase in the number of registrations of insurance companies on the island. Overall insurer registrations are 30% higher so far this year than were seen for during all of 2010. In particular the BMA are pleased with the increase in registrations of Special Purpose […]

The Tennessee legislative and Governor Bill Haslem have implemented and signed into law a new bill designed to make the state a more attractive place for captive insurer formation. Amongst various changes to the way captives are governed in Tennessee of most interest to us is the introduction of a new class of captive insurer […]

The British Virgin Islands (BVI) could look to become a domicile for insurance-linked securities and catastrophe bonds as a way for it to diversify away from relying on more traditional captive business, according to an article by James McConvill of Appleby Global (a provider of offshore legal and administrative services).