BMA: ’2013 Definitely Off To A Very Good Start’
The Bermuda Monetary Authority said that 13 new insurers had registered in Bermuda during the first quarter of 2013, a marked increase from the seven new insurers that registered in the first quarter of 2012.
Shelby Weldon, Director, Licensing & Authorisations said that April has also been a busy month for registrations. “Registrations are trending upwards,” Mr. Weldon said. “2013 is definitely off to a very good start.”
The registrations for last quarter include five new captive insurers, while eight of the new registrations [PDF] were Special Purpose Insurers [SPIs] with total premiums of over $93 million. This included three SPIs underwriting over $1 billion of catastrophe bonds and Insurance Linked Securities [ILS].
“The SPIs are covering a diverse range of business activities, from Excess of Loss coverage, to property catastrophe reinsurance, to proportional reinsurance,” Mr. Weldon continued. “The market is continuously finding various ways to utilise these vehicles to complement traditional reinsurance.”
let’s hope the good faith in the new govt keeps thing rising….
Correlation does not imply causation.
AMEN!
If this doesn’t prove that investors are complete racists I don’t know what will.
Oh come on, the only colour investors see is GREEN !
why feed the troll?
For real! Absolutley nothing to do with the abismal governing of the previous regime.
The only problems with your racist argument is that in the years of the PLP, when companies sought to go elsewhere…they went to other jurisdictions that were run by persons of color. They went were they ere appreciated, welcomed, and where they and their staff felt welcomed.
Logic schmogic.
It’s just easier to say that everything good that happens under the OBA is the product of racism.
Just a coincidence this starts to happen the moment the OBA get voted in?
Maybe because the PLP didn’t know how to run a business….duuuuuuuuuuuuuuuuuuuuh!
The PLP at the end had lost nearly all the confidence of the business world. This news is an indication that the OBA Government is regaining the confidence of the business world.
Youm can’t be serious…
Read this:
http://bernews.com/2011/12/record-setting-year-for-spis/
http://bernews.com/2011/10/bma-hails-jump-in-insurance-registrations/
http://bernews.com/2012/01/bma-2011-insurance-incorporations/
And see if your silly arguement makes any sense.
I am having trouble understanding how an uptick in new insurer registrations has anything to do with good faith or confidence in the new government.
Only perhaps if there were some recent amendments to the insurance act that includes new provisions that makes the registration process more desirable.
I will hazard a guess that an uptick in resident insurers may be a better indicator of good faith as oppose to these new registrants which probably have more to do with the external insurance market itself as well as the island’s already well established legislative reputation.
Um…no more term limits? Pretty sure that helps…
Seeing that NONE of the 13 companies above require ANY staff what does term limits have to do with it???
These are captives and SPIs, Not class 3/4 insurers that bring staff! Do you all know anything or do you just say, this is great.
When this happened under the PLP – refrain was – these people won’t bring staff, now its hailed as the dawn of a new day.
FFS People
@js. the changes may not have anything to do with the act, but instead more to do with how these companies were treated or rather mistreated!.
Think about it, would you invest your money in a bank that treated you poorly, treated your family poorly, and gave you bad service, even if they offered the most attractive interest rates! Perhaps, but most of use take out our money, switch banks and do everything we can to make sure others follow. Most of feel the same way about insurance companies. Once they raise the rates and take advantage of us, or treat us badly, we move ALL of our business to a company that respects us! International companies are no different, in the end they are run by people, and people..all people want to be respected and treated fairly. Unfortunately, some people feel that because of their “position” inn government – they DEMAND it! In reality it does not work like that!
@ js,
I agree with you.
Goes to show you how good of a foundation the PLP laid for this to happen. Or are we to believe that this turn around was accomplished in only 8 business days (December 18th – December 31st)?
Why not use the foundation ploy, when the PLP was in power during the highest financial growth of this islands history, it was credited to a party that had been out of power by 5 years at that point.
The PLP did not lay the foundation for Bermuda’s re/insurance business – the model and framework was already in place when they came to power. If you don’t believe that many investors and businesses were not waiting to see the results of last December’s election before making a move, then you are mistaken, and don’t understand how business works. Many things were on hold pending the outcome of the election.
Furthermore, if you want the PLP to receive credit for “the highest financial growth of this islands history” then you must also allow then to take credit for the Island’s overheating economy during that period as well, and the subsequent demise of the Island’s finances too. Gotta take the good with the bad.
Sure Portia. I’m sure that the PLP did NOTHING to help grow the industry. Seeing that 8 of the 13 companies mentioned are SPIs a PLP change, how does the PLP not factor into it at all.
@ Grey….So with all that said am I to assume that “and people…all people want to be respected and treated fairly” refers to everyone BUT Bermudians ????
Believe it or not, these figures have little to do with which government is in power. Bermuda continues to have a ‘numbers’ lead. What does make a big difference is which companies actually employ people (very few of these do) and that gets around to which government is in power. Yes, the PLP ran many senior businessmen off the island with its misguided policies, and cost Bermudians 1000s of jobs. One would hope that a more pro-business government can correct the imbalance; but once bitten twice shy is the saying. Will they come? The jury is still out, and I wouldn’t plan the party yet.
Now if we could get the thieves to give back all the money they stole..
This doesn’t have anything to do with race. Simply put PLP ruined Bermuda’s ability to attract IB and drove those that were here away. The OBA realizes that we need to embrace IB and welcome them…they inject money into our economy…much needed money! This will also give Bermudians an opportunity at employment. Geesh, what is so hard to understand about this?!
You can’t really be serious can you. PLP “drove all those here away”.
Look up 2 words, “outsourcing” and “offshoring” and then get back to me. The Bermuda insurance model has changed, that is a fact!
If the PLP was sdriving business away, why come there were new insurers coming every year including 2 new Class 4s in 2012??
Do you all really beleive the tripe you type?
What were the number of “strike-offs” (i.e. companies leaving Bermuda) that occurred in 2012?