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.