London-based investment manager Securis Investment Partners LLP has opened a new office in Bermuda.

The insurance-linked securities (ILS) specialists saw five entities registered during April, according to the Bermuda Monetary Authority’s (BMA) monthly insurance incorporation statistics, as they established their presence on the Island.

Rob Procter, chief executive officer of Securis — based in London’s city insurance district — was in Bermuda last week, and met with The Royal Gazette along with Paul Larrett of the investment company’s non-life arm, and who is setting up the Bermuda office.

Mr Procter, who said they were happy and excited to be in Bermuda, explained Securis representatives had already been regular visitors to the Island, but had found that they needed a presence here.

“Bermuda is very important to the world reinsurance industry, particularly to access US business,” he said. “The ILS community is well established in Bermuda, and we are one of the largest of the ILS firms, the fifth or sixth in the world, and the largest in London.”

Now in Bermuda, Securis have registered special purpose insurers (SPIs) Securis Re I Ltd, Securis Re III Ltd and Securis Re IV Ltd, as well as intermediary entities Securis ILS Management Ltd, an agent, and Securis ILS Management Ltd, a manager.

The size of the office will remain small for now. “In Bermuda, we have one person, Paul Larrett,” he said.

Mr Larrett knows the Island well, having lived here between 2003 and 2012. A colleague will be joining him in August, but otherwise, he explained: “We want to put some business on our books before staffing out,” he explained. “We want to get the business, then build the platform to support it.

“If we employ anyone in the near future it will be a catastrophe modeller,” he said, and added that depending on how things go, in the future they may add other staff members to the team, such as an office manager or a quantitative analyst.

However, the executives say Securis, which is setting up its presence in O’Hara House on Bermudiana Road, will contribute to the economy as they spend on local IT, telecommunications and entertaining clients and brokers who come to the Island to meet with them.

Mr Procter said their dealings with the Government and agencies were positive. “The regulator welcomed us with open arms We are pleased with the BMA in particular, and various service providers for helping us.”

The ILS sector has “definitely become more competitive,” he said, adding as investments, they’ve become more mainstream. “However, we are entering a more competitive period.

“There’s still plenty of room for growth — 70 percent of catastrophe losses are uninsured,” said Mr Procter. “That’s why I’m excited.

“We have a great business in London, but you ultimately have to be in Bermuda as well.”