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Trading Risk: SACs and SPIs - Equal Partners?

Industry News

Segregated accounts companies (SACs) and special purpose insurers (SPIs) have been a considerable boon to Bermuda’s insurance industry, but are they being used to their full potential?

SPIs or single transaction (re)insurance companies are a relatively recent addition to Bermuda’s compendium of insurance vehicles and were introduced via amendments to the Insurance Act 1978 in 2008. 45 SPIs were registered in Bermuda as of November 2012, according to information published by the Bermuda Monetary Authority (BMA). It could be argued, herefore, that these relatively youthful vehicles have undermined the more established SACs (SAC legislation was established in Bermuda in 2000 through the SAC Act and, according to the latest data available, 45 SACs were registered to write insurance by the end of 2010).

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