March 1, 2018

Bermuda greenlights 24 SPI licenses in 2017

The Bermuda Business Development Agency (BDA) has revealed that 24 new licenses for special purpose insurers (SPI) were approved in 2017 – seven more than in 2016.

The 24 licenses were among some 58 new registrations granted to carriers on the island last year, marking an increase of 38.1 percent year on year.

Among the sidecars launched last year were Chaucer’s $95mn Thopas Re and Brit’s $100mn Sussex Capital.

Barbican was also planning to raise £160mn ($214mn) of capital to…

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