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ARTICLE · 19 JULY 2012

Side Cars And Cat Bonds

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Special Purpose Insurers (SPIs) have become the fastest growing type of Bermuda market insurer as demand for catastrophe bonds soars.

BermudaInsurance
Brad Adderley
Brad Adderley
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Special Purpose Insurers (SPIs) have become the fastest growing type of Bermuda market insurer as demand for catastrophe bonds soars. And Bermuda has quickly seized 20 percent of the global catastrophe bond market. Amid increasing demand, that share appears set to grow.

Leslie Robinson, Assistant Director, Insurance Licensing and Authorisation, at financial regulator the Bermuda Monetary Authority (BMA), revealed that the Island is on track to add even more SPIs this year than the 23 it licensed in 2011.

Speaking at a session entitled 'SPIs – An Emerging Opportunity', Ms Robinson told delegates that the Authority had licensed 10 new SPIs so far this year. Five of them were formed in May as sponsoring reinsurers built up capacity for the hurricane season.

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