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News Analysis - Bermuda's triangle of new financial guarantee reinsurers.
(From Reinsurance)
Byline: Mairi Mallon.
The financial-guarantee industry has insured more than $2trn in debt during its 33-year history, and continues to grow as more issuers and investors recognise the benefits of the reinsurance companies' guarantees.
From its origins in the US municipal bond sector, the industry has evolved into a global force, with insurers entering the underwriting markets all over the world.
And now financial-guarantee reinsurers have landed in Bermuda, giving the tiny mid-Atlantic island a new feather for its already well-decked hat.
This new trend is one being keenly watched by market observers, who say it is a new niche for Bermuda that seems to be gathering pace. Three have set up - Channel Reinsurance, BluePoint Re, and Ascend.
While the first two have a well-documented pedigree, there is still little information available about Ascend except that, in December, it set up Ascend Financial Services, Ascend Guaranty and Ascend Insurance Group, and is waiting for approval from the Bermuda regulators before they can set up for business.
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