Lodgepine Capital Management Limited, the retrocessional reinsurance ILS fund management unit of Markel Corporation, has become the first to register a vehicle under Bermuda’s recently established “Collateralized Insurer” class of company.Bermuda’s regulator designed as a response to the increasing sophistication and scope of the insurance-linked securities (ILS) market, to provide a vehicle dedicated to multi-transactional vehicles underwriting collateralized reinsurance, retro and other forms of ILS transaction.Coming with a little more regulatory oversight than a special purpose insurer (SPI), the Collateralized Insurer class in Bermuda is likely to be adopted by many ILS funds that use reinsurers to access third-party business, or as transformers.Now, the first of these vehicles has been registered with the Bermuda Monetary Authority (BMA) and it comes from Markel’s retro ILS fund manager Lodgepine Capital Management.Lodgepine Reinsurance Limited, which was set up originally in September, has now been officially registered on November 15th under the Collateralized Insurer Limited Purpose Insurer class, by the BMA.The vehicle will be used to underwrite retrocession on a collateralized basis for the Lodgepine Fund, which will provide its investors with access to the returns of property catastrophe retrocessional reinsurance exposures, through a single-entry point and platform.The Lodegpine Capital Management platform continues to take shape, with it expected to begin underwriting and deploying some capacity at the January 2020 reinsurance renewals.We expect to see a number of other collateralized insurer class vehicles registered in the coming months, perhaps with more to come in December in time for the renewals...