Hudson Structured Capital Management has announced the formation and approval of Bumblebee Re, a newly-formed Special Purpose Insurer headquartered in Bermuda.
This move is designed to help bring collateralized reinsurance cell-formation business in-house, with HSCM receiving approval from the Bermuda Monetary Authority to be registered as a Special Purpose Insurer in Bermuda to conduct ‘unrestricted special purpose business.’
Edouard von Herberstein, Partner and Chief Underwriting Officer – HSCM Bermuda, serves as Chief Executive Officer of Bumblebee.
“Over the past four years, HSCM Bermuda has transformed over 90 reinsurance contracts across all lines of business into investable securities,” von Herberstein said.
“We believe Bumblebee will be a catalyst for us as we continue to improve processes internally and elevate our level of service to our investors and cedants alike.”
Michael Millette, Managing Partner of HSCM Bermuda serves on the Board of Directors of Bumblebee and will advise the entity on business development.
“We are excited to launch this new platform under Edouard’s leadership,” said Millett.
“We are confident that it will facilitate crisp and efficient execution of our collateralized reinsurance activities.”
