34 New Insurers Register In First Half Of 2013
The Bermuda Monetary Authority announced today [July 26] that 34 new insurers had registered in Bermuda during the first half of 2013.
This is an increase on the 24 insurers who registered for the first six months of 2012. In addition, this reflects a quarter-on-quarter increase within the period, with 21 new insurers registering in Q2 2013, versus 13 in the first quarter of the year.
Shelby Weldon, Director, Licensing and Authorisations said the new registrations spanned the entire breadth of the industry: from captive insurers; to commercial carriers; to Long-Term (life) insurance businesses, reflecting Bermuda’s ability to service the full spectrum of the insurance market. There were ten new captive insurers registered and four commercial insurers encompassing Class 3A, 3B and Long-Term C.
“In addition, 12 of the new registrations for Q2 2013 were Special Purpose Insurers (SPIs) with anticipated premiums of over $700 million,” Mr. Weldon said. “These registrations included six SPIs underwriting over $1 billion of excess of loss property catastrophe reinsurance business over the next five years.”
Overall, SPIs registered in Bermuda in 2013 are projected to underwrite over $5 billion over the next five years across a range of business activities including: property catastrophe; retrocession and industry loss warranties; as well as catastrophe bonds and insurance linked securities.
Thank you for placing this—and other positive news—on the frontpage, Bernews. As usual, though, good news like this does not receive comments. We Bermudians seem to love to dwell on the negative, don’t we?
Good news. Great to see some potential for employment.
Good news in these times is more like GREAT NEWS!!!
This is good news as far as fees collected etc but the better news would be if any of these were Class 4 insurers and actually planned to provide jobs. If not then there is only incidental benefits.
I really thank these insurance companies because if WE did not have them, BDA would have been underwater along time ago!!
Bermuda Monetary Authority reported 54 new insurance companies registered in Bermuda in 2011.registrations were up 50% from 2010, when Bermuda saw 36 new registrations.
So both 2010 and 2011 saw more registrations.
…. I sadly suspect it will not = Jobs
Agreed!