Bermuda is fast becoming a hub for insurance-linked securities (ILS), according to the latest data from the Bermuda Monetary Authority (BMA).
The BMA registered 15 special purpose insurers (SPIs) with total premiums of $595m during the first nine months of 2012.
That included four SPIs which underwrite more than $1.2bn of catastrophe bond deals.
Three insurance companies registered in Bermuda last month, including Class 3 reinsurer Sequant Reinsurance Company Ltd, which was listed on 25 September.
The BMA’s director of licensing and authorisations Shelby Weldon said: “Registrations are sustaining similar levels from last year across all classes. Fifteen SPIs had registered in Bermuda by the end of September 2012 - one registration higher than the same period last year.
“A total of 33 new insurers registered during the first three quarters of 2012 - the authority registered 35 firms during the same period in 2011.”
Weldon continued: “We are seeing continued momentum and high levels of market interest in the SPI and ILS spaces. This supports reports from industry that Bermuda is emerging as an innovative centre for this type of business due to the wide variety of SPI uses we are starting to see develop.
“The process of convergence between the (re)insurance industry and the capital markets, combined with Bermuda’s quality environment continues to attract sophisticated clients to the Island.
“The authority is pleased that the framework put in place in late 2009 has supported an increase in SPI registrations over the past three years.”