Six companies form during month, taking total to 14
The number of insurance companies that set up in Bermuda so far this year almost doubled during April.
Everglades Re Ltd was the most significant registration. The special purpose insurer issued $750m worth of catastrophe bonds on behalf of the Florida’s Citizens Property Insurance Corporation, making it the largest single cat bond deal ever and pushed the total amount for listed insurance linked securities on the Bermuda Stock Exchange to $4.25bn.
Other companies that formed during April included Allied World Assurance Co, AG, GMACI Re Ltd, Beclar Insurance Services (Bermuda) Ltd, International Specialty Insurance Services Inc and Kanti Re Ltd.
The total number of registrations for 2012 rose to 14, including 12 insurers and two intermediaries.
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