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| BMA Notes Surge In Insurance Company Registrations |
by Amanda Banks, Tax-News.com, London
Thursday, October 13, 2011
The pace of insurance company registrations in Bermuda has picked up, bolstered
primarily by a rise in special purpose insurers.
The latest figures released by the Bermuda Monetary Authority (BMA) show that
31 insurance companies have been registered in Bermuda so far this year. This
represents a 30% increase year-on-year for the seven-month period to July 31, 2011, and is set to exceed the 36 insurance companies registered during the full year of 2010.
Jeremy Cox, CEO of the BMA, said: "The area where we are seeing the largest
single increase is in the Special Purpose Insurers (SPI) class. We have already
seen 12 new SPIs registered this year. This compares to eight SPI registrations
for the whole of 2010."
The majority of the new SPIs - insurance entities that conduct special purpose
business for a specific period of time - were formed in relation to the record-setting
level of global catastrophes experienced during the first half of 2011.
According to Cox, altering the country's regulatory framework to accommodate
SPIs in 2009 has resulted in the translation of market interest in these vehicles
to a larger number of registrations being made. "For example, it was exciting
to see the board of the California Earthquake Authority (CEA), the state's quasi-governmental
residential earthquake insurer, approve a USD150m catastrophe bond issue via
a Bermuda SPI, Embarcadero Re. The choice of a Bermudian reinsurer for this
latest CEA catastrophe bond issue was a departure from previous normal practice
for them, and a positive indication that markets - seeking quality supervision
- remain confident in Bermuda."
Insurance registrations to date are also reflecting new business in both the
captive and commercial insurance sectors of the Bermuda market, according to
Shelby Weldon, the BMA's Director of Insurance, Licensing and Authorization. ”Compared
to 2010, Bermuda has also seen a rise in the level of Class 3 and Class 3A insurers
being registered here. Five of each has already been registered up to July 2011.
This compares to the four Class 3s and two Class 3As that were newly registered
in total last year,” he said.
A comprehensive report in our Intelligence Report series
which studies the 20 main offshore jurisdictions which offer captive insurance
regimes is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp
and a description of the report can be seen at
http://www.lowtaxlibrary.com/asp/description_report11.asp
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