Bermuda registers 54 new insurance companies in 2011

HAMILTON, Bermuda—The Bermuda Monetary Authority reported 54 new insurance companies registered in Bermuda in 2011.

The 2011 new insurer registrations were up 50% from 2010, when Bermuda saw 36 new registrations, the Hamilton, Bermuda-based BMA said in a Thursday statement.

“These results were achieved as Bermuda continues with its progressive regulatory agenda and within the context of very challenging global market conditions in the insurance sector,” said Shelby Weldon, director of insurance, licensing and authorization for the BMA, in the statement.

“The 2011 increase included the majority of classes in the Bermuda market, ranging from captives and special purpose insurers to insurers in the commercial sector,” Mr. Weldon said.

SPIs had the greatest sector growth among the insurance companies, with 23 new registrations in 2011 compared with eight in 2010, the BMA said.

SPIs are insurance entities that conduct special-purpose business for a specific period of time.

In an earlier statement, the BMA said most of the new SPIs were formed in response to the record-setting level of global catastrophes experienced during the first half of 2011.