SIA Insurance
Company (RRG), Ltd. ("SIAI") was formed in 1978 in Hamilton,
Bermuda. Our primary business is providing liability insurance
for the scaffold industry and related construction trades. We
also provide insurance (also referred to as reinsurance) to the
Scaffold Industry Insurance Company (RRG) Inc. a District of Columbia
based Risk Retention Group that was formed in 2005 and started
business on January 1, 2006.
The Bermuda
insurance and reinsurance market has developed rapidly, beginning
with the captive industry in the 1970’s. Growth continued
with the excess liability insurance market in the 1980’s
and the large capital of the early 1990’s to create catastrophe
reinsurance companies.
This century
brought another wave of substantial capital in response to industry
needs, initially after the terrorist attacks on September 11,
2001. Still further capital arrived after the devastation left
by Hurricane Ivan in 2004 and Hurricanes Katrina, Rita Wilma the
following year.
This recurring
phenomenon of unencumbered financial capital and enormous intellectual
capital, flowing to Bermuda, continued the feeding of a financial
powerhouse for risk transfer.
It is
the financial strength of the market, key developments in innovative
risk financing and strong, flexible regulation that have made
Bermuda “The World’s Risk Capital”.
