18 August 2014 Alternative Risk Transfer

Eight new insurers registered on Bermuda

Eight new insurance entities were registered on Bermuda in July, according to the Bermuda Monetary Authority (BMA), including one Class 3 insurer and one special purpose insurer.

Pomorum Insurance Company and Coastal Properties Insurance (Bermuda) are Class 2 insurers, which means they are required to maintain minimum capital and surplus of $250,000.

Picadilly Insurance Company is a Class 3 insurer, which means it must maintain minimum capital and surplus of $1 million.

Hoplon II Insurance is a special purpose insurer (SPI). This will issue insurance-linked notes designed to provide MyLotto24 with around €50 million of fully collateralised protection against exceptional jackpot winnings in the various lotteries the company runs.

Vanbridge Life and Annuity Company Ltd is a C class insurer, which means it must maintain minimum capital and surplus of $500,000.

Broker TigerRisk has registered TigerRisk Partners Bermuda, while Clearwater Partners is registered as an agent.

The eighth business registered is Equinox Alternative Investments Services (Bermuda), which is listed as a manager.

As of the end of July 2014, Bermuda has registered 41 new insurers, along with a total of 11 intermediaries: four agents, four managers and three brokers.

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