Portuguese Real Re has formed a captive insurer on the island of Bermuda, which is to be managed by Marsh Bermuda.

The decision to form the captive insurer was not entered into lightly and was only set up after Real Re's parent company, Real Seguros examined a number of jurisdictions, including Guernsey.

The companies extensive research about Bermuda and the island's reputation revealed that Bermuda would be the best fit for them and what the company is trying to achieve, Rory Gorman, Marsh Bermuda head of office, explained to Bermuda Insurance Update.The company worked with Marsh Bermuda and its colleagues in Portugal to get the captive formed.

Real Seguros is owned by Portuguese bank Grupo BPN. Real Re will reinsure products underwritten by Real Seguros across a wide number of lines, including life and non-life, personal lines and asset management.