<strong>Shelby Weldon</strong>, director, Insurance, Licensing &amp; Authorisations at the Bermuda Monetary Authority. <em>*Photo supplied</em><br />
Shelby Weldon, director, Insurance, Licensing & Authorisations at the Bermuda Monetary Authority. *Photo supplied

WEDNESDAY, FEB. 22: Things could have been better, but Bermuda’s insurance sector weathered the 2011 storm.

This from Shelby Weldon, director, Insurance, Licensing & Authorisations at the Bermuda Monetary Authority.

With respect to 2011 registrations, the Authority registered a total of 54 new Bermuda insurers, up from the 36 recorded in 2010. Growth in the registration of Special Purpose Insurers (SPIs) has continued: 23 new SPIs were licensed in 2011, up from eight the previous year. 2011 also saw the formation of two Class 4 reinsurance companies.

He said “2011 was certainly a challenging year, which was reflected in the year-end results of some firms. However, Bermuda’s insurers are successfully addressing global market conditions.

“Also, Bermuda’s commitment to achieving equivalence with relevant standards globally continues to attract quality businesses that see the benefits of being based in a practical, first league regulatory environment that is well-regarded in key international markets.”

“The latest available statistics show the Bermuda insurance market achieved significant premium volumes and healthy amounts of assets and capital and surplus.”

“The market recorded gross premiums written of $107.7 billion; this compares to $119.7 billion written the previous year, not surprisingly reflecting the challenges of a prolonged soft market.”


Class

No. of Firms

Gross Premiums

Net Premiums

Total Assets

Capital & Surplus

Class 1

237

$3.4B

$2.7B

$15.1B

$9.2B

Class 2

254

$9.2B

$6.3B

$43.6B

$20.9B

Class 3

223

$8.8B

$6.7B

$30.2B

$13.6B

Class 3A

112

$12.3B

$10.6B

$46.3B

$17.8B

Class 3B

16

$10.2B

$7.6B

$30.2B

$15.3B

Class 4

32

$31.4B

$28.1B

$154B

$73.4B

Long Term

 67

$32.2B

$32.9B

$203B

$35.2B

SPIs

8

$162.0M

$120.MB

$1.5B

$99.0M

Totals

950

$107.7B

$94.2B

$524B

$185.2B


Source: Bermuda Monetary Authority as of December 31. 2010.