spi

The Bermuda Monetary Authority (BMA) has confirmed that it plans to release a consultation paper in the fourth quarter of 2025 regarding the establishment of a new special purpose insurer (SPI) that will primarily focus on the use of parametric triggers.

During a panel session earlier today at the ILS Bermuda Convergence 2025 conference, it was announced that the Bermuda Monetary Authority (BMA) is currently in the final stages of implementing a new special purpose insurer (SPI) class that will primarily focus on the use of parametric triggers.

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.

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.

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.

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.

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.