special purpose vehicle

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 […]

Guernsey, one of the Channel Islands which sits in the English Channel south of the UK and close to France, is one of the world’s leading locations for licensing and domicile of international insurance entities. It has long been home to captive insurers, protected cell companies (PCCs)and incorporated cell companies and is now home to […]

Smaller firms are expressing  more interest in retaining their own risk and a growing interest in alternative risk transfer vehicles such as captive structures, special purpose vehicles and risk retention groups, according to broker Marsh’s 2012 Captive Benchmarking Report. We don’t cover this type of alternative risk transfer on Artemis very often, but any trend […]

Horseshoe Group, an independent insurance manager and advisor with a focus on the insurance-linked securities (ILS) and catastrophe bond market is expanding its operations to Ireland which will give them a platform to expand their ILS and cat bond administration services into Europe more easily.

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 […]

We often get asked at Artemis why catastrophe bond and insurance-linked security Special Purpose Vehicles (or special purpose insurers) are generally domiciled offshore. The Cayman Islands and Bermuda are the two domiciles of choice for the cat bond market, with the Cayman Islands currently leading the way, Dublin in Ireland has also domiciled a few […]

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).