Bermuda reports jump in new insurer registrations in 2013Reprints
Bermuda saw a more than 70% increase in new insurer registrations in 2013, according to figures released by the Bermuda Monetary Authority on Monday.
There were 91 new insurers registered in Bermuda in 2013 compared with 53 new registrations in 2012, the BMA said in a statement.
Of the new registrations, 51 were special purpose insurers, up from 27 in 2012, 16 were commercial insurers, up from 14 in 2012, and 24 were captive insurers, double the 2012 figure, the BMA said.
The record number of special purpose insurers registered last year reflects how Bermuda has emerged as a leading jurisdiction for the creation, listing and servicing of insurance-linked securities, Jeremy Cox, CEO of the BMA, said in the statement.
By the end of 2013, out of the $21.0 billion of global ILS issuance, $9.2 billion was sponsored by Bermuda-based special purpose insurers, according to the statement.
“This reflects to a great degree the significant work Bermuda's industry service providers and the Bermuda Stock Exchange conducted during the year to promote Bermuda as the premier jurisdiction for ILS,” Mr. Cox said in the statement.