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Bermuda Continues To Lead Global Insurance-Linked Securities Market

Bermuda flag with ragged edges
March 01, 2018

Bermuda registered a total of 58 new insurers in 2017, ranging from captives and long-term re/insurers to special purpose insurers (SPIs)—compared to 42 last year, according to Bermuda Monetary Authority (BMA) statistics released this month.

Some 739 active captive licenses were on the BMA register at year-end, including 17 new entities—compared to 13 in 2016—and Bermuda captives wrote $54.7 billion in net premiums.

In the global insurance-linked securities (ILS) market, Bermuda issued 24 SPI licenses—seven more than the previous year—with reinsurance covers consisting primarily of cat bonds, collateralized reinsurance, and sidecars. The Bermuda Stock Exchange (BSX) was the listing venue of choice for ILS vehicles, noted Greg Wojciechowski, BSX president and CEO and ILS Bermuda chair. "New ILS listings on the BSX totaled 103 securities for the year, with a nominal value of $11.54 billion," he said. "This represents annual growth of 69 percent in the number of new securities listed, and 87 percent growth in the nominal value."

At year end, the total number of BSX-listed ILS securities stood at 227, valued at $25.99 billion. "Bermuda's global market share reached record levels of approximately 84 percent, cementing Bermuda's continued position as leader in this innovative asset class," Wojciechowski said. "The devastating natural catastrophe events in 2017 demonstrated Bermuda's resilience, tried-and-tested infrastructure, as well as expertise in the property and casualty space."

One new Class 4 commercial reinsurer was also formed in Bermuda in 2017—Premia Re, a property/casualty reinsurance run-off group.

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