Since the special purpose insurer (SPI) category was introduced by the Bermuda Monetary Authority (BMA) in 2009, he said the industry has really taken off on the Island to a point where Bermuda is now the unquestioned top domicile for the ILS market, which is estimated to be worth $25 billion in capital globally.

Faries puts the Island’s unparalleled global success in this sector down to having the right regulatory framework in place that allows new ILS structures to be established both quickly and efficiently. Added to this, he said the BMA has a reputation of being both accessible for companies wanting to do business and well respected internationally. He said: “It works well on both sides of the equation. From a consumer’s perspective, they have a regulator who can address issues,quickly and efficiently, and on the other side of the coin they have a high standing in the global community.

Read More

Type

Insight

Locations

Bermuda

Share
Twitter LinkedIn Email Save as PDF
More Publications
27 Jan 2022 |

Data Privacy Week – Your Data, Your Choice

This week is Data Privacy Week, an occasion championed by the National Cybersecurity Alliance, the A...

26 Jan 2022 |

Developments For HR Practitioners To Watch Out For This Year

Last year was a busy one in the world of labour and immigration law. A raft of changes were made to ...

20 Dec 2021 |

A Time Of Regeneration: Bermuda Can Bounce Back Better

Bermuda’s economy is a mixed bag of emerging opportunities and specific challenges. But if all sec...

17 Dec 2021 |

A Rising Tide: And Ships Are Choosing Bermuda

Bermuda must remain innovative, nimble and wary of too much regulation to stay ahead of the game, ac...

17 Dec 2021 |

A Silicon Valley For ILS

As the ILS market continues to innovate and evolve, driven by external forces including ESG, it will...

3 Dec 2021 |

Americas Restructuring Review 2022

This chapter discusses the defining features of Bermuda’s insolvency landscape and the primary ins...

2 Dec 2021 |

A growing hub for the life sector

Bermuda has become a flourishing focal point for long-term insurance and reinsurance, offering the I...

2 Dec 2021 |

Provisional liquidation in Bermuda and the selection of provisional liquidators

In the absence of a formal equivalent to English administration proceedings or U.S. Chapter 11 proce...

Contributors: Sam Riihiluoma
30 Nov 2021 |

Cryptocurrencies and estate planning

When a person dies having made a will, their personal estate is transferred to their personal repres...

26 Nov 2021 |

Whistleblowing issues for employers

In recent years there have been a number of high-profile scandals brought to light by the actions of...