BMA notes 81% increase on H1 2012

Bermuda

The Bermuda Monetary Authority has registered 47 new insurers for the year to July 2013.

This is an 81% increase from the 26 insurers registered over the same period in 2012.

A total of 13 new insurers entered the Bermuda market in July, with new entrants spanning the entire breadth of insurance classes.

Bermuda Monetary Authority director for licensing and authorisations Shelby Weldon said: “Registrations in July were predominantly special purpose insurers (SPIs) – we registered seven SPIs with projected premiums in the first year of operations of over $151m.”

The new SPIs are expected to underwrite more than $1.7bn over the next five years across lines including property catastrophe reinsurance, catastrophe bonds and life and annuity business.

Several new captive insurers also registered in July.

Weldon added that the total number of captives registered in Bermuda has remained steady over the past three years.

“New captives continue to enter Bermuda,” he said. “In addition, suggestions of a growing trend of captives redomiciling back onshore have not been the experience of the Bermuda market.”

“In fact, during the first seven months of 2013, no Bermuda captives have redomiciled to other jurisdictions, either onshore or offshore. Overall, during the past three years, a total of 12 captives have moved to another location.”